In management, a stakeholder approach is the practice that managers formulate and implement processes that satisfy stakeholders' needs to ensure long-term success.[1] According to the degree of participation of the different groups, the company can take advantage of market imperfections to create valuable opportunities. It emphasizes active management of the business environment, relationships and the promotion of shared interests.[2] This approach is based on stakeholder theory, which arises as a counterpart to business practices and management that focus on shareholders satisfaction.[3] The implementation of this approach can reinforce the firm values and create competitive advantage. However, it has been criticized for overvaluing stakeholders and its difficulty to reach consensus.
- ^ Post, James E.; Preston, Lee E.; Sachs, Sybille (2002-10-01). "Managing the Extended Enterprise: The New Stakeholder View". California Management Review. 45 (1): 6–28. doi:10.2307/41166151. ISSN 0008-1256. JSTOR 41166151. S2CID 154482316.
- ^ Freeman, R. Edward; McVea, John (2001-01-01). "A Stakeholder Approach to Strategic Management". SSRN 263511.
{{cite journal}}: Cite journal requires|journal=(help) - ^ Freeman, R. Edward; Harrison, Jeffrey S.; Wicks, Andrew C.; Parmar, Bidhan L.; Colle, Simone de (2010-04-01). Stakeholder Theory: The State of the Art. Cambridge University Press. ISBN 9781139484114.