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MSM - Detailed Summary of ALL Articles! 2025
Detailed Summary for master course Multi-Stakeholder Management of the master Business Administration Strategy and Organization.
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MSM - SummaryMulti-Stakeholder Management
Week 1 Why is multi-stakeholder management necessary?............................................. 3
Lecture 1.1 Introduction to the stakeholder paradigm in business..................................... 3
Article 1 - Camillus J.C. (2008) Strategy as a wicked problem. Harvard Business
Review: 98-106............................................................................................................ 3
Article 2 - Stoelhorst & Vishwanathan (2023) Beyond primacy: A stakeholder theory
of corporate governance. Academy of Management Review.......................................4
Article 3 - García-Castro, Ariño, Rodriguez & Ayuso (2008). A cross-national study of
corporate governance and employment contracts. Business Ethics: A European
Review 17(3)................................................................................................................ 5
Lecture 1.2 Stakeholder theory in a value chain context....................................................7
Article 4 - Boele, R., Fabig, H. & Wheeler, D. (2001). Shell, Nigeria and the Ogoni. A
study in unsustainable development I: The story of Shell, Nigeria and the Ogoni
people – environment, economy, relationships: conflict and prospects for resolution.
Sustainable Development 9(2): 74-86..........................................................................7
Article 5 - Grolin, J. (1998). Corporate legitimacy in risk society: the case of Brent
Spar. Business Strategy and the Environment, 7(4), 213–222.................................... 8
Article 6 - Roloff, J. (2008). Learning from Multi-Stakeholder Networks:
Issue-Focussed Stakeholder Management. Journal of Business Ethics, 82(1),
233–250....................................................................................................................... 9
Lecture 1.3 Guest lecture on stakeholder theory in a value chain context.......................12
Article 7 - Atabongawung, T. (2016) New Thinking on Transnational Corporations and
Human Rights. Towards a Multi-Stakeholder Approach. Netherlands Quarterly of
Human Rights, 34(2):147-173.................................................................................... 12
Week 2 Who are the stakeholders?.................................................................................... 14
Lecture 2.1 Who are the stakeholders............................................................................. 14
Article 1 - Jones, Felps, & Bigley (2007). Ethical Theory and Stakeholder-Related
Decisions: The Role of Stakeholder Culture. The Academy of Management Review,
32(1),137–155............................................................................................................ 14
Article 2 - Reed et al. (2009). Who’s in and why? A typology of stakeholder analysis
methods for natural resource management. Journal of Environmental Management
90: 1933-1949............................................................................................................ 15
Lecture 2.2 Stakeholder theory in a business ecosystem context................................... 17
Article 3 - Moggi, S., & Dameri, R. P. (2021). Circular business model evolution:
Stakeholders matter for a self-sufficient ecosystem. Business Strategy and the
Environment, 30( 6), 2830– 2842...............................................................................17
Lecture 2.3 Guest lecture on stakeholder theory in a business ecosystem context.........19
Article 4 - Tapaninaho, R., & Heikkinen, A. (2022). Value creation in circular economy
business for sustainability: A stakeholder relationship perspective. Business Strategy
and the Environment, 31(6), 2728–2740....................................................................19
Week 3 How to approach and engage stakeholders?...................................................... 21
Lecture 3.1 What do stakeholder relationships look like?................................................ 21
Article 1 - Bridoux & Stoelhorst 2016. Stakeholder relationships and social welfare: A
behavioral theory of contributions to joint value creation. Academy of Management
1
, Review 41(2).............................................................................................................. 21
Article 2 - Quintelier, KJP & Vock, M (2023) The effect of mixing stakeholder value
and profit on cooperation: You can't have your cake and eat it too. European
Management Journal..................................................................................................22
Lecture 3.2 Stakeholder theory in a value chain context..................................................24
Article 3 - Nartey, Henisz, & Dorobantu (2018), Status Climbing Versus Bridging:
Multinational Stakeholder Engagement Strategies, Strategy Science, 3 (2), pp.
367-392...................................................................................................................... 24
Article 4 - Henisz, W. (working paper). Business, Insular Stakeholder Relations, and
Conflict....................................................................................................................... 25
Article 5 - Nartey, L. J., Henisz, W. J., & Dorobantu, S. (2023). Reciprocity in
firm–stakeholder dialog: Timeliness, valence, richness, and topicality. Journal of
Business Ethics, 183(2), 429-451.............................................................................. 26
Lecture 3.3 Stakeholder theory in a business ecosystem context and wrapping up........28
Article 6 - Quintelier, van Bommel, van Erkelens, Wempe (2023) People at the heart
of circularity: A mixed methods study about trade-offs, synergies, and strategies
related to circular and social organizing. Journal of Cleaner Production................... 28
2
,Week 1 Why is multi-stakeholder management
necessary?
Lecture 1.1 Introduction to the stakeholder paradigm in
business
Article 1 - Camillus J.C. (2008) Strategy as a wicked problem. Harvard
Business Review: 98-106.
John C. Camillus explores how companies face increasingly complex and unresolvable
strategy challenges, known as "wicked problems," which differ fundamentally from
conventional issues. Wicked problems, as defined by Horst W.J. Rittel and Melvin M.
Webber, have no clear solutions, numerous stakeholders with conflicting priorities, and
evolve as attempts are made to address them. Examples include environmental degradation
and corporate challenges like Wal-Mart's growth struggles.
Key Characteristics of Wicked Problems:
1. Diverse Stakeholders: Multiple parties with competing values and goals.
2. Complex Roots: Interwoven causes defying straightforward analysis.
3. Evolving Nature: Solutions reshape the problem, requiring adaptive approaches.
4. Unprecedented Challenges: Lack of historical guidance or analogs.
5. No Clear Solution: Answers only emerge through experimentation and learning.
Managing Wicked Problems:
Camillus proposes practical approaches to "tame" wicked strategy problems:
1. Stakeholder Involvement: Actively engage stakeholders in defining and addressing
problems to build shared understanding and buy-in.
2. Corporate Identity: Define enduring values, competencies, and aspirations to serve
as a strategic touchstone.
3. Focus on Action: Experiment with feasible strategies, prioritize robust actions, and
embrace learning from failures.
4. Feed-Forward Orientation: Anticipate future scenarios, test assumptions, and explore
potential outcomes to adapt to uncertainties.
Case Study: PPG Industries
PPG’s approach highlights effective responses to wicked problems:
● Corporate Identity: PPG’s consistent values and aspirations shaped its strategic
focus despite shifting business portfolios.
● Scenario Planning: Envisioning future scenarios enabled PPG to identify key
strategies that would succeed across diverse conditions.
● Innovative Practices: Continuous planning, stakeholder engagement, and
investments in scalable technology allowed PPG to remain agile and innovative.
3
,Key Takeaways:
● Recognizing the "wickedness" of problems is crucial for effective strategy
development.
● Traditional, linear planning processes often exacerbate wicked issues.
● Companies must adapt by embracing collaborative, experimental, and
forward-looking approaches to navigate uncertainty and complexity.
Camillus concludes that by understanding the nature of wicked problems and adopting
flexible, iterative strategies, organizations can manage challenges more effectively and
foster innovation in an ever-changing environment.
Article 2 - Stoelhorst & Vishwanathan (2023) Beyond primacy: A
stakeholder theory of corporate governance. Academy of Management
Review.
The article by Stoelhorst and Vishwanathan develops a stakeholder theory of corporate
governance (CG) based on classical property rights theory (CPRT), challenging the
traditional agency theory which emphasizes shareholder primacy. It argues that governance
should maximize collective welfare through efficient solutions to contracting problems in
team production and innovation. The authors propose two core design principles for
allocating property rights to address vulnerabilities from opportunism, and they compare the
efficiency of four models of governance.
Core Premises
1. Purpose of Governance: To maximize collective welfare by mitigating contracting
problems like shirking, hold-up, market power, and externalities.
2. Critique of Agency Theory: Agency theory narrowly focuses on principal-agent
relationships, neglecting the broader challenges of team production and stakeholder
interdependence.
Key Contributions
1. Design Principles:
○ Control Rights: Allocate to stakeholders vulnerable to shirking or externalities.
○ Residual Claim Rights: Allocate to stakeholders vulnerable to market power
or hold-up.
2. Governance Models:
○ Classical Firm: Focuses on a single individual as both monitor and claimant,
suitable for small-scale, simple production.
○ Capital Cooperative: Enfranchises shareholders to govern financial
investments but struggles with agency problems.
○ Mediating Hierarchy: An independent board balances the interests of multiple
stakeholders making firm-specific investments.
○ Stakeholder Corporation: Extends governance to include non transacting
stakeholders, addressing global market power and externalities.
4
,Implications of the Stakeholder Corporation
● Enfranchises all stakeholders vulnerable to opportunism.
● Combines an independent board with specific control rights for stakeholders.
● Offers solutions for global challenges, such as regulating market power and
mitigating environmental externalities.
Practical Applications
● Dutch Governance System:
○ Uses an independent supervisory board to balance stakeholder interests.
○ Allocates fixed control rights to employees and shareholders through Works
Councils (WCs) and General Meetings of Shareholders (GMS).
○ Demonstrates steps toward implementing stakeholder-focused governance.
● Proposals:
○ Extend governance to include non transacting stakeholders (e.g., addressing
environmental impacts).
○ Provide vulnerable stakeholders with formal rights in decision-making
processes.
Conclusion
The stakeholder approach to CG is increasingly relevant in knowledge-intensive, global
economies where shareholder primacy proves inefficient. The proposed stakeholder
corporation offers a more comprehensive governance model to address both market and
government failures. This theory encourages a shift in thinking and practice, positioning CG
as a critical tool for addressing modern global challenges like climate change and economic
inequality.
Article 3 - García-Castro, Ariño, Rodriguez & Ayuso (2008). A
cross-national study of corporate governance and employment
contracts. Business Ethics: A European Review 17(3).
This paper explores the interplay between corporate governance (CG) and labor
management (LM) in firms across 31 countries, distinguishing between two primary CG
models: the shareholder-centered (outsider) and stakeholder-centered (insider) approaches.
Key findings and insights include:
1. Corporate Governance and Labor Management Interaction:
○ CG involves relationships between shareholders, managers, and employees,
reflecting different institutional and cultural contexts across countries.
○ In shareholder-centered economies (e.g., USA, UK), CG prioritizes external
investor interests, often at the expense of employee stability.
○ Stakeholder-centered models (e.g., Germany, Japan) integrate employee
welfare, emphasizing long-term commitments and co-determination in
decision-making.
5
, 2. Key Contributions:
○ Integration of labor management perspectives into CG discussions.
○ Evidence of complementarities between CG and LM, where coherent policy
alignment enhances firm performance.
○ Recognition of significant within-country variation, suggesting firm-specific
discretion in CG and LM strategies.
3. Cross-National Comparisons:
○ Anglo-Saxon countries exhibit high labor mobility and performance-based
executive compensation, emphasizing transparency and external monitoring.
○ Stakeholder-oriented systems, typical in Germany and Japan, prioritize job
security, firm-specific training, and internal governance mechanisms.
4. Complementarities and Performance:
○ Firms aligning CG and LM policies with either stakeholder or shareholder
orientations generally perform better than those with mixed approaches.
○ Econometric analyses reveal U-shaped relationships between policy
coordination and financial performance (measured via ROE and Tobin’s Q).
5. Implications for Research and Practice:
○ The findings suggest that CG and LM policies should not be analyzed in
isolation, given their interdependencies.
○ Managers should consider the holistic impact of governance and labor
strategies on organizational outcomes.
The study emphasizes the complexity of CG and LM interactions, advocating for further
firm-level analysis to uncover the factors driving variations within national contexts. It also
highlights the importance of aligning CG and LM policies with institutional environments to
optimize performance.
6
, Lecture 1.2 Stakeholder theory in a value chain context
Article 4 - Boele, R., Fabig, H. & Wheeler, D. (2001). Shell, Nigeria and
the Ogoni. A study in unsustainable development I: The story of Shell,
Nigeria and the Ogoni people – environment, economy, relationships:
conflict and prospects for resolution. Sustainable Development 9(2):
74-86.
Overview
This study examines the relationship between Shell Petroleum Development Company
(SPDC), its joint venture partners, and the Ogoni people of Nigeria’s Niger Delta. It highlights
the environmental, economic, and social conflicts resulting from oil extraction in Ogoniland
and the broader implications for sustainable development.
Key Themes
1. Environmental Degradation and Social Costs:
○ Ogoniland, a biodiversity-rich wetland, has been devastated by oil spills, gas
flaring, and industrial activities.
○ Local communities suffered from health impacts, loss of agricultural and
fishing livelihoods, and insufficient compensation for damages.
2. Economic Exploitation:
○ Despite the extraction of oil worth billions of dollars, the Ogoni people saw
negligible benefits.
○ Oil revenues primarily benefited the Nigerian federal government and oil
companies, leaving Ogoni communities underdeveloped.
3. Political Marginalization:
○ Government policies centralized control over oil resources, often sidelining
the interests of local communities.
○ The Ogoni accused Shell and the Nigerian military of collusion to suppress
dissent, leading to violence, displacement, and human rights abuses.
4. The Role of MOSOP:
○ The Movement for the Survival of the Ogoni People (MOSOP) emerged as a
non-violent advocate for environmental and social justice.
○ Led by Ken Saro-Wiwa, MOSOP articulated the Ogoni Bill of Rights,
demanding self-determination, equitable oil revenue distribution, and
environmental remediation.
5. International and Corporate Response:
○ The execution of Ken Saro-Wiwa and other activists in 1995 provoked global
outrage and intensified scrutiny of Shell’s operations.
○ Shell faced pressure to adopt sustainable development practices and improve
its stakeholder engagement.
7
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