Strategic Decisions in Complex Stakeholder Environments: A Theory of Generalized Exchange

Bruce G. Cameron · Edward F. Crawley

32 citations0/0 files storedEngineering Management Journal

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Abstract

:The authors develop a methodology to compare the firm's knowledge of its networked environment with the priority of its needs. This enables managers to make explicit decisions about the firm's needs, and the feasibility of satisfying them with the firm's production function. A scalable mathematical model of indirect transactions has been built on a foundation of a theory of generalized exchange. Using a multinational resource extraction project as an example, we show how this methodology can be used to prioritize the outputs of the firm, relative to its needs and its strategic environment. This work enables managers to perform an analysis of the firm's stakeholders to determine the relative priority of stakeholder needs, according to the stakeholder's importance to the firm, prior to the translation of needs into requirements.

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References

2010Strategic management a stakeholder approach 1970The Market for "Lemons": Quality Uncertainty and the Market Mechanism 1997Toward a Theory of Stakeholder Identification and Salience: Defining the Principle of who and What Really Counts 1995The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications 1994Decisions with Multiple Objectives: Preferences and Value Tradeoffs.1995The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications 1997Toward a Theory of Stakeholder Identification and Salience: Defining the Principle of Who and What Really Counts 1954Existence of an Equilibrium for a Competitive Economy

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2021Towards territorial product-service systems: A framework linking resources, networks and value creation 2024Value exchanges within stakeholder networks throughout a megaproject's lifecycle

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