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Management Theory and Practice: Criticism and Debate
Edited by Domingo Ribeiro Soriano and Marta Peris-Ortiz
1. Introduction
Stakeholder theory was put forward by [54] Freeman (1984) as a proposal for the strategic management of organizations in the late twentieth century. Over time, this theory has gained in importance, with key works by [35], [36] Clarkson (1994, 1995), [46] Donaldson and Preston (1995), [103] Mitchell et al. (1997), [118] Rowley (1997) and [66] Frooman (1999) enabling both greater theoretical depth and development. From an initially strategic perspective, the theory evolved and was adopted as a means of management by many market-based organizations.
Given it remains a relatively recent addition to the management field, stakeholder theory has not been fully developed. According to [50] Fassin (2008), the success of stakeholder theory, both in the management literature and in business practice, is due in large part to the simplicity inherent to the model. However, over the years, some academics have criticized the vagueness and ambiguity of this theory. The stakeholder model, backed as it is by its simplicity and clear visual presentation, has stirred debates in the academic literature.
Indeed, very few management themes have generated as many published works in recent decades as the underlying concept, i.e. the model and theories around stakeholders ([46] Donaldson and Preston, 1995; [67] Gibson, 2000; [144] Wolfe and Putler, 2002; [65] Friedman and Miles, 2006). One of the most salient characteristics of this theory is the diversity in the points of view that have been expressed within its scope. Correspondingly, there is a low level of theoretical integration whether in terms of the normative, instrumental or descriptive dimensions as well as within the actual dimensions themselves ([93] Lépineux, 2005).
Hence, the objective of this article is to bring together and discuss some of the questions driving stakeholder theory academic debate. This research was motivated by the sheer relevance of the theory to various different areas, especially strategic management, marketing, corporative governance, corporate social responsibility, business ethics, public management, among others.
Similarly, the main contribution of this article derives primarily from the systematization of some of the shortcomings that need overcoming within the framework of stakeholder theory. Based upon this unification of the theoretically problematic issues, we then set out research agendas...