Maximizing the Firm's Value to Society through Ethical Business Decisions : Incorporating 'Moral Debt' Claims

We argue that all three forms of justice (economic, legal, distributive) require to be incorporated into the firm's business decisions in order to protect stakeholders' alienable and inalienable rights. In addition, the firm has quot;moral debtquot; obligations which require to be distributed fairly amongst all stakeholders. We develop a model that demonstrates that just distribution of stakeholders' quot;moral debtquot; and residual claims leads to the maximization of the firm's value to society in the long-run