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Full-Text Articles in Business
Stakeholder Theory, Robert A. Phillips, Jay B. Barney, R. Edward Freeman, Jeffrey S. Harrison
Stakeholder Theory, Robert A. Phillips, Jay B. Barney, R. Edward Freeman, Jeffrey S. Harrison
Management Faculty Publications
Though there is clearly a “family resemblance” to the work that is typically done under its bailiwick, stakeholder theory continues to resist precise circumscription. Like the organizations it attempts to understand, the boundaries of the theory remain contentious. While various attempts have been made to clearly define the parameters of stakeholder theory (i.e., Clarkson Center for Business Ethics, 1999; Donaldson & Preston, 1995; Freeman, et al., 2010; Jones & Wicks, 1999; Phillips, 2003; Phillips, Freeman & Wicks, 2003), none of these efforts has gained universal acceptance. The following, which combines ideas from a variety of well-known sources (Freeman, 1984; Freeman, …
Sustainable Wealth Creation: Applying Instrumental Stakeholder Theory To The Improvement Of Social Welfare, Thomas M. Jones, Jeffrey S. Harrison
Sustainable Wealth Creation: Applying Instrumental Stakeholder Theory To The Improvement Of Social Welfare, Thomas M. Jones, Jeffrey S. Harrison
Management Faculty Publications
This chapter briefly reviews core ideas and research results in the existing instrumental stakeholder theory (IST) literature and then applies the IST concept to the simultaneous pursuit of two objectives—advancing social welfare, the presumed goal of morally legitimate social systems in general, and preserving the key elements of shareholder wealth enhancement—the traditional goal of the corporation. In so doing, we expand the range of ethical approaches to IST beyond deontological principles (e.g., treat stakeholders fairly; be trustworthy in dealing with stakeholders) present in extant versions of IST, to a consequentialist focus (i.e., a utilitarian concern for “the greatest good for …