Business Commons^™

Stakeholder Management: A Managerial Perspective, Jeffrey S. Harrison, Andrew C. Wicks

Management Faculty Publications

Scholars and practitioners have acknowledged the practical relevance of stakeholder theory as it has been applied to management. This chapter provides a brief foundation for understanding the basic principles of stakeholder management and some of its best known tools, including the development of an enterprise strategy, identification and prioritization of stakeholders, and measurement of the value firms create with and for stakeholders. We then share insights about implementation of stakeholder management based on interviews with high-level executives from a variety of well-known companies. We found that stakeholder principles have been applied in a variety of ways and under various labels. …