ABSTRACT
When we define the responsibilities of a firm in stakeholder terms, we should realize that the firm itself is a nexus of stakeholders. A firm is a co-operative venture for mutual benefit, a coalition of participants3 (clients, employees, share owners, suppliers), who are all economic stakeholders of each other, and who all depend on the continuity of the firm for their wealth and well-being. Hence, the ability of a firm to survive is an important instrumental moral goal, in view of the legitimate interests and rights of many stakeholders. This means that policies and strategies of companies directed at the continuity of the firm (operationalized in terms of profitability, market share, growth, future cash flows, etc.) must be considered as morally justified activities, prima facie. The continuity of the firm is an important moral value, albeit of an instrumental nature.
