Final answer:
Sumner Redstone believes a successful business owner's objective should be to create a legacy and influence within the industry, which aligns with stakeholder theory advocating a balance of interests among all stakeholders, not solely maximizing shareholder wealth.
Step-by-step explanation:
Sumner Redstone, the majority owner of Viacom & CBS, believes that a successful business owner's objective should be to create a legacy and influence in the industry. This perspective aligns more closely with stakeholder theory rather than the traditional view of shareholder primacy, which emphasizes the sole objective of maximizing a business's profits and shareholder wealth. Stakeholder theory argues for balancing the interests of all stakeholders, including employees, customers, and the community, not just the shareholders. While making money is crucial for the survival of any business, Redstone's view suggests that sustainable success and a lasting impact are more valuable objectives.
This long-term vision contrasts with economist Milton Friedman's argument that the main responsibility of business managers is to maximize profits within legal boundaries. However, Sumner Redstone's idea highlights the role of media corporations in shaping the information landscape and therefore the responsibility they carry towards society at large. Businesses must balance generating revenue, ensuring workplace safety as mandated by regulations such as OSHA, and maintaining their responsibilities to stakeholders, including providing unbiased information in the case of media companies.