This article traces the historical evolution of the notion of the virtuous corporation, from its origins as a public-spirited fellowship to the modern joint-stock company kept in check by the market for corporate control. We suggest that this change in the legal personality of the firm has resulted in a minimalist and extrinsic view of corporate virtue. A more intrinsic and intentional virtue can come from within the enterprise. Employing the language of principal-agent analysis, we argue that agents who reflect theologically on the corporation can help create a renewed vision of the virtuous enterprise.
Kim Hawtrey and Stuart Dullard, "Corporate Virtue and the Joint-Stock Company," Journal of Markets & Morality 12, no. 1 (Spring 2009): 19-33