Stakeholder theory - Stakeholder perspective
9 important questions on Stakeholder theory - Stakeholder perspective
In the stakeholder perspective, 3 approaches are distinguished: normative, descriptive and instrumental. What's the difference?
Descriptive; is about the importance of stakeholders and to which managers need to pay attention to. It regards the decision making. Salience.
Instrumental; considering stakeholders to increase value competition.
What are the assumptions an critiques of the stakeholder perspective? These critiques are given by the shareholder perspective.
- Managers consider interests of stakeholders, so broader than shareholders only.
- Maximizing profit is important, but not the only goal.
- If goals conflict, the goals must be mediated.
Critiques;
- The complexity of the decision making proces increases
- Lack of benchmark for decision making
- Endangers company welfare.
What is the stakeholder identification model of Mitchel, Agile and Wood about?
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What are the three attributes on which the stakeholder identification model is based?
2. Legitimacy; the generalized assumption that actions are desirable. It's about the socially accepted and expected structures.
3. Urgency; this is the degree to which claims call for immediate attention.
What determines the three attributes of the stakeholder identification model?
coercive - force/threat
Utilitarian - material/incentives
Normative - symbolic influence
2. Legitimacy is determined by legitimacy on the individual, organizational and societal level.
3. Urgency is determined by time sensitivity, and criticality.
Time sensitivity - the degree to which managerial delay in attending to the claim or relationship is unacceptable to a stakeholder
Criticality - the importance of the claim or the relationship to the stakeholder.
With the stakeholder identification model, Mitchell et al. Indicated salience by distinguishing 3 stakeholder groups. What is salience?
What are the three stakeholder groups and how do the 8 stakeholder typologies fit in these groups? How is salience determined regarding these typologies?
- Latent stakeholders
Only one attribute is present
* Dormant - power
* Discretionary - legitimacy
* Demanding - urgency
- expectant stakeholders
2 attributes
* Dominant - power and legitimacy
* Dangerous - power and urgency
* Dependend - legitimacy and urgency
- High salient / definite stakeholder
3 attributes
* Definite stakeholder
No stakeholder / potential stakeholder.
The more attributes present, the more salience.
What is the difference between a broad and small stakeholder definition?
small - groups on which the organization depends regarding survival.
What are the limitations of the stakeholder identification model?
1. It's not clear where to focus on
2. Norms and values are not taken into account
3. It doesn't focus on multiple goals
4. It's about one point in time
5. It doesn't take into account the complexity nowadays
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