Donaldson and Preston (1995) discus

Donaldson and Preston (1995) discussed descriptive accuracy, instrumental power and normative validity of stakeholder theory which are interrelated yet quite distinct. The article examined these three aspects of the theory and concluded that the three aspects of stakeholder theory are mutually supportive and that the normative base of the theory which includes the modern theory of property rights is fundamental. The study argued that the stakeholder theory is "managerial" and recommended the attitudes, structures, and practices that, taken together, constitute a stakeholder management philosophy. Further, casual relation of stakeholder management to corporate performance ultimately resorts to normative arguments.