Stakeholder Theory at the Cross Road: A Holistic Model for Business Government and Society
Stakeholder theory is one of the most accepted models explaining the business government and society. This short theory paper examines various issues related to the stakeholder theory in terms of several critical tensions, including the scope of the model, justice and efficiency considerations and value co-creation. The main contribution of this paper is to introduce the human factor as a focal point leading the social value co-creation and present profit optimization alternative rather than the profit maximization. Consumer perspective and role overlaps are emphasized and some concluding observations are provided with a suggested holistic model for the business government and society relationship.
Keywords : stakeholder theory, business government and society, value cocreation, Justice, effectiveness
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