Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/289207 
Year of Publication: 
2024
Citation: 
[Journal:] Social Responsibility Journal [ISSN:] 1747-1117 [Volume:] 20 [Issue:] 5 [Publisher:] Emerald [Place:] Bingley [Year:] 2024 [Pages:] 975-997
Publisher: 
Emerald, Bingley [u.a.]
Abstract: 
Purpose: Stakeholder theory understands business in terms of relationships among stakeholders whose interests are mainly joint but may be occasionally conflicting. In the latter case, managers may need to make trade-offs between these interests. The purpose of this paper is to explore the nature of managerial decision-making about these trade-offs. Design/methodology/approach: This paper draws on the ordonomic approach which sees business life to be rife with social dilemmas and locates the role of stakeholders in harnessing or resolving these dilemmas through engagement in rule-finding and rule-setting processes. Findings: The ordonomic approach suggests that stakeholder interests trade-offs ought to be neither ignored nor avoided, but rather embraced and welcomed as an opportunity for bringing to fruition the joint interest of stakeholders in playing a better game of business. Stakeholders are shown to bear responsibility for overcoming the perceived trade-offs through the institutional management of social dilemmas. Originality/value: For many stakeholder theorists, the nature of managerial decision-making about trade-offs between conflicting stakeholder interests and the nature of trade-offs themselves have been a long-standing point of contention. The paper shows that trade-offs may be useful for the value creation process and explicitly discusses managerial strategies for dealing with them.
Subjects: 
stakeholder theory
trade-offs
ordonomic approach
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article
Document Version: 
Published Version

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