Term
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Definition
| an interest in or a share in an undertaking |
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Term
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Definition
| an individual or group that has one or more of the various kinds of stakes in the organization |
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Term
| Production View of the Firm |
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Definition
| owners though of stakeholders as only those individuals or groups that supplied resources or bough products or services |
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| Managerial View of the Firm |
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Definition
| business firms began to see their responsibilities toward other major constituent groups to be essential if they were to be successful |
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| Stakeholder View of the Firm |
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Definition
| the management must perceive as stakeholders not only those groups that the management thinks have some stake in the firm but also those that themselves think or perceive they have a stake in the firm |
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| Primary Social Stakeholders |
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Definition
| have a direct stake in the organiztion and its success and, therefore, are most influential |
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| Secondary Social Stakeholders |
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Definition
| may be extremely influenctial as well, especially in affecting reputation and public standing, but their stake in the organization is more indirect |
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Definition
| the perceived validity or appropriateness of a stakeholder's claim to a stake |
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Definition
| the ability or capacity to produce an effect - to get something done that otherwise may not be done |
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Definition
| the degree to which the stakeholder claim on the business calls for the business's immediate attention or response |
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Definition
| the spatial distance between the organization and its stakeholders |
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Definition
| views stakeholders primarily as factors to be taken into consideration and managed while the firm pursues profits for its shareholders |
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Term
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Definition
| views stakeholders as more than just individuals or groups who can wield economic or legal power |
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Term
| Stakeholder Synthesis Approach |
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Definition
it holds that business does have moral responsibilites to stakeholders but that they should not be seen as part of a fiduciary obligation
*preferred* |
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Term
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Definition
| it provides language and concepts to describe effectively the corporation or organization in inclusive terms |
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Term
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Definition
| it is useful in portraying the relationship between the practice of stakeholder management and the resulting achievement of corporate performance goals |
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Definition
stakeholders are seen as possessing value irrespective of their instrumental use to management
considered the moral or ethical view because it emphasizes how stakeholders should be treated |
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Term
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Definition
| high on potential for cooperation and low on potential for threat |
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Term
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Definition
| low on both potential for threat and potential for cooperation |
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| Nonsupportive Stakeholder |
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Definition
| high on potential for threat but low on potential for cooperation |
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| Mixed-Blessing Stakeholder |
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Definition
| high on both potential for threat and potential for cooperation |
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Term
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Definition
| the process of always reasoning in stakeholder terms throughout the management process, and especially when organizations' decisions and actions have important implications for others |
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Definition
| embraces the beliefs, values and practices that organizations have developed for addressing stakeholder issues and relationships |
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Definition
| not concerned with others |
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| Corporate Egoist and Instrumentalist |
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Definition
limited morality, which focus mostly on the firm's shareholders as the important stakeholders
focus on short-term profit maximization |
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Term
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Definition
| morally based and provide the development of a corporate culture that most broadly conceives of responsibilities to others |
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Term
| Stakeholder Management Capability (SMC) |
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Definition
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Term
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Definition
| descriptive and somewhat analytical, because the legitimacy of stakes, the stakeholders' power and urgency are identified |
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Term
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Definition
| develop and implement approaches, procedures, policies and practices by which the firm may scan the environment and receive pertinent information about stakeholders, which is then used for decision-making purposes |
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Term
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Definition
| the highest goal for stakeholder mangement - the extent to which managers actually engage in transactions (relationships) with stakeholders |
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Term
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Definition
| an approach by which companies implement the transactional level of strategic management capability |
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Definition
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| Stakeholder Inclusiveness |
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Definition
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Definition
| recognizes that all stakeholders depend on each other for their success and financial well-being |
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Term
Principles of Stakeholder Management
(The Clarkson Principles) |
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Definition
| intended to provide managers with guiding precepts regarding how stakeholders should be treated |
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Term
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Definition
integrating stakeholder management into the firm's governing philosophy
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Definition
| create a stakeholder-incluse "values statement" |
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Definition
| implement a stakeholder performance measurement system |
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