Article2002

Ethics and Incentives: An Evaluation and Development of Stakeholder Theory in the Health Care Industry

Heather Elms · Shawn L. Berman · Andrew C. Wicks

41 citations0/0 files storedBusiness Ethics Quarterly

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Corporate Social Responsibility Reporting Ethics in Business and Education Corporate Social Responsibility and Sustainability

Abstract

This paper utilizes a qualitative case study of the health care industry and a recent legal case to demonstrate that stakeholder theory's focus on ethics, without recognition of the effects of incentives, severely limits the theory's ability to provide managerial direction and explain managerial behavior. While ethics provide a basis for stakeholder prioritization, incentives influence whether managerial action is consistent with that prioritization. Our health care examples highlight this and other limitations of stakeholder theory and demonstrate the explanatory and directive power added by the inclusion of the interactive effects of ethics and incentives in stakeholder ordering.

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References

2010Strategic management a stakeholder approach 2007The Social Responsibility of Business Is to Increase Its Profits 1980Agency Problems and the Theory of the Firm 1997Toward a Theory of Stakeholder Identification and Salience: Defining the Principle of who and What Really Counts 1995The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications 1990Architectural Innovation: The Reconfiguration of Existing Product Technologies and the Failure of Established Firms 1978Vertical Integration, Appropriable Rents, and the Competitive Contracting Process 1984The Social Transformation of American Medicine

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