Stanford Business Books Redefining the Corporation: Stakeholder Management and Organizational Wealth

This book shows how the modern corporation must meet the expectations of diverse constiutents who contribute to its existence and success, the stakeholders: resource providers, customers, suppliers, alliance partners, and social and political actors. It argues that the corporation must be seen as an institution engaged in mobilizing resources to create wealth and benefits for all its stakeholders. Review Redefining the Corporation is a seminal contribution to the literature on strategy and governance - one that should be compulsory reading for management, observers, and students. The authors have developed a new, more comprehensive and robust view of corporate purpose and how to achieve it in an increasingly complex, global environment.--Len Brooks, The Clarkson Centre for Business Ethics, Rotman School "University of Toronto" Redefining the Corporation is the most creative and pertinent application of stakeholder theory and practice to be published since Freeman's popularization of the concept in 1984. The book bridges theory and practice. It redefines the corporation using the concepts and tools of stakeholder theory and illustrates the relevance of these concepts through the unfolding history, or stakeholder journey, of three major corporations: Cummins, Motorola, and Shell. It is truly a cutting-edge reference work for the 21st century.--Archie B. Carroll, Terry College of Business "University of Georgia" A flood of academic research in the past two decades has taken a stakeholder perspective. Much of it has been shrouded in academic jargon and focused on parochial academic disputes, and none has been fully integrated with functional aspects of academic management. With this book, Post, Preston, and Sachs have given voice to the stakeholder intuition in a way that both managers and academics can recognize. The authors are highly respected scholars, themselves instrumental in popularizing the stakeholder terminology. When Preston, Post, and Sachs discuss stakeholders, academics listen. With this book, managers can listen as well.--Thomas Donaldson, The Wharton School "University of Pennsylvania" In a time of fundamental economic and societal change, the stakeholder view - as developed in this book - is the appropriate framework for strategic thinking. Compared with traditional concepts of strategy, the stakeholder view expands on current perspectives of managerial activities that create organizational wealth. Managers, consultants, and academic scholars will benefit from the case studies of three successful world-class firms.--Edwin Rühli, Institut für betriebswirtschaftliche Forschung "der Universität Zürich" This book is about the survival and development of the business corporation in the 21st Century. The authors have set out to define the stakeholder view of the corporation, and they succeed in showing that the creation of strong and sustainable relationships with employees, customers, and suppliers is necessary for a corporation to create value in the longer term. This book presents a realistic view of stakeholder management and raises some nagging questions about how the modern corporation should distinguish between stakeholders and intruders.--Bernard Taylor, Executive Director, Centre for Board Effectiveness, Henley Management College "England" This is an important book, not only for its abundant empirical evidence gathered from the experiences of Cummins Engine Company, Motorola, and Shell, but also for its insightful theoretical analysis. Written by some of the major scholars in the field, Redefining the Corporation is the thinking person's guide to maintaining corporate vitality while living in a humane community.--Oliver F. Williams, Center for Ethics in Business "University of Notre Dame" This timely and important book continues the thought leadership of Post, Preston, and Sachs about the role of business in society. Its challenging conclusions are based on close observation of