A corporate stakeholder can affect or be affected by the actions of a business as a whole. Any action taken by any organization or any group might affect those people who are linked with them in the private sector. For examples these are parents, children, customers, owners, employees, associates, partners, contractors, and suppliers, people that are related or transactional analysis in organisational behaviour pdf nearby.
In the last decades of the 20th century, the word “stakeholder” became more commonly used to mean a person or organization that has a legitimate interest in a project or entity. Other stakeholders would be funders and the design-and-construction team. In that usage, “constituent” is a synonym for “stakeholder”. There is evidence that the combined effects of such a policy are not only additive but even multiplicative. For instance, by simultaneously addressing customer wishes in addition to employee and stockholder interests, both of the latter two groups also benefit from increased sales.
Supporters also take issue with the preeminent role given to stockholders by many business thinkers, especially in the past. The argument is that debt holders, employees, and suppliers also make contributions and thus also take risks in creating a successful firm. The greatest value of a company is its image and brand. By attempting to fulfill the needs and wants of many different people ranging from the local population and customers to their own employees and owners, companies can prevent damage to their image and brand, prevent losing large amounts of sales and disgruntled customers, and prevent costly legal expenses. A person, group or organization that has interest or concern in an organization. Stakeholders can affect or be affected by the organization’s actions, objectives and policies.
Not all stakeholders are equal. A company’s customers are entitled to fair trading practices but they are not entitled to the same consideration as the company’s employees. Real stakeholders, labelled stakeowners: genuine stakeholders with a legitimate stake, the loyal partners who strive for mutual benefits. Stakeowners own and deserve a stake in the firm. Stakeholder reciprocity could be an innovative criterion in the corporate governance debate as to who should be accorded representation on the board. Corporate social responsibility should imply a corporate stakeholder responsibility.
From Efficient Markets Theory to Behavioral Finance”. Stockholders and stakeholders: A new perspective on corporate governance. Developing a Catchphrase into a Benchmarking Tool. This page was last edited on 10 January 2018, at 07:32. Enjoy proficient essay writing and custom writing services provided by professional academic writers. We value excellent academic writing and strive to provide outstanding essay writing services each and every time you place an order. We write essays, research papers, term papers, course works, reviews, theses and more, so our primary mission is to help you succeed academically.
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