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
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Exploring the origins of ‘social license to operate’ in the mining sector: Perspectives from governance and sustainability theories
Jason Prno,D. Scott Slocombe +1 more
TL;DR: In this paper, the authors use governance and sustainability theories to conceptualize the origins of social license to operate (SLO) in the mining sector and describe some of the associated implications, but only a limited body of scholarship has developed around SLO.
Book
Stakeholder Theory and Organizational Ethics
TL;DR: In Stakeholder Theory and Organizational Ethics, Robert Phillips as mentioned in this paper provides an extended defense of stakeholder theory as the preeminent theory of organizational ethics today, addressing the difficult question of what the moral underpinning of stakeholders' theory should be.
Posted Content
Beyond Dichotomy: The Curvilinear Relationship between Social Responsibility and Financial Performance
TL;DR: In this article, the authors investigate the relationship between financial and social performance in SRI mutual funds and find a curvilinear relationship, suggesting that two long-competing viewpoints may be complementary.
Journal ArticleDOI
When Will Stakeholder Groups Act? An Interest- and Identity-Based Model of Stakeholder Group Mobilization
TL;DR: In this article, the authors construct a model of stakeholder group action that challenges the current notion that interests drive group action, arguing that interests do not easily translate into action, mobilization can be motivated by a desire to express an identity as well as protect interests, and overlapping membership across multiple stakeholder groups affect group action.
Journal ArticleDOI
Corporate Social Responsibility: Three Key Approaches
TL;DR: The authors assesses three key approaches and offers a perspective gauging little prospect of theoretical synthesis of corporate social responsibility, concluding that any theoretical synthesis must discover some subset of ethical principles yielding corporate competitive advantage.
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.