Why stakeholder and stockholder theories are not necessarily contradictory: A knightian insight

Ramakrishna Velamuri, S and Venkataraman, S (2005) Why stakeholder and stockholder theories are not necessarily contradictory: A knightian insight. Journal of Business Ethics, 61 (3).

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Abstract

The normative foundations of the investor centered model of corporate governance, represented in mainstream economics by the nexus-of-contracts view of the firm, have come under attack, mainly by proponents of normative stakeholder theory. We argue that the nexusof- contracts view is static and limited due to its assumption of price-output certainty. We attempt a synthesis of the nexus-of-contracts and the Knightian views, which provides novel insights into the normative adequacy of the investor-centered firm. Implications for scholarship and management practice follow from our discussion

ISB Creators:
ISB CreatorsORCiD
Ramakrishna Velamuri, SUNSPECIFIED
Item Type: Article
Uncontrolled Keywords: Business ethics; Corporate governance; Entrepreneurship; Stakeholder theory; Theory of the firm
Subjects: Business and Management
Depositing User: LRC ISB
Date Deposited: 24 Oct 2014 10:56
Last Modified: 24 Oct 2014 10:56
URI: http://eprints.exchange.isb.edu/id/eprint/21
Publisher URL: http://dx.doi.org/10.1007/s10551-005-4733-9
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