Getting real: stakeholder theory, managerial practice and the general irrelevance of fiduciary duties owed to shareholders

Article Abstract:

Some stakeholder theorists do not fully understand the nature and consequences of corporate directors' fiduciary responsibilities to their stockholders. The belief that management's role of providing care, loyalty and honesty in handling the financial interests of their stockholders will prevent them from enforcing managerial policies for the benefit of other corporate stakeholders is untrue, Statute and case law provide company management with enough freedom to implement policies for the benefit of the company as a whole, not just for the interest of shareholders

Executives

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Freeman and Evan: stakeholder theory in the original position

Article Abstract:

The social-contract-based stakeholder theory of R Edward Freeman and William M Evan is criticized. They argue that stakeholders should first adopt principles that they refer to as 'Doctrine of Fair Contracts' before they can implement a stakeholder-oriented management and board representation for non-shareholding stakeholders. Their Rawlsian contention, however, is flawed because it does not bolster the stakeholder theory and does not provide a clear rationality for stakeholders behind a properly design veil of ignorance to adopt their proposed principles.

Criticism and interpretation, Freeman, R. Edward, Evan, William M.

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Ethical challenges in the leader-follower relationship

Article Abstract:

Ethical issues such as leadership responsibility, accountability, authenticity, and integrity shape the quality of the leader-follower relationship that is crucial to the maintenance of teamwork in organizations. Damage to such a relationship through self-centered, unethical behavior by leaders can destroy teamwork and contribute to organizational failure. The ultimate success of the leader and his followers depends on the ethical values the leaders cherish and uphold in their relationship with followers.

Human resource management, Ethical aspects, Leadership

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