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By arguing and detailing the elements of a soft and hard infrastructure approach to the process of global stakeholder relationships governance, this study integrates advanced, flexible and feasible tools to develop an organization's listening culture; integrated reporting as an ongoing process of continued multi-stakeholder reporting.
By arguing and detailing the elements of a soft and hard infrastructure approach to the process of global stakeholder relationships governance, this study integrates advanced, flexible and feasible tools to develop an organization's listening culture; integrated reporting as an ongoing process of continued multi-stakeholder reporting.
This book – the first of a two-volume series – argues that, today, stakeholder thinking has evolved into the study of interactive, mutually engaged and responsive relationships that establish the very context of doing modern business, and create the groundwork for transparency and accountability. This book makes it clear that in today's societies successful companies are those that recognize that they have responsibilities to a range of stakeholders that go beyond mere compliance with the law or meeting the fiduciary responsibility inherent in maximizing returns to shareholders. If in the past the focus was on enhancing shareholder value, now it is on engaging stakeholders for long-term value creation. The process of engagement creates a dynamic context of interaction, mutual respect, dialogue and change – not a one-sided "management" of stakeholders. Indeed, the authors believe the very term "stakeholder management" to be outdated and corporate-centric. Companies can manage their relationships with stakeholders, but frequently cannot actually manage the stakeholders themselves, because, as the activist and collaborative initiatives described in this volume suggest, company-stakeholder relationships are not one-way streets and different institutions bring different agendas, goals and priorities to the engagement. There are clear implications to the way in which stakeholder thinking is unfolding today. If in the past corporate "social" responsibility was simply seen as profitability plus compliance plus philanthropy, now responsible corporate citizenship – or corporate responsibility – means companies being more aware of and understanding the societies in which they operate. Corporate responsibility means recognising that day-to-day operating practices affect stakeholders and that it is in those impacts where responsibility lies, not merely in efforts to "do good". Companies are now faced with a wide array of challenges that mean that senior executives and managers need to be able to deal with issues including greater accountability, human rights abuses, sustainability strategies, corporate governance codes, workplace ethics, stakeholder consultation and management. Stakeholder thinking needs to capture these new realities. The global reach of multinational corporations has served to highlight the need for the (re)integration of business into society, relationships into stakeholder relations, and ethics into managerial practice. The rise in power of global activism involving NGOs, and global business involving multinational corporations, makes it even more critical today for companies to consider the power and interests of corporate stakeholders when developing strategic plans. The interactivity and mutuality of relationships described in this book make it clear that firms and stakeholders share the power and responsibility to influence both the profit potential of the firm and how the benefits of the firm's success impact on society. This important volume brings together leading academic thought on stakeholder thinking for the first time. Unfolding Stakeholder Thinking will be indispensable to corporate managers, NGOs and academics seeking greater understanding of the dynamics of stakeholder thinking in a world of rapidly changing responsibilities.A companion volume, Unfolding Stakeholder Thinking 2, focusing on practical issues such as relationship management, communication, reporting, and performance, is also available.
The chapters in this volume cover a wide range of theoretical perspectives grounded in strategy, economics and sociology, employ various methodological approaches, and offer new arguments on the connections that exist between firms’ decisions relating to sustainability, CSR, and the governance of their stakeholder relations.
This book examines corporate approaches to responsible management by investigating the stakeholder relationships between business and society. Though concepts of responsible management continue to evolve, its key objective is to explore the opportunities and dilemmas which business decision-makers face when attempting to reconcile their organisation’s interests with those of other stakeholder groups. In this intensely debated field, it focuses on the power of entrepreneurial purpose and the opportunities which emerge when corporate choices and actions are driven by connected stakeholder interests. A case study of the pharmaceutical industry in the UK and Germany is presented to reveal how decision-makers in this particular sector are responding to their context-specific management challenges. The research findings are subsequently employed to examine and revise a pre-specified stakeholder management framework which was previously developed by the author. The proposed updated framework is the book’s main conceptual contribution. By depicting a set of inclusive, integrated, and inter-related steps, it is intended to provide an innovative, comprehensive, practical toolkit for stakeholder management. As such, it is designed to help decision-makers to attain the greatest possible outcome from the resources they invest by consciously basing their choices not merely on the impacts for their shareholders, but also and more holistically for a broader range of stakeholders. Ultimately, the book demonstrates how optimally harmonised stakeholder management can serve as a powerful catalyst for unlocking viable business opportunities which serve the interests of business and society.
The research on social discourse in societies, firms, and organizations written by researchers working in fields such as Management, Corporate Governance, Accounting and Finance, Strategy, Sociology, and Politics often make reference to the term 'stakeholder'. Yet the concept of the 'stakeholder' is unclear, and research around it often muddled. This book provides an analysis, classification, and critique of the various strands of theory about stakeholders. The authors place these theories both in the context of their philosophical underpinnings, and their practical and policy implications. Practical examples based on new data are used to examine a diverse range of stakeholders, and the relationships stakeholders have with their organizations. This is the first book on stakeholder theory to propose a critical analysis, both at the macro and micro level, that is framed and guided by theory. Written to provide both order and clarity to research into the concept of the stakeholder, the book is also written as an introduction for students. It includes chapter introductions, useful tables and figures, short vignettes on key concepts and issues, and discussion questions.