An Agent Morality View of Business Policy
从哲学角度探讨管理者的道德义务，提出代理人道德观，认为管理者制定商业政策时应优先考虑道德责任，其次才是股东财富。
We develop a philosophical perspective on the moral obligations of managers, which we call agent morality, by examining the moral implications of agency theory. Our view is grounded in noninstrumental ethics, which we argue is logically superior to instrumental ethics. We show that the principal-agent model of the firm, once properly considered, requires that managers fashion business policies with reference first to certain moral duties and second to shareholder wealth.