David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Jack Alan Reynolds
Learn more about PhilPapers
Business Ethics Quarterly 9 (2):273-293 (1999)
Stakeholder theorists have generally misunderstood the nature and ramifications of the fiduciary responsibilities that corporate directors owe their stockholders. This fiduciary duty requires the exercise of care, loyalty, and honesty with regard to the financial interests of stockholders. Such obligations do not conflict with the normative goals of stakeholder theory, nor, after a century of case law that includes Dodge Bros. v. Ford, do fiduciary responsibilities owed shareholders prevent managerial policies that are generous orsensitive to other corporate stakeholders. The common law recognizes a multitude of legal relationships between various corporateconstituents, and fiduciary duties are only a subset of the obligations that arise from these relationships. This article argues that statuteand case law can bring comparable legal protection to constituents other than stockholders, and suggests ways that these protectionsmight be further strengthened. Implications for management education are also discussed
|Keywords||No keywords specified (fix it)|
|Categories||categorize this paper)|
Setup an account with your affiliations in order to access resources via your University's proxy server
Configure custom proxy (use this if your affiliation does not provide a proxy)
|Through your library|
References found in this work BETA
No references found.
Citations of this work BETA
No citations found.
Similar books and articles
Richard J. Klonoski (1986). The Moral Responsibilities of Stockholders. Journal of Business Ethics 5 (5):385 - 390.
Alexei M. Marcoux (2003). A Fiduciary Argument Against Stakeholder Theory. Business Ethics Quarterly 13 (1):1-24.
Ian Maitland (1994). The Morality of the Corporation. Business Ethics Quarterly 4 (4):445-458.
John R. Boatright (1994). Fiduciary Duties and the Shareholder-Management Relation. Business Ethics Quarterly 4 (4):393-407.
Rutheford B. Campbell Jr & Christopher W. Frost, Managers' Fiduciary Duties in Financially Distressed Corporations: Chaos in Delaware (and Elsewhere).
Cynthia Clark Williams & Lori Verstegen Ryan (2007). Courting Shareholders: The Ethical Implications of Altering Corporate Ownership Structures. Business Ethics Quarterly 17 (4):669-688.
Matthew Lister (2012). Review of Sovereignty’s Promise: The State as Fiduciary by Evan Fox-Decent. [REVIEW] Ethics 123 (1):150-4.
Thomas Alured Faunce & T. A. Bolsin, Fiduciary Disclosure of Medical Mistakes: The Duty to Promptly Notify Patients of Adverse Health Care Events.
Laurent Leduc (2004). Corporate Governance with a Difference: Fiduciary Duty for a Wisdom Economy. International Journal of Business Governance and Ethics 1 (s 2-3):147-161.
Allen Kaufman (2002). Managers' Double Fiduciary Duty: To Stakeholders and to Freedom. Business Ethics Quarterly 12 (2):189-214.
Joseph Heath (2006). Business Ethics Without Stakeholders. Business Ethics Quarterly 16 (4):533-558.
George J. Staubus (2005). Ethics Failures in Corporate Financial Reporting. Journal of Business Ethics 57 (1):5 - 15.
Richard Nunan (1988). The Libertarian Conception of Corporate Property: A Critique of Milton Friedman's Views on the Social Responsibility of Business. Journal of Business Ethics 7 (12):891 - 906.
Sorry, there are not enough data points to plot this chart.
Added to index2011-01-09
Total downloads1 ( #453,748 of 1,099,914 )
Recent downloads (6 months)1 ( #304,017 of 1,099,914 )
How can I increase my downloads?