Stuck Between Stockholders and Stakeholders? Propose Three Strategies! Stephen M. Byars and Kurt Stanberry, in their textbook Business Ethics, write that: “Considering only stockholders can often result in unethical decisions; the impact on all stakeholders must be considered and rationally assessed. Managers do sometimes focus predominantly on stockholders, especially those holding the largest number of shares, because these powerful individuals and groups can influence whether managers keep their jobs or are dismissed (e.g., when they are held accountable for the company’s missing projected profit goals.) And many believe the sole purpose of a business is, in fact, to maximize stockholders’ short-term profits. However, considering only stockholders and short-term impacts on them is one of the most common errors business managers make.” Stephen M. Byars, Kurt Stanberry. 2018. Business Ethics [OpenStax] Rice University: Houston; Chapters 1-2 (pp.16-17) Using the Toyota and the Buffet strategies—each focusing on long-term and reputation as means of achieving profitability—propose three strategies to successfully navigate between the interests of the stakeholders and those of the stockholders without breaching the social contract.
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