Stakeholder engagement and stakeholder management are arguably the most important ingredients for successful project delivery, and yet are often regarded as a fringe activity or one that can be outsourced to business-as-usual functions project managers depend on people to respond to the outputs and. The issue whether managers should apply shareholder theory or stakeholder theory is opens for debate some theorists believe that maximize shareholder profit is the highest objective of firm however, there are many articles and academic journals assert that stakeholder theory is the modern management methods. R edward freeman originally detailed the stakeholder theory of organizational management and business ethics that addresses morals and values in managing an organization his award-winning book strategic management: a stakeholder approach originally published in 1984 and reprinted by cambridge university press in 2010 identifies and models the groups which are stakeholders of a corporation. One of the most important contributors to stakeholder theory is r edward freeman and his book strategic management: a stakeholder approach (1984) the core idea of stakeholder theory is that. Public relations (pr) is the practice of managing the spread of information between an individual or an organization (such as a business, government agency, or a nonprofit organization) and the public public relations may include an organization or individual gaining exposure to their audiences using topics of public interest and news items that do not require direct payment.
Development of an event stakeholder model (reid and arcodia, 2002) and the triple‐bottom line special event stakeholder maps provides event managers with strategic management tools to identify, determine the stake and the effects an event will have upon these individuals or groups this paper explores the literature gap in applying a. Risk management issues in large-scale sporting events: a stakeholder perspective european sport management quarterly, 9 (2), 187 stakeholder management theory: a critical theory perspective business ethics quarterly, 9 (3), 453. This essay examines links, similarities, and dissimilarities between stakeholder theory and sustainability management based on the analysis a conceptual framework is developed to increase the applicability and the application of stakeholder theory in sustainability management concluding from the analysis, we identify three challenges of managing stakeholder relationships for sustainability.
Stakeholder management is the effective management of all participants in a project, be it external or internal contributors arguably, the most important element in stakeholder management is communication where a manager has to spend his 99% time in doing meetings, checking and replying e-mails and updating and distributing reports, etc. This essay first presents an overview of the concepts of the corporate responsibility and stakeholder theory, discussing the link between the two phillips states that stakeholder theory “is a theory of organizational management and ethics” sales of the product would clearly be impacted by this event, as there would undoubtedly be. Stakeholder risk management in ethical decision making – an organic model by linne marie lauesen, phd-stipendiate, copenhagen business school, denmark abstract stakeholder management has for the last three decades been concerned either with strategic business management or business ethics, values and quality stakeholder theory has been. The stakeholder theory is a theory of organizational management and business ethics that addresses morals and values in managing an organization it was originally detailed by ian mitroff in his book stakeholders of the organizational mind, published in 1983 in san francisco. The shareholder and stakeholder theory management essay print reference this disclaimer: the issue whether managers should apply shareholder theory or stakeholder theory is opens for debate some theorists believe that maximize shareholder profit is the highest objective of firm recent events do not constitute an objection to the.
As yet however, there are no documented applications of stakeholder theory specifically in event management contexts this paper examines the role of stakeholders in contributing to successful events. In the first part considering the nature of corporate governance we look at agency theory, transaction cost theory, and stakeholder theory in seeking effective governance we examine the significance of the roles of each of the board, shareholders, internal control and risk management, and internal audit. Stakeholder management for events 1 stakeholder management for events fda events management - beth mcgowan 2 what are stakeholders.
Stakeholder theory is a widely undestood concept in business today stakeholder theory states that the purpose of a business is to create value for stakeholders not just shareholders business needs to consider customers, suppliers, employees, communities and shareholders. How event managers lead: applying competency school theory to event management 403 emma abson the image fit myth of events and destinations 421 sports events, 461 stakeholder management, 247 stakeholder power, 525 stakeholders, 47, 109, 159 stakeholder salience, 525 strategic alignment, 391 survey, 93. A stakeholder is a party with an interest in an enterprise or project stakeholders in a corporation include investors, employees, customers and suppliers.
Stakeholder ethics and stakeholder theory stakeholder theory was first described by dr f edward freeman, a professor at the university of virginia, in his book, strategic management: a stakeholder approachhe suggests that shareholders are merely one of many stakeholders in a company. Practical implications are drawn for event managers regarding the identification, evaluation, and management of stakeholder relationships drawing on resource dependency and stakeholder theories, a conceptual model is presented that illustrates the conclusion that festivals and events are produced within and by a set of managed stakeholder. In at least this instrumental sense, most management theories contain some prescriptive element stakeholder theory is no exception – in fact, stakeholder theory explicitly includes normative as well as instrumental prescriptions. Accordingly, this article addresses festival stakeholder issues and related management strategies, with the dual aims of contributing to event management theory and improving festival viability a questionnaire survey of 14 live-music festivals in sweden yielded data on stakeholder types, dependency issues, and stakeholder management strategies.
An event stakeholder can be deﬁ ned as “ those persons or groups who can inﬂ uence the organiza- tion, or are in ﬂ uenced by it” (getz, 2007, p 92. Stakeholder theory has been previously applied to the strategic magement, business ethics and tourism fields by adopting stakeholder theory and implementing a framework to assess the level of satisfaction amongst stakeholder groups, the organisation is able to monitor, and if necessary, improve relationships with all stakeholders as yet however, there are no documented applications of. Among other interesting developments of the period, a special edition of the academy of management review was devoted to the stakeholder theory (clarke, 2004) since those days, many definitions of the term “stakeholder” have surfaced, and there is still debate about a single simple definition, but both the corporate view and the project. The stakeholder theory has been advanced and justified in the management literature on the basis of its descriptive accuracy, instrumental power, and normative validity these three aspects of the theory, although interrelated, are quite distinct they involve different types of evidence and argument and have different implications in this article, we examine these three aspects of the theory.