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Stakeholders Matter - A New Paradigm for Strategy in Society (Hardcover)
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Stakeholders Matter - A New Paradigm for Strategy in Society (Hardcover)
Series: Business, Value Creation, and Society
Expected to ship within 12 - 19 working days
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The dominant shareholder-value model has led to mismanagement,
market failure and a boost to regulation, as spectacularly
demonstrated by the events surrounding the recent financial crisis.
Stakeholders Matter challenges the basic assumptions of this model,
in particular traditional economic views on the theory of the firm
and dominant theories of strategic management, and develops a new
understanding of value creation away from pure self-interest toward
mutuality. This new 'stakeholder paradigm' is based on a network
view, whereby mutuality enhances benefits and reduces risks for the
firm and its stakeholders. The understanding of mutual value
creation is operationalized according to the license to operate, to
innovate and to compete. The book develops a vision for a strategy
in society in which, rather than the invisible hand of the market,
it the visible hands of the firm and the stakeholders that lead to
an overall increase in the welfare of society.
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