Stakeholder Relationships and Responsibilities: A New Perspective

Abstract

The intensifying debate about stakeholder-oriented relational approaches replacing a pure economic-based perspective has contributed to new stakeholder thinking based on cooperative relationships and mutual and shared responsibilities. In this paper, we provide a new configuration of stakeholder relationships and responsibilities by first discussing three main antecedents of such a differentiated perspective: (a) the failure of the separation thesis; (b) the importance of stakeholder continuous engagement and joint value creation; and (c) the key role of creative imagination. Second, we use these antecedents to illustrate a multi-stakeholder value map that sheds light on the centrality of all stakeholders in a joint value creation emergent process. We posit that adopting such an approach might increase the value creation for all actors, whether directly or indirectly involved in specific multistakeholder alliances, and benefit the firm, the industry and the society from a larger perspective beyond one that is merely economic-based.

Keywords

• stakeholder theory
• stakeholder relationships
• responsibility
• multistakeholder value map
• joint value creation