Scrooge–The Reluctant Stakeholder: Theoretical Problems in The Shareholder-Stakeholder Debate

A Christmas Carol is Charles Dickens’ story about the spiritual conversion of Ebenezer Scrooge.1 The story begins with Scrooge miserly guarding his wealth. As the story develops, however, he encounters a series of spirits who show him the impact of his approach. The happy ending of the story occurs only after Scrooge sees the harm of his wealth maximizing ways and decides to benefit the poor family of his employee, Bob Cratchit, with an increase in salary, a Christmas turkey, and general assistance to his clerk’s crippled son, Tiny Tim. In its essence, A Christmas Carol is an illustration of the shareholder-stakeholder debate, and that debate is at the heart of corporate governance