Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/279492 
Year of Publication: 
2023
Citation: 
[Journal:] Journal of Business Ethics [ISSN:] 1573-0697 [Volume:] 188 [Issue:] 1 [Publisher:] Springer Nature [Place:] Berlin [Year:] 2023 [Pages:] 75-88
Publisher: 
Springer Nature, Berlin
Abstract: 
Stakeholder theorists have traditionally objected to the neoclassical conception of the firm as a vehicle for maximizing profit or shareholder wealth, thus opening up space for controversial engagement with neoclassical economics. The present paper fills some of this space by elaborating the parallels between stakeholder theory and classical institutional economics, a heterodox school of economic thought that has long been critical of a broad range of neoclassical ideas. Rooted in the writings of Veblen and Commons, classical institutional economics explores how the social provisioning process is coordinated or hindered by real-world business institutions. From this standpoint, stakeholder theory highlights the possibility of overcoming the institutionally ingrained conflicts and trade-offs for the sake of realizing common human interests in organizing the social provisioning process in an orderly and reasonable way. This argument not only illuminates the relationship of stakeholder theory to the wider societal context of modern capitalist economies but also elaborates novel aspects of the moral nature of stakeholder management.
Subjects: 
stakeholder theory
classical institutional economics
social provisioning process
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article
Document Version: 
Published Version

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