Dr. Ganesh Nathan, Re-theorizing the firm: In pursuit of well-being and social justice

Dr. Ganesh Nathan, Professor

This paper re-theorizes the firm from a socio-political perspective to show that a firm is not only an economic, but also a social and political actor. Given multiple global crises, our traditional understanding of the purpose of the firm – the maximization of shareholder value – is increasingly being challenged. This paper shows that the purpose of a firm is rooted in our social life, and hence a notion of well-being and social justice gains significance rather than wealth creation to underscore the role of responsible governance for sustainability in many dimensions – economic, social and environmental. It concludes that the purpose of any firm should go beyond profit maximization in pursuit of well-being of stakeholders and in deliberating global social justice for a sustainable world order.

This paper was presented by Dr. Ganesh Nathan at the ISBEE (International Society of Business Economics and Ethics) Conference in Warsaw, Poland (11-14th July, 2012). This conference is commonly referred to as Business Ethics Olympics and is the 5th world congress.

This paper was also presented, under “Responsible Governance” stream, at EIBA (European International Business Academy) 2012 at University of Sussex in Brighton, England.

For more information about this conference, please click here