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Stakeholder Theory
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We begin this chapter by outlining the problems that stakeholder theory was
originally conceptualized to solve and the “basic mechanics” that we believe
underlie the development of the theory during the last thirty years. We turn in
the next sections to the arguments of Milton Friedman, Michael Jensen,
Michael Porter, and Oliver Williamson, often cited as opponents of stakeholder
theory, and suggest that all are compatible with the main ideas of
stakeholder theory. We highlight what we also take to be key differences
between stakeholder theory and these largely economic approaches to business.
We suggest that while these approaches are compatible with stakeholder
theory, it makes more sense to return to the very roots of capitalism, the
theory of entrepreneurship. We suggest how stakeholder theory needs to be
seen as a theory about how business actually does and can work. We make an
explicit tie to the theory of entrepreneurship and outline the basics of the
stakeholder mindset
1st Edition
978-0-511-67692-5
NONE
Stakeholder Theory
Corporate Governance
English
Cambridge University Press
2010
United Kingdom
1-363
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