Stakeholder theory: Some revisionist suggestions

The article argues for the use of a narrow stakeholder definition. It also adds one group –managers – that generally is not considered as being a stakeholder group. Here it is suggested that control of this stakeholder group holding the executive power should be a central topic for stakeholder theory. The article supports the common idea that the business discourse and the moral discourse should be integrated in stakeholder theory, not treated as separate tracks. The issue is then how to mold the substance for such integration. This article argues that the priority of stakeholders implies a distancing from general altruistic philosophy that argues against – not for – giving special consideration to the company’s stakeholders. Both the moral substance and the business potential lie in the special and close relationship with these partners. Stakeholder theory needs a more compatible ethical theory. © 2012 Elsevier Inc. All rights reserved.