2015
DOI: 10.1111/basr.12063
|View full text |Cite
|
Sign up to set email alerts
|

Shareholder Primacy and Deontology

Abstract: This article argues that shareholder primacy cannot be defended on the grounds that there is something special about the position of shareholders that grounds a right to preferential treatment on part of management. The notions of property and contract, traditionally thought to ground such a right, are now widely recognized as incapable of playing that role. This leaves shareholder theorists with two options. They can either abandon the project of arguing for their view on broadly deontological grounds and try… Show more

Help me understand this report

Search citation statements

Order By: Relevance

Paper Sections

Select...
3
1
1

Citation Types

0
7
0

Year Published

2016
2016
2023
2023

Publication Types

Select...
6

Relationship

1
5

Authors

Journals

citations
Cited by 8 publications
(7 citation statements)
references
References 37 publications
(55 reference statements)
0
7
0
Order By: Relevance
“…Agency thesis: Managers are agents of shareholders. They are shareholders' fiduciaries who ought to run the company in shareholders' interest (Friedman 1962(Friedman , 1970Kraakman 2001, 2012;Hasnas 1998;Heath , 2014Hessen 1979;Jensen and Meckling 1976;Kaler 2003;Langtry 1994;Mansell 2013Mansell , 2015McMahon 1981;Sternberg 2000Sternberg , 2010Von Kriegstein 2015).…”
Section: Business Ethics Quarterly 522mentioning
confidence: 99%
See 3 more Smart Citations
“…Agency thesis: Managers are agents of shareholders. They are shareholders' fiduciaries who ought to run the company in shareholders' interest (Friedman 1962(Friedman , 1970Kraakman 2001, 2012;Hasnas 1998;Heath , 2014Hessen 1979;Jensen and Meckling 1976;Kaler 2003;Langtry 1994;Mansell 2013Mansell , 2015McMahon 1981;Sternberg 2000Sternberg , 2010Von Kriegstein 2015).…”
Section: Business Ethics Quarterly 522mentioning
confidence: 99%
“…If one looks at the various authors who have defended shareholder primacy one comes to identify the following as their core commitment: Agency thesis : Managers are agents of shareholders. They are shareholders’ fiduciaries who ought to run the company in shareholders’ interest (Friedman 1962, 1970; Goodpaster 1991; Hansmann and Kraakman 2001, 2012; Hasnas 1998; Heath 2011, 2014; Hessen 1979; Jensen and Meckling 1976; Kaler 2003; Langtry 1994; Mansell 2013, 2015; Marcoux 2003; McMahon 1981; Sternberg 2000, 2010; Von Kriegstein 2015). …”
Section: The Core Commitments Of Shareholder Primacymentioning
confidence: 99%
See 2 more Smart Citations
“…Drilling specifically to the concept of shareholder primacy it readily becomes apparent that managing and planning strategy that place shareholders first and foremost at all times might very well short change the organization in the long run. Put simply, the concept and methodology of shareholder primacy has a powerful effect on the mindset of management, and management actions as it relates to business decision making and shareholder relations (Kriegstein, 2015). Earnings per share, net income, and other quarterly driven targets are some of the most widely cited and used metrics to determine success of the management team.…”
Section: Shareholder Primarymentioning
confidence: 99%