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A Review Of Stakeholder Dynamics

Author

Listed:
  • Tamas Koplyay

    (Universite du Quebec en Outaouais)

  • Maria Fekete-Farkas

    (Szent Istvan University)

  • Doug Lloyd

    (Szent Istvan University)

  • Edit Feher-Toma

    (Szent Istvan University)

Abstract

Stakeholder relationships are a critical part of any businesses success, and should be properly managed to provide the best outcome for the firm during its market lifecycle. Our aim is to emphasize the importance of stakeholders along the firm lifecycle and present cultural dimensions of decision making with an overview of cultural aspects. The paper builds upon on the previous research of authors focusing on the very dynamic High-tech market in Canada. Our main statement is that the role and importance of stakeholders are changing and to show the directions or focus of stakeholders influence changes according to the stages in this market the interactions with, and among stakeholders’ changes remarkably depending on where the firm is in its market evolution or penetration. We also show the importance of stakeholders in the decision making process and analyzing the European market it can be seen that different cultural background even can affect the decisions also in a market with more similar background like Hungary and Germany. Market environment dictates the profile of the stakeholder ecosystem, and this reflects the profile of the marketplace. The relationship is mutually beneficial, or mutually destructive, and proper management is the only way to shift the latter to the former.

Suggested Citation

  • Tamas Koplyay & Maria Fekete-Farkas & Doug Lloyd & Edit Feher-Toma, 2016. "A Review Of Stakeholder Dynamics," Polish Journal of Management Studies, Czestochowa Technical University, Department of Management, vol. 14(1), pages 140-151, December.
    • Handle: RePEc:pcz:journl:v:14:y:2016:i:1:p:140-151
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    References listed on IDEAS

    as
    1. Edit Feher-Toma & Kenneth Agu Obinna & Maria Fekete Farkas, 2014. "Role Of Cultural Differences In Financial Investment Decisions," Economy & Business Journal, International Scientific Publications, Bulgaria, vol. 8(1), pages 1014-1023.
    2. Fried, Vance H. & Bruton, Garry D. & Hisrich, Robert D., 1998. "Strategy and the board of directors in venture capital-backed firms," Journal of Business Venturing, Elsevier, vol. 13(6), pages 493-503, November.
    3. Diana Elena Ranf, 2010. "Cultural Differences In Project Management," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 2(12), pages 1-18.
    4. John M Bryson, 2004. "What to do when Stakeholders matter," Public Management Review, Taylor & Francis Journals, vol. 6(1), pages 21-53, March.
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