Abstract
To be a coherent and genuinely alternative conception to the shareholder model, any moral stakeholder theory must meet the following conditions: (1) It must be an ethical theory; (2) It must identify a limited group as stakeholders; (3) The group must be identified on morally relevant grounds; (4) Stakeholder claims must be non-universal; (5) And not held against everyone. A principle for identifying the stakeholder is suggested as a person who has much to lose – financially, socially, or psychologically – by the failure of the firm. The emerging picture contrasts sharply with the conventional conception of the firm.
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