Chapter 9: Stakeholders, Redesign the Theory to Reposition The Reality
From the Book: The Refractive Thinker®: Vol. VII: Social Responsibility


Summary

This research study will investigate stakeholder theory and its concept of managing a firm. Until now, stake holder theories lacked the mechanism to achieve its goal in providing managers with clear guidelines that help dealing with stakeholders’ objectives. While the gap continues between shareholders and other stakeholders, new theoretical perspectives may provide the key that enables management theorists and corporate governors to bring stakeholder theory into material reality.

This chapter however, does not offer solutions to the problem, rather it suggests new dimension to employees by including their families in the stakeholder theory. The country and workforce have paid a high price for trying short-term strategies of downsizing and outsourcing. Wall Street’s erroneous numbers have cost many families their homes, health insurance, and their life. We have to start with teaching our students realistic and fair theories. School of business students and MBA graduates need to learn in the beginning of their careers that an employee deserves more attention and protection.

What we are hearing in this presidential campaign and all previous campaigns about creating new jobs and bringing our jobs back from overseas, is uncovering the weakest link in the stakeholder’ theory.