If Fairness is the Problem, Is Consent the Solution? Integrating ISCT and Stakeholder Theory

Harry J. Van Buren

Business Ethics Quarterly, 2001, vol. 11, issue 3, 481-499

Abstract: Work on stakeholder theory has proceeded on a variety of fronts; as Donaldson and Preston (1995) have noted, such work can be parsed into descriptive, instrumental, and normative research streams. In a normative vein, Phillips (1997) has made an argument for a principle of fairness as a means of identifying and adjudicating among stakeholders. In this essay, I propose that a reconstructed principle of fairness can be combined with the idea of consent as outlined in integrative social contract theory (ISCT) to bring about a more normative stakeholder theory that also has ramifications for corporate governance.

Date: 2001
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