To what extend do you agree with Robert Cox that theory is always for Essay

To what extend do you agree with Robert Cox that theory is always for someone and for some purpose - Essay Example In the next part, to give a supportive argument I discussed some popular theories critically and finally I made a conclusion on the basis of my overall discussion. Theory is a plausible or scientifically acceptable general principle or body of principles offered to explain phenomena. In other words, it is the general or abstract principles of a body of fact. The Goals of theory's are: In the statement, the word "someone" used by Cox doesn't mean a single person such as he/she. The word "someone" is used here to indicate the whole in one entity such as a nation, segment, and industry etc. To justify that the statement given by Cox is absolute a little example is sufficient, as God made this world with a purpose, also for his creature. The purpose is that he wants to test his creature (human) until the Day of Judgment and to fulfill this purpose he create this earth and other creatures for human. The stakeholder theory is a theory of organizational management and business ethics that addresses morals and values in managing an organization.1 It was originally detailed by R. Edward Freeman in the book Strategic Management: A Stakeholder Approach, and identifies and models the groups which are stakeholders of a corporation, and both describes and recommends methods by which management can give due regard to the interests of those groups. In the traditional view of the firm, the sharehol... (the only one recognized in business law in most countries), the shareholders or stockholders are the owners of the company, and the firm has a binding fiduciary duty to put their needs first, to increase value for them. In older input-output models of the corporation, the firm converts the inputs of investors, employees, and suppliers into usable (salable) outputs which customers buy, thereby returning some capital benefit to the firm. By this model, firms only address the needs and wishes of those four parties: investors, employees, suppliers, and customers. However, stakeholder theory argues that there are other parties involved, including governmental bodies, political groups, trade associations, trade unions, communities, associated corporations, prospective employees, prospective customers, and the public at large. Sometimes even competitors are counted as stakeholders. The stakeholder view of strategy is an instrumental theory of the corporation, integrating both the resource-based view as well as the market-based view, and adding a socio-political level. This view of the firm is used to define the specific stakeholders of a corporation (the normative theory (Donaldson) of stakeholder identification) as well as examine the conditions under which these parties should be treated as stakeholders (the descriptive theory of stakeholder salience).nDonaldson and Preston argue that the normative base of the theory, including the "identification of moral or philosophical guidelines for the operation and management of the corporation", is the core of the theory.2 Mitchell, et al derive a typology of stakeholders based on the attributes of power (the extent a party has means to impose its will in a relationship), legitimacy (socially accepted and expected structures or