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Stakeholder Theory.docx

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Department
Philosophy
Course
Philosophy 2074F/G
Professor
Porter
Semester
Winter

Description
Stakeholder Theory 4/13/2012 11:29:00 AM Stakeholder Theory  The basic idea is that businesses, and the executives who manage them actually do and should create value for customers, suppliers, employees, communities, and financiers (or shareholders)  Two kinds of stakeholders: o Primary/definitional – these are the stakeholders that have direct, explicit contracts or relationships with the business o Secondary/instrumental – these are the stakeholders without a direct, explicit contract or relationship with the business that nonetheless have an effect on the business or that the business has an effect on The Dominant Model is Wrong  The dominant model is resistant to change o Freeman argues that Friedman's view makes stock value the only real measure and promotes only immediate stock value gain as a managerial goal – this is impractical  The dominant model is not consistent with law o The laws that are relevant to business have evolved
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