Open AccessStrategic stakeholder management by corporate social responsibility: Some conceptual thoughts
Author(s) -
Markus Stiglbauer
Publication year - 2011
Publication title -
risk governance and control: financial markets and institutions
Language(s) - English
Resource type - Journals
eISSN - 2077-4303
pISSN - 2077-429X
DOI - 10.22495/rgcv1i2art4
Subject(s) - corporate social responsibility , stakeholder , business , social responsibility , stakeholder theory , salience (neuroscience) , public relations , stakeholder management , sustainability , stakeholder analysis , corporate sustainability , corporate governance , accounting , political science , finance , psychology , ecology , cognitive psychology , biology
The sustainability and responsibility of corporate strategic management has become an important issue in recent years, not only against the background of the current financial and economic crisis. Companies are expected not only to succeed economically, but also ecologically and socially. Companies can use the issue of corporate responsibility to capture new markets and opportunities. But new requirements arise. Thus, stakeholders may exert pressure on companies to assume social responsibility, whereas executives shall lead by example. This paper tries to assess possiblities to meet stakeholder expectations towards companies by implementing corporate social responsibility concepts. We identify primary and secondary stakeholders of companies by using salience theory and try to give conceptual answers how the well-known concept of Caroll‟s corporate social responsibility pyramid my help to improve the current situation and to take top management and supervisory boards into account to establish a change of focus on corporate social responsibility not just as a hot topic.