Social goals in the theory of the firm: A systems theory view
By: Valentinow, V. Roth, S. and Pies, I
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Material type: 
BookPublisher: Administration & Society Description: 53(2), Feb, 2021: p.273-304.Subject(s): Niklas Lluhmann, Social goals of the firm, Systems theory, Theory of the firm
In:
Administration & SocietySummary: Drawing on Luhmannian social systems theory, this article revisits the single- versus multiple-objective debate on the theory of the firm. Firms are conceptualized as complexity reducing systems structurally coupled with potentially risky environments, and profit maximization is considered as a complexity reduction strategy for making sense of these environments. Whereas single-objective approaches reflect cases when environmental risks do not materialize into corporate sustainability problems, multiple-objective approaches address these problems by increasing the corporation’s environmental responsiveness beyond the profit maximization function. Our systems-theoretic framework therefore identifies the common ground between the two approaches and draws attention to the circumstances under which they can claim validity. – Reproduced
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Articles
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Indian Institute of Public Administration | 53(2), Feb, 2021: p.273-304 | Available | AR125618 |
Drawing on Luhmannian social systems theory, this article revisits the single- versus multiple-objective debate on the theory of the firm. Firms are conceptualized as complexity reducing systems structurally coupled with potentially risky environments, and profit maximization is considered as a complexity reduction strategy for making sense of these environments. Whereas single-objective approaches reflect cases when environmental risks do not materialize into corporate sustainability problems, multiple-objective approaches address these problems by increasing the corporation’s environmental responsiveness beyond the profit maximization function. Our systems-theoretic framework therefore identifies the common ground between the two approaches and draws attention to the circumstances under which they can claim validity. – Reproduced
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