Journal ArticleDOI
The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications
Thomas Donaldson,Lee E. Preston +1 more
TLDR
In this article, the authors examine three aspects of the stakeholder theory and critique and integrate important contributions to the literature related to each, concluding that the three aspects are mutually supportive and that the normative base of the theory-which includes the modern theory of property rights-is fundamental.Abstract:
?The stakeholder theory has been advanced and justified in the management literature on the basis of its descriptive accuracy, instrumental power, and normative validity. These three aspects of the theory, although interrelated, are quite distinct; they involve different types of evidence and argument and have different implications. In this article, we examine these three aspects of the theory and critique and integrate important contributions to the literature related to each. We conclude that the three aspects of stakeholder theory are mutually supportive and that the normative base of the theory-which includes the modern theory of property rights-is fundamental. If the unity of the corporate body is real, then there is reality and not simply legal fiction in the proposition that the managers of the unit are fiduciaries for it and not merely for its individual members, that they are . . . trustees for an institution [with multiple constituents] rather than attorneys for the stockholders.read more
Citations
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Journal ArticleDOI
Corporate social responsibility and the identification of stakeholders
TL;DR: In this paper, critical systems heuristics are used to identify stakeholders in a management problem, in which the normative aspect of modelling is crucial, and a variety of boundary judgments are discussed.
Journal ArticleDOI
Disruptive technologies, stakeholders and the innovation value-added chain: a framework for evaluating radical technology development
Jeremy Hall,Michael J. C. Martin +1 more
TL;DR: In this paper, an evaluation framework that incorporates stakeholder theory, innovation management concepts and Popper's evolutionary learning methodology of science and its extension to social issues is proposed. But it does not address the potential unintended and unforeseen consequences of the technology, as well as its potential benefits.
Journal ArticleDOI
Perceived stakeholder influences and organizations’ use of environmental audits
TL;DR: In this paper, the authors draw on stakeholder theory to explore organizations' use of different types of environmental audits and find that significant variations in the use of environmental auditing are associated with differences in stakeholder influences, and that more nuanced treatment is needed when evaluating these audits.
Journal ArticleDOI
Entrepreneurial pursuits of self- and collective interests
TL;DR: In this article, the authors argue that an appreciation of the dialectical nature of human beings leads to fundamentally different conceptions of entrepreneurship than those commonly found in literature on entrepreneurship theory and practice.
Journal ArticleDOI
Re-imagining the Morality of Management: A Modern Virtue Ethics Approach
TL;DR: In this paper, the authors explore the problematic nature of the morality of management in particular of business organisations operating under Anglo-American capitalism and show that MacIntyre's own virtues-goods-practice-institution schema provides a way of re-imagining business organisations and management and thereby holds out the possibility of resolving the issue of the moral of management within such organisations.
References
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Journal ArticleDOI
Theory of the firm: Managerial behavior, agency costs and ownership structure
TL;DR: In this article, the authors draw on recent progress in the theory of property rights, agency, and finance to develop a theory of ownership structure for the firm, which casts new light on and has implications for a variety of issues in the professional and popular literature.
Journal ArticleDOI
The Nature of the Firm
TL;DR: In this paper, it is shown that a definition of a firm may be obtained which is not only realistic in that it corresponds to what is meant by a firm in the real world, but is tractable by two of the most powerful instruments of economic analysis developed by Marshall, the idea of the margin and that of substitution.
Book
Strategic Management: A Stakeholder Approach
TL;DR: The Stakeholder Approach: 1. Managing in turbulent times 2. The stakeholder concept and strategic management 3. Strategic Management Processes: 4. Setting strategic direction 5. Formulating strategies for stakeholders 6. Implementing and monitoring stakeholder strategies 7. Conflict at the board level 8. The functional disciplines of management 9. The role of the executive as mentioned in this paper.
Journal ArticleDOI
The Economic Institutions of Capitalism
TL;DR: The Economic Institutions of Capitalism as mentioned in this paper is a seminal work in the field of economic institutions of capitalism. Journal of Economic Issues: Vol. 21, No. 1, pp. 528-530.