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Business - Stakeholder Theory .docx

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Philosophy 2074F/G
Michael Herbert

PUTTING A STAKE IN STAKEHOLDER THEORY – ORTS, STRUDLER  Stakeholder theory may be useful for some kinds of business decisions- especially in terms of purely strategic rather than moral thinking  At most, we argue that stakeholder theory may prove useful in the identification of some relevant interests that may be a source of ethical claims to be considered in business decisions  Stakeholder theory may also have some ethical implications  The substantive weaknesses of stakeholder theory as applied to business ethics can be categorized as including the following problems – identification and definition, vagueness and overbreadth, and balancing various interests and considerations in decision making  The narrow version of stakeholders refers to theories of the firm: what groups of people are properly included within the boundaries of a business enterprise> The answer given by many economists and business theorists is that only the owners of the firm count  Narrow versions of stakeholder theory arose to contest this strict financial ownership theory  Conceptual trouble arises, however, when the advocates of a broad version of corporate social responsibility begin to add other potentially deserving claimants into stakeholder theory of the firm  A stakeholder project to develop theories that enabled executives to formulate and implement corporate strategy in turbulent environments  Strategic stakeholder theory wo
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