Ed Freeman's influential ideas on stakeholder theory, business ethics, humanities, and capitalism became foundational in the management field and turned around the mainstream thinking about business. Stakeholder theory developed by Freeman and others posits that business is not as much about profits, but rather about creating value for its stakeholders, including employees, customers, communities, financiers, and suppliers. The relationship between a company and its stakeholders is the essence of business and should be of utmost attention to its managers. Managers should avoid resorting to trade-offs by prioritizing one stakeholder group (e.g., shareholders) over the others and strive to run their companies in the interests of all stakeholders. The idea of pursuing the interests of all stakeholders became revolutionary in management and went far beyond the management field, expanding to Law, Health Care, Education, Public Policy and Administration, and Environmental Policy. This book is a collection of Ed Freeman's most influential and important works on stakeholder theory as well as business ethics, humanities, and capitalism.
Introduction, by Michel Dion, R. Edward Freeman, and Sergiy Dmytriyev -- Part I. Philosophical and Theological Perspectives on Humanizing Business -- Ch.1 A Kantian Perspective; Norm Bowie -- Ch.2 An Aristotelean Perspective; Ed Hartman -- Ch.3 A MacIntyrean Virtue Ethics Perspective; Geoff Moore -- Ch.4 A Care Ethics Perspective; Hugo Letiche -- Ch.5 A Utilitarian Perspective; Jeff Harrison and Andy Wicks -- Ch.6 A Pragmatist Perspective; Ed Freeman and Bobby Parmar -- Ch.7 Social Contract Theories; (Hobbes, Rousseau, Locke); Thomas Donaldson -- Ch.8 An Existentialist Perspective (Sartre); William McBride -- Ch.9 An Otherness-Focused Perspective (Levinas); Dag Gjerlow Aasland -- Ch.10 An Hermeneutic Perspective (Ricoeur); Jakob Dahl Rendtorff -- Ch.11 A Perspective Focusing on Moral Deliberation (Habermas); Andreas Georg Scherer -- Ch.12 A Casuistry Approach; Joanne B. Ciulla -- Ch.13 Supererogation in Humanizing Business; Sergiy Dmytriyev -- Ch.14 Human Rights and Humanizing Business; Surya Deva -- Ch.15 A Christian Perspective, Domènec Melé -- Ch.16 A Judaism Perspective; Moses Pava and Edwin M. Epstein -- Ch.17 An Orthodox Perspective, Timothy G. Patitsas -- Ch.18 An Islam Perspective, Karim Ginena and Shahir Kassam-Adams.
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Purpose Certified B Corporations (B Corps) represent a prominent manifestation of applying stakeholder principles in practice by emphasizing social and environmental performance and striving to create value for all stakeholders. This paper aims to investigate an important question that has been unexplored so far in a vast body of literature on stakeholder management and fast-growing research on B Corps: does the timing of a B Corp's certification impact the firm's economic and social performance?
Design/methodology/approach The research on the timing of obtaining B Corp certification is built around three intriguing puzzles: the impact of certification timing on a firm's economic performance, social performance overall and social performance per stakeholder. In particular, the study examines the relationship between B Corp's certification date and firms' financial and social performance between 2017 and 2020.
Findings Based on the data from 168 privately owned B Corps in the USA, the results of our study suggest that while there is no financial benefit associated with earlier certification, there are significant improvements in social performance. Yet, a firm's social performance improvement is not uniform among its stakeholders.
Research limitations/implications This study explored the impact of B Corp certification's timing on the firm's economic performance within only three years, from 2017 to 2019. This limitation comes from the specifics of the PrivCo database. Measuring a firm economic performance over a longer period may benefit the research on B Corp certification's timing and which can be a promising path for future research.
Practical implications When it comes to practical implications, it is important that firms deciding to pursue a B Corp certification understand that certification may not result in an immediate financial impact. This practical implication, though, may need to be calibrated depending on the extent to which participating organizations publicize their certification.
Social implications Despite the growing popularity of B Corps in the USA and worldwide, it has been a black box when it comes to understanding when exactly firms should start to pursue B Corp certification to enhance their social value creation. Thus, this study is well timed to contribute to unpacking this black box by showing that the earlier a firm obtains B Corp certification, the more social value it would create. To the best of the authors' knowledge, this is the only study to date that explored the social performance implications of timing to certify as a B Corp.
Originality/value When it comes to practical implications, it is important that firms deciding to pursue a B Corp certification understand that certification may not result in an immediate financial impact. This practical implication, though, may need to be calibrated depending on the extent to which participating organizations publicize their certification.
