This research note is a rejoinder to Steve Wallis' commentary on our paper 'The limits of transparency: a systems theory view' (Valentinov, Verschraegen, van Assche, 2019)

Modern stakeholder theory is premised on the ‘integration thesis’, according to which business and ethics constitute an inseparable unity. For many management scholars, this thesis raised the difficult question of how far business can pursue ethical goals without losing its functional...