Stakeholder ID Chapter-Mitchell & Lee 2019 prepub version
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Stakeholder ID Chapter-Mitchell & Lee 2019 prepub version
STAKEHOLDER IDENTIFICATION AND ITS IMPORTANCE IN THE VALUE CREATING SYSTEM OF STAKEHOLDER WORKRonald K. Mitchell Professor, and Jean Austin Bagley Reg Stakeholder ID Chapter-Mitchell & Lee 2019 prepub versiongents Chair Texas Tech UniversityRawls College of Business Administration Area of ManagementLubbock. TX 79409-2101 Tel: 1-806-834-1548 Email: ronald.mitchellfg ttu.eduJae Hwan Lee Assistant Professor Hamline UniversityHamline College of Business Management. Marketing, and Public Administration Depar Stakeholder ID Chapter-Mitchell & Lee 2019 prepub versiontment MS-A1740. 1536 Hewitt Avenue Saint Paul. MN 55104-1284Tel: 1-651-523-2714Email: jlee53iã hamline.eduPre-production version: The Handbook of StakStakeholder ID Chapter-Mitchell & Lee 2019 prepub version
eholder Theory 20192ABSTRACT:STAKEHOLDER IDENTIFICATION AND ITS IMPORTANCEIN THE VALUE CREATING SYSTEM OF STAKEHOLDER WORKIII this chapter we address STAKEHOLDER IDENTIFICATION AND ITS IMPORTANCE IN THE VALUE CREATING SYSTEM OF STAKEHOLDER WORKRonald K. Mitchell Professor, and Jean Austin Bagley Reg Stakeholder ID Chapter-Mitchell & Lee 2019 prepub versionrt of stakeholder theory. Freeman et al. (2010) argue that “to successfully create, trade, and sustain value, a business must engage its stakeholders" (p. 282. emphasis added). But how does one identify the stakeholders that need to be engaged? Here we introduce the idea of stakeholder work (Lee. 20 Stakeholder ID Chapter-Mitchell & Lee 2019 prepub version15) as a comprehensive system of value creation, to explain how stakeholder identification work links to value creation through stakeholder engagementStakeholder ID Chapter-Mitchell & Lee 2019 prepub version
.3STAKEHOLDER IDENTIFICATION AND ITS IMPORTANCEIN THE VALL E CREATING SYSTEM OF STAKEHOLDER WORKDue to the economic1 importance of stakeholders in creSTAKEHOLDER IDENTIFICATION AND ITS IMPORTANCE IN THE VALUE CREATING SYSTEM OF STAKEHOLDER WORKRonald K. Mitchell Professor, and Jean Austin Bagley Reg Stakeholder ID Chapter-Mitchell & Lee 2019 prepub versionntify an organization's stakeholders. Currently, the research conversation concerns various means whereby economic-impact stakeholders may be identified consistently and reliably. Such identification is important both to improve explanations of value creation generally, and of economic profit creati Stakeholder ID Chapter-Mitchell & Lee 2019 prepub versionon specifically (e.g.. Barney. 2016). However, to date, the study of stakeholder identification to connect it explicitly to value creation (Freeman CtStakeholder ID Chapter-Mitchell & Lee 2019 prepub version
al.. 2010; Freeman, Harrison. & Wicks. 2007: Harrison & Wicks, 2014) has begun, but is unfinished.For example, one suggested approach to stakeholder STAKEHOLDER IDENTIFICATION AND ITS IMPORTANCE IN THE VALUE CREATING SYSTEM OF STAKEHOLDER WORKRonald K. Mitchell Professor, and Jean Austin Bagley Reg Stakeholder ID Chapter-Mitchell & Lee 2019 prepub versione participation the enterprise would cease to exist (Clarkson. 1995). However, tills approach focuses stakeholder identification research more on explaining stakeholder importance to firm survival, and less on the ob jective of value creation. Another commonly accepted approach, in this case toward Stakeholder ID Chapter-Mitchell & Lee 2019 prepub versionmore general stakeholder identification, has been to study the relational attributes of stakeholders: for example, their levels of power, legitimacy,Stakeholder ID Chapter-Mitchell & Lee 2019 prepub version
and urgency in stakeholder relationships (Mitchell. Agle, & Wood. 1997). But. similarly, this allribulcs-bascd approach docs not readily explain how tSTAKEHOLDER IDENTIFICATION AND ITS IMPORTANCE IN THE VALUE CREATING SYSTEM OF STAKEHOLDER WORKRonald K. Mitchell Professor, and Jean Austin Bagley Reg Stakeholder ID Chapter-Mitchell & Lee 2019 prepub versionithin the strategic management conversation. Here stakeholder groups beyond shareholders (such as employees, suppliers, customers, and1 While in this chapter we bound our analysis by economic considerations, we invite the reader to see also the chapter in this volume called “A Moral Foundation for S Stakeholder ID Chapter-Mitchell & Lee 2019 prepub versiontakeholder Theory," wherein the nonnative importance of stakeholder identification is discussed.4debtholders) are suggested to be important strategicaStakeholder ID Chapter-Mitchell & Lee 2019 prepub version
lly because they provide resources to a firm in return for some compensation and are therefore entitled to some distribution of expected economic profSTAKEHOLDER IDENTIFICATION AND ITS IMPORTANCE IN THE VALUE CREATING SYSTEM OF STAKEHOLDER WORKRonald K. Mitchell Professor, and Jean Austin Bagley Reg Stakeholder ID Chapter-Mitchell & Lee 2019 prepub versionheless, a gap in the literature remains, because there exists no theoretical explanation for how stakeholder identification is value creating. We therefore build on this idea to explore the research question: How can the identification of stakeholders in value creation be better conceptualized to fu Stakeholder ID Chapter-Mitchell & Lee 2019 prepub versionrther stakeholder identification and value creation research?We suggest that a helpful next step is to set stakeholder identification research withinStakeholder ID Chapter-Mitchell & Lee 2019 prepub version
a more comprehensive and fundamental framework: one that links such identification to the economic work that is to be accomplished by and with stakehoSTAKEHOLDER IDENTIFICATION AND ITS IMPORTANCE IN THE VALUE CREATING SYSTEM OF STAKEHOLDER WORKRonald K. Mitchell Professor, and Jean Austin Bagley Reg Stakeholder ID Chapter-Mitchell & Lee 2019 prepub versionlder work that leads to value creation. We therefore undertake to situate the stakeholder identification task in creating value, within the overall stakeholder research literature, by proposing that the specific work of stakeholder identification is but a part, a subsystem—albeit an important one—wi Stakeholder ID Chapter-Mitchell & Lee 2019 prepub versionthin the more comprehensive general system of stakeholder work (Lee. 2015). Lee suggests that five stakeholder-centric work domains follow each otherStakeholder ID Chapter-Mitchell & Lee 2019 prepub version
roughly in sequence: (1) stakeholder awareness work, (2) stakeholder identification work. (3) stakeholder understanding work, and <4) stakeholder prioSTAKEHOLDER IDENTIFICATION AND ITS IMPORTANCE IN THE VALUE CREATING SYSTEM OF STAKEHOLDER WORKRonald K. Mitchell Professor, and Jean Austin Bagley Reg Stakeholder ID Chapter-Mitchell & Lee 2019 prepub versionient for creating value, an undertaking that requires assistance from each phase of the stakeholder-work system.In the first section of this chapter, we summarize the stakeholder identification literature chronologically to note some of the influential scholarly research as a foundation for our late Stakeholder ID Chapter-Mitchell & Lee 2019 prepub versionr5analysis of stakeholder identification work. In the second section, we provide a high-level precis of the relatively new notion of stakeholder workStakeholder ID Chapter-Mitchell & Lee 2019 prepub version
with its five temporally-derived phases. In the third section, we suggest a possible mechanism through which the stakeholder work system creates valueSTAKEHOLDER IDENTIFICATION AND ITS IMPORTANCE IN THE VALUE CREATING SYSTEM OF STAKEHOLDER WORKRonald K. Mitchell Professor, and Jean Austin Bagley Reg Stakeholder ID Chapter-Mitchell & Lee 2019 prepub versionhe chapter we discuss the contributions, strengths, shortcomings, and potential of stakeholder identification research. In short, through articulating the broader lens of the stakeholder work system, we seek to develop new possibilities for research on stakeholder identification work in the importan Stakeholder ID Chapter-Mitchell & Lee 2019 prepub versiont economic work of value creation.STAKEHOLDER IDENTIFICATIONThe definition of a stakeholder, as the term is used currently in the literature, first apStakeholder ID Chapter-Mitchell & Lee 2019 prepub version
peared in the Stanford Memo (1963). which identified stakeholders as “those groups without whose support the organization would cease to exist" (see rSTAKEHOLDER IDENTIFICATION AND ITS IMPORTANCE IN THE VALUE CREATING SYSTEM OF STAKEHOLDER WORKRonald K. Mitchell Professor, and Jean Austin Bagley Reg Stakeholder ID Chapter-Mitchell & Lee 2019 prepub versionogy of selected works to date on stakeholder identification.{Insert Table 1 about here)Additionally. Mitchell et al. (1997) synthesized 27 studies examining definitions used to identify stakeholders and classified them by integrating the stakeholder attributes of power, urgency, and legitimacy. They Stakeholder ID Chapter-Mitchell & Lee 2019 prepub version proposed an 8-part typology, including dormant, demanding, discretionary, dominant, dangerous, dependent, definitive, and non-stakeholders (MitchellStakeholder ID Chapter-Mitchell & Lee 2019 prepub version
et al.. 1997). The resulting theory of stakeholder identification and salience helped to address the longstanding problem with stakeholder identificatSTAKEHOLDER IDENTIFICATION AND ITS IMPORTANCE IN THE VALUE CREATING SYSTEM OF STAKEHOLDER WORKRonald K. Mitchell Professor, and Jean Austin Bagley Reg Stakeholder ID Chapter-Mitchell & Lee 2019 prepub versiones to stakeholder identification are listed in Table 1. and are further analyzed in6Table 2, which appears later ill this chapter. However, most identification mechanisms do not. in themselves, explain what leads to value creation. We therefore develop an argument to suggest that stakeholder identif Stakeholder ID Chapter-Mitchell & Lee 2019 prepub versionication work is an important phase in creating value—one step of several that comprise the overall system of stakeholder work.STAKEHOLDER IDENTIFICATION AND ITS IMPORTANCE IN THE VALUE CREATING SYSTEM OF STAKEHOLDER WORKRonald K. Mitchell Professor, and Jean Austin Bagley RegGọi ngay
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