A pragmatist case for thoughtfulness and experimentation in corporate governance

Donald Nordberg

Chapter 18 in Research Handbook on Corporate Governance and Ethics, 2023, pp 310-327 from Edward Elgar Publishing

Abstract: Despite interminable debate, ethical perspectives have sought to stem the abuse of corporate power by focusing on the split between utility-focused attention to shareholder value, including the ‘enlightened’ kind, and duty-focused imperatives in stakeholder theory. Through thought experiments, this chapter builds a case for a different approach. Ethics scholars including Brandt (1959) and Frankena (1963) highlight contrasting approaches to both utility and duty, separating formation of general rules from examination of individual acts. Act-based ethics points us toward the pragmatism of James (1907/1955) and Dewey (1930) and ‘what works.’ In the context of boards, that means connecting duty and consequences and encouraging a fullness of thought: board-level thoughtfulness. This approach has echoes of Werhane’s (2002, 2008) concept of moral imagination and Rorty’s (2006) more radical call to reject recipes and seek new solutions.

Keywords: Business and Management; Economics and Finance; Environment (search for similar items in EconPapers)
Date: 2023
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