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Stakeholder theory, as a method of management based on morals and behavior, must be grounded by a theory of ethics. However, traditional ethics of justice and rights cannot completely ground the theory. Following and expanding on the work of Wicks, Gilbert, and Freeman (1994), we believe that feminist ethics, invoking principles of caring, provides the missing element that allows moral theory to ground the stakeholder approach to management. Examples are given to support the suggested general principle for making business decisions under feminist moral theory.

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Most of the conversation, in both research and teaching circles, regarding stakeholder theory has been conducted in the language of absolute principles, of outcomes, and of responding to stakeholders to achieve organizational outcomes. More recently, conversations have occurred that have a different perspective on social issues in management topics—a caring perspective. Using the case of Merck & Co., Inc., and river blindness as an example, the authors show why they believe that these conversations have great potential to increase the quality of management education in the 21st century.

Abstract:The main purpose of this paper is to defend traditional ethical theory (utilitarianism and deontology) for its application in business against a more recent model consisting of utility, rights, and justice. This is done in three parts: First, we provide a conceptual argument for the superiority of the traditional model; second, we demonstrate these points through an examination of three short cases; and third, we argue for the capability of the traditional model to account for universais and particulars in ethics.