Article

The Value of Managing Stakeholders

George Kassinis

in The Oxford Handbook of Business and the Natural Environment

Published in print November 2011 | ISBN: 9780199584451
Published online January 2012 | | DOI: http://dx.doi.org/10.1093/oxfordhb/9780199584451.003.0005

Series: Oxford Handbooks in Business and Management

The Value of Managing Stakeholders

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This article investigates how firms can create value by managing their complex relationships with multiple stakeholders over time. It discusses the fundamental question of who matters to firms and why. Five main stakeholder groups are considered: regulators, activists and geographic communities, customers, employees, and corporate boards. It also describes the issues involved when considering a firm's polymorphous network of stakeholders and their influences. It is shown that the more dependent an organization is on a group, the greater the power of that group and the greater its ability to influence organizational outcomes. There exists an imbalance in resource dependence favoring firms, as poorer communities may be more dependent on firms for resources than the other way around. Furthermore, the significance of addressing temporality, change, and the notion of co-creation of value in environmental stakeholder research is evaluated.

Keywords: environmental stakeholder; firms; regulators; activists; geographic communities; customers; employees; corporate boards; temporality

Article.  8079 words. 

Subjects: Business and Management ; Business Strategy

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