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A Stakeholding Society--What Does It Mean for Business?

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  • Kay, John

Abstract

The paper describes the differences between stakeholding and shareholding views of the objects of business. In the former, the object of business is to develop good businesses. This is defined by the criteria normally associated with good businesses and valued by good businessmen themselves--satisfying customers, developing the skills and motivation of employees, earning good returns for investors. In the latter, profit is the defining purpose of business; and other objectives, although often pursued, are purely instrumental to that end. By emphasizing the difference between a characteristic of an organization--behavior that is developed and valued for its own sake--and the policy of an organization--behavior that is adopted for the time being because of this hoped for consequences--the author explains the greater capacity of the stakeholding company to make commitments in implicit contracts with all stakeholders. For this reason, it may perform better for all stakeholders, including shareholders. Copyright 1997 by Scottish Economic Society.

Suggested Citation

  • Kay, John, 1997. "A Stakeholding Society--What Does It Mean for Business?," Scottish Journal of Political Economy, Scottish Economic Society, vol. 44(4), pages 425-436, September.
    • Handle: RePEc:bla:scotjp:v:44:y:1997:i:4:p:425-36
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    Cited by:

    1. Ron Beadle, 2013. "Managerial Work in a Practice-Embodying Institution: The Role of Calling, The Virtue of Constancy," Journal of Business Ethics, Springer, vol. 113(4), pages 679-690, April.
    2. Matthew Sinnicks, 2019. "Moral Education at Work: On the Scope of MacIntyre’s Concept of a Practice," Journal of Business Ethics, Springer, vol. 159(1), pages 105-118, September.

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