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Spring 2006
ISSN 0890-913X
Volume 22, Number 2

What's Wrong—and What's Right— with Stakeholder Management

John R. Boatright, University of Chicago, Loyola
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JournalofPrivateEnterprise,VolumeXXT,Number2,Spring2006What'sWrongandWhat'sRightwithStakeholderManagementJohnR.BoatrightUniversityofChicago,LoyolaTheconceptofastakeholderisoneofthemoreprominentcontributionsofrecentbusinessethics.SincetheintroductionofthisconceptbyR.EdwardFreemeninStrategicManagement:AStakeholderApproach(1984),aconcernfortheinterestsofallstakeholdergroupshasbecomeawidelyrecognizedfeature,ifnotthedefiningfeature,ofethicalmanagement.Althoughthestakeholderconcepthasbeendevelopedinvariousways(DonaldsonandPreston,1995;JonesandWicks,1999),ithasbeenexpressedmostofteninthemoralprescriptionthatmanagers,inmakingdecisions,oughttoconsidertheinterestsofallstakeholders.Thelistofstakeholdersiscommonlytakentoincludeemployees,customers,suppliers,andthecommunity,aswellasshareholdersandotherinvestors.'Thisobligationtoserveallstakeholderinterests,whichisoftencalled"stakeholdermanagement(Post,Preston,andSachs,2002;Bowie,2004),isgenerallycontrastedwiththestandardformofcorporategovernance,inwhichshareholderinterestsareprimary.Thislatterviewwhichmightbecalled"stockholdermanagement"—isregardedbyadvocatesofstakeholdermanagementasmorallyunjustified.'Tofocusattentionononlyone'Ontheproblemofidentifyingstakeholders,seeMitchell,Agle,andWood,1997.2DonaldsonandPreston,forexample,rejectwhattheycall"Themanagementservingtheshareholders"modelbecauseitviolatestheprinciplethatthe"interestofallstakeholdersareofintrinsicvalue,"whichistosaythateachgroup"meritsconsiderationforitsownsake"(DonaldsonandPreston,1995:67).JohnR.Boatright106
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