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Minimal : Minimal versions of shareholder primacy, by far the most widespread in the literature, argue that the moral obligations that constrain the activities of businesses are minimal: businesses are required to, at most, comply with the law and respect basic obligations such as fulfilling contracts and avoiding deception, theft, and coercion (Friedman 1962, 1970; Hasnas 1998; Sternberg 2000, 2010). 6
Maximal : Maximal versions of shareholder primacy propose that the moral obligations of businesses are equivalent to the moral obligations of shareholders (Goodpaster 1991; Kriegstein 2016; Mansell 2013, 2015; Ohreen and Petry 2012).
Encompassing : Encompassing versions of shareholder primacy assert that the obligations of businesses extend significantly beyond what is required by minimal versions of shareholder primacy but are still less demanding than the obligations that are imposed on shareholders and human beings in general.…”