The Stakeholder Model Refined
AbstractThe popularity of the stakeholder model has been achieved thanks to its powerful visual scheme and its very simplicity. Stakeholder management has become an important tool to transfer ethics to management practice and strategy. Nevertheless, legitimate criticism continues to insist on clarification and emphasises on the perfectible nature of the model. Here, rather than building on the discussion from a philosophical or theoretical point of view, a different and innovative approach has been chosen: the analysis will return to the origin of stakeholder theory and will keep the graphical framework firmly in perspective. It will confront the stakeholder model’s graphical representation to the discussion on stakeholder definition, stakeholder identification and categorisation, to re-centre the debate to the strategic origin of the stakeholder model. The ambiguity and the vagueness of the stakeholder concept are discussed from managerial and legal approaches. The impacts of two major shortcomings of the popular stakeholder framework are examined: the boundaries and the level of the firm’s environment, and the ambivalent position of pressure groups and regulators. Working pragmatically, with a focus on the managerial and organisational perspective, an attempt is made to clarify the categorisations and classifications by introducing new terminology with a distinction between stakeholders, stakewatchers and stakekeepers. The analysis will finally lead to a proposed upgraded and refined version of the stakeholder model, with incremental ameliorations close to Freeman’s original model and a return of focus to its essence, the managerial implications in a strategic approach.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Ghent University, Faculty of Economics and Business Administration in its series Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium with number 08/504.
Length: 46 pages
Date of creation: Feb 2008
Date of revision:
stakeholder; stakewatcher; stakekeeper; stakeholder model; stakeholder theory; strategy; graphical framework; Freeman’s model; pressure groups; business ethics;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-04-04 (All new papers)
- NEP-HIS-2008-04-04 (Business, Economic & Financial History)
- NEP-MKT-2008-04-04 (Marketing)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Damak-Ayadi, Salma & Pesqueux, Yvon, 2005. "Stakeholder theory in perspective," Economics Papers from University Paris Dauphine 123456789/406, Paris Dauphine University.
- Carroll, Archie B., 1991. "The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders," Business Horizons, Elsevier, vol. 34(4), pages 39-48.
- Edward Freeman, R. & Evan, William M., 1990. "Corporate governance: A stakeholder interpretation," Journal of Behavioral Economics, Elsevier, vol. 19(4), pages 337-359.
- Maria Jesus Munoz-Torres & Maria Angeles Fernandez-Izquierdo & Luisa Nieto-Soria & Juana Maria Rivera-Lirio & Elena Escrig-Olmedo & Raul Leon-Soriano, 2009. "SMEs and corporate social responsibility. The perspective from Spanish companies," International Journal of Sustainable Economy, Inderscience Enterprises Ltd, vol. 1(3), pages 270-288.
- D. Vazquez-Brust & C. Liston-Heyes & J. Plaza-Úbeda & J. Burgos-Jiménez, 2010. "Stakeholders Pressures and Strategic Prioritisation: An Empirical Analysis of Environmental Responses in Argentinean Firms," Journal of Business Ethics, Springer, vol. 91(2), pages 171-192, February.
- Rahizah Abd Rahim Author_Email: email@example.com & Morni Hayati Jaafar Sidik & Farah Waheeda Jalaludin, 2011. "The Importance Of Corporate Social Performance To The Prospective Employees In Malaysia," International Conference on Management (ICM 2011) Proceeding 2011-090-351, Conference Master Resources.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Nathalie Verhaeghe).
If references are entirely missing, you can add them using this form.