User:Daisythump/Stakeholder theory
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[edit]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.[1] It addresses morals and values in managing an organization, such as those related to corporate social responsibility, market economy, and social contract theory.
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).[2]
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.[3] Some authors, such as Geoffroy Murat, tried to apply stakeholder's theory to irregular warfare.[4]
Article body
[edit]The word "stakeholder" in its current use first appeared in an internal memorandum[5] at the Stanford Research Institute in 1963.[6][7] Subsequently, a "plethora"[6] of stakeholder definitions and theories were developed.[8][6] In 1971, Hein Kroos and Klaus Schwab published a German booklet Moderne Unternehmensführung im Maschinenbau[9] (Modern Enterprise Management in Mechanical Engineering) arguing that the management of a modern enterprise must serve not only shareholders but all stakeholders (die Interessenten) to achieve long-term growth and prosperity. This claim is disputed.[10] US authors followed; for example, in 1983, Ian Mitroff published "Stakeholders of the Organizational Mind" in San Francisco. R. Edward Freeman had an article on Stakeholder theory in the California Management Review in early 1983, but makes no reference to Mitroff's work, attributing the development of the concept to internal discussion in the Stanford Research Institute. He followed this article with a book Strategic Management: A Stakeholder Approach. This book identifies and models the groups which are stakeholders of a corporation, and both describes and recommends methods by which management can give due regard to the interests of those groups. In short, it attempts to address the "principle of who or what really counts. In the traditional view of a company, the shareholder view, only the owners or shareholders of the company are important, and the company has a binding fiduciary duty to put their needs first, to increase value for them. Stakeholder theory instead argues that there are other parties involved, including employees, customers, suppliers, financiers, communities, governmental bodies, political groups, trade associations, and trade unions. Even competitors are sometimes counted as stakeholders – their status being derived from their capacity to affect the firm and its stakeholders. The nature of what constitutes a stakeholder is highly contested (Miles, 2012),[11] with hundreds of definitions existing in the academic literature (Miles, 2011).[12]
References
[edit]- ^ Lin, Tom C. W., Incorporating Social Activism (December 1, 2018). 98 Boston University Law Review 1535 (2018)
- ^ Phillips, Robert (2003). Stakeholder Theory and Organizational Ethics. Berrett-Koehler Publishers. p. 66. ISBN 978-1576752685.
- ^ Harrison, Wicks, Parmar and De Colle, Stakeholder Theory, State of the Art, Cambridge University Press, 2010
- ^ Connelley and Tripodi, Aspects of leadership, Ethics, law and Spirituality, Marines Corps University Press, 2012, pp. 39–59
- ^ R. F. Stewart, J. K. Allen, J. M Cavender: The Strategic Plan, LRPS report no. 168. Long Range Planning Service, Menlo Park: Stanford Research Institute.
- ^ a b c Alex Murdock: Stakeholders. In: Helmut K. Anheier, Stefan Toepler (eds.): International Encyclopedia of Civil Society. doi:10.1007/978-0-387-93996-4_154.
- ^ R. W. Puyt, F. B. Lie, F. J. Graaf: Contagious ideas and cognitive artefacts: the SWOT Analysis evolution in business. BAM2017 Conference Proceedings, 2017.
- ^ Bidhan L. Parmar, R. Edward Freeman, Jeffrey S. Harrison, Andrew C. Wicks, Simone de Colle, Lauren Purnell: Stakeholder theory: the state of the Art. The Academy of Management Annals, June 2010, doi:10.1080/19416520.2010.495581.
- ^ Schwab, Klaus; Kroos, Hein (1971). Moderne Unternehmensführung im Maschinenbau (PDF).
- ^ WEF-Gründer Klaus Schwab schmückt sich mit fremden Federn. 17 January 2020.
- ^ Miles, Samantha (2012). "Stakeholders: essentially contested or just confused?". Journal of Business Ethics. 108 (3): 285–298. doi:10.1007/s10551-011-1090-8. S2CID 89609310.
- ^ Miles, Samantha (2011). "Stakeholder Definitions: Profusion and Confusion". EIASM 1st Interdisciplinary Conference on Stakeholder, Resources and Value Creation, IESE Business School, University of Navarra, Barcelona.