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  1. The Stakeholder Theory and the Common Good.Antonio Argandoña - 1998 - Journal of Business Ethics 17 (9-10):1093-1102.
    The theory of the social responsibility of the firm oscillates between two extremes: one that reduces the firm's responsibility to the obtainment of (the greatest possible) profit for its shareholders, and another that extends the firm's responsibility to include a wide range of actors with an interest or "stake" in the firm. The stakeholder theory of the social responsibility of business is more appealing from an ethical point of view, and yet it lacks a solid foundation that would be acceptable (...)
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  • Business Ethics and Stakeholder Analysis.Kenneth E. Goodpaster - 1991 - Business Ethics Quarterly 1 (1):53-73.
    Much has been written about stakeholder analysis as a process by which to introduce ethical values into management decision-making. This paper takes a critical look at the assumptions behind this idea, in an effort to understand better the meaning of ethical management decisions.A distinction is made between stakeholder analysis and stakeholder synthesis. The two most natural kinds of stakeholder synthesis are then defined and discussed: strategic and multi-fiduciary. Paradoxically, the former appears to yield business without ethics and the latter appears (...)
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  • The Politics of Stakeholder Theory: Some Future Directions.R. Edward Freeman - 1994 - Business Ethics Quarterly 4 (4):409-421.
    The purpose of this paper is to enter the conversation about stakeholder theory with the goal of clarifying certain foundational issues. I want to show, along with Boatright, that there is no stakeholder paradox, and that the principle on which such a paradox is built, the Separation Thesis, is nicely self-serving to business and ethics academics. If we give up such a thesis we find there is no stakeholder theory but that stakeholder theory becomes a genre that is quite rich. (...)
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  • Getting Real: Stakeholder Theory, Managerial Practice, and the General Irrelevance of Fiduciary Duties Owed to Shareholders.Richard Marens & Andrew Wicks - 1999 - Business Ethics Quarterly 9 (2):273-293.
    Stakeholder theorists have generally misunderstood the nature and ramifications of the fiduciary responsibilities that corporate directors owe their stockholders. This fiduciary duty requires the exercise of care, loyalty, and honesty with regard to the financial interests of stockholders. Such obligations do not conflict with the normative goals of stakeholder theory, nor, after a century of case law that includes Dodge Bros. v. Ford, do fiduciary responsibilities owed shareholders prevent managerial policies that are generous orsensitive to other corporate stakeholders. The common (...)
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  • Getting Real: Stakeholder Theory, Managerial Practice, and the General Irrelevance of Fiduciary Duties Owed to Shareholders.Andrew Wicks - 1999 - Business Ethics Quarterly 9 (2):273-293.
    Stakeholder theorists have generally misunderstood the nature and ramifications of the fiduciary responsibilities that corporate directors owe their stockholders. This fiduciary duty requires the exercise of care, loyalty, and honesty with regard to the financial interests of stockholders. Such obligations do not conflict with the normative goals of stakeholder theory, nor, after a century of case law that includes Dodge Bros. v. Ford, do fiduciary responsibilities owed shareholders prevent managerial policies that are generous orsensitive to other corporate stakeholders. The common (...)
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  • If Fairness is the Problem, is Consent the Solution? Integrating ISCT and Stakeholder Theory.Harry J. van Buren Iii - 2001 - Business Ethics Quarterly 11 (3):481-499.
    Work on stakeholder theory has proceeded on a variety of fronts; as Donaldson and Preston (1995) have noted, such work can be parsed into descriptive, instrumental, and normative research streams. In a normative vein, Phillips (1997) has made an argumentfor a principle of fairness as a means of identifying and adjudicating among stakeholders. In this essay, I propose that a reconstructedprinciple of fairness can be combined with the idea of consent as outlined in integrative social contract theory (ISCT) to bring (...)
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  • Missing the Target: Normative Stakeholder Theory and the Corporate Governance Debate.John Hendry - 2001 - Business Ethics Quarterly 11 (1):159-176.
    After a decade of intensive debate, stakeholder ideas have come to exert a significant influence on academic managementthinking, but normative stakeholder theory itself appears to be in considerable disarray. This paper attempts to untangle the confusionand to prepare the ground for a more productive approach to the normative stakeholder problem. The paper identifies three distinctkinds of normative stakeholder theory and three different levels of claim that can be made by such theories, and uses this classificationto argue that stakeholder theorists have (...)
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  • 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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  • 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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  • The Ethical and Environmental Limits of Stakeholder Theory.Alan Strudler - 2002 - Business Ethics Quarterly 12 (2):215-233.
    We argue that though stakeholder theory has much to recommend it, particularly as a heuristic for thinking about business firmsproperly as involving the economic interests of other groups beyond those of the shareholders or other equity owners, the theory is limited by its focus on the interests of human participants in business enterprise. Stakeholder theory runs into intractable philosophicaldifficulty in providing credible ethical principles for business managers in dealing with some topics, such as the natural environment,that do not directly involve (...)
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  • 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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  • Stakeholder Legitimacy.Robert Phillips - 2003 - Business Ethics Quarterly 13 (1):25-41.
    This paper is a preliminary attempt to better understand the concept of legitimacy in stakeholder theory. The normative componentof stakeholder theory plays a central role in the concept of legitimacy. Though the elaboration of legitimacy contained hereinapplies generally to all “normative cores” this paper relies on Phillips’s principle of stakeholder fairness and therefore begins with a brief description of this work. This is followed by a discussion of the importance of legitimacy to stakeholder theory as well as the general ambiguity (...)
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  • Corporate Social Responsibility Theories: Mapping the Territory. [REVIEW]Elisabet Garriga & Domènec Melé - 2004 - Journal of Business Ethics 53 (1-2):51-71.
    The Corporate Social Responsibility (CSR) field presents not only a landscape of theories but also a proliferation of approaches, which are controversial, complex and unclear. This article tries to clarify the situation, mapping the territory by classifying the main CSR theories and related approaches in four groups: (1) instrumental theories, in which the corporation is seen as only an instrument for wealth creation, and its social activities are only a means to achieve economic results; (2) political theories, which concern themselves (...)
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  • Just Business: Business Ethics in Action.Elaine Sternberg - 2000 - Oxford University Press.
    Just Business provides the first comprehensive, reasoned framework for resolving questions of business ethics and corporate governance. Innovative, accessible, and global in scope, its powerful Ethical Decision Model can be used to manage the ethical problems of business as they arise in all their complexity and variety. Just Business combines business realism with philosophical rigor, and demonstrates that it is not necessary to emasculate or to adulterate business for business to be ethical. The book benefits from Elaine Sternberg's extensive experience (...)
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  • Economic Contracts Versus Social Relationships as a Foundation for Normative Stakeholder Theory.John Hendry - 2001 - Business Ethics, the Environment and Responsibility 10 (3):223–232.
    A number of the most influential presentations of normative stakeholder theory are based upon an economic model of the firm as a nexus of contracts. In this paper I argue that the use of such a model to address moral issues is both logically and practically problematic and effectively undermines the stakeholder position. I then sketch out the key characteristics of an alternative, social relationships model of the firm, and show how this might provide a basis for the development of (...)
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  • Economic Contracts Versus Social Relationships as a Foundation for Normative Stakeholder Theory.John Hendry - 2001 - Business Ethics, the Environment and Responsibility 10 (3):223-232.
    A number of the most influential presentations of normative stakeholder theory are based upon an economic model of the firm as a nexus of contracts. In this paper I argue that the use of such a model to address moral issues is both logically and practically problematic and effectively undermines the stakeholder position. I then sketch out the key characteristics of an alternative, social relationships model of the firm, and show how this might provide a basis for the development of (...)
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  • 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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  • A Feminist Reinterpretation of The Stakeholder Concept.R. Edward Freeman - 1994 - Business Ethics Quarterly 4 (4):475-497.
    Stakeholder theory has become one of the most important developments in the field of business ethics. While this concept has evolved and gained prominence as a method of integrating ethics into the basic purposes and strategic objectives of the firm, the authors argue that stakeholder theory has retained certain “masculinist” assumptions from the wider business literature that limit its usefulness. The resources of feminist thought, specifically the work of Carol Gilligan, provide a means of reinterpreting the stakeholder concept in a (...)
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  • If Fairness Is the Problem, Is Consent the Solution? Integrating ISCT and Stakeholder Theory.Harry J. Van Buren - 2001 - Business Ethics Quarterly 11 (3):481-499.
  • Overcoming the Separation Thesis The Needfor a Reconsideration of Business and Society Research.Andrew C. Wicks - 1996 - Business and Society 35 (1):89-118.