THEORY OF THE FIRM, MANAGEMENT AND STAKEHOLDERS: AN ISLAMIC PERSPECTIVE

Toseef Azid (), Mehmet Asutay and Umar Burki
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Toseef Azid: Bahauddin Zakariya University, Postal: Multan, Pakistan
Umar Burki: Molde University, Postal: Molde University, College, 6402 Molde, Norway.

Islamic Economic Studies, 2007, vol. 15-1, 1-30

Abstract: This paper explores the impact of the behaviour of a firm and its management on its stakeholders operating within the framework of Islamic law and morality and draws a sketch of a socially responsible enterprise which Islam idealizes in the domain of business and trade. The study suggests that endogenoising the ethical cum economic dimensions will enhance the efficiency level of the economy, and will also increase social welfare level.

Date: 2007
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