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In this entry, the concept of a stakeholder will be defined, some problems will be mentioned, and the application of the concept in business practice will be described, as well as uses and misuses of it. Before the 1960s, the word stakeholder had only gambling meaning; afterward, especially after 1984, it got additional business and business ethics meaning, and only a half a decade later, i.e., in 1991, some problems with it were diagnosed. A stakeholder in gambling “is an independent party with whom each of those who make a wager deposits the money, or is a person with an interest or concern in something, especially a business” (Merriam-Webster Dictionary 2021).
The Development of the Stakeholder Concept
One of the basic concepts of corporate social responsibility (CSR), that is, the concept of a stakeholder, was introduced by R. Edward Freeman (Freeman 1984), although it is in use from the mid-1960s of the...
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References
Bonnafous-Boucher, M., & Pesqueux, Y. (2005). Stakeholder theory, a European perspective. London: Palgrave Macmillan.
Bonnafous-Boucher, M., & Rendtorff, J. D. (2016). Stakeholder theory, a model for strategic management. Cham: Springer International Publishing AG Switzerland/Springer Nature.
Freeman, R. E. (1984). Strategic management. Boston: Pitman.
Freeman, R. E., Harrison, J. S., Wicks, A. C., Parmar, B., & de Colle, S. (2010). Stakeholder theory, the state of the art. Cambridge: Cambridge University Press.
Goodpaster, K. E. (1991). Business ethics and stakeholder analysis. Business Ethics Quarterly, 1(1), 53–73.
Harrison, J. S., Barney, J. B., Freeman, R. E., & Phillips, R. A. (2019). The Cambridge handbook of stakeholder theory. Cambridge: Cambridge University Press.
Krkač, K. (2019). Corporate social irresponsibility: Humans vs. artificial intelligence. Social Responsibility Journal, 15(6), 786–802. https://doi.org/10.1108/SRJ-09-2018-0219.
Merriam-Webster Dictionary. (2021). Stakeholder. https://www.merriam-webster.com/dictionary/stakeholder. Accessed 27 Apr 2021.
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Krkač, K. (2023). Stakeholder. In: Idowu, S.O., Schmidpeter, R., Capaldi, N., Zu, L., Del Baldo, M., Abreu, R. (eds) Encyclopedia of Sustainable Management. Springer, Cham. https://doi.org/10.1007/978-3-031-25984-5_371
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