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Stakeholder capitalism and the value chain

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  • Freeman, Edward
  • Liedtka, Jeanne

Abstract

The purpose of this article by Edward Freeman and Jeanne Liedtka is to explore the idea of stakeholder capitalism. In particular, it is argued that a firm grounding of the idea on four principles, yields a view of business as creating value for stakeholders. To further elaborate stakeholder capitalism it must be connected to the central themes in business strategy. In this article, the value chain is reinterpreted in stakeholder terms. A method of analysis for key stakeholder relationships is explained, and general principles for conceptualizing the value chain in relational terms are suggested.

Suggested Citation

  • Freeman, Edward & Liedtka, Jeanne, 1997. "Stakeholder capitalism and the value chain," European Management Journal, Elsevier, vol. 15(3), pages 286-296, June.
    • Handle: RePEc:eee:eurman:v:15:y:1997:i:3:p:286-296
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    Cited by:

    1. Marius Hasslinger & Michael Olbrich & David Rapp, 2017. "Concerned about Going Concern: When do Entities in Liquidation have to be Considered a Non-Going Concern According to IFRS?," FINANCIAL REPORTING, FrancoAngeli Editore, vol. 2017(1), pages 31-61.
    2. László Csorba, 2019. "Issues and Types of Adverse Selection and Negative Selection," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 18(2), pages 87-116.
    3. David Mhlanga, 2022. "Stakeholder Capitalism, the Fourth Industrial Revolution (4IR), and Sustainable Development: Issues to Be Resolved," Sustainability, MDPI, vol. 14(7), pages 1-20, March.
    4. José María Agudo & Pilar Gargallo & Manuel Salvador, 2015. "Measuring corporative social performance in firms: a Bayesian factor analysis approach," Journal of Business Economics and Management, Taylor & Francis Journals, vol. 16(3), pages 638-659, June.
    5. W. Vandekerckhove & N. A. Dentchev, 2005. "Network Perspective On Stakeholder Management: Facilitating Entrepreneurs In The Discovery Of Opportunities," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 05/295, Ghent University, Faculty of Economics and Business Administration.
    6. Nguyen La Soa & Do Duc Duy & Tran Thi Thanh Hang & Nguyen Dieu Ha, 2024. "The Impact of Environmental Accounting Information Disclosure on Financial Risk: The Case of Listed Companies in the Vietnam Stock Market," JRFM, MDPI, vol. 17(2), pages 1-17, February.
    7. Aurélien Acquier & Bertrand Valiorgue & Thibault Daudigeos, 2017. "Sharing the Shared Value: A Transaction Cost Perspective on Strategic CSR Policies in Global Value Chains," Journal of Business Ethics, Springer, vol. 144(1), pages 139-152, August.
    8. Boban Melovic & Nikola Milovic & Tamara Backovic-Vulic & Branislav Dudic & Peter Bajzik, 2019. "Attitudes and Perceptions of Employees toward Corporate Social Responsibility in Western Balkan Countries: Importance and Relevance for Sustainable Development," Sustainability, MDPI, vol. 11(23), pages 1-37, November.
    9. Olusoji James George & Oluwakemi Owoyemi & Uchechi Onakala, 2012. "Theorising the Concept of Organisational Artefacts: How It Enhances the Development of Corporate/Organisational Identity," International Journal of Business Administration, International Journal of Business Administration, Sciedu Press, vol. 3(4), pages 37-43, July.
    10. Päivi Myllykangas & Johanna Kujala & Hanna Lehtimäki, 2010. "Analyzing the Essence of Stakeholder Relationships: What do we Need in Addition to Power, Legitimacy, and Urgency?," Journal of Business Ethics, Springer, vol. 96(1), pages 65-72, August.
    11. Mahoney, Joseph & Asher, Cheryl Carleton & Mahoney, James, 2004. "Towards a Property Rights Foundation for a Stakeholder Theory of the Firm," Working Papers 04-0116, University of Illinois at Urbana-Champaign, College of Business.
    12. George, Gerard & Schillebeeckx, Simon J.D., 2022. "Digital transformation, sustainability, and purpose in the multinational enterprise," Journal of World Business, Elsevier, vol. 57(3).
    13. Ruirui Zhang & Joseph D’Andrea & Chunmin Lang, 2023. "Gifts and Commodities: A Dialectical Thought Experiment for Sublation," Sustainability, MDPI, vol. 15(9), pages 1-16, May.
    14. Jose Luis Retolaza & Ricardo Aguado & Leire Alcaniz, 2019. "Stakeholder Theory Through the Lenses of Catholic Social Thought," Journal of Business Ethics, Springer, vol. 157(4), pages 969-980, July.
    15. A. Heene & N. A. Dentchev, 2004. "A strategic perspective on stakeholder management," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 04/253, Ghent University, Faculty of Economics and Business Administration.
    16. Azlan Amran & Shiau Ping Lee & S. Susela Devi, 2014. "The Influence of Governance Structure and Strategic Corporate Social Responsibility Toward Sustainability Reporting Quality," Business Strategy and the Environment, Wiley Blackwell, vol. 23(4), pages 217-235, May.
    17. Randall S. Schuler & Susan E. Jackson, 2005. "A Quarter-Century Review of Human Resource Management in the U.S.: The Growth in Importance of the International Perspective," management revue - Socio-Economic Studies, Nomos Verlagsgesellschaft mbH & Co. KG, vol. 16(1), pages 11-35.
    18. Beck, Donizete & Ferasso, Marcos, 2023. "How can Stakeholder Capitalism contribute to achieving the Sustainable Development Goals? A Cross-network Literature Analysis," Ecological Economics, Elsevier, vol. 204(PA).
    19. N. A. Dentchev, 2004. "To What Extent Is Business And Society Literature Idealistic?," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 04/245, Ghent University, Faculty of Economics and Business Administration.
    20. Shekhar & Debadyuti Das, 2023. "Enablers of ‘Creating Shared Value’: A Total Interpretive Structural Modeling–Polarity Approach," Global Journal of Flexible Systems Management, Springer;Global Institute of Flexible Systems Management, vol. 24(2), pages 291-318, June.
    21. Carlos Alberto Freitas & Valmir Emil Hoffmann, 2012. "The Perception of the stakeholders influences strategies and its relation with the generic strategy: case study in small business enterprises of the north coast of Santa Catarina State," Brazilian Business Review, Fucape Business School, vol. 9(2), pages 1-25, April.
    22. Kautonen, Teemu & Schillebeeckx, Simon J.D. & Gartner, Johannes & Hakala, Henri & Salmela-Aro, Katariina & Snellman, Kirsi, 2020. "The dark side of sustainability orientation for SME performance," Journal of Business Venturing Insights, Elsevier, vol. 14(C).
    23. Leeds, C. A., 1998. "A study of communitarianism as a feature of contemporary capitalist societies and management," International Business Review, Elsevier, vol. 7(1), pages 51-67, February.
    24. Vidya Sukumara Panicker & Rajesh Srinivas Upadhyayula & Sumit Mitra, 2023. "Lender representatives on board of directors and internationalization in firms: an institutionalized agency perspective," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 27(1), pages 75-98, March.

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