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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 their financial interest. This view tends to prioritize short-term profitability and efficiency, emphasizing cost reduction, revenue maximization, and strategic investments that offer the highest returns to investors. For example, a multinational company like Apple often exhibits the shareholder view in its decision-making processes. When launching new products or optimizing supply chains, the company focuses on initiatives that enhance profitability and shareholder value. Decisions such as outsourcing production to countries with lower labor costs, or repurchasing shares to increase earnings per share, are guided by the objective of increasing _____ ___ _________ ___ _____ ________ ___.
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