Stakeholder Theory
Stakeholder Theory, broadly speaking, describes an interrelationship among the various actors involved in a given scenario/project/organisation (Freeman, 1984). Taking this interrelationship one step further leads towards relational stakeholder theories, such as the Stakeholder Value Creation (SVC) model (Kujala, et al., 2016). This model views stakeholders as interdependent, with a focus on value-creating relationships, in other words, collective value (Kujala, et al., 2019). Specifically, it emphasizes joint interests, collaboration, and trust in stakeholder relationships (Kujala, 2019).
This value creation resonates for me as a form of relational accountability* within research relationship dynamics. Far from taking from research subjects, SVC in a research context** fosters collaborative creation with research participants. Value is created in relationship and the greater the diversity of stakeholders and of relationships, the greater the value that can be generated. Additionally, the SVC model “seeks to understand how value is defined in… relationships [and] argues that instead of seeking to define what is valuable for whom, leadership should seek to understand value-creating stakeholder relationships and their characteristics” (p. 131, 2019).
* “Fulfilling your relationships with the world around you” as Shawn Wilson defines it (Wilson, 2001).
** SVC, like many stakeholder theories, stems originally from the business sector.
References
Freeman, R. E. (1984). Strategic management: A stakeholder approach. Cambridge university press. (Published as an e-book in 2010).
Kujala, J., Lehtimäki, H., & Myllykangas, P. (2016). Toward a relational stakeholder theory: attributes of value-creating stakeholder relationships. In Academy of Management Proceedings (Vol. 2016, No. 1, p. 13609). Briarcliff Manor, NY 10510: Academy of Management.
Kujala, J., Lehtimäki, H., & Freeman, E. R. (2019). A stakeholder approach to value creation and leadership. Leading change in a complex world: transdisciplinary perspectives.
Wilson, S. (2001). What is indigenous research methodology? Canadian Journal of Native Education, 25(2), 175-179.