Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/337873 
Year of Publication: 
2026
Citation: 
[Journal:] Journal of Business Research [ISSN:] 1873-7978 [Volume:] 207 [Article No.:] 116016 [Publisher:] Elsevier [Place:] Amsterdam [Year:] 2026 [Pages:] 1-11
Publisher: 
Elsevier, Amsterdam
Abstract: 
Stakeholder theory has often elevated relationships above transactions, portraying relationships as morally richer and strategically superior. This asymmetry can obscure Freeman’s original insight that both are indispensable to value creation. Drawing on Luhmann’s theory of social systems, we reconceptualize transactions as the elemental operations that reproduce the economic system, while stakeholder relationships generate the legitimacy and trust that stabilize these operations. We argue that transactions and relationships are functionally distinct yet mutually reinforcing: transactions sustain the autonomy of the economy, while relationships provide the social acceptance necessary for its continued viability. Methodologically, the paper adopts a conceptual research design and develops a systems-theoretical framework through theoretical synthesis of scholarship in stakeholder and systems theory. The framework advances stakeholder theory by restoring conceptual symmetry between relationships and transactions and by sensitizing managers to the need for ongoing calibration that aligns the two.
Subjects: 
stakeholder relationships
stakeholder theory
systems theory
transactions
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article
Document Version: 
Published Version

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.