A major distinction between the managerial view of the firm and the stakeholder view is the recognition that groups who think they have a stake in the firm are properly included as stakeholders, whether managers of the firm agree with them or not.

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The stakeholder view recognizes that various groups who may perceive themselves to have a stake in the firm, such as employees, customers, suppliers, and community members, should be considered as stakeholders, regardless of whether or not managers agree with their claims. This is a key distinction from the managerial view which primarily prioritizes the interests of shareholders and emphasizes maximizing profits for them.

A Major Distinction Between the Managerial View of the Firm