Request PDF | On Jan 1, 2006, Friedman AL and others published Stakeholders: Theory and Practice | Find, read and cite all the research you need on ResearchGate This view is called “Shareholder Theory”. It is a pretty radical one, after all. We argue that CSR is a part of corporate responsibilities (company responsibilities to all stakeholders), and ... Friedman of the University of Chicago, argued that CSR was essentially an immoral idea, violating the rights of the “owners” of busin esses (Friedman, 1970). M. Friedman, “Capitalism and Freedom” (Chicago: University of Chicago Press, 1962), 133. The theory is sometimes called the “stockholder” theory, but the term “shareholder” is used here for consistency with recent usage in the media.

2. Insomma, l'idea a fondamento della stakeholder theory è che tutti i soggetti coinvolti investono, in termini di risorse, competenze professionali, conoscenze, infrastrutture, nell'impresa, analogamente a quanto fanno gli shareholder, e hanno pertanto la pretesa e il diritto di ottenere un'equa remunerazione del loro investimento da parte dell'impresa stessa. 3. stakeholder theory and corporate social responsibility (CSR). FRIEDMAN’S STOCKHOLDER THEORY OF CORPORATE MORAL RESPONSIBILITY (Accepted 15 November 2002) ABSTRACT. Friedman's thesis gives us the single social responsibility of business, and it gives us a set of side-constraints, but we still need to see some justification for his thesis. Stakeholder Theory.

Friedman’s Justification for Stockholder Theory. From a practical perspective, in the stockholder theory, management is obligated to advance the business purpose and increase the value of the business for the benefit of the stockholders by using any means short of “deception or fraud.” A stakeholder is defined as any person/group which can affect/be affected by the actions of a business.

Martin Friedman believes that businesses do not have any moral obligations or social responsibilities at all, other than to maximize their own profit. Stakeholder theory, on the other hand, states that a company owes a responsibility to a wider group of stakeholders, other than just shareholders. Friedman uses two words that seem to define the boundary of ethics in this stockholder theory – “deception or fraud”.