Stakeholder Excellence? Framing the evolution and complexity of a stakeholder perspective of the firm

Analysing and dealing with the needs and demands of stakeholders is a major concern of modern business. This paper attempts to frame, systematise and conceptualise a number of the underlying issues related to the phenomenon. As a result, a vast array of unaddressed and unanswered questions emerges. What unites these is the implicit acceptance of an emerging (contemporary) stakeholder theory of the firm. This largely normative theory provides some understanding of what constitutes a stakeholder, what stakes they seek to protect and the way in which transactions between the stakeholder and the organisations are handled. While the brevity of the contribution necessitates a somewhat superficial treatment of the issues, the paper leads inevitably to the conclusion that the demonstrated complexity of really engaging with stakeholders means that both theory-development and practice still have a long way to go.