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Profit and Other Values: Thick Evaluation in Decision Making

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  • van der Linden, Bastiaan
  • Freeman, R. Edward

Abstract

Profit maximizers have reasons to agree with stakeholder theorists that managers may need to consider different values simultaneously in decision making. However, it remains unclear how maximizing a single value can be reconciled with simultaneously considering different values. A solution can neither be found in substantive normative philosophical theories, nor in postulating the maximization of profit. Managers make sense of the values in a situation by means of the many thick value concepts of ordinary language. Thick evaluation involves the simultaneous consideration of different values: making sense of a value always involves knowing how to engage with it given the other values in the situation. This also goes for profit: maximization is only one way of engaging with the value of profit, and grasping whether maximization is appropriate involves considering other values. We discuss some consequences of our approach for stakeholder theorists and profit maximizers.

Suggested Citation

  • van der Linden, Bastiaan & Freeman, R. Edward, 2017. "Profit and Other Values: Thick Evaluation in Decision Making," Business Ethics Quarterly, Cambridge University Press, vol. 27(3), pages 353-379, July.
    • Handle: RePEc:cup:buetqu:v:27:y:2017:i:03:p:353-379_00
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    Cited by:

    1. Simona Fiandrino & Francesco Scarpa & Riccardo Torelli, 2022. "Fostering Social Impact Through Corporate Implementation of the SDGs: Transformative Mechanisms Towards Interconnectedness and Inclusiveness," Journal of Business Ethics, Springer, vol. 180(4), pages 959-973, November.
    2. Ingo Pies & Philipp Schreck & Karl Homann, 2021. "Single-objective versus multi-objective theories of the firm: using a constitutional perspective to resolve an old debate," Review of Managerial Science, Springer, vol. 15(3), pages 779-811, April.
    3. Amelia Bilbao-Terol & Mar Arenas-Parra & Raquel Quiroga-García & Celia Bilbao-Terol, 2024. "Is investing in the renewable energy stock market both financially and ESG efficient? A COVID-19 pandemic analysis," Review of Managerial Science, Springer, vol. 18(7), pages 1885-1916, July.
    4. Bastiaan Linden & Andrew C. Wicks & R. Edward Freeman, 2024. "How to Assess Multiple-Value Accounting Narratives from a Value Pluralist Perspective? Some Metaethical Criteria," Journal of Business Ethics, Springer, vol. 192(2), pages 243-259, June.
    5. Gregory Robson, 2024. "The profit system: how (and why) to deflect the radical critique," Constitutional Political Economy, Springer, vol. 35(1), pages 109-122, March.
    6. Thomas Donaldson, 2023. "Value creation and CSR," Journal of Business Economics, Springer, vol. 93(6), pages 1255-1275, August.
    7. Silvana Signori & Leire San-Jose & Jose Luis Retolaza & Gianfranco Rusconi, 2021. "Stakeholder Value Creation: Comparing ESG and Value Added in European Companies," Sustainability, MDPI, vol. 13(3), pages 1-16, January.
    8. Emmanuel Josserand & Sarah Kaine & Natalia Nikolova, 2018. "Delivering sustainability in supply networks: Achieving networked multi‐stakeholder collaborations," Business Strategy and the Environment, Wiley Blackwell, vol. 27(5), pages 605-611, July.
    9. Gerhard Fink & Steven Wallis, 2022. "Understanding and avoiding negative consequences of value‐based laws, policies and programmes," Systems Research and Behavioral Science, Wiley Blackwell, vol. 39(1), pages 21-29, January.
    10. Antonio J. Castro & María D. López-Rodríguez & Cynthia Giagnocavo & Miguel Gimenez & Leticia Céspedes & Abel La Calle & Marisa Gallardo & Pablo Pumares & Javier Cabello & Estefanía Rodríguez & David U, 2019. "Six Collective Challenges for Sustainability of Almería Greenhouse Horticulture," IJERPH, MDPI, vol. 16(21), pages 1-23, October.
    11. Valentinov, Vladislav & Roth, Steffen, 2022. "Chester Barnard’s theory of the firm: An institutionalist view," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 56(3), pages 707-720.
    12. Erin I. Castellas & Wendy Stubbs & Véronique Ambrosini, 2019. "Responding to Value Pluralism in Hybrid Organizations," Journal of Business Ethics, Springer, vol. 159(3), pages 635-650, October.

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