Business Ethics Quarterly 27 (3):353-379 (2017)

Authors
Robert Edward Freeman
University of Virginia
Abstract
ABSTRACT:Profit maximizers have reasons to agree with stakeholder theorists that managers may need to consider different values simultaneously in decision making. However, it remains unclear how maximizing a single value can be reconciled with simultaneously considering different values. A solution can neither be found in substantive normative philosophical theories, nor in postulating the maximization of profit. Managers make sense of the values in a situation by means of the many thick value concepts of ordinary language. Thick evaluation involves the simultaneous consideration of different values: making sense of a value always involves knowing how to engage with it given the other values in the situation. This also goes for profit: maximization is only one way of engaging with the value of profit, and grasping whether maximization is appropriate involves considering other values. We discuss some consequences of our approach for stakeholder theorists and profit maximizers.
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DOI 10.1017/beq.2017.1
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References found in this work BETA

On the Very Idea of a Conceptual Scheme.Donald Davidson - 1973 - Proceedings and Addresses of the American Philosophical Association 47:5-20.
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Citations of this work BETA

A Bar Too High? On the Use of Practical Wisdom in Business Ethics.Gregory Wolcott - 2020 - Business Ethics: A European Review 29 (S1):17-32.
The Case for a Thick Shareholder Concept.Katherina Pattit & Jason Pattit - 2019 - Business and Society Review 124 (4):497-514.

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