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The concepts of shareholder and stakeholder views of management represent two distinct approaches to understanding the purpose and responsibilities of a business in society. These approaches influence how companies make decisions, allocate resources, and measure success. In the shareholder view, the primary focus is on maximizing returns for the owners of the company, typically the shareholders. In contrast, the stakeholder view emphasizes a broader responsibility, considering the interests of all parties affected by the company’s operations, including employees, customers, suppliers, communities, and the environment. Both perspectives are rooted in business ethics and corporate social responsibility, and they have practical implications in strategic management, decision-making, and sustainability. The shareholder view, often associated with the economist Milton Friedman, argues that the main responsibility of management is to increase shareholder wealth. Under this approach, corporate decisions are evaluated primarily based on their impact on stock prices, dividends, and overall financial performance. The ethical justification for this perspective is grounded in the contractual relationship between shareholders and management: shareholders invest their capital and, in return, expect managers to act in _____ __________ ________ ______ _______ ____ ______ _________.
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