Why Stakeholder and Stockholder Theories Are Not Necessarily Contradictory: A Knightian Insight

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...

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Veröffentlicht in:Journal of Business Ethics. - Springer Science + Business Media. - 61(2005), 3, Seite 249-262
1. Verfasser: Velamuri, S. Ramakrishna (VerfasserIn)
Weitere Verfasser: Venkataraman, S.
Format: Online-Aufsatz
Sprache:English
Veröffentlicht: 2005
Zugriff auf das übergeordnete Werk:Journal of Business Ethics
Schlagworte:Theory of the firm Corporate governance Entrepreneurship Business ethics Stakeholder theory Business Economics Philosophy
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520 |a 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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