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Transaction cost economics sees a broad spectrum of governance structures spanned by two types of economic adaptation: autonomous and cooperative. Stakeholder theorists have drawn much inspiration from transaction cost economics but have not paid explicit attention to the centrality of the idea of adaptation in this literature. This study aims to address this gap.

The authors develop a novel conceptual framework applying the distinction between the two types of economic adaptation to stakeholder theory.

The authors argue that the idea of cooperative adaptation is particularly useful for describing the firm’s collaboration with primary stakeholders in the joint value creation process. In contrast, autonomous adaptation is more relevant for firms interacting with secondary stakeholders who are not directly engaged in joint value creation and may not have formal contractual relationships with the firm. Accordingly, cooperative adaptation can be seen as vital for resolving team production problems affecting joint value creation, whereas autonomous adaptation addresses how the firm maintains legitimacy within the larger stakeholder environment.

Similar to its significance for transaction cost economics, the distinction between the two types of adaptation equips stakeholder theory with a new systematic understanding of a potentially broad spectrum of firm–stakeholder collaboration forms.

Justice appears as an important strategic concept for promoting sustainability. Among the sustainable development goals established by the United Nations (UN), Goal 16 is about providing access to justice for all and building effective, accountable, and inclusive institutions. In the stakeholder theory perspective, the perception of fair treatment in the stakeholder management allows the organization to value fairness, impartiality, and morality among all stakeholders. The purpose of this chapter is to analyze the influence of justice in the organizational processes of a network of solidarity economy cooperatives. We used semi-structured interviews and desk research on documents made available by the network. The results point to a series of values and processes based on justice throughout the production and managerial chain, providing relationships understood as fair, which can be replicated in organizations that pursue the same ideals.

Anchored in the theories of brand gestalt and stakeholder perspectives, this study aims to undertake a comprehensive examination of the brand gestalt concept, emphasizing its multidimensional nature and the process of co-creation.

Focused within the context of the Wonderful Indonesia brand, the research draws upon a rich qualitative data set derived from in-depth interviews conducted with 18 international tourists, supplemented by netnography (or internet ethnography) of websites, social media and online articles related to Wonderful Indonesia. Using grounded theory methodology, the qualitative data undergo rigorous analysis to identify emergent themes and patterns.

The research elucidates the four dimensions (4S) comprising brand gestalt: storyscapes, sensescapes, servicescapes and stakeholderscapes. Each dimension is further delineated into essential categories, providing a comprehensive understanding of brand gestalt. This study highlights the collaborative nature of brand gestalt, emphasizing the involvement of multiple stakeholders in shaping the brand's identity and perception. Consumer perceptions of co-creation are identified as significant contributors to brand gestalt, enhancing the brand's value proposition.

Destination management and practitioners can use the insights from the research to refine their brand management and marketing strategies by leveraging the dimensions of brand gestalt. Recognizing the collaborative construct of brand gestalt can guide businesses in fostering meaningful relationships with stakeholders and aligning branding efforts with collective visions. Understanding the role of consumer co-creation in brand development can inform strategies aimed at enhancing brand equity and fostering consumer loyalty.

This study extends existing literature on brand gestalt by providing a comprehensive examination of its four dimensions and essential categories. By emphasizing the collaborative nature of brand gestalt, this study contributes to advancing the understanding of brand co-creation paradigms. The identification of consumer perceptions of co-creation as a significant factor in brand gestalt adds novel insights to the literature, offering valuable implications for brand management and marketing strategies.

Considering the standards developed by the Sustainability Accounting Standards Board (SASB), this study aims to examine whether the link between material sustainability and financial performance depends on the extent to which the company is oriented toward stakeholders.

To test the predictions, 13,942 firm-year observations from 43 different countries are used, covering the period from 2010 to 2019. Using a hand-mapping approach to match the indicators suggested by the SASB with those of the ASSET4, the authors realize that there are 170 material sustainability indicators among 466 indicators of the ASSET4. The authors use three different methods to verify if the materiality matters, including the alphas obtained from the Fama and French factor models, comparing the average abnormal returns of the portfolios and the bootstrapped Cramer technique.

The findings show that companies investing in material sustainability activities perform better than those investing in immaterial activities. Also, consistent with the theoretical foundations, the authors find that the effect of investing in material sustainability activities is more pronounced in stakeholder-oriented countries than that in shareholder-oriented countries. The results are robust to a battery of sensitivity tests.

Owing to COVID-19 in late 2019, data from 2020 to 2022 have not been used to obtain reliable results.

The results obtained in the current research provide valuable guidance for investors to make investments considering the degree of materiality of sustainability activities in different industries. It also helps managers to increase the company’s financial performance, make efficient decisions related to investment in sustainability activities and find investment strategies on the material sustainability issues in their industries.

This study provides a clearer understanding of investment in sustainability activities in different industries by separating material and immaterial sustainability activities in stakeholder and shareholder-oriented countries, and the results obtained can change the perspective of investors and company managers regarding investing in such activities in different countries. Investing in more materiality sustainability activities than the immateriality dimension can be new opportunities for companies to achieve predetermined goals, help retain and attract business partners or be a source of innovation for new product lines or services. Internal morale and employee engagement may increase while increasing productivity and firm performance. This discussion opens the way for future research.

This study provides insight into the effect of investing in material and immaterial sustainability activities in different industries on the company’s performance in shareholder and stakeholder-oriented countries.

This study aims to explore the determinants of engagement with and of stakeholders in corporate social responsibility (CSR) decision-making.

Using stakeholder theory, this study is mainly based on business ethics and CSR literature to develop a model depicting social and organizational contextual factors for engagement in the context of CSR decision-making.

This study identifies nine antecedents for engagement with and of stakeholders in CSR decision-making. Based on stakeholder perspective, the author explores how engagement constructs are influenced at both social and organizational levels by the determinants stakeholder pressure, stakeholder roles, stakeholder resources, stakeholder relationships, stakeholder management, two-way communication, procedural justice, interactional justice and stakeholder proactive strategy.

This study provides insights for companies regarding the determinants underlying engagement to reflect its importance in the context of CSR decision-making.

A better understanding of the determinants of engagement is critical because engagement contributes to achieving “win-win” solutions that ensure increased stakeholder satisfaction.

To the best of the author’s knowledge, this paper is one of the first to explore the determinants of engagement with and of stakeholders in CSR decision-making at both social and organizational levels by referring to stakeholder theory.

In an era of polycrisis, we argue that responsible leaders need to unlearn common thinking patterns imprinted by old (management) paradigms in order to find new solutions to the grand challenges of our time. To be able to overcome the “crisis of the imagination” and spur narratives about more sustainable futures, leaders need to update and restructure their skill sets and invest in developing anticipatory and futures (thinking) skills, as well as futures literacy as a competence. To achieve this on the student level, we also need to rethink business and management education at the university level by challenging the ways we teach, i.e., teaching pedagogics, as well as the content and story we want to tell about the future of management. Thus, with this chapter, we aim to rethink pedagogical methods and tools by introducing educators to potential pathways for equipping students with adequate skills to be able to “use-the-future”. As the process of unlearning is difficult, we argue that we need to venture out of the business discipline and push the barriers of the business and management curriculum so as to be able to further unleash creativity and imagination. To achieve this aim, we propose the integration of methods and approaches from art-related disciplines, such as theater, visual arts, or design, into the business curriculum.

This study operationalizes risks in stakeholder dialog (SD). It conceptualizes SD as co-produced organizational discourse and examines the capacities of organizers' and stakeholders' practices to create a shared understanding of an organization’s risks to their mutual benefit. The meetings and online forum of a German public service media (PSM) organization were used as a case study.

The authors applied corpus-driven linguistic discourse analysis (topic modeling) to analyze citizens' (n = 2,452) forum posts (n = 14,744). Conversation analysis was used to examine video-recorded online meetings.

Organizers suspended actors' reciprocity in meetings. In the forums, topics emerged autonomously. Citizens' articulation of their identities was more diverse than the categories the organizer provided, and organizers did not respond to the autonomous emergence of contextualizations of citizens' perceptions of PSM performance in relation to their identities. The results suggest that risks arise from interactionally achieved occasions that prevent reasoned agreement and from actors' practices, which constituted autonomous discursive formations of topics and identities in the forums.

This study disentangles actors' practices, mutuality orientation and risk enactment during SD. It advances the methodological knowledge of strategic communication research on SD, utilizing social constructivist research methods to examine the contingencies of organization-stakeholder interaction in SD.

Creating our built environment is largely the responsibility of the dynamic and complex construction industry. This business is made up of a wide range of people who work together to construct buildings and infrastructure projects, from contractors and labourers to architects and engineers. Aside from its observable results, the construction sector has a particular culture and atmosphere that are formed by a special fusion of history, creativity and teamwork. The culture and environment in which the construction industry functions are the main topics of this section of the book.

Although the phenomenon of the corporate social responsibility disclosure (CSRD) has derived the interest of several scholars, in recent years, the comparative studies between Islamic banks (IBs) regarding CSRD quantity versus quality have not been the subject matter of studies till now. In this perspective, this chapter aims to investigate the importance given by IBs to the quality and quantity disclosure of CSR. Moreover, it seeks to explore the impact of CSRD quality and quantity on the IBs' financial performance (FP). To meet these objectives, we used a sample of 59 IBs from 2011 to 2016 in the Arab world and non-Arab world. Then, by adopting the content analysis approach, the authors constructed two CSRD indexes (quality and quantity). The empirical results indicated that IBs give more importance to the qualitative disclosure than the quantitative. Our findings will be very helpful for the policymakers and the managers of IBs because maintaining a good CSRD policy increases the capacity of IBs to deal with possible reputational events, thus protecting their profits and financial results. As far as the comparison between the Arabian and non-Arabian IBs, based on financial reports and Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) governance standard N°7 is concerned, our study is among the first studies that provides two new CSRD indexes (quantity and quality).