Journal
JOURNAL OF BUSINESS ETHICS
Volume 82, Issue 1, Pages 233-250Publisher
SPRINGER
DOI: 10.1007/s10551-007-9573-3
Keywords
stakeholder management; stakeholder dialogue; multi-stakeholder network; deliberation; conflict management; corporate citizenship; issue management
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From an analysis of the role of companies in multi-stakeholder networks and a critical review of stakeholder theory, it is argued that companies practise two different types of stakeholder management: they focus on their organization's welfare (organization-focussed stakeholder management) or on an issue that affects their relationship with other societal groups and organizations (issue-focussed stakeholder management). These two approaches supplement each other. It is demonstrated that issue-focussed stakeholder management dominates in multi-stakeholder networks, because it enables corporations to address complex problems and challenges in cooperation with stakeholders. Since deliberation is the key to issue-focussed stakeholder management, it helps to cope with numerous and at times contradictory stakeholder demands and enhances the legitimacy of corporate activities.
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