Stakeholder theory and the corporate objective revisited: A reply

• 成果类型: Article
• 署名作者: Sundaram, AK; Inkpen, AC
• 刊物名称: ORGANIZATION SCIENCE
• ISSN/ISSBN: 1047-7039
• DOI: 10.1287/orsc.1040.0067
• 发表日期: 2004
• 页码: 370-371
• 关键词: SHAREHOLDER VALUE; Stakeholder theory; corporate goal; corporate governance

摘要

Freeman et al. (2004) offer a spirited rebuttal to our paper The Corporate Objective Revisited from the perspective of stakeholder theory. However, they fall short in making a case against the logic of shareholder value maximization. The authors confound issues of value and values, ignore the rich history of scholarship on related questions, and perhaps misinterpret some of our core arguments. Most importantly, proponents of stakeholder views such as Freeman et al. appear to be unable to go beyond critiques of the shareholder view by failing to offer an empirically supportable alternative theory.