Open AccessStakeholder Theory and the Resource-Based View of the Firm
Author(s) -
R. Edward Freeman,
Sergiy Dmytriyev,
Robert A. Phillips
Publication year - 2021
Publication title -
journal of management
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 7.491
H-Index - 224
eISSN - 1557-1211
pISSN - 0149-2063
DOI - 10.1177/0149206321993576
Subject(s) - conversation , stakeholder , stakeholder theory , resource based view , sustainability , business , resource (disambiguation) , stakeholder management , field (mathematics) , knowledge management , process management , public relations , sociology , political science , computer science , marketing , competitive advantage , ecology , computer network , mathematics , communication , pure mathematics , biology
We start this article with the exploration of similarities between the resource-based view of the firm (RBV) and stakeholder theory at the time of their origination and then proceed with the conversation on what led to distinct developmental trajectories of the two theories. Though RBV has become a leading paradigm in the strategic management field, we argue that in its current form, RBV is yet incomplete. We suggest there are four aspects that stakeholder theory can offer to inform RBV: normativity, sustainability, people, and cooperation. Reconciling stakeholder theory and RBV is a promising path to advancing our understanding of management, and we provide a two-part guideline to management scholars and practitioners who would be willing to take this path.