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Stakeholder Theory: A Millennial Lens on Institutional Foundations, Functional Imperatives, and the Governance of Value

Author

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  • Kithandi, Charles Katua

    (Daystar University, Kenya)

Abstract

Stakeholder theory posits that organisations must create value not only for shareholders but for all parties affected by their operations. This study examines the historical evolution of stakeholder thinking, the broad categories of stakeholders, the two dominant perspectives through which stakeholder management is practised, the core theoretical framework and related theories that underpin the process, the rationale for stakeholder governance and regulation, and the strategic functions that stakeholder engagement serves for households, firms, and government. The study contends that organisations operating with a millennial lens must integrate institutional and functional stakeholder perspectives to sustain profitability and long-run societal growth.

Suggested Citation

  • Kithandi, Charles Katua, 2026. "Stakeholder Theory: A Millennial Lens on Institutional Foundations, Functional Imperatives, and the Governance of Value," African Journal of Commercial Studies, African Journal of Commercial Studies, vol. 7(3).
    • Handle: RePEc:cwk:ajocsl:2026-020
    DOI: 10.59413/ajocs/v7.i3.49
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    JEL classification:

    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance

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