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Missing the Target: Normative Stakeholder Theory and the Corporate Governance Debate

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  • Hendry, John

Abstract

After a decade of intensive debate, stakeholder ideas have come to exert a significant influence on academic management thinking, but normative stakeholder theory itself appears to be in considerable disarray. This paper attempts to untangle the confusion and to prepare the ground for a more productive approach to the normative stakeholder problem. The paper identifies three distinct kinds of normative stakeholder theory and three different levels of claim that can be made by such theories, and uses this classification to argue that stakeholder theorists have consistently pitched their sights either too high or too low to engage effectively with the rival shareholder theory. To the extent that they have their sights too high they have also undermined their own position by sacrificing credibility and introducing major problems of derivation.

Suggested Citation

  • Hendry, John, 2001. "Missing the Target: Normative Stakeholder Theory and the Corporate Governance Debate," Business Ethics Quarterly, Cambridge University Press, vol. 11(1), pages 159-176, January.
    • Handle: RePEc:cup:buetqu:v:11:y:2001:i:01:p:159-176_00
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    Cited by:

    1. Alejandra Marin & Ronald Mitchell & Jae Lee, 2015. "The Vulnerability and Strength Duality in Ethnic Business: A Model of Stakeholder Salience and Social Capital," Journal of Business Ethics, Springer, vol. 130(2), pages 271-289, August.
    2. Yafet Yosafet Wilben Rissy, 2021. "The stakeholder model: its relevance, concept, and application in the Indonesian banking sector," Journal of Banking Regulation, Palgrave Macmillan, vol. 22(3), pages 219-231, September.
    3. Matthias P. Hühn, 2018. "CSR - the Cuckoo’s Egg in the Business Ethics Nest," Humanistic Management Journal, Springer, vol. 3(2), pages 279-298, December.
    4. Sefa Hayibor, 2017. "Is Fair Treatment Enough? Augmenting the Fairness-Based Perspective on Stakeholder Behaviour," Journal of Business Ethics, Springer, vol. 140(1), pages 43-64, January.
    5. Alan Singer, 2010. "Integrating Ethics and Strategy: A Pragmatic Approach," Journal of Business Ethics, Springer, vol. 92(4), pages 479-491, April.
    6. Tarus John Kipngetich & Joel Tenai & Ronald Bonuke, 2019. "Determinants of Environmental Disclosure. Does Leverage Matter? Reflection from Firms Listed in the Nairobi Security Exchange," Journal of Accounting, Business and Finance Research, Scientific Publishing Institute, vol. 7(2), pages 107-114.
    7. Holtbrügge, Dirk & Berg, Nicola & Puck, Jonas F., 2007. "To bribe or to convince? Political stakeholders and political activities in German multinational corporations," International Business Review, Elsevier, vol. 16(1), pages 47-67, February.
    8. Lamin B. Ceesay, 2020. "Exploring the Influence of NGOs in Corporate Sustainability Adoption: Institutional-Legitimacy Perspective," Jindal Journal of Business Research, , vol. 9(2), pages 135-147, December.
    9. Hans-Jörg Schlierer & Andrea Werner & Silvana Signori & Elisabeth Garriga & Heidi Weltzien Hoivik & Annick Rossem & Yves Fassin, 2012. "How Do European SME Owner–Managers Make Sense of ‘Stakeholder Management’?: Insights from a Cross-National Study," Journal of Business Ethics, Springer, vol. 109(1), pages 39-51, August.
    10. Y. Fassin, 2008. "The Stakeholder Model Refined," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 08/529, Ghent University, Faculty of Economics and Business Administration.
    11. Brink, Alexander, 2011. "Spezifische Investitionen als Legitimationsgrundlage für Stakeholderansprüche," Die Unternehmung - Swiss Journal of Business Research and Practice, Nomos Verlagsgesellschaft mbH & Co. KG, vol. 65(1), pages 50-68.
    12. Wei Qian & Carol Tilt & Dinithi Dissanayake & Sanjaya Kuruppu, 2020. "Motivations and impacts of sustainability reporting in the Indo‐Pacific region: Normative and instrumental stakeholder approaches," Business Strategy and the Environment, Wiley Blackwell, vol. 29(8), pages 3370-3384, December.
    13. Reinhard Steurer, 2006. "Mapping stakeholder theory anew: from the ‘stakeholder theory of the firm’ to three perspectives on business–society relations," Business Strategy and the Environment, Wiley Blackwell, vol. 15(1), pages 55-69, January.
    14. repec:eme:srjpps:v:6:y:2010:i:2:p:381-392 is not listed on IDEAS
    15. Silvana Signori & Gianfranco Rusconi, 2009. "Ethical Thinking in Traditional Italian Economia Aziendale and the Stakeholder Management Theory: The Search for Possible Interactions," Journal of Business Ethics, Springer, vol. 89(3), pages 303-318, November.
    16. Jun Hyeok Choi & Saerona Kim & Ayoung Lee, 2019. "CEO Tenure, Corporate Social Performance, and Corporate Governance: A Korean Study," Sustainability, MDPI, vol. 12(1), pages 1-17, December.
    17. Giovanni Ferri & Angelo Leogrande, 2015. "Was the Crisis due to a shift from stakeholder to shareholder finance? Surveying the debate," Mo.Fi.R. Working Papers 108, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
    18. Saskia Crucke & Mirjam Knockaert, 2016. "When Stakeholder Representation Leads to Faultlines. A Study of Board Service Performance in Social Enterprises," Journal of Management Studies, Wiley Blackwell, vol. 53(5), pages 768-793, July.
    19. Christopher Cowton, 2011. "Putting Creditors in Their Rightful Place: Corporate Governance and Business Ethics in the Light of Limited Liability," Journal of Business Ethics, Springer, vol. 102(1), pages 21-32, March.
    20. Lorenzo Sacconi, 2004. "A Social Contract Account for CSR as Extended Model of Corporate Governance (Part I): Rational Bargaining and Justification," Department of Economics Working Papers 0410, Department of Economics, University of Trento, Italia.
    21. Allen Kaufman & Ernie Englander, 2011. "Behavioral Economics, Federalism, and the Triumph of Stakeholder Theory," Journal of Business Ethics, Springer, vol. 102(3), pages 421-438, September.
    22. Gastón Reyes, 2023. "The All-Stakeholders-Considered Case for Corporate Beneficence," Journal of Business Ethics, Springer, vol. 188(1), pages 37-55, November.

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