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Spring 2006

ISSN 0890-913X

Volume 22, Number 2

Categories: Management | Spring 2006

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'sWrong—andWhat'sRight—withStakeholderManagementJohnR.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.Thislatterview—whichmightbecalled"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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Metadata [hide]

Title	What's Wrong—and What's Right— with Stakeholder Management
Authors/Creators:	John R. Boatright, University of Chicago, Loyola
Year:	2006
Volume:	22
Number:	2
Pages:	106 - 130
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	Business ethics, Stakeholders, Strategic management, Corporate governance

Citation:
Boatright, John R. / 2006. "What's Wrong—and What's Right— with Stakeholder Management." The Journal of Private Enterprise, 22(2): 106-130.