Journal
ORGANIZATION SCIENCE
Volume 15, Issue 3, Pages 364-369Publisher
INFORMS
DOI: 10.1287/orsc.1040.0066
Keywords
stakeholder theory; corporate objectives; separation thesis; value creation; stakeholder relationships
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Stakeholder theory begins with the assumption that values are necessarily and explicitly a part of doing business. It asks managers to articulate the shared sense of the value they create, and what brings its core stakeholders together. It also pushes managers to be clear about how they want to do business, specifically what kinds of relationships they want and need to create with their stakeholders to deliver on their purpose. This paper offers a response to Sundaram and Inkpen's article The Corporate Objective Revisited by clarifying misconceptions about stakeholder theory and concluding that truth and freedom are best served by seeing business and ethics as connected.
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