Stakeholder theory and "The corporate objective revisited": A reply

Anant K. Sundaram, Andrew C. Inkpen

Research output: Contribution to journalReview articlepeer-review

67 Scopus citations


Freeman et al. (2004) offer a spirited rebuttal to our paper "The Corporate Objective Revisited" from the perspective of stakeholder theory. However, they fall short in making a case against the logic of shareholder value maximization. The authors confound issues of "value" and "values," ignore the rich history of scholarship on related questions, and perhaps misinterpret some of our core arguments. Most importantly, proponents of stakeholder views such as Freeman et al. appear to be unable to go beyond critiques of the shareholder view by failing to offer an empirically supportable alternative theory.

Original languageEnglish (US)
Pages (from-to)370-371+373
JournalOrganization Science
Issue number3
StatePublished - 2004


  • Corporate goal
  • Corporate governance
  • Shareholder value
  • Stakeholder theory

ASJC Scopus subject areas

  • Strategy and Management
  • Organizational Behavior and Human Resource Management
  • Management of Technology and Innovation


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