The relationship between business and society changes over time, and periodically there is a ‘legitimization crisis’. The paper will briefly explore some important questions about company legitimacy: why is company legitimacy important; why do legitimacy crises occur; and finally, are we in a crisis at the moment, and if so how can it be solved? The legal institutionalization of business firms prescribes narrow accountabilities and limited responsibilities: the challenge for business in the new millennium is to open these up and to broaden our understanding of the social significance of business activity without destroying its wealth creating processes. This will require a rethinking of the relationship to the shareholder and a new definition of the relationship with stakeholders
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DOI 10.1111/1467-8608.00156
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Stakeholder Theory: A Deliberative Perspective.Ulf Henning Richter & Kevin E. Dow - 2017 - Business Ethics: A European Review 26 (4):428-442.
Sector-Based Corporate Citizenship.Laura Timonen & Vilma Luoma-aho - 2010 - Business Ethics, the Environment and Responsibility 19 (1):1-13.
Sector-Based Corporate Citizenship.Laura Timonen & Vilma Luoma-aho - 2010 - Business Ethics: A European Review 19 (1):1-13.

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