Imperfect Duties of Management The Ethical Norm of Managerial Decisi
This book uses Kant's idea of imperfect duty to extend the theory of the firm. Unlike perfect duty which is contractual or otherwise legally binding, imperfect duty consists of those commitments of choice that pursue some moral value, but that have practi
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Imperfect Duties of Management The Ethical Norm of Managerial Decisions
Imperfect Duties of Management
Richard M. Robinson
Imperfect Duties of Management The Ethical Norm of Managerial Decisions
Richard M. Robinson Business Administration SUNY Fredonia Fredonia, NY, USA
ISBN 978-3-319-99791-9 ISBN 978-3-319-99792-6 (eBook) https://doi.org/10.1007/978-3-319-99792-6 Library of Congress Control Number: 2018953103 © The Editor(s) (if applicable) and The Author(s), under exclusive licence to Springer Nature Switzerland AG 2019 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Palgrave Macmillan imprint is published by the registered company Springer Nature Switzerland AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
To my spouse Dr. MaryAnn Robinson, and to my colleague Prof. Marwan ElNasser, both of whom provided great patience and inspiration.
Preface
Several decades ago in a senior level economics course, I first encountered the nexus-of-contracts theory of the firm. At the same time in an advanced philosophy course, I studied Kantian notions of duty. In this “duty” context, the nexus-of-contracts theory appeared incomplete as a description of managerial motivations and actions. It took these “several decades” to articulate the notions of the norm of imperfect duty specified in this monograph. I suspect that the nexus-of-duty theory of the firm is the ultimate completion of Ronald Coase’s (1937) contract vision. This is the completion attempted here. Please note that the final chapter of this monograph also completes a long-term effort to reform Jensen and Meckling’s (1976) seminal contribution concerning managerial perquisites. That contribution argued that managerial welfare (utility) maximization should replace the notion of shareholder wealthmaximization as the goal of the corporation. Wh
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