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In management, a stakeholder approach is the practice that managers formulate and implement processes that satisfy stakeholders' needs to ensure long-term success. [1] According to the degree of participation of the different groups, the company can take advantage of market imperfections to create valuable opportunities.
Numerous articles and books written on stakeholder theory generally identify Freeman as the "father of stakeholder theory". [14] Freeman's Strategic Management: A Stakeholder Approach (1984) is widely cited in the field as being the foundation of stakeholder theory, [15] although Freeman himself refers to several bodies of literature used in the development of his approach, including strategic ...
The origin of stakeholder engagement can be traced back to the 1930s. [5] In 1963, the Stanford Research Institute first defined the concept of stakeholder. [5] In 1984, Edward Freeman’s book Strategic Management: A Stakeholder Approach was published.
Stakeholder theory is a theory of organizational management and business ethics that addresses morals and values in managing an organization. It was originally detailed by Freeman in the book Strategic Management: a Stakeholder Approach, and identifies and models the groups which are stakeholders of a corporation, and both describes and recommends methods by which management can give due ...
Stakeholder engagement is the process by which an organization involves people who may be affected by the decisions it makes or can influence the implementation of its decisions. They may support or oppose the decisions, be influential in the organization or within the community in which it operates, hold relevant official positions or be ...
Robert Allen Phillips provides a moral foundation for stakeholder theory in Stakeholder Theory and Organizational Ethics. There he defends a "principle of stakeholder fairness" based on the work of John Rawls, as well as a distinction between normative and derivative legitimate stakeholders. Real stakeholders, labelled stakeholders: genuine ...
Stakeholder management theory, stakeholder project management theory, and stakeholder government agency theory have all contributed to the intellectual foundation for multistakeholder governance. The history and theory of multistakeholder governance however departs from these models in four ways.
Following the embedding of sustainability in a firm’s strategic management plan, to fully reap the benefits the agenda must be communicated effectively to internal and external stakeholders. Doing so satisfies stakeholder theory, whereby the firm maintains ‘trustful and mutually respectful relationships with the various stakeholders’. In ...