This paper discusses the normative ethical theory of the business firm advanced principally by William E. Evan and R. Edward Freeman. According to their stakeholder theory, the firm should be managed for the benefit of its stakeholders: indeed, management has a fiduciary obligation to stakeholders to act as their agent. In this paper I seek to clarify the theory by discussing the concept of a stakeholder and by distinguishing stakeholder theory from two varieties of stockholder theory-I call them ‘pure’ and (...) ‘tinged.’ I argue that the distinctive claims of stakeholder theory, as contrasted with tinged stockholder theories, have been inadequately supported by argument. (shrink)

Business Ethics is intended for business practitioners and students of business at all levels and is written in a lively and accessible style. It redresses the balance of buisness ethics writing which, up to now, has been weighted heavily in favour of American cases. There are numerous references to real businesses - from multi-national chains to French restaurants, from manufacturing giants to driving schools. Ethically 'hot' topics such as the social chapter of the Maastricht Treaty, the new EC directives, entry (...) of the countries of the former Soviet Union into the world market economy, privatization and the 'green' environment are just some of the more general issues discussed. Companies covered in the book are: Allied Lyons, Apple Corporation, Avon, Bank of Credit and Commerce International, Barlow Clowes, Benetton, Body Shop, British Airways, British Rail, Cadbury-Schweppes, Ecology Building Society, Fiat, Gateway Foodmarkets, Grand Metropolitan, Guinness, ICI, John Lewis, Kingfisher, Ladbrokes, Lloyds Bank, Management Week, Marks & Spencer, Mirror Group Newspapers, Nestle, Polly Peck, Price Waterhouse, Scott Bader, Securicor, Traidcraft, United Biscuits, Virgin, Worldwide Fund for Nature...and many more. Packed with excellent examples from many international companies Written in a lively and accessible style. (shrink)