Towards re-theorizing the firm in pursuit of well-being and social justice

Abstract

This paper attempts to provide some directions for re-theorizing the firm from a socio-political perspective to underscore how the purpose of the firm is rooted in our societal life, and hence a notion of well-being and social justice of stakeholders gains significance rather than wealth creation for shareholders as the sole purpose of the firm. This paper concludes that such an approach has some implications for responsible governance through stakeholder deliberation for social justice.