What We Talk About When We Talk About Stakeholders

Will stakeholder theory continue to transform how we think about business and society? On the occasion of this journal’s 60th anniversary, this review article examines the journal’s role in shaping stakeholder theory to date and suggests that it still has transformative potential. We conducted a bibliometric analysis of co-citations in the literature from 1984 to 2020. Reporting these results, we examine the field’s evolving structure. Contextualized theoretically as an accomplishment of institutional work—the creation of a meaningful and innovative field ideology—this structure is remarkable for how it integrates ethical and behavioral arguments, invites engagement from adjacent domains, and arrives at important insights for business and society. We advance a research agenda consistent with this larger institutional project.

Participação Feminina na Alta Gestão e a Sustentabilidade Empresarial no Brasil ## Participation in High Management and Business Sustainability in Brazil

Respaldado pela Teoria dos Stakeholders, o presente estudo tem como objetivo analisar a relação entre a participação feminina na alta gestão e a sustentabilidade empresarial, a partir de uma análise realizada em 83 das 100 empresas listadas na B3 S.A. com maior valor de mercado, de acordo com os dados do exercício de 2018, disponíveis na base Economática®. De natureza quantitativa, a pesquisa utilizou técnicas da estatística descritiva, da Análise de Correspondência Simples (Anacor), do teste de médias e da regressão logística. A participação feminina é medida pela proporção do número de mulheres presentes no Conselho de Administração (CA) e na Diretoria Executiva (DE) em relação ao total de seus membros titulares, enquanto a proxy da sustentabilidade empresarial é mensurada a partir da participação no Índice de Sustentabilidade Empresarial (ISE). A Anacor demonstrou que há uma associação entre a participação feminina no CA e a sustentabilidade empresarial; entretanto, não foi encontrada associação entre a participação feminina na DE com a sustentabilidade. O teste de diferenças entre médias revelou que há diferenças significativas entre as empresas sustentáveis e as não sustentáveis no que tange à variável participação feminina no CA, o que foi ratificado mediante aplicação da regressão logística. Destaque-se que a participação feminina no CA e o tamanho da empresa são as variáveis com mais probabilidade de exercer essa correlação. Com isso, os resultados confirmam os prognósticos da Teoria dos Stakeholders, na medida em que sinaliza que a participação feminina nos órgãos de alta gestão promove resultados efetivos que atendam às necessidades dos acionistas e stakeholders. ABSTRACTSupported by the Stakeholder Theory, this study aims to analyze the relationship between female participation in top management and corporate sustainability, based on an analysis carried out in 83 of the 100 companies listed on B3 SA with the highest market value, according to with the data for the 2018 financial year, available on the Economática® basis. Of a quantitative nature, the research used techniques of descriptive statistics, Simple Correspondence Analysis (Anacor), the means test and logistic regression. Female participation is measured by the proportion of the number of women present on the Board of Directors (CA) and on the Executive Board (DE) in relation to the total of its full members, while the proxy for corporate sustainability is measured based on participation in the Index of Corporate Sustainability (ISE). Anacor has demonstrated that there is an association between female participation in the Board of Directors and corporate sustainability; however, no association was found between female participation in DE with sustainability. The test of differences between means revealed that there are significant differences between sustainable and unsustainable companies with respect to the variable female participation in the Board, which was ratified through the application of logistic regression. It should be noted that female participation in the Board and the size of the company are the variables most likely to exercise this correlation. With this, the results confirm the prognostications of the Stakeholder Theory, insofar as it signals that female participation in top management bodies promotes effective results that meet the needs of shareholders and stakeholders.

Readiness and Stakeholders Influence for Halal Logistics Practices Implementation towards Supply Chain Performance

Halal industry is expanding worldwide, and it requires strong supply chain management to enhance halal business efficiency and preserve credibility through halal logistics process. However, studies on halal logistics remain limited and isolated. Thus, this study aimed to understand the impact of stakeholders on halal logistics practices among Malaysian halal-certified manufacturers. The primary objectives of this study are to examine the underlying dimensions of halal logistics practices, investigate the level of halal logistics practices, investigate the extent of stakeholders' influence on halal logistics practices, and explore the relationship of halal logistics practices towards supply chain performance. Based on the data collected through a questionnaires survey from 270 managers from halal-certified manufacturers, SPSS and SmartPLS were used to test the hypotheses. The findings of the study indicated that operational dimensions are the most practiced dimensions of halal logistics amongst firms. Meanwhile, competitors, government, NGOs, community media and society, and customers significantly influence the adoption of halal logistics practices. Importantly, halal logistics practices are positively related to supply chain performance. This study has extended the feasibility of stakeholder theory in the sense of halal logistics to the scope and comprehensiveness of stakeholders. The outcome of this study provides important implications to both academics and practitioners, particularly in the halal industry.

An original methodology for evaluating the effectiveness of the use of concession mechanisms based on the stakeholder theory

Subject. The article addresses the methodology for evaluating the effectiveness of the use of concession mechanisms based on the stakeholder theory in investment activities. Objectives. The purpose is to develop methodological approaches to assessing the effectiveness of investment process financing, using the concession mechanisms. Methods. I employ both general scientific methods of cognition and analytical, economic and statistical methods of information processing, based on the analysis of existing concession agreements. Results. The study defines a methodology for evaluating the effectiveness of the use of concession mechanisms on the basis of the theory of stakeholders. It enables to determine the limits and prospects for investing private investor's funds, taking into account the evaluation rating scale. Conclusions. The stability of investment activity is an important aspect. The analysis of the existing preliminary review of the current economic state of concession agreements revealed negative cause-and-effect relationships, which are associated essentially with the lack of awareness of the parties of successful implementation of investment projects. My unique methodology for evaluating the effectiveness of the use of concession mechanisms based on the stakeholder approach aims at solving the above-mentioned problem and increasing the efficiency of investment project financing through a preliminary project assessment. It can be used in investment activities, in particular, in preparing and implementing concession agreements in the housing and utilities sector, construction of social institutions and transport infrastructure facilities.

Does a retailer's performance depend on CSR practices? A stakeholder theory perspective from developing economy

PurposeThe study aims to examine the relationship between retailer's performance and corporate social responsibility (CSR) practices in Indian context. The article introduces a new conceptual model considering the parameters as per the stakeholder theory perspective.Design/methodology/approachThe authors conducted empirical research with CSR practices (CSRP) and other parameters to evaluate the retailers' performance using stakeholder theory. The authors present the results from 292 valid responses from the Indian retailers. The study used structured equation modeling (SEM) to present the analysis and the results.FindingsFindings indicate that CSRP along with additional constructs loyalty (L), reputation (R), customer satisfaction (CS) and competitive advantage (CA) have positive and significant impact on organizational performance (OP).Practical implicationsThe framework will serve as a guiding tool to the management of the retail outlets to examine carefully the link among CSRP with other variables presented in the study and subsequently to the retail outlet performance. The retailers must be more focused on the expectations and demands of the customers concerning products and services for better growth of the firms.Originality/valueThe uniqueness of the study lies in “CSR practices enabled integrated model” to examine the performance of the organizations. The proposed theoretical model would add value to the existing literature to help the retailers in process of their performance improvement.

Value creation disclosure: the international integrated reporting framework revisited in the light of stakeholder theory

Purpose The paper aims to propose an integrated reporting (IR) framework rooted in Freeman’s stakeholder theory (ST). The proposed framework modifies the international integrated reporting framework (IIRF) and aims to overcome criticisms related to its focus on investors and the abandonment of sustainability. Design/methodology/approach The paper develops a modified IIRF based on an in-depth analysis of the IR and ST literature. The framework was then applied to a non-profit health-care organisation to verify its theoretical assumptions. Findings The modified IIRF was conceived as a ready-to-use tool. By applying it to a business case, it was validated with respect to whether and how it could help achieve better and more stakeholder-oriented reporting. The findings enabled us to validate the use of the tool not only for reporting but also for the self-assessment of organisations with respect to embedding ST. Research limitations/implications The modified IIRF was implemented only in one case, and further implementations are needed to comprehensively identify its strengths and weaknesses, both in for-profit and non-profit organisations. Practical implications The revised IIRF represents an updated tool for reporting and disclosing the value created by an organisation for itself and for its stakeholders including the external entities affected by the impacts engendered by the organisation. In this way, the IIRF can give visibility to all value created and the value creation process, including sustainability matters. This allows integrated thinking processes to be incorporated accordingly, supporting better management. Originality/value This paper suggests three adjustments to improve the IIRF’s ability to incorporate ST as a theoretical foundation. The adjusted IIRF is a ready to-use-tool specifically highlighting what value or values an organisation delivers (its outcomes), for whom (its stakeholders) and how (its specific business processes) within a business model effectively connecting them. From this point of view, it fits the rising stream about the evolution of the sustainability reporting fostered jointly by the international integrated reporting council and sustainability accounting standard board, and by the European Union.

Success Indicators Influencing Choice Between Born Global and Born Regional Approach

This paper explores the differences between born global firms and born regional firms. It compares performance between born regional firms and born global firms within the same industry. This paper would investigate three independent variables which are: firm performance, firm size, and model on a company’s strategy. I argue that despite key success indicators being almost similar in both born global firms and born regional firms, there exist some unique commonality in born global firms that are not evident in born regional firms, and vise-versa. This uniqueness motivates them to internationalize quicker than born regional firms. This paper would contribute to IB research by explaining the motivations behind behaviors of international venture firms Keywords: Born global firms, Born regional firms, international venture firms, Internationalization, resource based theory, stakeholder theory, shareholder theory

Operationalizing Sustainable Development, Stakeholder Theory, Corporate Social Responsibility to Improve Community Engagement Outcomes

Businesses fail in the absence of an engagement strategy with stakeholders who influence and are influenced by a company’s business activity in communities where the company has a presence. A lack of understanding of the interdependency implicit in the company/community relationship, and the absence of new frameworks to encourage collaboration, has led increasingly to an inability to resolve conflicting views. An evolving approach is business participation in multisector collaborative watershed initiative partnerships. This qualitative multiple case study examines the perspectives of 22 participants of two watershed partnerships relating to corporate social responsibility (CSR), the Triple Bottom Line of sustainable development (TBL), and shared value. The study’s theoretical framework focuses on stakeholder theory integrated with the corporate imperatives of CSR, the TBL, and shared value. The research question is how these constructs might define an unexplored community engagement framework between the company, the community, and watershed initiatives. The research data suggests these factors are interrelated, and, when integrated into a strategy, define a Sustainable Community Engagement Framework that redefines the business case for engaging stakeholders to help resolve often conflicting views relating to the company’s business activity. The study outcomes are particularly relevant to academics, practitioners, business managers, and consultants engaged with high profile organizations such as chemical, petroleum and utility businesses whose presence may generate community concerns about their business activities, especially their environmental footprint.