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Strategic management, corporate responsibility and stakeholder management Integrating corporate responsibility principles and stakeholder approaches into mainstream strategy: a stakeholder-oriented and integrative strategic management framework
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The purpose of this article is to establish a strategic management framework that supports
the integration of corporate social responsibility principles and stakeholder approaches into mainstream
business strategy.
Design/methodology/approach – A top-down and bottom-up approach was used to develop the
proposed framework. The top-down approach focused on analyzing the main strategic management
theories including social responsibility movements to identify complementary concepts and create a
relevant topology. The bottom-up approach was based on empirical research on the views of business
companies on corporate social responsibility, a review of best practices and case studies mainly in
Greece.
Findings – The paper describes a stakeholder-oriented integrative strategic management framework
linking the main strategic management theories across value, responsiveness and responsibility
dimensions. A mathematical model is presented describing the synergistic development of
advantage-creating knowledge and advantage-creating stakeholder relations in accordance with the
criteria of the resource-based theory.
Research limitations/implications – The proposed management framework is based on the results of
research projects and is not fully developed and tested. The approach will be refined, exploiting results
from ongoing research including further empirical research and testing in business organizations.
Originality/value – The paper defines a novel conceptual framework extending the resource- and
stakeholder-based approaches by introducing two interlinked concepts: advantage-creating
knowledge and advantage-creating stakeholder relations.
Keywords Strategic management, Stakeholder analysis, Social capital, Corporate social responsibility
Paper type Research paper
NONE
Strategic management, corporate responsibility and stakeholder management Integrating corporate responsibility principles and stakeholder approaches into mainstream strategy: a stakeholder-oriented an
Management
English
2007
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