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Stakeholder Theory and Organizational Ethics by Robert Phillips

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Chapter 6imageStakeholder Legitimacy

Stakeholder theory should not be used to weave a basket big enough to hold the world’s misery.

—MAX CLARKSON197

It was argued at the beginning of this project that one of the theoretical shortcomings of previous stakeholder scholarship is the problem of stakeholder identity.198 For reasons to be adduced in this chapter, this problem may be attributed to a poor understanding of the concept of legitimacy in stakeholder theory. In this and the following chapter I will elaborate on how the problem of stakeholder legitimacy may be remedied using the principle of stakeholder fairness. Rather than merely stakeholders ...

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