stakeholders theory and practice pdf

Stakeholders theory and practice pdf

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Stakeholders: Theory and Practice

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Such contestability is highly problematic for theory development and empirical testing. The extent of essential contestability, previously unknown, is demonstrated in this paper through a bounded systematic review of different stakeholder theory definitions.

As an essentially contested concept, the solution does not lie in a universal stakeholder definition, but in debating the boundaries of stakeholder identification. To this end, this paper presents the first major attempt at sorting, filtering and ordering stakeholder theory and stakeholder definitions to produce a comprehensive, multi-dimensional classification of stakeholder theory.

The constructs of the classification model juxtapose existing stakeholder theories and contributions from across the multi-contextual applications of stakeholder theory, thereby providing an invaluable overview of what we know about stakeholder theory in one model.

The classification model is then tested with positive results. The paper concludes with a comprehensive discussion of the implications of classification stakeholder theory definitions, which has for future research.

This is a preview of subscription content, access via your institution. Rent this article via DeepDyve. The focus of this paper is on the creation and presentation of a new classification model of stakeholder definitions, based on an essentialist approach to classification derived from empirical observation and tested with empirical data. Due to the nature of essentialism such empirical investigation cannot take the form of a pure statistical enquiry as precise factor coefficients are unfeasible and inappropriate.

Jones and Wicks stressed that the core assumptions of stakeholder theory are that it is a managerial not ethical theory which recognises that organisations engage in relationships with many groups and, that stakeholder theory focuses on these relationships in terms of processes and results for the organisation and the stakeholder.

Not all essentialist approaches are applicable to a classification of stakeholder theory definitions. Thompson et al. It is not evident how Kaler classified this definition as this paper was not referenced.

Stoney and Winstanley The resulting typology may be open to revision if extended to other disciplines such as medicine, psychology or the environmental sciences. Consolidated rankings are preferred as individual ranking systems differ according to the severity of the imposed hurdle and the basis for judging quality author affiliation, academic surveys and citation frequency.

Other lists could be used to similar effect e. The author acknowledges that such ranking systems are flawed but as with the other filters, it is expected that important contributions excluded by this criteria will be heavily cited by others in the database. The review was completed in two stages. The first stage, undertaken in , included all articles up to This considered articles in which different stakeholder theory definitions were identified Miles In this was then extended, using the exact bounded systematic review filters to cover management journal articles published up to The variation in nouns describing organisations firm, organisation, corporation etc.

Many attributes have received much attention in the literature but Figs. Freeman proposed five definitions which are all broadly similar. The variations are shown in parenthesis. Normative stakeholder theories are based on eternal values derived from ethical theory, rather than observed norms, and explore the reasons why stakeholders' interests ought to be taken into account in an attempt to alter management behaviour.

This is contrasted with the instrumental approach aligned with strategic stakeholder management in which there may be ethical consequences from derived stakeholder benefit but stakeholder management is not necessarily predicated from an ethical basis. The apostrophe is used to denote instances where definitions are not in a particular category i. Aaltonen, K. A project lifecycle perspective on stakeholder influence strategies in global projects.

Scandinavian Journal of Management, 26 , — Adelman, I. A factor analysis of the interrelationship between social and political variables and per capita gross national product. The Quarterly Journal of Economics, 79 4 , — Agle, B. Who matters to CEOs? An investigation of stakeholder attributes and salience, corporate performance and CEO values. Academy of Management Journal, 42 5 , — Alkhafaji, A. A stakeholder approach to corporate governance; managing in a dynamic environment.

Westport, CT: Quorum Books. Google Scholar. Almond, G. Comparative political systems. The Journal of Politics, 18 3 , — Barton, S. An empirical test of stakeholder theory predictions of capital structure. Financial Management, 18 , 36— Boatright, J. Ethics and the conduct of business 3rd ed.

Boonstra, A. Understanding ERP system implementation in a hospital by analysing stakeholders. New Technology, Work and Employment, 24 2 , — Bosse, D. Stakeholders, reciprocity, and firm performance. Strategic Management Journal, 30 , — Bourne, L. Visualising and mapping stakeholder influence. Management Decision, 43 , — Bowmann-Larsen, L.

Responsibility in world business: Managing harmful side-effects of corporate activity. Brenner S. The stakeholder theory of the firm and organizational decision making: Some propositions and a model. Collins Eds. San Diego. Buysse, K. Proactive environmental strategies: a stakeholder management perspective. Strategic Management Journal, 24 5 , — Carroll, A. Cincinnati: South-Western Publishing Company.

Carson, T. Does the stakeholder theory constitute a new kind of theory of social responsibility? Business Ethics Quarterly, 3 2 , — Choi, N. Social entrepreneurship as an essentially contested concept: Opening a new avenue for systematic future research. Journal of Business Venturing, 29 3 , — Clarkson, M. Risk-based model of stakeholder theory. A stakeholder framework for analyzing and evaluating corporate social performance.

Academy of Management Journal, 20 1 , 92— Clarkson Centre for Business Ethics. Principles of stakeholder management, Joseph L. Rotman school of management, University of Toronto, Toronto. Reproduced in Business Ethics Quarterly, 12 1 , — Clifton, D. The stakeholder approach: A sustainability perspective.

Journal of Business Ethics, 98 , — Cornell, B. Corporate stakeholders and corporate finance. Financial Management, 16 1 , 5— Crane, A.

Stakeholder theory and social identity: Rethinking stakeholder identification. Journal of Business Ethics, , 77— Darnall, N. Adopting proactive environmental strategy: the influence of stakeholders and firm size.

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Strategic Management: The theory and practice of strategy in business organizations. Jofre, Sergio. Publication date: Document Version. Publisher's PDF,

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Neither of us had anything in particular to append to it. And the brick-paved road was so narrow it barely allowed room to park a bicycle let alone a car. Away from the fires, the younger child was considered to be in more critical condition. Academy of Management proceedings 1 , , Stakeholder Theory: Impact and Prospects.

Stakeholder Theory Classification: A Theoretical and Empirical Evaluation of Definitions

Such contestability is highly problematic for theory development and empirical testing. The extent of essential contestability, previously unknown, is demonstrated in this paper through a bounded systematic review of different stakeholder theory definitions. As an essentially contested concept, the solution does not lie in a universal stakeholder definition, but in debating the boundaries of stakeholder identification.

Stakeholders: Theory and Practice

The stakeholder theory is a theory of organizational management and business ethics that accounts for multiple constituencies impacted by business entities like employees, suppliers, local communities, creditors, and others. The stakeholder view of strategy integrates a resource-based view and a market-based view, and adds a socio-political level. One common version of stakeholder theory seeks to define the specific stakeholders of a company the normative theory of stakeholder identification and then examine the conditions under which managers treat these parties as stakeholders the descriptive theory of stakeholder salience. In fields such as law, management, and human resources, stakeholder theory succeeded in challenging the usual analysis frameworks, by suggesting that stakeholders' needs should be put at the beginning of any action. Concepts similar to modern stakeholder theory can be traced back to longstanding philosophical views about the nature of civil society itself and the relations between individuals. This claim is disputed. Edward Freeman had an article on Stakeholder theory in the California Management Review in early , but makes no reference to Mitroff's work, attributing the development of the concept to internal discussion in the Stanford Research Institute.

Brazilian Scientific Impact Spell. This study has an academic relevance advancing the dissemination of current knowledge in stakeholder theory integrating to the empirical studies. Research implications — The research contribution consists in the elaboration of a panorama of the stakeholder management, presenting the main theoretical and empirical contributions, and the dimensions for future studies perspectives, being: i Creation, co-creation and value distribution; ii cooperation, involvement, and stakeholder engagement; iii Influence of stakeholder management on performance; and iv networks, relationships, and multi-stakeholder influences.

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Donaldson and preston frame stakeholder theory into three distinctions. Theory and practice and sanction options while the lower section illustrates those causalities relating to their bases of in terest. In particular, extremely negative and highly conflicting relations between organizations and stakeholders have been ignored. In short, there is a theory practice divide, or gap english, Stakeholder management from the perspective of the organization 7. Stakeholder normative theory universal rights sustainable development the common good considers fiduciary duties towards stakeholders of the firm. Pdf this article explores how top management teams can increase the.

This article explores how top management teams can increase the robustness of their strategies by attending to important concepts emerging from the stakeholder literature. Analysis of three themes emanating from this literature leads to the development of a method composed of three techniques which elaborates how stakeholder management concepts can be applied in practice. JavaScript is disabled for your browser. Some features of this site may not work without it. Strategic Management of Stakeholders: Theory and Practice. Access Status Fulltext not available. Authors Ackermann, Fran.

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