R. Edward Freeman

Quick Facts

Full Name	R. Edward Freeman
Occupation	Economist
Date Of Birth	Dec 18, 1951(1951-12-18)
Age	73
Birthplace	Columbus
Country	United States
Birth City	Georgia
Horoscope	Sagittarius

R. Edward Freeman Biography

R. Edward Freeman is one of the most popular and richest Economist who was born on December 18, 1951 in Columbus, Georgia, United States. Robert Edward Freeman, born December 18, 1951, is an American philosopher and professor of Business Administration at the Darden School of the University of Virginia. He is most well-known for his work in stakeholder theory (1984), and business ethics.

He was a professor at the University of Minnesota and Wharton School. He is currently the Elis and Signe Olsson Prof. of Business Administration at Darden School of Virginia. He is also the academic director for the Business Roundtable Institute for Corporate Ethics and the Darden’s Olsson Center for Applied Ethics. Freeman was president of the Society for Business Ethics in 1994. Freeman is an executive editor of Philosophy of Management, and serves as the editor of the Ruffin Series on Business Ethics (Oxford University Press).

In the traditional view of the firm, the shareholder view, 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. However, stakeholder theory argues that there are other parties involved, including governmental bodies, political groups, trade associations, trade unions, communities, financiers, suppliers, employees, and customers. Sometimes even competitors are counted as stakeholders – their status being derived from their capacity to affect the firm and its other morally legitimate stakeholders. The nature of what is a stakeholder is highly contested (Miles, 2012), with several definitions existing in the academic literature (Miles, 2011).

Freeman is most well-known for his work on stakeholder theories, which was published in 1984’s Strategic Management: A Stakeholder Approach. Other books on business ethics and corporate strategy have been co-authored by Freeman. He co-edited several business textbooks, including The Portable MBA and Blackwell’s Handbook of Strategic Management. His most recent book, Managing for Stakeholders was published in 2007.

R. Edward Freeman Net Worth

R. Edward Freeman is one of the richest Economist from United States. According to our analysis, Wikipedia, Forbes & Business Insider, R. Edward Freeman 's net worth $5 Million. (Last Update: December 11, 2023)

After many multinational corporations created the term stakeholder in the 1960s and 1970s, the term “corporate social accountability” was popularized. This refers to those who are affected by an organization’s activities. Freeman’s 1984 book Strategic management: A stakeholder approach, which was influential in defining corporate owners as well as shareholders, gave rise to the term “corporate social responsibility”. While CSR is argued to be a way for corporations to make long-term profits, critics claim that it distracts from their economic role. Some argue that CSR is just window dressing or an attempt to prevent governments from being a watchdog on multinational corporations. These concepts are predicted in a 1968 publication by Giancarlo Palavicini, an Italian economist who created the “Method for the decompositions of the parameters” to calculate the results that do not directly cost business. It covers ethical, social, and cultural issues.

Freeman was born in Columbus, Georgia. He received a B.A. In 1973, Freeman received a B.A. in philosophy and mathematics from Duke University. He also earned a Ph.D. from Washington University in 1978.

In 2001 Freeman was awarded the Pioneer Award for Lifetime Achievement by the World Resources Institute and by the Aspen Institute, and in 2005 the Virginia State Council on Higher Education honored him with the Outstanding Faculty Award.

Height, Weight & Body Measurements

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Who is R. Edward Freeman Dating?

According to our records, R. Edward Freeman is possibily single & has not been previously engaged. As of December 1, 2023, R. Edward Freeman’s is not dating anyone.

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Facts & Trivia

R. Ranked on the list of most popular Economist. Also ranked in the elit list of famous people born in United States. R. Edward Freeman celebrates birthday on December 18 of every year.

Top Facts about R. Edward Freeman

1. R. Edward Freeman is an American academic born in 1951.
2. He is a professor at the Darden School of Business.
3. Freeman is known for his work on stakeholder theory.
4. Stakeholder theory argues that businesses should consider all stakeholders’ interests.
5. Freeman’s book “Strategic Management: A Stakeholder Approach” (1984) popularized the theory.
6. He has authored or co-authored over 20 books and numerous articles.
7. Freeman received his PhD from Washington University in St Louis.
8. He has received several awards for his contributions to business ethics and strategy.
9. Freeman serves on the board of directors for several organizations, including Whole Foods Market and The Motley Fool.
10. His research focuses on topics such as corporate social responsibility and leadership ethics.

What is Freeman's stakeholder theory?

Dr. Freeman’s books describe how a healthy company never loses sight of everyone involved in its success. Stakeholder theory says that if it treats its employees badly, a company will eventually fail. If it forces its projects on communities to detrimental effects, the same would likely happen.

What is Edward Freeman known for?

Freeman is best known for his work on stakeholder theory and business ethics , in which he suggests that businesses build their strategy around their relationships with key stakeholders. His expertise also extends to areas such as leadership, corporate responsibility and business strategy.

What is the main principle of the stakeholder theory?

Stakeholder Theory is a view of capitalism that stresses the interconnected relationships between a business and its customers, suppliers, employees, investors, communities and others who have a stake in the organization. The theory argues that a firm should create value for all stakeholders, not just shareholders.

Who developed the stakeholder theory?

Stakeholder Theory vs Shareholder Theory Edward Freeman’s stakeholder theory greatly differs from Milton Friedman’s shareholder theory because they propose two very different approaches when it comes to stakeholder management.

What is the Friedman theory?

American economist Milton Friedman developed the doctrine as a theory of business ethics that states that “ an entity’s greatest responsibility lies in the satisfaction of the shareholders.” Therefore, the business should always endeavor to maximize its revenues to increase returns for the shareholders.