Prerequisites of Stakeholder Management in an Organization (original) (raw)
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Stakeholder management from the business perspective
Megatrend revija, 2014
Nataša Krstić * uDC 005.5:005.331 Scientific rewiev paper STAKEHOLDER MANAGEMENT FROM THE BUSINESS PERSPECTIVE In an increasingly global and highly competitive business world of today, the business sector pays meticulous attention to stakeholders-groups or individuals, which affect or are affected by business decisions. The paper examines the methodology of identifying key stakeholders, demonstrates the process of their various mapping models, as well as the manner in which stakeholders, in cooperation with a corporation, create the opportunity to be engaged at an early stage of a project, activity or business decision, thus establishing a precedent according to which both sides benefit. By doing so, the business sector can ensure that its actions will receive "a social licence to operate", whereas various groups of stakeholders will be offered a possibility to be included in business dealings for the sake of protecting their interests. The authors of the paper have analysed a two-way process of stakeholder management in establishing corporate reputation which is reflected in business performance and results. It was concluded that stakeholder engagement should foster innovation and lead to broader social prosperity, achieving the main goal of sustainability: business excellence according to the principles of the triple final result, by realizing synergy between the social community, environment and profit.
Building Competitive Strategies and Managing Stakeholder Relations
Global Business Strategies in Crisis, Contributions to Management Science, 2017
Stakeholder management and competitive strategy concepts are very important for a company’s position and its corporate structure and for understanding which sectors or customer groups have an effect on business, how the company can be successful, and whether the company can respond to the demands and needs of stakeholders. In the traditional view, stakeholders include employees, shareholders, suppliers, and customers; however, the society, nongovernmental organizations, governments, and media also have a significant impact on business. Therefore, stakeholders have been examined as internal and external ones. To achieve sustainability for their business, companies should strategically analyze and evaluate the stakeholders, who are at the core of their activities and fulfill their necessary responsibilities. This study illustrates the performance results of the stakeholder management theory analyses and competitive strategy on globalization: (1) the stakeholders and competitive strategy of the companies suitable for their employees and management team’s expectations; (2) determining how to meet the expectations of stakeholders; (3) relations between stakeholders and business performance; and (4) finally, relationships with stakeholders, the strategies for managing stakeholders, and the relationship between the business performance and stakeholders.
Stakeholder Management-a Critical study
Businesses play a pivotal role in job and wealth creation in society and exist not by divine right, but like any other part of society, by the sanction of the community as a whole.
2013
The success of organizations today is largely dependent on how stakeholders perceive the organization which could be ascribed to the turbulent external organizational environment; pressure on organizations to report on the social and environmental impacts of their organizational activities; prevalence of public activism, globalization, increasing emergence of organizational issues and crises, and the need for organizations to be regarded as good corporate citizens through ethical and socially responsible behaviour. This dominant focus on organizational stakeholders has provided ‘added impetus and importance to the role of corporate communication’ (Malmelin, 2007) which emphasises the significance of practicing communication strategically. Despite the current emphasis on stakeholder relations and management, a lack of research indicating how to build these relationships is evident from this existing literature. This paper aims to explore the lack of OSR building models that emphasise...
Stakeholder theory in perspective
Corporate Governance: The international journal of business in society, 2005
Those who use stakeholder theory as a reference are both underlining the correlation between facts and a certain conceptualization thereof, and trying to make the necessary shift from a “panoptic” analysis akin to a panoramic vision of texts and positions, to an “in‐depth” one geared towards an understanding of their foundations. As a “theory of organizations”, stakeholder theory helps to nourish a relational model of organizations by revisiting questions about “who” is actually working with (and in) the firm. Stakeholder theory is part of a comprehensive project that views the organization‐group relationship as both a foundation and a norm.
Stakeholder theory, strategy, and organization: Past, present, and future
We reflect on the past, present, and future of stakeholder theory, focusing on its link to strategy and organization scholarship. Stakeholder theory was originally conceived as a theory of strategic management, but for most of its history it largely developed without having a noticeable impact on strategy research. This has changed in the past decade, however, with the strategy field making a "stakeholder turn." We highlight the streams of research at the forefront of this turn, including work on "behavioral stakeholder theory," 'stakeholder strategy theory,' and "stakeholder governance." We conclude with an outlook on how stakeholder theory can help strategy scholars develop a theory of managing value creation that explicitly acknowledges both the economic and moral nature of relationships in and around organizations.
Stakeholder theory: issues to resolve
Management Decision, 2011
Purpose -The objective of this paper is to collate and debate the main issues driving the stakeholder theory academic debate. Design/methodology/approach -First, a discussion of the stakeholder concept is set out before moving on to the history and nature of stakeholder theory. The work proceeds with an attempt to bring together systematically the points of divergence among researchers interested in stakeholder theory, and, finally, there is a brief discussion of these theoretical loopholes in conjunction with a proposed research agenda for the field. Findings -Based on the unification of the theoretically problematic issues, research agenda are put forward with the objective of clarifying doubts and resolving the controversies ongoing among academics. As regards the formulation of stakeholder theory, one question requiring resolution is that of the stakeholder concept itself. Additionally, further research should focus on the boundaries as to what constitutes a stakeholder group as well as defining the criteria for attributing individual membership of one or another group. In practical theoretical application, it is correspondingly necessary to target research on aspects such as conflicts of interest between stakeholders and management difficulties in coping with multiple objectives. Finally, there is a need for research that systematizes the knowledge produced with the objective of attaining the theoretical convergence necessary for the development of stakeholder theory. Originality/value -The main contribution of this paper derives from the systematization of the various shortcomings that need overcoming within the framework of stakeholder theory and the identification of research agendas.