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"I PAID FOR THIS MICROPHONE!": THE IMPORTANCE OF SHAREHOLDER THEORY IN (TEACHING) BUSINESS ETHICS

THE NORMATIVE VERSION OF STAKEHOLDER THEORY is initially attractive. It seeks to remind us that we are fully moral beings, with a full range of moral obligations, in everything we do. In other words, it challenges us to resist the temptation to leave our conscience at the door, so to speak, when we wear the hat of management. Suppliers, customers, labor, and other stakeholders are moral beings, with the full range of moral rights that anyone we deal with in our everyday lives also has. For that reason, we must not artificially elevate the moral standing and interests of shareholders. To do so would, it seems, necessarily involve us in the exploitation of other stakeholders, something that would both compromise their autonomy and deny them their intrinsic dignity.