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Business and society ethics sustainability and stakeholder management 9e chapter 3

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Chapter 3

The Stakeholder
Approach to
Business, Society,
and Ethics

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Learning Outcomes
1. Define stake and stakeholder, and describe the
origins of these concepts.
2. Differentiate among the production, managerial, and

stakeholder views of the firm.
3. Differentiate among the three values of the
stakeholder model.
4. Expound upon the concept of stakeholder management.
5. Identify and describe the five major questions that capture
the essence of stakeholder management.
6. Identify the three levels of stakeholder management
capability (SMC).
7. Describe the key principles of stakeholder management.
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Chapter Outline (1 of 2)










Origins of the Stakeholder Concept
Who Are Business’s Stakeholders?
Stakeholder Approaches
Three Values of the Stakeholder Model
Key Questions in Stakeholder Management
Effective Stakeholder Management
Developing a Stakeholder Culture
Stakeholder Management Capability
The Stakeholder Corporation
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Chapter Outline (2 of 2)







Principles of Stakeholder Management
Strategic Steps Toward Global Stakeholder Management
Summary
Key Terms
Discussion Questions

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Origins of the Stakeholder Concept
Stake •An interest or a share in an undertaking.
Can be categorized as:
An Interest

A Right

Ownership

Legal Right
Moral Right
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Stakeholders
Stakeholder -

•Any individual or group who can affect or is
affected by the actions, decisions, policies,
practices, or goals of the organization.

•Stakeholder is a variant of the concept of
stockholder– an investor/owner of businesses.

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Who are Business’s Stakeholders?
Stockholders
Customers

Employees

Community

Competitors

Business Stakeholder Groups

Special-Interest
Groups

Suppliers
Society

Media

General
Public
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Three Views of the Firm

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Production and Managerial Views
of the Firm (fig 3-2 slightly different)

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Stakeholder View of the Firm

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Primary & Secondary Stakeholders
Primary stakeholders •Have a direct stake in the organization and its
success.
Secondary stakeholders •Have a public or special interest stake in the
organization that is more indirect.

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Social Stakeholders
Primary social
stakeholders

Secondary social
stakeholders

Shareholders and investors Government regulators
Employees and managers

Civic institutions

Customers

Social pressure groups

Local communities

Media and academic
commentators

Suppliers and other
business partners

Trade bodies
Competitors

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Nonsocial Stakeholders
Primary nonsocial
stakeholders

Secondary nonsocial
stakeholders

Natural environment

Environmental interest
groups

Future generations

Animal welfare
organizations

Nonhuman species

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A Typology of Stakeholder Attributes
Legitimacy •Refers to the perceived validity or appropriateness of
the stakeholder’s claim to a stake.

Power •Refers to the ability or capacity of a stakeholder to
produce an effect.

Urgency •Refers to the degree to which the stakeholder’s claim
demands immediate attention or response.

Proximity •The spatial distance between the organization and its
stakeholders.

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Stakeholder Typology

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Stakeholder Approaches
Strategic approach •Views stakeholders primarily as factors
managers should manage in pursuit of shareholder
profits.

Multifiduciary approach •Views stakeholders as a group to which
management has a fiduciary responsibility.

Stakeholder synthesis approach •Considers stakeholders as a group to whom
management owes an ethical, but not a fiduciary,
obligation.
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Three Values
of the Stakeholder Model

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Key Questions in
Stakeholder Management
1. Who are our organization’s stakeholders?
2. What are our stakeholders’ stakes?
3. What opportunities and challenges do our
stakeholders present to the firm?
4. What responsibilities (economic, legal,
ethical, and philanthropic) does the firm
have to its stakeholders?
5. What strategies or actions should the firm
take to best address stakeholder challenges
and opportunities?
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Who Are Our Stakeholders?

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What Are
Our Stakeholders’ Stakes?
To identify them, consider •the nature and legitimacy of a group’s stakes.
•the power of a group’s stakes.
•Sub-groups within a generic group.

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What Opportunities and Challenges
do Stakeholders Present?

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What Responsibilities Does a
Firm Have to its Stakeholders?
Apply Corporate Social Responsibility •Responsibilities are


Economic



Legal



Ethical



Philanthropic

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The Stakeholder Responsibility Matrix

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