Business Ethics Quarterly 4 (4):459-474 (1994)
AbstractThe paper suggests replacing the shareholder/stakeholder distinction with a “Dual-Investor” model of business: stockowners provide the specific capital for business ventures, while society provides the “opportunity capital.” Thus society is an investor in every business venture. Dual-Investor theory provides a response (based purely on the ethics of investment) to Milton Friedman’s arguments that executives should maximize profit by any legal means, avoids recent criticisms by Kenneth Goodpaster and Thomas McMahon, and suggests that the dichotomy between private and public ownership overlooks several important alternatives. Some consequences of the theory are detailed and a sketch of a theory of property, based on Dual-Investor theory, is appended
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Citations of this work
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Implementing the New UN Corporate Human Rights Framework: Implications for Corporate Law, Governance, and Regulation.Peter Muchlinski - 2012 - Business Ethics Quarterly 22 (1):145-177.
Boundaryless Careers and Employability Obligations.Harry J. Van Buren Iii - 2003 - Business Ethics Quarterly 13 (2):131-149.
Beyond Antidoping and Harm Minimisation: A Stakeholder-Corporate Social Responsibility Approach to Drug Control for Sport.Jason Mazanov - 2016 - Journal of Medical Ethics 42 (4):220-223.
Do Shareholders Have Obligations to Stakeholders?Earl W. Spurgin - 2001 - Journal of Business Ethics 33 (4):287 - 297.
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