Stakeholder Theory and the Resource-Based View of the Firm

We start this article with the exploration of similarities between the resource-based view of the firm (RBV) and stakeholder theory at the time of their origination and then proceed with the conversation on what led to distinct developmental trajectories of the two theories. Though RBV has become a leading paradigm in the strategic management field, we argue that in its current form, RBV is yet incomplete. We suggest there are four aspects that stakeholder theory can offer to inform RBV: normativity, sustainability, people, and cooperation. Reconciling stakeholder theory and RBV is a promising path to advancing our understanding of management, and we provide a two-part guideline to management scholars and practitioners who would be willing to take this path.

Automated summary

The article discusses the similarities and differences between RBV and stakeholder theory, proposing that RBV is incomplete and can benefit from incorporating aspects of stakeholder theory. Reconciling the two theories is seen as a promising path to advancing management understanding, with a two-part guideline provided for management scholars and practitioners.