Abstract
This chapter attempts to make ethics and business work together in the context of corporate strategy. The authors reveal that most, if not all, corporate strategies raise ethical issues, and managers and academics have not addressed these issues in ethical terms. Additionally, the chapter explicates several different issues with corporations and corporate strategy concerning ethics. Lastly, the authors discuss the importance of personal purpose to guide action, act as a bottom line for performance, and be shaped by bargaining.
Originally published in: Corporate Strategy and the Search for Ethics, 1988, Prentice Hall, Englewood Cliffs, New Jersey.
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Notes
- 1.
We adopt the following convention in these endnotes. The first time a reference is used, we give the complete citation. On subsequent uses we refer the reader to the bibliography. For example, E. Freeman (1984), Strategic Management: A Stakeholder Approach, Boston: Pitman Publishing Inc., is henceforth cited as Freeman (1984).
Business ethics is equally hot in the academic world. The past several years have seen a spate of books, journals, and research centers devoted to a variety of topics. The strangest phenomenon has been the arrival of philosophers in business schools. Even though Alfred North Whitehead was influential in the early days of the Harvard Business School, philosophy has enjoyed little popularity among business students. For a sampling of philosophers’ writings on business ethics, see current issues of Business and Professional Ethics or Journal of Business Ethics.
- 2.
For an account of the Levine situation, see M. Stevens (1987), The Insiders: The Truth Behind the Scandal Rocking Wall Street, New York: Putnam’s.
- 3.
The Boesky saga goes on and on, affecting much of the current news. For an account, see Stevens (1987).
- 4.
We have analyzed some of the issues in corporate governance, especially hostile takeovers and greenmail, in E. Freeman, D. Gilbert, and C. Jacobson (1987), “The Ethics of Greenmail,” Journal of Business Ethics, Vol. 6, No. 3, 165–178.
- 5.
South Africa poses a complex issue as we are now seeing. For an account of some recent thinking by a diverse group of commentators, see the spring 1986 issue of Business and Society Review, No. 57, edited by S. Prakash Sethi. For a general account of the response of business, see D. Kneale (1986), “Firms with Ties to South Africa Strike Back at Colleges That Divest,” The Wall Street Journal, 20 November.
- 6.
Both of these cases are the subject of a great deal of current scholarship. For a summary of the Johns Manville asbestos controversy, see P Brodern (1985), Outrageous Misconduct: The Asbestos Industry on Trial, New York: Pantheon Books. For an account of A. H. Robins constructed from published materials, see “A. H. Robins Co. and the Dalkon Shield,” Charlottesville, Va.: The Darden School Case Studies, UVA E-49.
- 7.
Sexual harassment has been addressed in a number of places. For a sample of the literature see R. Quinn and P. Lees (1984), “Attraction and Harassment: Dynamics of Sexual Politics in the Workplace,” Organizational Dynamics, Vol. 13, No. 3, 13–46; and G. Sullivan and W. Nowlin (1986), “Critical New Aspects of Sex Harassment Law,” Labor Law Journal, Vol. 37, spring, 617–624.
- 8.
The classic statement is R. Hayes and W. Abernathy (1980), “Managing Our Way to Economic Decline,” Harvard Business Review, Vol. 58, No. 4, 67–77. Much literature has followed since that article. For a similar position, see R. Charan and E. Freeman (1980). “Planning for the Business Environment of the 1980s,” Journal of Business Strategy, Vol. 1, No. 2, 9–19.
- 9.
A recent issue of Fortune contains good anecdotal material on the effects of restructuring on management. See M. Magnet (1987), “Restructuring Really Works,” Fortune, March 2, 1987 and P. Nulty (1987), “Pushed out at 45—Now What,” Fortune, March 2, 1987. Nulty quotes a Bureau of Labor Statistics study that “between 1981 and 1986 almost 500,000 executive, administrative, and management workers lost jobs that they had held for at least 3 years.” As one friend of ours in a restructured company puts it, “Restructuring will continue until morale improves!”
- 10.
The literature on the AT&T divestiture is burgeoning. For a sampling of views, see S. Coll (1986), The Deal of the Century: The Breakup of AT&T, New York: Atheneum; M. Derthick and P. Quick (1985), The Politics of Deregulation, Washington, D.C.: The Brookings Institution; D. Evans (ed.) (1983), Breaking Up Bell: Essays on Industrial Organization and Regulation, New York: North-Holland Publishing Company; E. Freeman (1983), “Managing the Strategic Challenge in Telecommunications,” Columbia Journal of World Business, Vol. 18, No. 1, 8–18; L. Kahaner (1986), On the Line: The Men of MCI—Who Took on AT&T, Risked Everything and Won!, New York: Warner; S. Kleinfield (1981), The Biggest Company on Earth: A Profile of AT&T, New York: Holt, Rinehart and Winston; A. Phillips (1983), “Regulatory and Interfirm Organizational Burdens in the U.S. Telecommunications Structure,” Columbia Journal of World Business, Vol. 18, No. 1, 46–52; H. Shooshan (1984), “The Bell Breakup: Putting it in Perspective,” in H. Shooshan (ed.) Disconnecting Bell: The Impact of the AT&T Divestiture, New York: Pergamon, 8–22; J. Tunstall (1986), Communications Deregulation: The Unleashing of America’s Communications Industry, Oxford: Basil Blackwell; W. Tunstall (1983) “Cultural Transition at AT&T,” Sloan Management Review, Vol. 25, No. 1, 15–26; W. Tunrstall (1985), Disconnecting Parties: Managing the Bell System Break-up: An Inside View, New York: McGraw-Hill; A. von Auw (1983), Heritage and Destiny: Reflections on the Bell System in Transition, New York: Praeger; and R. Wiley (1984), “The End of Monopoly: Regulatory Change and the Promotion of Competition,” in H. Shooshan (ed.) (1984), Disconnecting Bell: The Impact of the AT&T Divestiture, New York: Pergamon, 23–46. Throughout this book our discussion of AT&T is based on these and other public sources, as well as a number of interviews with industry insiders and experts. We alone are responsible for the conclusions that we draw from this host of data.
- 11.
For an account of the scope of the undivested Bell System see Kleinfield (1981).
- 12.
We believe that the notion of “psychological contract” is a powerful one that has been underutilized in moral theory. Since it relies on a symmetry of expectations, it comes strikingly close to some contract theorists’ attempts to find sets of stable expectations which meet certain conditions of fairness. In Nozick’s terms, boundary crossings occur when the psychological contract is violated. See H. Levinson (1976), Psychological Man, Cambridge: The Levinson Institute; and compare R. Nozick (1975), Anarchy, State and Utopia, New York: Basic Books, at 57–59, for an analysis of the concept of “boundary crossings.”
- 13.
Our account of the Martin Marietta–Bendix–Allied–United Technologies situation is based strictly on published sources. We have no insider insight into what actually transpired. There is a rather large body of literature on the case. See G. Anders (1982), “First Boston Enjoys Surge as Speculators Expect Big Earnings Gain From Fee as Bendix Advisors,” Wall Street Journal, 24 September; “The 4 Horsemen: Did Main Characters in Big Takeover Saga Let Egos Sway Them?”, The Wall Street Journal, 24 September 1982; P. Hartz (1985), Merger, New York: William Morrow; A. Hughey (1982), “Allied Corp. Plans Major Debt Reduction, Possible Sale of Bendix’s Holdings in RCA,” The Wall Street Journal, 16 December; P Ingrassia (1982), “Forget Football. We Have Bendix and U. Tech,” The Wall Street Journal, 24 September; J. Koten (1982), “Bill Agee of Bendix Corp: Why I Did It,” The Wall Street Journal, October 2, 1982; M. Krebs (1985), “Allied Reviews Takeover of Bendix,” Automotive News, 27 May; T. Metz (1982), “The Pacificist,” The Wall Street Journal, 3 December; “Pac Man Economics,” unsigned review and outlook, The Wall Street Journal, 27 September 1982; “Our Dream is to Work Together,” unsigned Interview with W. Agee and M. Cunningham, Fortune, 18 October 1982; and, B. Sloan (1983), Three Plus One Equals Billions, New York: Arbor House. We are grateful to Ms. Twyla Greenheck for an admirable job of synthesizing this literature for us.
- 14.
For an account of the decision making process during the episode see Hartz (1985).
- 15.
See T. Peters and R. Waterman (1982), In Search of Excellence, New York: Harper and Row, and T. Peters and N. Austin (1985), A Passion for Excellence, New York: Random House. In addition, Peters has published numerous columns and pamphlets such as T. Peters (1986), The Promises, Palo Alto, CA.: The Tom Peters Companies, which detail the revolution. We have had the opportunity to see Peters talk about the excellent companies many times, and the writing simply cannot give the full effect of the revolution that is taking place in management. Curiously enough there is little excitement about these ideas in large companies, as Peters’ most recent examples are from small and medium sized companies.
- 16.
We take as evidence of the revolution those stories so vividly told by Peters and others.
- 17.
The literature on “values” is quite recent. See T. Deal and A. Kennedy (1982), Corporate Culture, Reading, MA.: Addison Wesley; G. Cavanaugh (1982), American Business Values, Englewood Cliffs, N. J.: Prentice Hall; F. Sturdivant and J. Ginter (1977), “Corporate Social Responsiveness: Management Attitudes and Economic Performance,” California Management Review, Vol. 19, No. 2, 30–39; and F. Sturdivant (1979), “Executives and Activists: A Test of Stakeholder Management,” California Management Review Vol. 22, No. 1, 53–59. There is an older tradition in management that is relevant, especially some of the classics such as K. Andrews (1980), The Concept of Corporate Strategy, 2nd ed., Homewood, Il.: R.D. Irwin; C. Barnard (1938), The Function of the Executive, Cambridge, MA.: Harvard University Press; and P. Selznick (1957), Leadership in Administration, New York: Harper and Row.
- 18.
There is a vast literature on organizational environments. Freeman (1984), offers one interpretation of this literature. There seems to be an important distinction in this area. There are those who believe that “environment‘’ does the explaining of organizational action, thereby belittling the importance of strategic choice or simply treating choice on a par with random variations. This group fails to realize that the organization’s environment consists of the strategic choices of other organizations. There is a separate group that thinks, as we do, that “environment” is a generic term and must be broken down into names and faces. While managers talk of “the business environment” and often blame it for various infelicities, there is little of substance to this notion. The causal net is not the environment, but specific actions, just as notions of “the economy” are ultimately reducible to microbehavior. Relevant but non trivial arguments to this effect can be found in K. Arrow and F. Hahn (1971), General Equilibrium Analysis, San Francisco: Holden-Day; and T. Schelling (1978), Micromotives and Macrobehavior, New York: W.W. Norton.
- 19.
Don’t think of our principles as “first principles,” or anything with “godlike” authority. They are pragmatic rules of thumb, open to revision. In the course of this book, primarily here in the notes, we will end up sketching a pragmatic account of what look, in the main text, to be absolute statements. Principles, like other general statements, even those of physics, are intelligible only in some particular context. And “context” stands for “the practices of an interpretive community.” Language, in this sense, is always up for grabs. We follow the accounts of Richard Rorty in Rorty (1979), Philosophy and the Mirror of Nature, Princeton: Princeton University Press; Rorty (1982), Consequences of Pragmatism, Minneapolis: University of Minnesota Press; Rorty (1983), “Postmodern Bourgeois Liberalism,” Journal of Philosophy, Vol. 80, No. 10, 583–589; Rorty (1984a), “The Historiography of Philosophy,” in R. Rorty, J. Schneewind, and Q. Skinner (eds.) (1984), Philosophy in History, Cambridge: Cambridge University Press, 49–75; Rorty (1984b), “Texts and Lumps,” New Literary History-Vol. 16, No. 1, 1–16; and, Donald Davidson in Davidson (1984), “On the Very Idea of a Conceptual Scheme,” Inquiries into Truth and Interpretation, New York: Oxford University Press, 183–198; and, Stanley Fish in Fish (1980), Is There a Text in This Class?, Cambridge: Harvard University Press; Fish (1984), “AntiProfessionalism,” New Literary History, Vol. 16, No. 1, 89–108; and S. Knapp and W. Michaels (1982), “Against Theory,” Critical Inquiry, Vol. 8, No. 4, 732–742.
- 20.
We follow the argument of Donald Davidson in Davidson (1980a) “Actions, Reasons and Causes,” in Essays in Action and Events, New York: Oxford University Press, 3–19, that values can be both reasons and cause. We are grateful to Edwin Hartman for making this point to us. For an application to the Harvard way of doing strategy see E. Freeman, D. Gilbert, and E. Hartman (1988, in press) “Values and the Foundations of Strategic Management,” Journal of Business Ethics.
- 21.
Of course, in one sense this principle is trivial, since without stakeholders there is no organization. ”Organization” cannot be defined without a membership and exclusion rule. See W. Evan (1966), “An Organization Set Model of Interorganizational Relations,” in M. Tuite, M. Radnor, and R. Chisholm (eds.) (1966), Interorganizational Decision Making, Chicago: Aldine, 181-200. For an attempt to do without “organization” as a predicate, see the fascinating work of Steven Cheung in Cheung (1983), “The Contractual Nature of the Firm,” Journal of Law and Economics, Vol. 26, No. 1, 1–21. For an attempt to apply the insights of Cheung’s contract theory to the problem of corporate legitimacy see E. Freeman and W. Evan (1987b in press) “Stakeholder Management and the Modern Corporation: Kantian Capitalism,” in T. Beauchamp and N. Bowie (eds.) (1987, in press) Ethical Theory and Business, 3rd edition, Englewood Cliffs: Prentice Hall.
- 22.
There is no difference on our view between axioms and principles. Fix some axioms and see what follows, see note 19, supra.
- 23.
Ethics also has a personal side which involves trying to see one’s life as a coherent whole. See H. Barnes (1967), An Existentialist Ethics, Chicago: University of Chicago Press. We return to this idea in Chapter 2.
- 24.
To see how this follows, note that we assume that strategy results in some action which affects the ability of persons to carry out their project. To deny this also denies the Interdependence Principle. However, to say that most questions of corporate strategy are ethical is not to say very much. Most interesting questions of human interaction are questions of ethics. We don’t always have to ”do ethics”; rather, we can hold some principles as fixed points, so long as we are aware of the need to justify these principles as being ethical in nature. This is even true in that most hallowed area of academic discourse: science. For an analysis of the value judgments in science, see R. Rudner (1953), “The Scientist Qua Scientist Makes Value Judgments”, Philosophy of Science, Vol. 20, No. 1, 1–6. The amazing point is that stating that corporate strategy and ethics are logically related comes as news to both researchers and managers.
- 25.
Another way to put this point is that individual goals are the primary units of analysis. It is not that corporate goals and projects do not exist, nor that they are decomposable into individual goals, but that they are explainable in terms of individual goals. Such an explanation can be accomplished without a radical form of reductionism. See D. Davidson (1980b) “Mental Events,” in Essays on Actions and Events, New York: Oxford University Press, 207–227, and Rorty (1979). We are grateful to Edwin Hartman for clarifying this point.
- 26.
- 27.
The attack on corporate strategy is led by Hayes and Abernathy (1980), R. Pascale and A. Athos (1981), The Art of Japanese Management, New York: Simon and Schuster. Wickham Skinner has been a voice in the wilderness for a number of years about the disregard for manufacturing as a key variable in strategy. For an early and prescient attempt to rectify the concept of corporate strategy, see the articles which led to his recent brilliant book, W. Skinner (1985), Manufacturing: The Formidable Competitive Weapon, New York: Wiley.
- 28.
Ironically enough, the academics in strategy are experiencing booming times. Strategic Human Resources Management, Strategic Information, and International Competitive Strategy are the latest genres of strategy. The job market in these specialties is up. Strategy professors have taken refuge in becoming “more empirical and scientific,” and that attitude is a best seller in business schools. But the real point of the critique is that the current language of strategy is optional. We can simply set it aside and not lose much if we focus on people and their relationships to each other and the organizational systems in place.
- 29.
Another way to put this point is that the formulation-implementation distinction is not useful. It leads managers to thinking about strategy as a cognitive task followed by a persuasive task. D. Gilbert (1987), Strategy and Justice, Minneapolis: Ph.D. Dissertation, Department of Strategic Management and Organization, Carlson School of Management, University of Minnesota, explores these issues in greater detail.
- 30.
Strategy academics trace the evolution of the field as quite recent. See I. Ansoff (1977), “The State of Practice in Planning Systems,” Sloan Management Review, Vol. 18, No. 2, 1–28; D. Schendel and C. Hofer (1979) “Introduction” in D. Schendel and C. Hofer (eds.) (1979), Strategic Management: A New View of Business Policy and Planning, Boston: Little Brown, 1–12. D. Gilbert, E. Hartman, J. Mauriel, and E. Freeman (1988, in press), The Logic of Strategy, Boston: Ballinger, gives a slightly more historical account. See also M. Horwitch (1988, in press), Postmodern Management, New York: Basic Books, for a more accurate and convincing view.
- 31.
We insist on thinking of corporate strategy as metaphor rather than an indentifiable and discrete set of sentences that describes all actions of a particular organization in a certain arena and only those actions. If you begin to think of corporate strategy as a metaphor, it will become easier to connect to areas of the humanities such as ethics, literature, art and the like. If you insist on thinking of corporate strategy as a concept capable of the same kind of precision as “heat” and “pressure,” you will waste a lot of time searching for the equivalent of Boyle‘s law.
- 32.
These questions are adapted from P. Lorange (1980), Corporate Planning: An Executive Viewpoint, Englewood Cliffs: Prentice Hall Inc. We are grateful for many conversations with Lorange in which he convinced us of the power of these simple questions.
- 33.
It is crucial to connect the actual budgets, blueprints, and concrete actions of specific individuals to the broader questions of direction. Usual models of strategy disconnect these questions, or see the third one as a question of “implementation” or “persuasion.” Freeman (1984), and E. Freeman and D. Gilbert (1987) “Managing Stakeholder Relationships,” in P. Sethi and C. Falbe (eds.) (1987), Business and Public Policy: Dimensions of Conflict and Cooperation, Lexington: D. C. Heath, try to show how a close reading of Graham Allison (1970) Essence of Decision, Boston: Little Brown, implies that the transactional level must be logically connected to the rational level of decision making.
- 34.
For a summary of recent work on strategic control, see P. Lorange and M. Scott-Morton (1986), Strategic Control, St. Paul: West Publishing.
- 35.
Thus, strategy is essentially game-theoretic. Events are functions of my expectations of your behavior, and your behavior is a function of your expectations of my behavior, and so on. T. Schelling (1960), The Strategy of Conflict, Cambridge: Harvard University Press, is still the best book available on business strategy, even though it is about the arms race. We develop this theme below in Chapter 5.
- 36.
We talk about “strategy as purpose,” and later, in Chapter 3 we will talk about “ethics and values” and “moral values.” Distinguishing between “purpose” and “value” is arbitrary, though some might say that values are more basic than purpose. If you think of purposes as resulting in certain “projects” to be accomplished, perhaps we agree. The point is that they are all the same kind of intentional concept. “Purpose” seems more in line with the jargon in strategy, and “value” seems more in line with the jargon in ethics.
- 37.
Once again, purpose functions as a theoretical term in explanations. You simply can’t give a proper account of human action without it. For a clear and concise view of explanation, see J. Elster (1983), Explaining Technical Change, New York: Cambridge University Press. Pace J. Pfeffer (1982), Organization, Boston: Pitman Publishing.
- 38.
What we have said here, and will say later in this section, is fairly standard in accounts of intentionality in the philosophical literature. See J. Searle (1984), Minds, Brains, and Science, Cambridge: Harvard University Press, for a readable introduction. However, we caution that the issue is bitterly contested once one leaves the surface. See Rorty (1979) for a historical treatment.
- 39.
- 40.
For a theoretical view that much of business success and failure can be explained by attention to demographic variables, see J. Pfeffer (1983), “Organizational Demography,” in L. Cummings and B. Staw (eds.) (1983), Research in Organization Behavior, Greenwich Conn.: JAI Press, 5, 299–357.
- 41.
Purpose or values make it possible for us to come to terms with life, to justify our lives, to see life as a coherent whole. Imagine giving a justification of your life and your projects without reference to a purpose or to a value. You would not have an answer when faced with the question “Why did you do that?” For an account of values as answers to “why” questions, see chapter 3, infra.
- 42.
Andrews (1980) is the exemplar of this view, though he has recently changed his mind.
- 43.
For an account of the Britt–People Express–Frontier saga, see W. Carley and T. Agins (1985), “People Express Merger Might Cause Problems,” The Wall Street Journal, 14 October; W. Carley (1986a), “People Express is a Victim of its Fast Growth,” The Wall Street Journal, 25 June; W. Carley (1986b), “Struggling to Survive, People Express Alters Operations and Image,” The Wall Street Journal, 31 July; A. Salpukas (1986), “People Express Beaten at its Own Game,” Minneapolis Star and Tribune, 29 June; A. Salpukas (1985), “People Express to get Britt,” New York Times, 28 December.
- 44.
Else you cannot ever tell if a purpose has been realized. We believe that such a view is the essence of rationality.
- 45.
- 46.
For an account of the Apple Computer story, see P. Gray (1986), “Apple Computer and Jobs Reach Pact Barring Sale of New Machine Until 1987,” The Wall Street Journal, 20 January.
- 47.
Hormel and Company’s dispute with the union is chronicled in M. Charlier (1986), “Hormel and Union Are Locked in Battle that Carries High Stakes for Both Sides,” The Wall Street Journal, 23 January; N. St. Anthony (1986), “P-9 Trusteeship gets Judge’s Approval; Local Leadership Out,” Minneapolis Star and Tribune, 3 June; and, D. Hage (1986), “On Anniversary, P-9 Militants Haven’t Given Up, But Rest of Austin Looks Ahead,” Minneapolis Star and Tribune, 17 August.
- 48.
For a related concept, the value chain, see M. Porter (1985), Competitive Advantage, New York: The Free Press. See Chapter 5, infra, for a critique of this view.
- 49.
Gilbert (1987) explores the concept of “web of bargains” in much more detail, and connects it to the strategy literature.
- 50.
O. Williamson (1985), The Economic Institutions of Capitalism, New York: The Free Press, gives a simple account of safeguards. E. Freeman and W. Evan (1987a), “Corporate Governance: A Stakeholder View,” unpublished manuscript, extend the notion to include an analysis of who pays for the safeguards. Also see E. Freeman (1987), “Review of Williamson’s The Economic Institutions of Capitalism,” Academy of Management Review, Vol. 12, No. 2, 385–387.
- 51.
This section is based on our fanatical following of several major league baseball teams, through direct research and through such publications as Baseball America and The Sporting News.
- 52.
There are many excellent discussions of relativism. This chapter adds little new to the philosophical literature. It is heavily indebted to Nancy Gifford’s excellent book, When.
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There are many excellent discussions of relativism. This chapter adds little new to the philosophical literature. It is heavily indebted to Nancy Gifford’s excellent book, When.
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Freeman, R.E., Gilbert, Jr., D.R. (2023). The Revolution in Management. In: Dmytriyev, S.D., Freeman, R.E. (eds) R. Edward Freeman’s Selected Works on Stakeholder Theory and Business Ethics. Issues in Business Ethics(), vol 53. Springer, Cham. https://doi.org/10.1007/978-3-031-04564-6_22
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