It has been 20 years since R. Edward Freeman (1984) was the first to offer its stakeholder approach to strategic management, which states that companies should consider the needs and requirements of not only the shareholders, but also for a wide range of other external constituencies, or "stakeholders." Examples of stakeholders include customers, employees, suppliers and communities. Freeman theory spawned a vast amount of research, including not only the efforts of the researchers tested, revised and refined the theory, but the opinion of the heads of companies that have used the stakeholders in strategic planning. In this article, based on an analysis of this literature, identifies five important lessons from stakeholder model for today's business leaders. These lessons are particularly important, given the inappropriate behavior that has occurred in the business world in recent years. "Hide
by Ronald W. Clement Source: Business Horizons 10 pages. Publication Date: May 15, 2005. Prod. #: BH122-PDF-ENG
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