Regarding the entropy of charged and rotating Kerr-Newman black holes also as a function of the volume enclosed by the event horizon, S = S(M, Q, J, V ), we investigate the thermodynamic properties, in particular the stability problem of the system in standard four dimensions. By imposing the physical conditions of Euler homogeneity and a Stefan-Boltzmann radiation like equation of state at the horizon, we show that the thermodynamic volume scales as V ∼ M 5 , in agreement with the Christodoulou-Rovelli definition, and the system is thermally stable under these conditions.