Economic contracts versus social relationships as a foundation for normative stakeholder theory

Business Ethics, the Environment and Responsibility 10 (3):223-232 (2001)
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Abstract

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 a more relevant and robust version of normative stakeholder theory than has hitherto been proposed.

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Citations of this work

What Stakeholder Theory is Not.Andrew C. Wicks - 2003 - Business Ethics Quarterly 13 (4):479-502.
Stakeholder Friction.Kirsten Martin & Robert Phillips - 2022 - Journal of Business Ethics 177 (3):519-531.

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