The purpose of this paper is to analyze the role of values in strategic management. We discuss recent criticisms of the concept of strategy and argue that the concept of value helps reconcile these criticisms with traditional models of strategy. We show that Andrews' model of corporate strategy rightly takes morally significant values to be essential to effective management. We show how the notion of value can be clarified and used in research into various conceptions of corporate morality.

Corporate Strategy has emerged as a central metaphor for private-sector enterprise. Given inherent imperfections in markets, one important question to consider is how well the practice of Corporate Strategy contributes to social welfare. An account of the implicit morality of free markets is developed as a standard against which two particular, second best solutions to market imperfections — namely, American federal antitrust policy and Corporate Strategy — are compared. Corporate Strategy is subsequently evaluated in terms of the fundamental principles of (...) Rawls' theory of justice. In both analyses, Corporate Strategy is found to depart significantly and systematically from the standards of social justice. An alternative principle, grounded in the concept of duty, is introduced as a means for reconceptualizing Corporate Strategy. (shrink)

Entrepreneurship and management are commonly treated as members of the same family of concepts. In the wake of a recent reinterpretation of entrepreneurship as an existential phenomenon, there is no longer reason to take for granted the kinship between entrepreneurship and management. Indeed, it is possible to interpret entrepreneurship and management as antitheses on one compelling ethical criterion: voluntary exercise of the word “no” about one’s own projects. The implications of this ethical split between entrepreneurship and management reach from management (...) education to entrepreneurship research to the distinctiveness of the field of business ethics. (shrink)

The use of literature, and other sources from the humanities, in management education has become more prominent in recent years. But, there is reason to question the ethical justifications by which the marriage of Management and the Humanities is customarily defended. This paper is a critique of Management and the Humanities as it is practiced through the use of literature. By means of a liberal pragmatist kind of criticism, and a case analysis about a hypothetical Grand Theory of Management called (...) Theory R, I draw a sharp distinction between a Management and the Humanities approach that merely confirms conventional truths and a new approach to Management and the Humanities that enables students to grow as what Henry Giroux calls "critical rather than 'good' citizens." I show how this new approach can enable management educators to retrieve the potential of Management and the Humanities to contribute to liberal education. (shrink)

In the contemporary flurry of hostile corporate takeover activity, the ethics of the practice of greenmail have been called into question. The authors provide an account of greenmail in parallel with Daniel Ellsberg's conception of blackmail, as consisting of two conditions: a threat condition and a compliance condition.The analysis then proceeds to consider two questions: Is all greenmail morally wrong? Are all hostile takeovers morally wrong? The authors conclude that there is no basis for answering either question in the affirmative. (...) While there is no cause for moral concern per se, the practices of both greenmail and hostile takeovers yield deeper and more interesting questions for the theory of corporate governance. (shrink)

The use of literature, and other sources from the humanities, in management education has become more prominent in recent years. But, there is reason to question the ethical justifications by which the marriage of Management and the Humanities is customarily defended. This paper is a critique of Management and the Humanities as it is practiced through the use of literature. By means of a liberal pragmatist kind of criticism, and a case analysis about a hypothetical Grand Theory of Management called (...) Theory R, I draw a sharp distinction between a Management and the Humanities approach that merely confirms conventional truths and a new approach to Management and the Humanities that enables students to grow as what Henry Giroux calls "critical rather than 'good' citizens." I show how this new approach can enable management educators to retrieve the potential of Management and the Humanities to contribute to liberal education. (shrink)

The folklore of Groundhog Day is an invitation to reflect on continuity, choice, and reinvention in our daily lives. Groundhog Day is an annual opportunity to imagine how the future could unfold as a straightforward extension of what we are doing today in one another’s company, or as a departure from the typical course of our joined endeavors. The joined endeavor at issue in this paper is the act of justifying inclusion of the study of managerial practice, commonly calledManagement, in (...) the undergraduate college curriculum in the United States. Management is routinely shielded from a process of intellectual justification. There is a fruitful alternative to this de facto exemption. I argue that there is a place in the undergraduate curriculum for systematic attention to managerial practice, but that place need not be filled with a Management major per se. This new curricular place is anchored in the experience of living our everyday lives in a world managed by others. The inspiration for imagining this different place came one Groundhog Day, as I was sorting mail delivered to me by the US Postal Service. (shrink)