Value Positioning and Business Ethics: Keeping Promises as Business Legitimation
This contribution strives to argue for a company’s true value positioning as its value promise to its stakeholders. A company will be increasingly rewarded if it, first, admits to its values and positions them; second, communicates – i.e., to mandatory de
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Alexander Brink and Frank Esselmann
Contents Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Promised-Based Theory of the Firm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Basic Idea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . From Choice to Contract: The Company as an Unsecured Nexus of Contracts . . . . . . . . . . . From Contract to Promise: The Firm as a Nexus of Promises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Promised-Based Theory of the Firm and Business Ethics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Management Implications: Value Positioning and Value Promise . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Promise und Governance Ethics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Shared Value at Global Level: The Approach of Michael E. Porter and Michael R. Kramer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Value Promising at the Local Level: The Approach of Frank Esselmann and Alexander Brink . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Management Implications: From the Red Ocean of the Functionalities to the Blue Ocean of Values . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Abstract
This contribution strives to argue for a company’s true value positioning as its value promise to its stakeholders. A company will be increasingly rewarded if it, first, admits to its values and positions them; second, communicates – i.e., to
A. Brink (*) Institute for Philosophy, Bayreuth University, Bayreuth, Germany e-mail: [email protected] F. Esselmann concern GmbH, Cologne, Germany e-mail: [email protected] © Springer Nature Switzerland AG 2020 J. D. Rendtorff (ed.), Handbook of Business Legitimacy, https://doi.org/10.1007/978-3-030-14622-1_21
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mandatory declare – them; and, third, keeps them to their stakeholders (“walk the talk”). Keeping promises means business legitimation. To explicate our thesis, we will first introduce the promised-based theory of the firm as an alternative to the traditional theory of the firm. The promised-based theory of the firm further develops two prominent pieces of research: Josef Wieland’s governance ethics and Michael Porter’s shared value conc
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