Tintu Varghese - Thursday, 12 July 2018, 1:18 PM
Hi,
In recent years, largely on the subject; the concept of stakeholders exploded and academics have
written. Trying to implement it in one way or another; but also non-governmental organizations
(NGOs), regulators, the media, business, and policymakers are thinking about the concept. To the
normative principle, as most of the contributions relate specifically. In order to be sustainable, while
they promote the company's vision and the role of managers whose main objective is to maximize
shareholder value. However, it has more and broader responsibilities; since this perspective seems
to be giving way to that business. In terms of the stakeholder approach, as these are defined better.
There is a lot of controversial literature around which we try to replace and update, because another
reason why this topic is so popular and disputed by theorists. To the concept of stakeholders, along
with the popularity has come a profusion of different overlapping approaches. In this sector, as this
has led to a confusing situation. A number of classification systems have been developed, as to deal
with this conceptual confusion. By Donaldson and Preston in 1995, the most famous contribution of
the literature that distinguishes between normative and strategic or analytic theories of stakeholders
was made.
While the company is looking for benefits for its shareholders, as the strategic approach
considers stakeholders primarily as factors to be taken into account and managed. As the CEO of a
large company applies social responsibility from a stakeholder perspective since the stakeholder
approach is the most attractive philosophy of social responsibility. In order to continue doing
business, as this approach takes precedence over the other two because the company ultimately
responds to its stakeholders in their major decisions. In fact, the company would pay long-term
"dividends", as if the company maintains a positive relationship with its stakeholders.
Reference
Donaldson and Preston, L.E. (1995). “The Stakeholder Theory of Corporation: Concepts, Evidence
and Implication”, Academy of Management Review, 20/1: 65.
Clarkson, M.B.E, (1995). “A Stakeholder Framework for Analyzing and Evaluating Corporate Social
Performance”, Academy of Management Journal, 20/1: 92-118.
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