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These theoretical concepts allow an understanding of what is the right path in terms of a balance between moral and just obligations of a business operating in a community. These theories of justice allow setting up a benchmark, which then serves as a guideline for businesses to practice corporate governance as effectively as possible. Critics argue that these theories are not set in stone, in terms of application across multiple business domains but provide an understanding, based on empirical research allowing a clear path to follow (Johnson, 2007). Once modified to a firms business model, its operations and the community where it operates, these theories serve as an invaluable asset towards the implementation of corporate governance by a business.
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