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Monographs : Corporate Responsibility & Accountability

corporate social responsibility and stockholder v. stakeholder approaches



Balkan, J. 2005. The Corporation. London: Constable. Essentially the book of the film (see 'The Corporation' under Films) and, as with the film, takes the notion of corporate moral agency literally to argue that large corporations display a psychopathic disregard for the interests of the wider society.

Donaldson, T. 1982. Corporations and Morality. Englewood Cliffs: Prentice-Hall. Early survey of issues (coverage also includes corporate moral agency) and based idea of 'social contracts' rather than stakeholding (idea later much developed by Donaldson).

Freeman, R. E. 1984. Strategic Management: A Stakeholder Approach. Marshfield: Pitman. Classic statement of the stakeholder approach by its leading advocate.

Friedman, A. L. and Miles, S. 2006. Stakeholders: theory and practice. Oxford; Oxford University Press. Probably the most exhaustive treatment of the stakeholder approach to date (22 pages of references) and aims to be an introductory text (contains vignettes, tables, questions/exercises). A broadly social science approach (though due attention paid to philosophic issues), it is divided into a part one covering theory (mostly devoted to outlining notable and classic papers - chiefly American), a part two covering 'Practice' (stakeholder management), and a part three on 'Policy and Management Education'.

Goyder, G. 1993. The Just Enterprise. London: Adamantine Press. Rejects stockholder approach for one based on directors as trustees of a social asset.

Kelly, G. et al (eds.) 1997. Stakeholder Capitalism. Basingstoke: Macmillan. Exemplifies late 90s broadening of stakeholder concept in the U.K. from application to companies to whole societies by sociologists, political scientists, and (very briefly) the incoming Labour government (most useful articles those by Kay and Parkinson).

Phillips R. 2003. Stakeholder Theory and Organizational Ethics. San Francisco: Berrett-Koehler.
As the title suggests, this is an attempt to explain stakeholder theory as an organizational ethic: specifically, in terms of a Rawlsian notion of 'fair play' by which stakeholders can be identified and ranked on the basis of their 'contribution' to an organization. What is on offer, therefore, is a defence of a comprehensive theory of the nature of stakeholding rather than just that adoption of it as an approach that is usual in books with 'stakeholder' in the title. So what is also provided is a useful entry point into contemporary debates in the area of stakeholder theory.

Sternberg, E. 2000 (2nd edn. - little changed from first). Just Business. Oxford: Oxford University Press. Vigorous advocacy of stockholder approach based on definition of purpose of company as maximizing long term owner value.

Turner, A. 2001 (Pan paperback 2002). Just Capital: the liberal economy. London: Macmillan. Though very much about economics rather than business ethics, in being a concise but thorough analysis of the competing claims of the decidedly stockholder orientated Anglo-Saxon form of capitalism as against a more stakeholder orientated 'European Social Model' (some attention is also paid to Japan) this book is a valuable contribution to that aspect of the stockholder v. stakeholder debate concerned with assessing the relative merits of two approaches in broadly utilitarian terms. (Turner concludes that the social benefits of the European model need not be sacrificed to achieve economic benefits provided suitable modifications are made to it.)


Corporate Responsibility and Accountability:corporate social responsibility and stockholder v. stakeholder approaches
 corporate governance
 corporate moral agency
 accountability and strategy