Stakeholders, Stakeholder Theory and Corporate Social Responsibility (CSR)
Keywords:
stakeholders, CSR, stakeholder theory
Abstract
Complacency is almost archaic in the knowledge economy, because firms are overwhelmingly confronted with diverse expectations from informed stakeholders, who pressure on societal issues amid shareholders’ calls for greater financial security. Similarly, there is a growing call for corporations to redefine their responsibilities to stakeholders, and to integrate socio-economic and environmental concerns into business processes and strategies in order to transparently impact on societies. In a bid to support mutually beneficial relationships, this paper shows how stakeholder theory proactively moderates the strength of CSR in social interactions, environmental protection, and sustainable development. It proposes a four-stage stakeholder dialogue ladder which attempts to synergize CSR, stakeholder and stakeholder theory based on the stages as defined by the firm’s extent of development, and her regularity and intensity of interaction with stakeholders. The paper argues that subject to the problem to solve, the languages of CSR and stakeholder theory are useful and that, the dichotomies of covering wrongdoing and creating falsehoods could be addressed when firms adopt stakeholder dialogue and collaboration that aid friendly CSR programmes. Thus, the relationship turns that of dyadic partnership, because corporations follow issue or purpose-based CSR programmes that create values that trickle to interdependent stakeholders. In sum, corporations need to continually get committed to environmentally-sensitive CSR since there is a strong relationship between CSR activities, stakeholders and actual performance.
References
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responsibility lead to improve in firm financial performance? Evidence from Malaysia.
International Journal of Economics & Finance, 6(3), 126-138.
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Management Perspectives, 24(3), 10-23.
Albuquerque, R., Koskinen, Y., Yang, S. & Zhang, C. (2020). Resiliency of Environmental and
Social Stocks: An Analysis of the Exogenous COVID-19 Market Crash. The Review of Corporate Finance Studies, 9(3), 593–621.
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Corporate Social Responsibility (CSR): The case of Malaysia. Kajian Malaysia, 31(1), 57-78.
Awa, H. &Eze, S. (2010). Democracy and User Community Collaboration in Innovation:
A value Creation Paradigm in an Extended Enterprise. International Business and Management, 1(1), November, 90-106.
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Philadelphia.
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exploratory field investigation. Journal of Business Ethics, 95(2), 239-257.
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care is becoming good business. 2846 (June 11), 164-170.
Carroll, A. (1979). A Three-Dimensional Conceptual Model of Corporate Social Performance.
Academy of Management Review, 4(4), 497-505.
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Carroll, A. &Shabana, K. (2010). The Business Case for Corporate Social Responsibility: A
Review of Concepts, Research and Practice. International Journal of Management Reviews, 12(1), 85–105.
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responsibility: analysis of strategic drivers of change. Corporate Governance, 9(4), 373-385.
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Academy of Management Review, 20(1), 92–118.
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of Business Ethics, 98(1), 121–136.
Cooper, S., Crowther, D., Davies, M. & Davis, E. (2001). Shareholder or stakeholder value: The
development of indicators for the control and measurement of performance. The Chartered Institute of Management Accountants, London.
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Irwin.
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International Journal of Epidemiology, 35(6) December, 1384-1394.
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55.
Elijido – Ten, E (2007). Applying stakeholder theory to analyze corporate environmental
performance: Evidence from Australian listed companies. Asian Review of Accounting, 15(2), 164-184.
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Review and a Research Agenda towards an Integrative Framework. Journal of Business Ethics, 183(1), 105-121.
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Economic Democracy, Doubleday, New York.
Freeman, R. (1984). Strategic management: A stakeholder approach. Pitman, Boston.
Freeman, R. &Dmytriyev, S. (2017). Corporate Social Responsibility and Stakeholder
Theory: Learning From Each Other.Symphonya. Emerging Issues in Management,
2 (December), 7-15.
Freeman, R. (1994). The Politics of Stakeholder Theory: Some Future Directions. In
Stakeholders by Robert A. Phillips & R. Edward Freeman (eds.). Edward Elgar Publishing Ltd., Northampton, MA.
Freeman, R., Harrison, J., Wicks, A., Parmar, B. & De Colle, S. (2010). Stakeholder theory. The
state of the art. Cambridge University Press, New York.
Friedman, M. (1970). The Social Responsibility of Business is to Increase its Profits. The New
York Times Magazine. September 13. https://www.nytimes.com/1970/09/13/archives/a-friedmandoctrine-the-social-responsibility-of-business-is-to.html
Friedman, T. (2005). The world is flat: A brief history of the 21st century. Farrar, Straus & Giroux.
Garriga, E., &Mele D. (2004). Corporate Social Responsibility Theories: Mapping the Territory.
Journal of Business Ethics, 53(1-2), 51-71.
Greenfield, W. (2004). In the name of corporate social responsibility. Business Horizons, 47(1),
Jan. – Feb., 19-28.
Halme, M. &Laurila, J. (2009). Philanthropy, integration or innovation? Exploring the financial
and societal outcomes of different types of corporate responsibility. Journal of Business Ethics, 84(3), 325-339.
Heath, J. & Norman, W. (2004). Stakeholder theory, corporate governance, and public
Management. Journal of Business Ethics,53(3), 247-265.
Holt, D. (2000). Post-modern market, in J. Cohen & J. Rogers (eds.)New Democracy Form,
Beacon Press, Boston, MA, 63-68.
Jamali, D. (2008). A Stakeholder Approach to Corporate Social Responsibility: A Fresh
Perspective into Theory and Practice. Journal of Business Ethics, 82(1), 213-231.
Jenkins H., (2009). A business opportunity’ model of corporate social responsibility for
small-and medium-sized enterprises. Business Ethics: A European Review, 18(1), 21-36.
Jones, T. (1995). Instrumental stakeholder theory: A synthesis of ethics and economics. Academy
of Management Review, 20(2), 404–437.
Jones, B. &Nisbet, P. (2011). Shareholder value versus stakeholder values: CSR and
financialization in goal global food firms. Socio-Economic Review, 9(2), 287-314.
Kantabutra, S. &Ketprapakorn, N. (2020). Toward a theory of corporate sustainability: A
theoretical integration and exploration. Journal of Cleaner Production, 270(4), 122292. https://doi.org/10.1016/J.JCLEPRO.2020.122292
Katz, E. &Lazasfeld, P. (1955). Personal influence. Free Press, New York.
Kau, A. &Loh, E. (2006). The effects of service recovery on consumer satisfaction: a
comparison between complainants and non-complainants. Journal of Services Marketing, 20(2), 101–111.
Kazmi, A. (2008). A proposed framework for strategy implementation in the Indian context,
Management Decision, 46(10), 1564-1581.
Keith, R. (1960). The Marketing Revolution. Journal of Marketing, 24(3), Jan., 35-38.
Kotler, P. & Keller, K. (2009). Marketing Management. 13th ed. London: Pearson Education Ltd.
Kotler, P. & Lee, N. (2005). Corporate Social Responsibility: Doing the Most Good for Your
Company and Your Cause. John Wiley & Sons, New Jersey.
Lawrence, P. &Lorsch, J. (1967). Organization and Environment, Division of Research. Harvard
Business School, Boston.
Lee, M. (2011). Configuration of external influences: The combined effects of institutions and
stakeholders on corporate social responsibility strategies. Journal of Business Ethics, 102(2), 281-298.
Lepoutre, J. &Heene, A. (2006). Investigating the impact of firm size on small business social
responsibility: A critical review. Journal of Business Ethics, 67(3), 257–73.
Marx, K. (1973). Outlines of the Critique of Political Economy, Penguin, Trans, Martin
Nicolaus, Harmondsworth.
McGuire, J. (1963). Business and Society. McGraw-Hill, New York.
Metcalfe, C. (1998). The stakeholder corporation. Business Ethics: A European Review, 7(1), 30-
36.
Mitchell, R., Agle, B. & Wood, D. (1997). Toward a theory of stakeholder identification and
salience: Defining the principle of who and what really counts. Academy of Management Review, 22(4), 853-896.
Murray, K. & Vogel, C. (1997). Using a hierarchy-of-effects approach to gauge the effectiveness
of CSR to generate goodwill toward the firm: Financial versus non-financial impacts. Journal of Business Research, 38(2), 141-159.
Nikolova1, V. &Arsić, S. (2017). The stakeholder approach in corporate social responsibility.
Engineering Management, 3(1), 24-35.
Ormiston, M. & Wong E. (2013). License to ill: The Effects of Corporate Social Responsibility
and CEO Moral Identity on Corporate Social Irresponsibility. Personal Psychology, 66(4), 861-893.
O’Riordan, L. &Fairbrass, J. (2008). CSR - Theories, models and concepts in stakeholder
dialogue – A model for decision-makers in the pharmaceutical industry. Journal of Business Ethics, 83(4), 754-758.
Orts, E. &Strudler, A. (2002). The ethical and environmental limits of stakeholder theory.
Business Ethics Quarterly, 12(2), 215–33.
Panwar, R., Rinne, T., Hansen, E. &Juslin, H. (2006). Corporate Responsibility. Balancing
Economic, Environmental, and Social Issues in the Forest Industry. Forest Products Journal, 56(2), 4-12.
Reed, K. (1998). Contextualising Comparative Research: Health Beliefs and Behaviours of
American and British Born Asian Women'Current Research Proceedings New York State Sociological Association, New York: FIT, State University of New York.
Risi, D., Vigneau, L., Bohn, S., &Wickert, C. (2023). Institutional theory-based research on
corporate social responsibility: Bringing values back in. International Journal of Management Reviews, 25(1), 3–23.
Ruf, B., Muralidhar, K., Brown, R., Jay, J. & Paul, K. (2001). An Empirical Investigation of the
Relationship between Change in Corporate Social Performance and Financial Performance: A Stakeholder Theory Perspective. Journal of Business Ethics, 32(2), 143-156.
Russo, A. &Perrini, F. (2010). Investigating Stakeholder Theory and Social Capital: CSR in
Large Firms and SMEs. Journal of Business Ethics, 91(2), 207–221.
Sachs, S., Maurer, E., Ru¨hli, E. & Hoffmann, R. (2006). Corporate Social Responsibility for a
‘‘stakeholder view’’ perspective: CSR implementation by a Swiss mobile telecommunication provider. Corporate Governance, 6(4), 506-515.
Schwartz, M. & Carroll, A. (2008). Integrating and Unifying Competing and Complementary
Frameworks: The Search for a Common Core in the Business and Society Field. Business & Society, 47(2), 148-186.
Sen, S., Bhattacharya, C. &Korschun, D. (2006). The role of Corporate Social Responsibility in
strengthening multiple stakeholder relationships: A field experiment. Journal of the Academy of Marketing Science, 34(2), 158–66.
Sims, R. (2003). Ethics and Corporate Social Responsibility: Why Giants Fall, 300- 318.
Smith, M. (1996). Shareholder Activism by Institutional Investors: Evidence from CalPERS. The
Journal of Finance, 51(1), March, 227-252.
Starik, M. &Kanashiro, P. (2020). Advancing a multi-level sustainability management theory. Sustainability, 4, 17–42. https://doi.org/10.1108/S2514-175920200000004003/FULL/XML
Sweeney, L. & Coughlan, J. (2008). Do different industries report Corporate Social Responsibility
differently? An investigation through the lens of stakeholder theory. Journal of Marketing Communications, 14(2/April), 113–124
Tokoro, N. (2007). Stakeholders and Corporate Social Responsibility (CSR): A New Perspective
on the Structure of Relationships. Asian Business & Management, 6, 143–162
https://doi:10.1057/palgrave.abm.9200218.
Tanggamani, V., Abu-Bakar, S. & Othman, R. (2017). Incorporating role of stakeholder into
corporate CSR strategy for sustainable growth: An exploratory Study. SHS Web of Conferences 36, 00040 DOI: 10.1051/, 00040.
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2021-12-30
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