Discourses on stakeholder capitalism have been invigorated in recent years. However, stakeholder capitalism is still new to academia and practices. A theory of the corporation has explored stakeholder capitalism in superficial and fragmented ways. Several concepts that seem similar but with subtle differences, such as the stakeholder model, stakeholder theory, and stakeholder approach, are used by various scholars in very different ways; however, this diversity and its implications are rarely discussed. This study aims to theoretically investigate stakeholder capitalism based on the theory of the corporation. It points out some of the more critical distinctions, issues, and implications associated with the stakeholder capitalism theory of the corporation in the contexts of historical, legal, and institutional backgrounds. This study clarifies and justifies the theory's essential content and significance by providing comparisons with those of the shareholder capitalism theory. This study provides a discourse basis for stakeholder capitalism by providing its descriptive, instrumental, and normative justifications. This study pays homage to the justifications presented by Donaldson and Preston in 1995. Their justifications for the stakeholder theory are still relevant to addressing stakeholder capitalism today. This study contributes to the literature by providing a comprehensive understanding of the stakeholder capitalism of the corporation.