Stakeholder theory is presently the dominant framework for analysing ethical issues within the field of business ethics. The theory goes beyond the conventional idea that stockholders are the main group to whom corporate managers owe responsibility by arguing that all groups having a stake in a firm - suppliers, customers, employees, the local community, and others - should be considered by managers in decision-making. Despite the growth and widespread appeal of stakeholder theory within business ethics and related fields, up till now there has been no reader that presents scholars and students interested in the theory with a resource covering the major developments and debates surrounding the theory. This anthology contains the most important, influential, and innovative work written on stakeholder theory over the course of the last twenty years. It provides those working in areas of business, professional, and applied ethics with a unique resource for research and teaching. The scope of the anthology covers the historical origins of stakeholder theory, its normative foundations, debates concerning its adequacy as an ethical theory, issues involving stakeholder identity and legitimacy, applications of stakeholder theory within organisational management, and extensions of stakeholder theory to specific corporate domains and industries. Also included is a comprehensive bibliography for further reading. Including essential articles on stakeholder theory from the most prominent authors in the field, this valuable collection will serve as the standard reference source for research into stakeholder theory for years to come.
Pt. I The origins of stakeholder theory 23
1 Management's responsibility in a complex world by Frank W. Abrams 26
2 Our changing concept of the corporation by Russell L. Ackoff 32
3 Strategic management in a kibitzer's world by William R. dill 40
4 Stockholders and stakeholders : a new perspective on corporate governance by R. Edward Freeman and David L. Reed 48
Pt. 2 Normative foundations 59
5 The stakeholder theory of the corporation : concepts, evidence, and implications by Thomas Donaldson and Lee E. Preston 62
6 Managing for stakeholders by R. Edward Freeman 71
7 Stakeholder theory and a principle of fairness by Robert A. Phillips 89
8 Feminist ethics as a moral grounding for stakeholder theory by Brian K. Burton and Craig P. Dunn 96
Pt. 3 Normative controversies 111
9 The normative theories of business ethics : a guide for the perplexed by John Hasnas 115
10 A fiduciary argument against stakeholder theory by Alexei M. Marcoux 124
11 Upping the stakes : a response to John Hasnas on the normative viability of the stockholder and stakeholder theories by Daniel E. Palmer 134
12 Getting real : stakeholder theory, managerial practice, and the general irrelevance of fiduciary duties owed to shareholders by Richard Marens and Andrew Wicks 141
13 What stakeholder theory is not by Robert Phillips and R. Edward Freeman and Andrew Wicks 151
Pt. 4 Stakeholder identity 163
14 Toward a theory of stakeholder identification and salience : defining the principle of who and what really counts by Ronald K. Mitchell and Bradley R. Agle and Donna J. Wood 166
15 Corporate social responsibility and the identification of stakeholders by Janita F. J. Vos
