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Juan Fontrodona fontrodona@iese IESE Business School – University of Navarra

The Nature of the Firm, Agency Theory and Shareholder Theory: A Critique from Philosophical Anthropology. Juan Fontrodona fontrodona@iese.edu IESE Business School – University of Navarra & Alejo José G. Sison ajsison@unav.es Institute for Enterprise and Humanism – University of Navarra.

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Juan Fontrodona fontrodona@iese IESE Business School – University of Navarra

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  1. The Nature of the Firm, Agency Theory and Shareholder Theory: A Critique from Philosophical Anthropology Juan Fontrodona fontrodona@iese.edu IESE Business School – University of Navarra & Alejo José G. Sison ajsison@unav.es Institute for Enterprise and Humanism – University of Navarra

  2. Outline I. Sources for Standard Accounts of the Firm II. Assumptions from Such Accounts III. Sources for an Alternative Account IV. Alternative Assumptions V. Summary

  3. I. Sources for Standard Accounts of the Firm • The Nature of the Firm (Coase) • Agency Theory (Jensen & Meckling) • Shareholder/Financial Theory (Friedman)

  4. II. Assumptions from Such Accounts • The shareholder owns the firm • The shareholder acts to maximize his utility • The firm is a nexus of contractual relationships • The purpose of the firm is to maximize shareholder value

  5. III. Sources for an Alternative Account (Aristotelian-Thomistic Inspiration) • Personalist view of the human being • The firm exists to contribute to the common good

  6. IV. Alternative Assumptions • Firm - human institution with various members and no single owner • Members pursue economic/noneconomic interests; self-interest is not exclusive • Firm - community of persons who work together • Purpose of firm - material and moral development of members through work

  7. Summary

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