The stakeholder theory of the corporation: Concepts, evidence, and implications

Thomas Donaldson ^[1] ; Lee E. Preston ^[2]
1. [1] Georgetown University
  
  Georgetown University
  
  Estados Unidos
2. [2] University of Maryland, Baltimore
  
  University of Maryland, Baltimore
  
  Estados Unidos
Localización: Academy of management review, ISSN 0363-7425, Vol. 20, Nº 1, 1995, págs. 65-91
Idioma: inglés
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Resumen
- The stakeholder theory has been advanced and justified in the management literature on the basis of its descriptive accuracy, instrumental power, and normative validity. These three aspects of the theory, although interrelated, are quite distinct; they involve different types of evidence and argument and have different implications. In this article, we examine these three aspects of the theory and critique and integrate important contributions to the literature related to each. We conclude that the three aspects of stakeholder theory are mutually supportive and that the normative base of the theory-which includes the modern theory of property rights-is fundamental.