IDEAS home Printed from https://ideas.repec.org/a/wly/buseth/v31y2022i2p536-545.html

Stakeholder theory and the knowledge problem: A Hayekian perspective

Author

Listed:
  • Vladislav Valentinov

Abstract

This paper explores the potential for stakeholder theory to illuminate what F.A. Hayek called “the knowledge problem”, pertaining to how a society manages to utilize “knowledge not given to anyone in its totality”. According to Hayek, this problem is addressed by the price system, which induces economic actors to harness local and dispersed pieces of knowledge that would not be available to a central planner. The present paper argues that the growing turbulence in the business environment, as pointed out by stakeholder theorists, poses a challenge to the ability of corporate managers to harness local knowledge. Stakeholder theory is shown to imply that, in a turbulent environment, managers’ ability to do so is increasingly dependent on their access to the knowledge held by corporate stakeholders. This argument suggests that the building of stakeholder relationships is a crucial institutional solution to the knowledge problem.

Suggested Citation

  • Vladislav Valentinov, 2022. "Stakeholder theory and the knowledge problem: A Hayekian perspective," Business Ethics, the Environment & Responsibility, John Wiley & Sons, Ltd., vol. 31(2), pages 536-545, April.
    • Handle: RePEc:wly:buseth:v:31:y:2022:i:2:p:536-545
    DOI: 10.1111/beer.12383
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/beer.12383
    Download Restriction: no
    File URL: https://libkey.io/10.1111/beer.12383?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Hodgson, Geoffrey M., 1998. "Competence and contract in the theory of the firm," Journal of Economic Behavior & Organization, Elsevier, vol. 35(2), pages 179-201, April.
    2. Bart Nooteboom, 2004. "Governance and competence: how can they be combined?," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 28(4), pages 505-525, July.
    3. William J. Baumol, 2013. "The Microtheory of Innovative Entrepreneurship," Journal of Economic Sociology, National Research University Higher School of Economics, vol. 14(3), pages 96-108.
    4. Ingo Pies & Philipp Schreck & Karl Homann, 2021. "Single-objective versus multi-objective theories of the firm: using a constitutional perspective to resolve an old debate," Review of Managerial Science, Springer, vol. 15(3), pages 779-811, April.
    5. Bruce J. Caldwell, 1988. "Hayek's Transformation," History of Political Economy, Duke University Press, vol. 20(4), pages 513-541, Winter.
    6. Jay B. Barney, 2018. "Why resource‐based theory's model of profit appropriation must incorporate a stakeholder perspective," Strategic Management Journal, Wiley Blackwell, vol. 39(13), pages 3305-3325, December.
    7. Birger Wernerfelt, 1984. "A resource‐based view of the firm," Strategic Management Journal, Wiley Blackwell, vol. 5(2), pages 171-180, April.
    8. Edward Freeman, R. & Phillips, Robert A., 2002. "Stakeholder Theory: A Libertarian Defense," Business Ethics Quarterly, Cambridge University Press, vol. 12(3), pages 331-349, July.
    9. Pies, Ingo & Hielscher, Stefan & Beckmann, Markus, 2009. "Moral Commitments and the Societal Role of Business: An Ordonomic Approach to Corporate Citizenship," Business Ethics Quarterly, Cambridge University Press, vol. 19(3), pages 375-401, July.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Daniele Giordino & Ciro Troise & Wim Vanhaverbeke & Francesca Culasso, 2025. "Stakeholder engagement processes for the made in Italy small‐ and medium‐sized enterprises: Value co‐creation in the stakeholder network," Business Ethics, the Environment & Responsibility, John Wiley & Sons, Ltd., vol. 34(4), pages 1033-1050, October.
    2. Vladislav Valentinov, 2025. "Three Problems of Business Addressed by Stakeholder Theory: Insights from the Institutional Economics of John R. Commons," Journal of Business Ethics, Springer, vol. 201(3), pages 717-733, October.
    3. Valentinov, Vladislav, 2025. "Stakeholder theory: A radical institutionalist view," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 59(4), pages 1001-1015.
    4. Roth, Steffen & Sales, Augusto & Valentinov, Vladislav, 2025. "Value plurality and multifunctional commensuration in organisation: A systems‐theoretical approach," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 42(2), pages 553-562.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Valentinov, Vladislav, 2022. "Stakeholder theory and the knowledge problem: A Hayekian perspective," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 31(2), pages 536-545.
    2. Schultz, Felix Carl & Pies, Ingo, 2025. "Kreislaufwirtschaft und Wachstum: Eine kritische Perspektive auf Post-Wachstums- und Pro-Wachstums-Ansätze zur circular economy," Discussion Papers 2025-03, Martin Luther University of Halle-Wittenberg, Chair of Economic Ethics.
    3. Pies, Ingo, 2022. "30 Jahre Unternehmensethik: Ein ordonomischer Rückblick, Überblick und Ausblick," Discussion Papers 2022-01, Martin Luther University of Halle-Wittenberg, Chair of Economic Ethics.
    4. Pies, Ingo, 2022. "30 Jahre Wirtschaftsethik: Zur Entwicklung des ordonomischen Forschungsprogramms," Discussion Papers 2022-02, Martin Luther University of Halle-Wittenberg, Chair of Economic Ethics.
    5. Felix Carl Schultz & Vladislav Valentinov & Robert Jaroslav Reinhardt & Ingo Pies, 2024. "The circular economy rebound effect: Reconceptualizing rebound approaches and mitigation opportunities from an ordonomic perspective," Journal of Industrial Ecology, Yale University, vol. 28(3), pages 374-385, June.
    6. Valentinov, Vladislav & Chia, Robert, 2022. "Stakeholder theory: A process‐ontological perspective," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 31(3), pages 762-776.
    7. Pies, Ingo, 2022. "Kapitalismus(kritik) auf dem Prüfstand," Discussion Papers 2022-04, Martin Luther University of Halle-Wittenberg, Chair of Economic Ethics.
    8. Ting Qian & Caoyuan Yang, 2023. "State-Owned Equity Participation and Corporations’ ESG Performance in China: The Mediating Role of Top Management Incentives," Sustainability, MDPI, vol. 15(15), pages 1-21, July.
    9. Will, Matthias Georg & Hielscher, Stefan, 2013. "How do companies invest in corporate social responsibility? An ordonomic contribution for empirical CSR research," Discussion Papers 2013-3, Martin Luther University of Halle-Wittenberg, Chair of Economic Ethics.
    10. Pies, Ingo & Hielscher, Stefan & Everding, Sebastian, 2020. "Do hybrids impede sustainability? How semantic reorientations and governance reforms can produce and preserve sustainability in sharing business models," Journal of Business Research, Elsevier, vol. 115(C), pages 174-185.
    11. Andræs Barge-Gil, 2013. "Open Strategies and Innovation Performance," Industry and Innovation, Taylor & Francis Journals, vol. 20(7), pages 585-610, October.
    12. Geoffrey M. Hodgson, 2010. "Limits of Transaction Cost Analysis," Chapters, in: Peter G. Klein & Michael E. Sykuta (ed.), The Elgar Companion to Transaction Cost Economics, chapter 28, Edward Elgar Publishing.
    13. Pies, Ingo & Hielscher, Stefan, 2026. "Normative learning processes for addressing grand societal challenges: The ordonomic approach of methodological instrumentalism," Discussion Papers 2026-05, Martin Luther University of Halle-Wittenberg, Chair of Economic Ethics.
    14. Pies, Ingo & Beckmann, Markus & Hielscher, Stefan, 2012. "The political role of the business firm: An ordonomic concept of corporate citizenship developed in comparison with the Aristoleian idea of individual citizenship," Discussion Papers 2012-1, Martin Luther University of Halle-Wittenberg, Chair of Economic Ethics.
    15. Vershinina, Natalia & Rodgers, Peter & Tarba, Shlomo & Khan, Zaheer & Stokes, Peter, 2020. "Gaining legitimacy through proactive stakeholder management: The experiences of high-tech women entrepreneurs in Russia," Journal of Business Research, Elsevier, vol. 119(C), pages 111-121.
    16. Byungjoo Paek & Joohyun Kim & Joonyoung Park & Heesang Lee, 2019. "Outsourcing Strategies of Established Firms and Sustainable Competitiveness: Medical Device Firms," Sustainability, MDPI, vol. 11(17), pages 1-28, August.
    17. Xingmin Ren & Hao Jing & Yaoyao Zhang, 2023. "Construction of Digital Transformation Capability of Manufacturing Enterprises: Qualitative Meta-Analysis Based on Current Research," Sustainability, MDPI, vol. 15(19), pages 1-37, September.
    18. Vladislav Valentinov & Robert Chia, 2022. "Stakeholder theory: A process‐ontological perspective," Business Ethics, the Environment & Responsibility, John Wiley & Sons, Ltd., vol. 31(3), pages 762-776, July.
    19. Shi, Xianwei & Shi, Yongjiang, 2022. "Unpacking the process of resource allocation within an entrepreneurial ecosystem," Research Policy, Elsevier, vol. 51(9).
    20. Fayçal Ait Saadi & Sami Ben Larbi & Véronique Bon, 2025. "Sustainable governance levers and environmental innovation: Evidence from French SBF 120 companies," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 32(2), pages 2347-2361, March.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wly:buseth:v:31:y:2022:i:2:p:536-545. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: https://onlinelibrary.wiley.com/journal/26946424 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.