Putting a Stake in Stakeholder Theory

Journal of Business Ethics 88 (S4):605 - 615 (2009)
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Abstract

The primary appeal of stakeholder theory in business ethics derives from its promise to help solve two large and often morally difficult problems: (1) how to manage people fairly and efficiently and (2) how to determine the extent of a firm's moral responsibilities beyond its obligations to enhance its profits and economic value. This article investigates a variety of conceptual quandaries that stakeholder theory faces in addressing these two general problems. It argues that these quandaries pose intractable obstacles for stakeholder theory which prevent it from delivering on its large promises. Acknowledging that various versions of stakeholder theory have made a contribution in elucidating the complex nature of firms and business decision making, the article argues that it is time to move on. More precise explications of the nature of modern firms focusing on the application of basic moral principles to different business contexts and situations are likely to prove more accurate and useful

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References found in this work

Principia ethica.George Edward Moore - 1903 - Mineola, N.Y.: Dover Publications. Edited by Thomas Baldwin.
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Vagueness and contradiction.Roy A. Sorensen - 2001 - New York: Oxford University Press.
Précis of Vagueness.Timothy Williamson - 1997 - Philosophy and Phenomenological Research 57 (4):921-928.

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