Valentinow, V. Roth, S. and Pies, I.  <br/><br/>
Social goals in the theory of the firm: A systems theory view 

 - Administration  & Society 
 - 53(2), Feb, 2021: p.273-304 
<br/><br/> 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  
<br/><br/><label>Subjects--Topical Terms: </label><br/>Niklas Lluhmann, Social goals of the firm, Systems theory, Theory of the firm