A Fiduciary Argument Against Stakeholder Theory

Business Ethics Quarterly 13 (1):1-24 (2003)

Abstract

Critics attack normative ethical stakeholder theory for failing to recognize the special moral status of shareholders that justifiesthe fiduciary duties owed to them at law by managers. Stakeholder theorists reply that there is nothing morally significant about shareholders that can underwrite those fiduciary duties. I advance an argument that seeks to demonstrate both the special moral status of shareholders in a firm and the concomitant moral inadequacy of stakeholder theory. I argue that (i) if some relations morally requirefiduciary duties, and (ii) the shareholder-manager relation possesses the features that make fiduciary duties morally necessary to thoserelations, then (iii) stakeholder theory is morally lacking

Download options

PhilArchive



    Upload a copy of this work     Papers currently archived: 72,694

External links

Setup an account with your affiliations in order to access resources via your University's proxy server

Through your library

Analytics

Added to PP
2011-12-01

Downloads
132 (#91,012)

6 months
5 (#136,367)

Historical graph of downloads
How can I increase my downloads?

References found in this work

No references found.

Add more references

Similar books and articles

Differentiating Stakeholder Theories.John Kaler - 2003 - Journal of Business Ethics 46 (1):71 - 83.
Stakeholders and the Moral Responsibilities of Business.Bruce Langtry - 1994 - Business Ethics Quarterly 4 (4):431-443.
Business Ethics Without Stakeholders.Joseph Heath - 2006 - Business Ethics Quarterly 16 (4):533-558.
Whither Stakeholder Theory? A Guide for the Perplexed Revisited.John Hasnas - 2013 - Journal of Business Ethics 112 (1):47-57.
The Imperfect Nature of Corporate Responsibilities to Stakeholders.David Lea - 2004 - Business Ethics Quarterly 14 (2):201-217.
The Ethical and Environmental Limits of Stakeholder Theory.Alan Strudler - 2002 - Business Ethics Quarterly 12 (2):215-233.
Ethical Aspects of Investor Behavior.Pietra Rivoli - 1995 - Journal of Business Ethics 14 (4):265 - 277.