Corporate Governance

Stakeholder Theory

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We begin this chapter by outlining the problems that stakeholder theory was
originally conceptualized to solve and the “basic mechanics” that we believe
underlie the development of the theory during the last thirty years. We turn in
the next sections to the arguments of Milton Friedman, Michael Jensen,
Michael Porter, and Oliver Williamson, often cited as opponents of stakeholder
theory, and suggest that all are compatible with the main ideas of
stakeholder theory. We highlight what we also take to be key differences
between stakeholder theory and these largely economic approaches to business.
We suggest that while these approaches are compatible with stakeholder
theory, it makes more sense to return to the very roots of capitalism, the
theory of entrepreneurship. We suggest how stakeholder theory needs to be
seen as a theory about how business actually does and can work. We make an
explicit tie to the theory of entrepreneurship and outline the basics of the
stakeholder mindset

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Detail Information

Series Title

Stakeholder Theory

Call Number

-

Publisher

United Kingdom : Cambridge University Press., 2010

Collation

1-363

Language

English

ISBN/ISSN

978-0-511-67692-5

Classification

NONE

Content Type

-

Media Type

-

Carrier Type

-

Edition

1st Edition

Subject(s)

Governance

Specific Detail Info

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Statement of Responsibility

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