Journal of Business Ethics

, Volume 17, Issue 9–10, pp 1093–1102 | Cite as

The Stakeholder Theory and the Common Good

  • Antonio Argandoña


The theory of the social responsibility of the firm oscillates between two extremes: one that reduces the firm's responsibility to the obtainment of (the greatest possible) profit for its shareholders, and another that extends the firm's responsibility to include a wide range of actors with an interest or "stake" in the firm. The stakeholder theory of the social responsibility of business is more appealing from an ethical point of view, and yet it lacks a solid foundation that would be acceptable to a variety of schools of thought.

In this paper I argue that the stakeholder theory could be founded on the concept of the common good. First, I explain the foundations of the theory of the common good, the concept itself, how it relates to the individual good, and its role in the firm. Following that, I explain how the theory of the common good could be applied to the stakeholder theory. Finally, I draw some conclusions.


Economic Growth Social Responsibility Stake Common Good Stakeholder Theory 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.


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Copyright information

© Kluwer Academic Publishers 1998

Authors and Affiliations

  • Antonio Argandoña

There are no affiliations available

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