ストックホルダー理論とステークホルダー理論の問題圏

抄録

This paper discusses the ethical Theory of the business firm.The main argument of M. Friedman's famous essay was called stockholder theory, the firm should be managed for the benefit of its sharehoders.The other hand, R. E. Freeman claimed the normative ethical theory.According to his stakeholder theory, the firm should be managed for the benefit of its stakeholders.This article is intended to argue the problems of stockholder theory and stakeholdertheory.