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- W45153007 abstract "Stakeholder management has become increasingly important to business viability in today's competitive landscape where organizations operate as open systems interacting with various stakeholders. Rooted in its normative approach, stakeholder theory (e.g., Freeman, 1984; Evan and Freeman, 1988) prescribes that a business firm is responsible for the well-being of its such as customers, suppliers, employees, investors, and communities who are identified by their interests in the business; thus, the firm ought to be managed in the interests of its stakeholders (Freeman, 1994:417). Freeman (1984) also proposed a stakeholder approach to strategic management, paving ways for the instrumental perspective of stakeholder theory, the research focus of which is on the performance-enhancing mechanism of stakeholder management and competitive advantage that firms can derive from managing stakeholder relationships. Stakeholder-based competitive advantage is based on the fundamental logic of the resource-based view (RBV), postulating that effectively managing relationships with primary stakeholders, such as customers, employees, suppliers and communities, can result in valuable, socially complex resources that are difficult to imitate and can enhance firms' value creation and their ability to outperform competitors (Galbreath, 2006; Hillman and Keim, 2001). Normative and instrumental approaches differ substantially in their approaches to stakeholder theory and firm performance. The normative approach focuses on philosophical and normative inquiries in which empirical pursuits are not emphasized. In contrast, the instrumental approach focuses on theoretical and empirical endeavors in investigating stakeholder management (Donaldson, 2003). Nonetheless, both approaches yield a common prescriptive thrust that managers should manage their business in the interest of primary such as employees, customers, and suppliers who can affect or are affected by the firm. This prescriptive suggestion leads to some pragmatic questions including: (1) whether practicing managers or decision-making agents in business firms would universally embrace such stakeholder prescription; (2) if the stakeholder prescription is not universal in nature, under which conditions the decisionmaking agents would be more likely to embrace the prescription; and (3) whether stakeholder prescription would influence managerial decisions pertaining to external (e.g., suppliers and customers) and internal (e.g., employees) in a similar manner. These questions are addressed through experiments. Specifically, this study empirically investigates the universality of the stakeholder prescription in two aspects. First, it examines whether the stakeholder prescription, in the absence of the norm of reciprocity between the firm and the stakeholders, can exert its influence on stakeholder-related decisions. The norm of reciprocity has been regarded as a stabilizing force of social systems (Gouldner, 1960) and is arguably a foundation of stakeholder relationships (Tangpong and Pesek, 2007). Thus, investigating the decision-governing effect of stakeholder prescription in isolation of, and in combination with, the reciprocity norm is warranted. Second, given that can be conceptualized as external and internal constituents whose dynamic relationships with firms may differ (e.g., Galbreath, 2006; Post et al., 2002), this study investigates whether the stakeholder prescription has an impact on managerial decision-making in both external and internal stakeholder-related decision circumstances. The unit of analysis in this study is the individual decision-maker rather than the organization as the literature suggests that stakeholder theory presents the manager as the central figure of a stakeholder approach, and thus the understanding of managerial decision-making is crucial to the fundamentals of stakeholder management (Reynolds et al. …" @default.
- W45153007 created "2016-06-24" @default.
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- W45153007 date "2010-09-22" @default.
- W45153007 modified "2023-09-23" @default.
- W45153007 title "Stakeholder Prescription and Managerial Decisions: An Investigation of the Universality of Stakeholder Prescription" @default.
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