Why Stakeholder And Stockholder Theories Are Not Necessarily Contradictory: A Knightian Insight
The normative foundations of the investor centered model of corporate governance, represented in mainstream economics by the nexus-of-contracts view of the firm, have come under attack, mainly by proponents of normative stakeholder theory. We argue that the nexusof- contracts view is static and limi...
| Authors: | ; |
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| Format: | Electronic Article |
| Language: | English |
| Check availability: | HBZ Gateway |
| Interlibrary Loan: | Interlibrary Loan for the Fachinformationsdienste (Specialized Information Services in Germany) |
| Published: |
2005
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| In: |
Journal of business ethics
Year: 2005, Volume: 61, Issue: 3, Pages: 249-262 |
| Further subjects: | B
theory of the firm
B Business Ethics B Corporate governance B Stakeholder Theory B Entrepreneurship |
| Online Access: |
Volltext (JSTOR) Volltext (lizenzpflichtig) |
| Summary: | The normative foundations of the investor centered model of corporate governance, represented in mainstream economics by the nexus-of-contracts view of the firm, have come under attack, mainly by proponents of normative stakeholder theory. We argue that the nexusof- contracts view is static and limited due to its assumption of price-output certainty. We attempt a synthesis of the nexus-of-contracts and the Knightian views, which provides novel insights into the normative adequacy of the investor-centered firm. Implications for scholarship and management practice follow from our discussion. |
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| ISSN: | 1573-0697 |
| Contains: | Enthalten in: Journal of business ethics
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| Persistent identifiers: | DOI: 10.1007/s10551-005-4733-9 |
