Can you summarize Freeman’s 1984 Stakeholder Theory of the Modern Corporation idea and eleborate his viewpoint by citing his example of principle of entry and exit in the article

Freeman's Stakeholder Theory of the Modern Corporation argues that businesses have a responsibility to consider the interests of all stakeholders, not just shareholders. This includes employees, customers, suppliers, and the community at large. The theory suggests that businesses should make decisions that benefit all stakeholders, not just those that maximize profits for shareholders.

Freeman uses the example of the principle of entry and exit to illustrate his viewpoint. He argues that businesses should not only consider the interests of their current stakeholders but also those who may become stakeholders in the future. This includes potential employees, customers, and community members. By considering the principle of entry and exit, businesses can create long-term value for all stakeholders and ensure their continued success. This means that businesses should focus on creating value for all stakeholders, not just short-term profits for shareholders.