Abstract
We describe a unifying theoretical framework for stakeholder analysis, establishing a rigorous mathematical formulation that can be used to frame both qualitative and quantitative research. Stakeholders are modeled as interactive practices; legitimacy arises through a projection mechanism. Five attributes contributing to stakeholder salience emerge from the framework.Three are identified with power, legitimacy, and urgency, well known from classical stakeholder theory; the remaining two represent resistance to change within an organization. Individuals seek to maximize esteem while minimizing pressure. A novel mechanism transforms wealth into esteem; wealth forms only part of an individual' total utility. The key idea, that of a personal practice, is presented and discussed. The paper suggests general accounting proxies for the five attributes in a generic firm and its stakeholders and draws a number of a policy implications.
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