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It is not the case that If shareholder primacy accommodates prosocial activity instrumentally, the difference between the two theories is narrower than the claim implies.
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Reasons For
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Reason for
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1.
Instrumental accommodation still prioritizes shareholders over other stakeholders, making the theoretical distance fundamentally structural, not narrow.
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2.
When instrumental conditions disappear, shareholder primacy withdraws prosocial support while stakeholder theories maintain normative commitment.
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3.
The theories differ crucially on whether prosocial activity is optional (instrumental) or obligatory (intrinsic), a morally significant distinction.
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Reasons Against
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Reason against
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1.
Both theories ultimately justify prosocial activity when it serves long-term value creation, making motivational differences secondary.
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2.
Instrumentalizing prosocial activity achieves identical real-world outcomes regardless of whether it's framed as duty or profit maximization.
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3.
If shareholder primacy's constraints on prosocial action are functionally permissive in practice, theoretical distinctions lack practical bite.
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