Stakeholder theory contributions to the corporate responsibility debate

Abstract

Different approaches to corporate responsibility can be identified throughout the business ethics and corporate responsibility literature. Stakeholder theory, one of these approaches, has emerged in recent years as the most prominent. This approach calls for a shift from the supremacy of economic interests of stockholders and attempts to derive alternatives for corporate governance that include and balance the interests of all those affected by corporate conduct. This thesis consists of a review of relevant literature to identify three major contributions stakeholder theory brings to the CR debate: (1) it implicitly introduces the organic model into the CR debate and thereby forces a fundamental change in the way corporations are conceived within ethics frameworks; (2) in recognition of the expanding ethical sphere of corporations, it extends corporate responsibility beyond economic performance, the owners of the corporation, expertise, and the law and government regulations; and (3) it provides a foundation for identifying what responsibilities corporations do have.