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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.
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 ...
In 1984, Edward Freeman’s book Strategic Management: A Stakeholder Approach was published. It brought to existence a complete body of knowledge surrounding the ethical management of stakeholders. [6] Soon thereafter, computers were used to facilitate the organizations' engagement with communities and stakeholder analysis.
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 ...
Real stakeholders, labelled stakeholders: genuine stakeholders with a legitimate stake, the loyal partners who strive for mutual benefits. Stake owners own and deserve a stake in the firm. Stakeholder reciprocity could be an innovative criterion in the corporate governance debate as to who should be accorded representation on the board.
In the field of management, strategic management involves the formulation and implementation of the major goals and initiatives taken by an organization's managers on behalf of stakeholders, based on consideration of resources and an assessment of the internal and external environments in which the organization operates.
For strategic planning to work, it needs to include some formality (i.e., including an analysis of the internal and external environment and the stipulation of strategies, goals and plans based on these analyses), comprehensiveness (i.e., producing many strategic options before selecting the course to follow) and careful stakeholder management ...
An underlying principle of stakeholder engagement is that stakeholders have the chance to influence the decision-making process. A key part of this is multistakeholder governance. This differentiates stakeholder engagement from communications processes that seek to issue a message or influence groups to agree with a decision that is already made.