An agent morality view of business policy

Article Abstract:

We develop a philosophical perspective on the moral obligations of managers, which we call agent morality, by examining the moral implications of agency theory. Our view is grounded in noninstrumental ethics, which we argue is logically superior to instrumental ethics. We show that the principal-agent model of the firm, once properly considered, requires that managers fashion business policies with reference first to certain moral duties and second to shareholder wealth. (Reprinted by permission of the publisher.)

Business, Ethical aspects, Executives, Agency theory

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Contractualism vindicated: A response to Boatright

Article Abstract:

An argument is presented in response to a writer John R. Boatright that the notion of contracting is not a normatively neutral idea as the normative commitments are implied in everyday contracting practices. It is felt that contracting does not take place when expectations of mutual benefit and effectiveness are lacking.

Contractarianism

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Is there an internal morality of contracting?

Article Abstract:

The meaning of a moral norm, as an internal or endogenous to contracting if and only if contracting does not occur without the general acceptance of the norm is discussed. It is revealed that law cannot be described fully in nonnormative terms and that law is inherently normative.

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