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    Carmelics

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    Made withinDC&Austin
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    Home/Original/inverse
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    Inverse View

    It is not the case that Stakeholder theory is more accommodating of prosocial activity by firms than shareholder primacy

    ?Set your confidence on the premises below to see your aggregate.

    Reasons For

    2 perspectives
    Reason for 1 of 2
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    • 1.Shareholder primacy, as defended by Milton Friedman, already permits prosocial activity when it serves long-run profit maximization.
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    • 2.Most prosocial activities by firms—reputation, employee morale, community goodwill—are instrumentally justified under shareholder primacy.
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    • 3.If shareholder primacy accommodates prosocial activity instrumentally, the difference between the two theories is narrower than the claim implies.
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    Reason for 2 of 2
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    • 1.Stakeholder theory, by distributing fiduciary obligations across multiple constituencies, creates irresolvable conflicts that can paralyze prosocial decision-making.
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    • 2.R. Edward Freeman acknowledges no canonical priority rule among stakeholders, leaving managers without principled grounds for allocating prosocial resources.
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    • 3.A theory that cannot guide action in cases of stakeholder conflict is not more accommodating of prosocial activity but merely more permissive of managerial discretion.
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    Reasons Against

    1 perspective
    Reason against
    ?
    • 1.Stakeholder theory permits firms to pursue goals other than increasing shareholder wealth
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    • 2.Prosocial activities are goals other than increasing shareholder wealth
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