Stakeholder Theory - Revision history

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Business Dictionary defines Stakeholder theory as "a conceptual framework of business ethics and organizational management which addresses moral and ethical values in the management of a business or other organization."<ref>Definition of Stakeholder Theory [http://www.businessdictionary.com/definition/stakeholder-theory.html Business Dictionary]</ref>

In 1984, R. Edward Freeman originally detailed the Stakeholder Theory of organizational management and business ethics that addresses morals and values in managing an organization. His award-winning book Strategic Management: A Stakeholder Approach identifies and models the groups which are stakeholders of a corporation, and both describes and recommends methods by which management can give due regard to the interests of those groups.

The theory has become a key consideration in the study of business ethics and has served as a platform for further study and development in the research and published work of many scholars, including those featured on this website.

Since the 1980s, there has been a substantial rise in the theory’s prominence, with scholars around the world continuing to question the sustainability of focusing on shareholders’ wealth as the most fundamental objective of business.<ref>Background of Stakeholder Theory [http://stakeholdertheory.org/about/ StakeholderTheory.org]</ref>

== References ==

<references/>

@@ Line 1: / Line 1: @@
 == What is the Stakeholder Theory ==
+'''Stakeholder theory''' is a concept in business and management that suggests that an organization's actions should consider the interests and needs of all stakeholders, not just shareholders. Stakeholders are defined as any individual or group that has a stake or an interest in the organization and can include employees, customers, shareholders, suppliers, regulators, and the community.
 According to stakeholder theory, an organization has a responsibility to consider the impact of its actions on all stakeholders and to balance their interests in a way that is fair and ethical. This can involve trade-offs and conflicts of interest and requires organizations to be transparent and accountable for their decisions and actions.
 There are several key principles of stakeholder theory, including:
-#Responsibility: Organizations have a responsibility to consider the impact of their actions on all stakeholders, and to act in a way that is ethical and responsible.
+#Responsibility: Organizations have a responsibility to consider the impact of their actions on all stakeholders and to act in a way that is ethical and responsible.
-#Sustainability: Organizations should consider the long-term impact of their actions on stakeholders, and aim to create value in a way that is sustainable and preserves resources for future generations.
+#Sustainability: Organizations should consider the long-term impact of their actions on stakeholders and aim to create value that is sustainable and preserves resources for future generations.
-#Legitimacy: Organizations should be transparent and accountable for their actions, and seek to build and maintain trust with all stakeholders.
+#Legitimacy: Organizations should be transparent and accountable for their actions and seek to build and maintain trust with all stakeholders.
-#Participation: Organizations should involve stakeholders in decision-making processes, and seek to build mutual understanding and collaboration.
+#Participation: Organizations should involve stakeholders in decision-making processes and seek to build mutual understanding and collaboration.
 == Origin and History ==
-In 1984, R. Edward Freeman originally detailed the Stakeholder Theory of organizational management and business ethics which addresses morals and values in managing an organization. His award-winning book 'Strategic Management: A Stakeholder Approach', identifies and models the groups which are [[Stakeholder|stakeholders]] of a corporation, and both describes and recommends methods by which [[Management|management]] can give due regard to the interests of those groups.
+In 1984, R. Edward Freeman originally detailed the Stakeholder Theory of organizational management and business ethics, which addresses morals and values in managing an organization. His award-winning book 'Strategic Management: A Stakeholder Approach,' identifies and models the groups which are stakeholders of a corporation and both describes and recommends methods by which management can give due regard to the interests of those groups.
-The theory has become a key consideration in the study of business ethics and has served as a platform for further study and development in the research and published work of many scholars. Since the 1980s, there has been a substantial rise in the theory’s prominence, with scholars around the world continuing to question the sustainability of focusing on shareholders’ wealth as the most fundamental objective of business.<ref>Background of Stakeholder Theory [http://stakeholdertheory.org/about/ StakeholderTheory.org]</ref>
+The theory has become a key consideration in the study of business ethics and has served as a platform for further study and development in the research and published work of many scholars. Since the 1980s, there has been a substantial rise in the theory’s prominence, with scholars worldwide continuing to question the sustainability of focusing on shareholders’ wealth as the most fundamental objective of the business.<ref>[http://stakeholdertheory.org/about/ Background of Stakeholder Theory]</ref>
 == See Also ==
-*[[Business Ethics]]
+*[[Stakeholder Value Perspective]]
+*[[Stakeholder]]

@@ Line 1: / Line 1: @@
-Business Dictionary defines Stakeholder Theory as "a conceptual [[framework]] of [[Business Ethics|business ethics]] and [[Organizational Management|organizational management]] which addresses moral and ethical values in the management of a business or other [[organization]]."<ref>Definition of Stakeholder Theory [http://www.businessdictionary.com/definition/stakeholder-theory.html Business Dictionary]</ref>
+== What is the Stakeholder Theory ==
-In 1984, R. Edward Freeman originally detailed the Stakeholder Theory of organizational management and business ethics that addresses morals and values in managing an organization. His award-winning book 'Strategic Management: A Stakeholder Approach', identifies and models the groups which are [[Stakeholder|stakeholders]] of a corporation, and both describes and recommends methods by which [[Management|management]] can give due regard to the interests of those groups.
+'''Stakeholder theory''' is a concept in business and management that suggests that an organization's actions should take into account the interests and needs of all stakeholders, not just shareholders. Stakeholders are defined as any individual or group that has a stake or an interest in the organization and can include employees, customers, shareholders, suppliers, regulators, and the community.
 The theory has become a key consideration in the study of business ethics and has served as a platform for further study and development in the research and published work of many scholars. Since the 1980s, there has been a substantial rise in the theory’s prominence, with scholars around the world continuing to question the sustainability of focusing on shareholders’ wealth as the most fundamental objective of business.<ref>Background of Stakeholder Theory [http://stakeholdertheory.org/about/ StakeholderTheory.org]</ref>
 == References ==
 <references/>

@@ Line 1: / Line 1: @@
-[[Business]] Dictionary defines [[Stakeholder]] theory as "a conceptual [[framework]] of business ethics and organizational [[management]] which addresses moral and ethical values in the management of a business or other [[organization]]."<ref>Definition of Stakeholder Theory [http://www.businessdictionary.com/definition/stakeholder-theory.html Business Dictionary]</ref>
+Business Dictionary defines Stakeholder Theory as "a conceptual [[framework]] of [[Business Ethics|business ethics]] and [[Organizational Management|organizational management]] which addresses moral and ethical values in the management of a business or other [[organization]]."<ref>Definition of Stakeholder Theory [http://www.businessdictionary.com/definition/stakeholder-theory.html Business Dictionary]</ref>
-In 1984, R. Edward Freeman originally detailed the Stakeholder Theory of organizational management and business ethics that addresses morals and values in managing an organization. His award-winning book [[Strategic Management]]: A Stakeholder Approach identifies and models the groups which are stakeholders of a corporation, and both describes and recommends methods by which management can give due regard to the interests of those groups.
+The theory has become a key consideration in the study of business ethics and has served as a platform for further study and development in the research and published work of many scholars. Since the 1980s, there has been a substantial rise in the theory’s prominence, with scholars around the world continuing to question the sustainability of focusing on shareholders’ wealth as the most fundamental objective of business.<ref>Background of Stakeholder Theory [http://stakeholdertheory.org/about/ StakeholderTheory.org]</ref>
 == References ==
 <references/>

@@ Line 1: / Line 1: @@
-Business Dictionary defines Stakeholder theory as "a conceptual framework of business ethics and organizational management which addresses moral and ethical values in the management of a business or other organization."<ref>Definition of Stakeholder Theory [http://www.businessdictionary.com/definition/stakeholder-theory.html Business Dictionary]</ref>
+[[Business]] Dictionary defines [[Stakeholder]] theory as "a conceptual [[framework]] of business ethics and organizational [[management]] which addresses moral and ethical values in the management of a business or other [[organization]]."<ref>Definition of Stakeholder Theory [http://www.businessdictionary.com/definition/stakeholder-theory.html Business Dictionary]</ref>
-In 1984, R. Edward Freeman originally detailed the Stakeholder Theory of organizational management and business ethics that addresses morals and values in managing an organization. His award-winning book Strategic Management: A Stakeholder Approach identifies and models the groups which are stakeholders of a corporation, and both describes and recommends methods by which management can give due regard to the interests of those groups.
+In 1984, R. Edward Freeman originally detailed the Stakeholder Theory of organizational management and business ethics that addresses morals and values in managing an organization. His award-winning book [[Strategic Management]]: A Stakeholder Approach identifies and models the groups which are stakeholders of a corporation, and both describes and recommends methods by which management can give due regard to the interests of those groups.
-The theory has become a key consideration in the study of business ethics and has served as a platform for further study and development in the research and published work of many scholars, including those featured on this website.
+The theory has become a key consideration in the study of business ethics and has served as a platform for further study and development in the research and published work of many scholars, including those featured on this [[website]].
-Since the 1980s, there has been a substantial rise in the theory’s prominence, with scholars around the world continuing to question the sustainability of focusing on shareholders’ wealth as the most fundamental objective of business.<ref>Background of Stakeholder Theory [http://stakeholdertheory.org/about/ StakeholderTheory.org]</ref>
+Since the 1980s, there has been a substantial rise in the theory’s prominence, with scholars around the world continuing to question the sustainability of focusing on shareholders’ wealth as the most fundamental [[objective]] of business.<ref>Background of Stakeholder Theory [http://stakeholdertheory.org/about/ StakeholderTheory.org]</ref>