Research Outline

Articles Against Stakeholder Capitalism


To obtain a list of articles published from August 2019 through August 2020 that were against the idea of stakeholder capitalism as described in the Business Rountable statement from August 2019, with a link and brief summary for each article.

Early Findings

  • On August 19, 2019, the Business Roundtable issued a statement on the purpose of business in society. Based on an initial search, there appears to be numerous articles written in response to that statement.
  • In the attached spreadsheet, we have started a list of articles that referenced the Business Roundtable statement and generally were against the main idea of the statement, stakeholder capitalism.
  • This article from B The Change was not included in the spreadsheet because it supports the statement by Business Roundtable.
  • Another article found but not included is this one published on Medium whereby Business Rountable addresses the questions and feedback they received about the statement.
  • This article from The Wall Street Journal was not included because the publicly available information (that not behind the paywall) did not make clear whether the article was for the statement, against the statement, or just neutral reporting on the statement. The same was true for this article from Bloomberg.

Summary of Findings

  • Our initial research focused only on the months of August and September 2019, although we did not get through all search results for either month.
  • We found eight articles that appear to take exception to the statement and are against the idea of stakeholder capital or are pessimistic that Business Rountable is serious about the statement. If these are not the types of articles that should be included, that would need to be explained in any response.
  • Many articles were found that seemed to simply summarize the statement made by Business Rountable and these were not included. Several articles that supported the statement were also found but were not included in the spreadsheet.
  • Please note that many articles were found on sites that were paywalled, and only a brief portion of the article could be seen publicly. These articles were only included if there was enough information to determine that the stance of the article was against stakeholder capitalism.
  • Because of the nature of the search tool on Google and the extensive number of pages of results found in out initial search, it will be impossible to ensure that all articles are found and that an accurate count is given. Therefore, our proposed research below pivots slightly to focus on what we can provide.
  • Additionally, finding the relevant articles takes more time than may be expected due to each article having to be read in order to summarize the findings. The time taken to do this for each article is dependent on the length of the article.