Managing for stakeholders: concepts and application

Discipline: EAD5984-1

Concentration area: 12139

Number of Credits: 4

Course load:

(Per week)
(Per week)
(Per week)
• To show evidence from behavioral economics and social psychology in the Stakeholder Theory by suggesting that firms face a population of potential stakeholders that consists not only of so-called ‘reciprocators,’ who do care about fairness but also of self-regarding stakeholders, who do not.
• To discuss the microfoundations of the Stakeholder Theory, revealing new avenues of academic research in this field.

At the end of the course, the student is expected to:
• Be able to understand the premises of why a fairness approach is more effective in attracting, retaining, and motivating reciprocal stakeholders to create value, while an arms-length approach is more effective in motivating self-regarding stakeholders and in attracting and retaining self-regarding stakeholders with high bargaining power.;

Instrumental stakeholder theory proposes a positive relationship between fairness toward stakeholders and firm performance. Yet, some firms are successful with an arms-length approach to stakeholder management, based on bargaining power rather than fairness. Acknowledging heterogeneity of stakeholder motives helps explain that some firms can be successful by ignoring fairness considerations and adopting an arms-length approach to stakeholder management that is strictly based on relative bargaining power. That said, it is important to reflect on new possibilities of research in Stakeholder Theory in order to better understand the nuances of both fairness and arms-length approaches.

-Stakeholder Theory;
-Stakeholder Analysis;
-Stakeholder Strategy;
-Stakeholder Management;
-Stakeholders and Value.

Avaliation methods:
Delivery of paper (in double) in a minimum standard for publication.

Discipline in English

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