Abstract

Since the 1990s, stakeholder theory has become a central framework within the field of business ethics, as much for academics as for practitioners. The definition of what a stakeholder is, is always attributed to Freeman in his book Stakeholder Management from 1984. It is also common to contrast Freeman’s definition to the 1963 definition from the Stanford Research Institute. However, a largely forgotten work is that by Rhenman from 1964. This paper compares the respective stakeholder conceptualisations of Rhenman and Freeman. A semantic analysis of their work reveals the differences in assumptions and implications underlying Freeman’s and Rhenman’s definitions with regard to the ontological status of a corporation, the nature of the stake and the role of management. Some explanations are formulated as to why Freeman has apparently eclipsed Rhenman.