Journal of Business Ethics 61 (3):249-262 (2005)

Abstract
The normative foundations of the investor centered model of corporate governance, represented in mainstream economics by the nexus-of-contracts view of the firm, have come under attack, mainly by proponents of normative stakeholder theory. We argue that the nexusof- contracts view is static and limited due to its assumption of price-output certainty. We attempt a synthesis of the nexus-of-contracts and the Knightian views, which provides novel insights into the normative adequacy of the investor-centered firm. Implications for scholarship and management practice follow from our discussion.
Keywords theory of the firm  corporate governance  entrepreneurship  business ethics  stakeholder theory
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DOI 10.1007/s10551-005-4733-9
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References found in this work BETA

Risk, Uncertainty and Profit.Frank Knight - 1921 - University of Chicago Press.
Business Ethics and Stakeholder Analysis.Kenneth E. Goodpaster - 1991 - Business Ethics Quarterly 1 (1):53-73.

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Citations of this work BETA

Shareholder Theory and Kant’s ‘Duty of Beneficence’.Samuel Mansell - 2013 - Journal of Business Ethics 117 (3):583-599.
Innovations, Stakeholders & Entrepreneurship.Nicholas Dew & Saras D. Sarasvathy - 2007 - Journal of Business Ethics 74 (3):267-283.

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