Why Stakeholder and Stockholder Theories Are Not Necessarily Contradictory: A Knightian Insight
The normative foundations of the investor centered model of corporate governance, represented in mainstream economics by the nexus-of-contracts view of the firm, have come under attack, mainly by proponents of normative stakeholder theory. We argue that the nexus-of-contracts view is static and limi...
Veröffentlicht in: | Journal of Business Ethics. - Springer Science + Business Media. - 61(2005), 3, Seite 249-262 |
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Format: | Online-Aufsatz |
Sprache: | English |
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2005
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Zugriff auf das übergeordnete Werk: | Journal of Business Ethics |
Schlagworte: | Theory of the firm Corporate governance Entrepreneurship Business ethics Stakeholder theory Business Economics Philosophy |
Zusammenfassung: | The normative foundations of the investor centered model of corporate governance, represented in mainstream economics by the nexus-of-contracts view of the firm, have come under attack, mainly by proponents of normative stakeholder theory. We argue that the nexus-of-contracts view is static and limited due to its assumption of price-output certainty. We attempt a synthesis of the nexus-of-contracts and the Knightian views, which provides novel insights into the normative adequacy of the investor-centered firm. Implications for scholarship and management practice follow from our discussion. |
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ISSN: | 15730697 |