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  1. The Impacts of Value, Disconfirmation and Satisfaction on Loyalty: Evidence From International Higher Education Setting.Hiep-Hung Pham, Sue Ling Lai & Quan-Hoang Vuong - manuscript
    Relationships with international students can be beneficial to higher education in terms of financial and human resources. For this reason, establishing and maintaining such relationships are usually pre-eminent concerns. In this study, we extended the application of the disconfirmation expectation model by incorporating components from subjective task value to predict the loyalty of international students toward their host countries. On a sample of 410 Vietnamese students enrolled in establishments of higher education in over 15 countries across the globe, we employed (...)
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  2. Modern Portfolio Theory and Shareholder Primacy.Kenneth Silver - 2019 - Business Ethics Journal Review 7 (6):34-39.
    Shareholders assume risk by investing. Sollars and Tuluca (2018) argue that while this does not justify a managerial policy of shareholder wealth maximization, it does justify compensating shareholders at the oftencalculated cost of equity—the cost that investors require given the level of risk they assume. Here, I show that this can be unfair if the cost of equity is unfair. I then show how shareholder wealth maximization as a managerial imperative is better justified on other grounds.
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  3. Property and Business.Bas Van Der Vossen - 2018 - In Eugene Heath, Byron Kaldis & Alexei Marcoux (eds.), The Routledge Handbook of Business Ethics. Routledge. pp. 309-325.
  4. Armchair Versus Armchair: Let's Not Try to Guess the Social Value of Corporate Objectives.Hasko von Kriegstein - 2016 - Business Ethics Journal Review 4 (3):14-20.
    Jones and Felps claim that social welfare would be enhanced, if corporate managers adopted the goal of directly improving the happiness of their stakeholders instead of profit maximization. I argue that their argument doesn’t establish this. They show that a utilitarian case for profit orientation cannot be made from the armchair. But neither can the case for Jones and Felps’ preferred alternative. And their defense of it relies on empirically unsubstantiated assumptions.
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  5. Sustainability, Public Health, and the Corporate Duty to Assist.Julian Friedland - 2015 - Business and Professional Ethics Journal 34 (2):215-236.
    Several European and North American states encourage or even require, via good Samaritan and duty to rescue laws, that persons assist others in distress. This paper offers a utilitarian and contractualist defense of this view as applied to corporations. It is argued that just as we should sometimes frown on bad Samaritans who fail to aid persons in distress, we should also frown on bad corporate Samaritans who neglect to use their considerable multinational power to undertake disaster relief or to (...)
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  6. The Connection Between Stakeholder Theory and Stakeholder Democracy: An Excavation and Defense.Jeffrey Moriarty - 2014 - Business and Society 53 (6):820-852.
    In early writings, stakeholder theorists supported giving all stakeholders formal, binding control over the corporation, in particular, over its board of directors. In recent writings, however, they claim that stakeholder theory does not require changing the current structure of corporate governance and further claim to be “agnostic” about the value of doing so. This article’s purpose is to highlight this shift and to argue that it is a mistake. It argues that, for instrumental reasons, stakeholder theorists should support giving all (...)
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  7. Stakeholder Theory, Value, and Firm Performance.Jeffrey S. Harrison & Andrew C. Wicks - 2013 - Business Ethics Quarterly 23 (1):97-124.
    This paper argues that the notion of value has been overly simplified and narrowed to focus on economic returns. Stakeholder theory provides an appropriate lens for considering a more complex perspective of the value that stakeholders seek as well as new ways to measure it. We develop a four-factor perspective for defining value that includes, but extends beyond, the economic value stakeholders seek. To highlight its distinctiveness, we compare this perspective to three other popular performance perspectives. Recommendations are made regarding (...)
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  8. Whither Stakeholder Theory? A Guide for the Perplexed Revisited.John Hasnas - 2013 - Journal of Business Ethics 112 (1):47-57.
    The nature of stakeholder theory and its fundamental normative prescriptions are the subject of much confusion and academic debate. This article attempts to provide an account of both the fundamental normative implications of stakeholder theory and the theory’s range of application that both stakeholder advocates and critics can agree upon. Using exclusively the language of leading stakeholder theorists, the article identifies the essential prescriptions of the theory and the type of organizations to which stakeholder theory applies in the hope of (...)
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  9. The Idea of a Contractarian Business Ethics.Christoph Luetge - 2013 - In Christopher Luetege (ed.), Handbook of the Philosophical Foundations of Business Ethics. Springer. pp. 647--658.
  10. Handbook of the Philosophical Foundations of Business Ethics.Christoph Lütge (ed.) - 2013 - Heidelberg: Springer.
  11. The Contained-Rivalry Requirement and a 'Triple Feature' Program for Business Ethics.Dominic Martin - 2013 - Journal of Business Ethics 115 (1):167-182.
    This paper proposes a description of the moral obligations of economic agents. It will show that a threefold division should be adopted to distinguish moral obligations applying to their interactions in the market, obligations applying to their interactions inside business firms and obligations applying to their interactions with agents outside the market. Competition might be permissible in the first case since markets are special patterns of social interactions (called adversarial schemes). They produce their benefits when agents try to satisfy exclusive (...)
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  12. Profit Motive.Joakim Sandberg - 2013 - In Hugh LaFollette (ed.), The International Encyclopedia of Ethics. Wiley-Blackwell.
    The profit motive refers to what is generally taken to be the underlying motivation of business and commercial activity: to collect revenues in excess of costs or, more simply, to make money. While both “profit” and “profit motive” may be given more technical definitions in economics, the latter's meaning is typically broader in philosophical discussions and so, for example, even managers of nonprofit organizations may be accused of sometimes acting from a profit motive. The profit motive is typically the object (...)
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  13. Stakeholder Theory, Fact/Value Dichotomy, and the Normative Core: How Wall Street Stops the Ethics Conversation. [REVIEW]Lauren S. Purnell & R. Edward Freeman - 2012 - Journal of Business Ethics 109 (1):109-116.
    A review of the stakeholder literature reveals that the concept of "normative core" can be applied in three main ways: philosophical justification of stakeholder theory, theoretical governing principles of a firm, and managerial beliefs/values influencing the underlying narrative of business. When considering the case of Wall Street, we argue that the managerial application of normative core reveals the imbedded nature of the fact/value dichotomy. Problems arise when the work of the fact/value dichotomy contributes to a closed-core institution. We make the (...)
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  14. Moral Stress: Considering the Nature and Effects of Managerial Moral Uncertainty. [REVIEW]Scott J. Reynolds, Bradley P. Owens & Alex L. Rubenstein - 2012 - Journal of Business Ethics 106 (4):491-502.
    To better illuminate aspects of stress that are relevant to the moral domain, we present a definition and theoretical model of “moral stress.” Our definition posits that moral stress is a psychological state born of an individual’s uncertainty about his or her ability to fulfill relevant moral obligations. This definition assumes a self-and-others relational basis for moral stress. Accordingly, our model draws from a theory of the self (identity theory) and a theory of others (stakeholder theory) to suggest that this (...)
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  15. Three Elements of Stakeholder Legitimacy.Adele Santana - 2012 - Journal of Business Ethics 105 (2):257-265.
    This paper focuses attention on the stakeholder attribute of legitimacy. Drawing upon institutional and stakeholder theories, I develop a framework of stakeholder legitimacy based on its three aspects—legitimacy of the stakeholder as an entity, legitimacy of the stakeholder’s claim, and legitimacy of the stakeholder’s behavior. I assume that stakeholder legitimacy is socially constructed by management and that each of its three aspects exists in degree in the manager’s perception. I discuss how these aspects interact and change over time, and propose (...)
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  16. Stakeholder Theory.D. Bevan & P. H. Werhane - 2011 - In Mollie Painter-Morland & René ten Bos (eds.), Business Ethics and Continental Philosophy. Cambridge University Press. pp. 37--60.
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  17. The Narrow Application of Rawls in Business Ethics: A Political Conception of Both Stakeholder Theory and the Morality of Markets.Marc A. Cohen - 2010 - Journal of Business Ethics 97 (4):563-579.
    This paper argues that Rawls’ principles of justice provide a normative foundation for stakeholder theory. The principles articulate (at an abstract level) citizens’ rights; these rights create interests across all aspects of society, including in the space of economic activity; and therefore, stakeholders – as citizens – have legitimate interests in the space of economic activity. This approach to stakeholder theory suggests a political interpretation of Boatright’s Moral Market approach, one that emphasizes the rights/place of citizens. And this approach to (...)
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  18. Distinctions in Descriptive and Instrumental Stakeholder Theory: A Challenge for Empirical Research.Niklas Egels-Zandén & Joakim Sandberg - 2010 - Business Ethics: A European Review 19 (1):35-49.
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  19. The Stockholder – A Lesson for Business Ethics From Bioethics?John Hardwig - 2010 - Journal of Business Ethics 91 (3):329-341.
    Business ethics – both stockholder and stakeholder theories – makes the same mistake as the one made by the traditional ethics of medicine. The traditional ethics of medicine was a teleological ethics predicated on the assumption that the goal of medicine was to prolong life and promote better health. But, as bioethicists have made plain, these are not the only or even the overriding goals of most patients. Most of us have goals and values that limit our desire for medical (...)
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  20. A Cautionary Note on Stakeholder Theory and Social Enterprise.Jon Griffith - 2009 - Philosophy of Management 8 (3):75-79.
    Much ink has been spilt over the last decade in discussion of the theories and practices of social enterprise - see especially Peattie and Morley for a comprehensive review of the field, including of other reviews.This brief paper is about a specific aspect of these theories and practices: the effort to establish social enterprises as distinctive from others in having at least a double bottom-line (or in some cases a triple bottom-line, or even some greater multiple of bottom-lines).The effort to (...)
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  21. Corporate Social Responsibility and Farmer Suicides: A Case for Benign Paternalism?Arun A. Iyer - 2009 - Journal of Business Ethics 85 (4):429-443.
    Although arguments are a good way of exploring the limitations and complexities of a concept or a theory we may find ourselves faced with a real phenomenon that challenges the existing formulations of a concept or a theory so strongly and reveals its limitations to us so starkly that we are forced to break away from the current discussion and start anew. Such is the challenge posed by the phenomenon of farmer suicides on our existing theories of corporate social responsibility. (...)
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  22. An Optimally Viable Version of Stakeholder Theory.J. Kaler - 2009 - Journal of Business Ethics 86 (3):297-312.
    This article is the final one in a series of four papers investigating the stakeholder approach to running businesses. It argues that the optimally viable version of that approach is one in which employees have a co-equal status as stakeholders with shareholders (the maximum allowed for under stakeholder theory) while other groupings only have a minimal status as stakeholders and are generally restricted to just customers, suppliers, and lenders. This version is argued for on the grounds that it both overcomes (...)
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  23. The View and Purpose of the Firm in Freeman’s Stakeholder Theory.Domènec Melé - 2009 - Philosophy of Management 8 (3):3-13.
    Stakeholder Theory, presented by R. Edward Freeman, is a managerial theory which sees the firm as ‘connected networks of stakeholder interests’. The purpose of the firm in Freeman’s theory is ‘value creation and trade’ and ‘creation of value for each appropriate stakeholder’. This article argues that although ST presents important insights, its view of the firm is incomplete and its vision of the purpose of the business in society needs to be refined.
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  24. Putting a Stake in Stakeholder Theory.Eric W. Orts & Alan Strudler - 2009 - Journal of Business Ethics 88 (S4):605 - 615.
    The primary appeal of stakeholder theory in business ethics derives from its promise to help solve two large and often morally difficult problems: (1) how to manage people fairly and efficiently and (2) how to determine the extent of a firm's moral responsibilities beyond its obligations to enhance its profits and economic value. This article investigates a variety of conceptual quandaries that stakeholder theory faces in addressing these two general problems. It argues that these quandaries pose intractable obstacles for stakeholder (...)
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  25. Assessing Freeman’s Stakeholder Theory.James A. Stieb - 2009 - Journal of Business Ethics 87 (3):401 - 414.
    At least since the publication of the monumental Strategic Management: A Stakeholder Approach (1984), the “stakeholder theory” originated by R. E. Freeman has engrossed much of the business ethics literature. Subsequently, some advocates have moved a bit too quickly and without proper definition or argument. They have exceeded Freeman’s intentions which are more libertarian and free-market than is often thought. This essay focuses on the versions of stakeholder theory directly authored or coauthored by Freeman in an effort to recover (1) (...)
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  26. Dialogue: Toward Superior Stakeholder Theory.Bradley R. Agle, Thomas Donaldson & R. Edward Freeman - 2008 - Business Ethics Quarterly 18 (2):153-190.
    A quick look at what is happening in the corporate world makes it clear that the stakeholder idea is alive, well, and flourishing; and the question now is not “if ” but “how” stakeholder theory will meet the challenges of its success. Does stakeholder theory’s “arrival” mean continued dynamism, refinement, and relevance, or stasis? How will superior stakeholder theory continue to develop? In light of these and related questions, the authors of these essays conducted an ongoing dialogue on the current (...)
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  27. Imperfections and Shortcomings of the Stakeholder Model’s Graphical Representation.Yves Fassin - 2008 - Journal of Business Ethics 80 (4):879 - 888.
    The success of the stakeholder theory in management literature as well as in current business practices is largely due to the inherent simplicity of the stakeholder model––and to the clarity of Freeman’s powerful synthesised visual conceptualisation. However, over the years, critics have attacked the vagueness and ambiguity of stakeholder theory. In this article, rather than building on the discussion from a theoretical point of view, a radically different and innovative approach is chosen: the graphical framework is used as the central (...)
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  28. A Life Cycle Model of Multi-Stakeholder Networks.Julia Roloff - 2008 - Business Ethics, the Environment and Responsibility 17 (3):311–325.
    In multi-stakeholder networks, actors from civil society, business and governmental institutions come together in order to find a common solution to a problem that affects all of them. Problems approached by such networks often affect people across national boundaries, tend to be very complex and are not sufficiently understood. In multi-stakeholder networks, information concerning a problem is gathered from different sources, learning takes place, conflicts between participants are addressed and cooperation is sought. Corporations are key actors in many networks, because (...)
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  29. Stakeholder Capitalism.R. Edward Freeman, Kirsten Martin & Bidhan Parmar - 2007 - Journal of Business Ethics 74 (4):303-314.
    In this article, we will outline the principles of stakeholder capitalism and describe how this view rejects problematic assumptions in the current narratives of capitalism. Traditional narratives of capitalism rely upon the assumptions of competition, limited resources, and a winner-take-all mentality as fundamental to business and economic activity. These approaches leave little room for ethical analysis, have a simplistic view of human beings, and focus on value-capture rather than value-creation. We argue these assumptions about capitalism are inadequate and leave four (...)
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  30. Decentered Stakeholder Theory.Dominic Kaeslin, Ruth Schmitt & Jerry Calton - 2007 - Proceedings of the International Association for Business and Society 18:448-452.
    In this workshop, a decentered approach to stakeholder theory is proposed, where a shared network problem, rather than a firm, frames stakeholder interactions. Two case studies are presented to illustrate the potential usefulness of adopting a decentered perspective on firm-stakeholder relations. Multi-stakeholder learning dialogues and actor-network theory are introduced as examples of possible theoretical frameworks that allow the adoption of a decentered perspective.
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  31. Evaluating Stakeholder Theory.J. Kaler - 2006 - Journal of Business Ethics 69 (3):249-268.
    This paper is the third in a series of four that is directed at understanding and assessing stakeholder theory for the purposes of business ethics. It addresses the suitability and viability of the theory, rejecting objections of a moral and efficiency sort based (respectively) on claims about property rights and the economic superiority of the alternative stockholder approach, but accepting that implementation problems require limiting both the number of groupings admitted to stakeholder status and the degree of responsibility towards them. (...)
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  32. Stakeholder Multiplicity: Toward an Understanding of the Interactions Between Stakeholders.Benjamin A. Neville & Bulent Menguc - 2006 - Journal of Business Ethics 66 (4):377-391.
    While stakeholder theory has traditionally considered organization’s interactions with stakeholders in terms of independent, dyadic relationships, recent scholarship has pointed to the fact that organizations exist within a complex network of intertwining relationships [e.g., Rowley, T. J.: 1997, The Academy of Management Review 22(4), 887–910]. However, further theoretical and empirical development of the interactions between stakeholders has been lacking. In this paper, we develop a framework for understanding and measuring the effects upon the organization of competing, complementary and cooperative stakeholder (...)
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  33. Stakeholder Theory and Managerial Decision-Making: Constraints and Implications of Balancing Stakeholder Interests.Scott J. Reynolds, Frank C. Schultz & David R. Hekman - 2006 - Journal of Business Ethics 64 (3):285-301.
    Stakeholder theory is widely recognized as a management theory, yet very little research has considered its implications for individual managerial decision-making. In the two studies reported here, we used stakeholder theory to examine managerial decisions about balancing stakeholder interests. Results of Study 1 suggest that indivisible resources and unequal levels of stakeholder saliency constrain managers’ efforts to balance stakeholder interests. Resource divisibility also influenced whether managers used a within-decision or an across-decision approach to balance stakeholder interests. In Study 2 we (...)
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  34. Stakeholder Perspectives and Business Risk Perception.David L. Schwarzkopf - 2006 - Journal of Business Ethics 64 (4):327-342.
    Stakeholder theory calls for decision makers to balance stakeholder interests, but before this can happen, management must understand how other parties view its decisions. Effective stakeholder dialogues convened to reach this understanding require management to appreciate how others perceive the risks posed by their decision. Although understanding others’ risk perception is crucial for effective communications, we do not have a clear idea of how viewing a situation from multiple stakeholder perspectives affects risk perception. Based on a technique derived from risk (...)
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  35. Toward a Contemporary Conceptual Framework for Stakeholder Theory.Rogene A. Buchholz & Sandra B. Rosenthal - 2005 - Journal of Business Ethics 58 (1-3):137-148.
    . Atomic individualism is embedded in most definitions of stakeholder theory, and as a result, stakeholders are not integral to the basic identity of the corporation which is considered to be independent of, and separate from, its stakeholders. Feminist theory has been suggested as a way of developing a more relational view of the corporation and its stakeholders, but it lacks a systematically developed conceptual framework for undergirding its own insights. Pragmatic philosophy is offered as a way of providing this (...)
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  36. The Utility of Offshoring: A Rawlsian Critique.Julian Friedland - 2005 - Electronic Journal of Business Ethics and Organization Studies 10 (1):9-13.
    Most prominent arguments favoring the widespread discretionary business practice of sending jobs overseas, known as ‘offshoring,’ attempt to justify the trend by appeal to utilitarian principles. It is argued that when business can be performed more cost-effectively offshore, doing so tends, over the longterm, to achieve the greatest good for the greatest number. This claim is supported by evidence that exporting jobs actively promotes economic development overseas while simultaneously increasing the revenue of the exporting country. After showing that offshoring might (...)
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  37. What is Stakeholder Democracy? Perspectives and Issues.Dirk Matten & Andrew Crane - 2005 - Business Ethics, the Environment and Responsibility 14 (1):6–13.
  38. Stakeholder Theory and Public Policy: How Governments Matter. [REVIEW]Rogene A. Buchholz & Sandra B. Rosenthal - 2004 - Journal of Business Ethics 51 (2):143-153.
    The Social Issues in Management Division has had a long history of research into various aspects of governmental influences on business. Recent years, however, have seen stakeholder theory sort of sweep the field, and under a stakeholder theory of capitalism, governments will matter less then they have in the past as stakeholder principles are implemented throughout the corporate world. This article will examine the nature of this claim by discussing problems with the implementation of stakeholder theory and examining the role (...)
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  39. A Moral Stakeholder Theory of the Firm.Attas Daniel - 2004 - Ethics and Economics 2 (2).
    To be a coherent and genuinely alternative conception to the shareholder model, any moral stakeholder theory must meet the following conditions: It must be an ethical theory; It must identify a limited group as stakeholders; The group must be identified on morally relevant grounds; Stakeholder claims must be non-universal; And not held against everyone. A principle for identifying the stakeholder is suggested as a person who has much to lose – financially, socially, or psychologically – by the failure of the (...)
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  40. Stakeholder of Partner? De NGO's En de Geloofwaardigheid van de Sociale Clausules Opgelegd Door Multinationale Onderneminge.Geert Demuijnck - 2004 - Ethiek and Maatschappij 7:78-87.
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  41. The Primordial Stakeholder: Advancing the Conceptual Consideration of Stakeholder Status for the Natural Environment. [REVIEW]Cathy Driscoll & Mark Starik - 2004 - Journal of Business Ethics 49 (1):55-73.
    This article furthers the argument for a stakeholder theory that integrates into managerial decision-making the relationship between business organizations and the natural environment. The authors review the literature on stakeholder theory and the debate over whom or what should count as a stakeholder. The authors also critique and expand the stakeholder identification and salience model developed by Mitchell and Wood (1997) by reconceptualizing the stakeholder attributes of power, legitimacy, and urgency, as well as by developing a fourth stakeholder attribute: proximity. (...)
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  42. Arriving at an Acceptable Formulation of Stakeholder Theory.John Kaler - 2004 - Business Ethics: A European Review 13 (1):73-79.
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  43. Arriving at an Acceptable Formulation of Stakeholder Theory.John Kaler & Senior Lecturer - 2004 - Business Ethics, the Environment and Responsibility 13 (1):73–79.
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  44. Corporate Governance with a Difference: Fiduciary Duty for a Wisdom Economy.Laurent Leduc - 2004 - International Journal of Business Governance and Ethics 1 (s 2-3):147-161.
    Fiduciary duty is not restricted merely to the property of shareholders but includes ethical obligations to a wider constituency stakeholders in terms of power. Several approaches to corporate social responsibility (CSR) are considered in terms of their respective orientations to the external world. Robert Greenleaf's notion of "service to others" or "servant-leadership" is considered as a case of the fifth level approach to CSR. An historical perspective offers a precedent for reclaiming corporate charter grants as a means for reinstating the (...)
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  45. Differentiating Stakeholder Theories.John Kaler - 2003 - Journal of Business Ethics 46 (1):71 - 83.
    Following on from work on stakeholder identification, this paper constructs a typology of stakeholder theories based on the extent to which serving the interests of non-shareholders relative to those of shareholders is accepted as a responsibility of companies. A typology based on the division of stakeholder theories into normative, descriptive, and instrumental is rejected on the grounds that the latter two designations refer to second order theories rather than divisions within stakeholder theory and the first is a designation which, for (...)
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  46. A Fiduciary Argument Against Stakeholder Theory.Alexei M. Marcoux - 2003 - Business Ethics Quarterly 13 (1):1-24.
    Critics attack normative ethical stakeholder theory for failing to recognize the special moral status of shareholders that justifiesthe fiduciary duties owed to them at law by managers. Stakeholder theorists reply that there is nothing morally significant about shareholders that can underwrite those fiduciary duties. I advance an argument that seeks to demonstrate both the special moral status of shareholders in a firm and the concomitant moral inadequacy of stakeholder theory. I argue that (i) if some relations morally requirefiduciary duties, and (...)
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  47. What Stakeholder Theory is Not.Andrew C. Wicks - 2003 - Business Ethics Quarterly 13 (4):479-502.
    The term stakeholder is a powerful one. This is due, to a significant degree, to its conceptual breadth. The term means differentthings to different people and hence evokes praise or scorn from a wide variety of scholars and practitioners. Such breadth of interpretation, though one of stakeholder theory’s greatest strengths, is also one of its most prominent theoretical liabilities. The goal of the current paper is like that of a controlled burn that clears away some of the underbrush of misinterpretation (...)
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  48. Stakeholder Theory: A Libertarian Defense.R. Edward Freeman & Robert A. Phillips - 2002 - Business Ethics Quarterly 12 (3):331-350.
    Abstract: The purpose of this paper is to suggest that at least one strain of what has come to be called “stakeholder theory” has roots that are deeply libertarian. We begin by explicating both “stakeholder theory” and “libertarian arguments.” We show how there are libertarian arguments for both instrumental and normative stakeholder theory, and we construct a version of capitalism, called “stakeholder capitalism,” that builds on these libertarian ideas. We argue throughout that strong notions of “freedom” and “voluntary action” are (...)
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  49. A Stakeholder Perspective of Entrepreneurial Activity.Jeffrey S. Harrison - 2002 - The Ruffin Series of the Society for Business Ethics 2002:143-150.
    Venkataraman (2000) described entrepreneurship as a method for resolving stakeholder value anomalies. His description provides strong normative support for encouraging entrepreneurship in society on the basis of reducing inequities and promoting social harmony. However, a stakeholder perspective of entrepreneurship also has the potential to provide a flexible and comprehensive description of the entrepreneurial process through its various stages. In addition, a stakeholder perspective, combined with resource-based theory, can help researchers in identifying factors that lead to entrepreneurial success or failure. Specifically, (...)
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  50. Value Maximization, Stakeholder Theory, and the Corporate Objective Function.Michael C. Jensen - 2002 - Business Ethics Quarterly 12 (2):235-256.
    Abstract: In this article, I offer a proposal to clarify what I believe is the proper relation between value maximization and stakeholder theory, which I call enlightened value maximization. Enlightened value maximization utilizes much of the structure of stakeholder theory but accepts maximization of the long-run value of the firm as the criterion for making the requisite tradeoffs among its stakeholders, and specifies long-term value maximization or value seeking as the firm’s objective. This proposal therefore solves the problems that arise (...)
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