Stakeholder Theory and “The Corporate Objective Revisited”

R. Edward Freeman (), Andrew C. Wicks () and Bidhan Parmar ()
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R. Edward Freeman: The Darden School, University of Virginia, 100 Darden Boulevard, Charlottesville, Virginia 22906
Andrew C. Wicks: The Darden School, University of Virginia, 100 Darden Boulevard, Charlottesville, Virginia 22906
Bidhan Parmar: The Darden School, University of Virginia, 100 Darden Boulevard, Charlottesville, Virginia 22906

Organization Science, 2004, vol. 15, issue 3, 364-369

Abstract: Stakeholder theory begins with the assumption that values are necessarily and explicitly a part of doing business. It asks managers to articulate the shared sense of the value they create, and what brings its core stakeholders together. It also pushes managers to be clear about how they want to do business, specifically what kinds of relationships they want and need to create with their stakeholders to deliver on their purpose. This paper offers a response to Sundaram and Inkpen's article “The Corporate Objective Revisited” by clarifying misconceptions about stakeholder theory and concluding that truth and freedom are best served by seeing business and ethics as connected.

Keywords: stakeholder theory; corporate objectives; separation thesis; value creation; stakeholder relationships (search for similar items in EconPapers)
Date: 2004
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Citations: View citations in EconPapers (167)

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