The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications

  title={The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications},
  author={Thomas Donaldson and Lee E. Preston},
  journal={Academy of Management Review},
?The stakeholder theory has been advanced and justified in the management literature on the basis of its descriptive accuracy, instrumental power, and normative validity. These three aspects of the theory, although interrelated, are quite distinct; they involve different types of evidence and argument and have different implications. In this article, we examine these three aspects of the theory and critique and integrate important contributions to the literature related to each. We conclude… 

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