Stakeholder Theory As an Ethical Approach to Effective Management: applying the theory to multiple contexts

Abstract

Objective – This article provides a brief overview of stakeholder theory,clears up some widely held misconceptions, explains the importanceof examining stakeholder theory from a variety of internationalperspectives and how this type of research will advance managementtheory, and introduces the other articles in the special issue.Design/methodology/approach – Some of the foundational ideasof stakeholder theory are discussed, leading to arguments about theimportance of the theory to management research, especially in aninternational context.Findings – Stakeholder theory is found to be a particularly usefulperspective for addressing some of the important issues in business froman international perspective. It offers an opportunity to reinterpret a varietyof concepts, models and phenomena across may different disciplines.Practical implications – The concepts explored in this article may beapplied in many contexts, domestically and internationally, and acrossbusiness disciplines as diverse as economics, public administration,finance, philosophy, marketing, law, and management.Originality/value – Research on stakeholder theory in an internationalcontext is both lacking and sorely needed. This article and the othersin this special issue aim to help fill that void.

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