Abstract
PurposeThis paper aims to empirically verify whether the development of improved relationships between higher education institutions (HEIs) and their stakeholders based on the principles of stakeholder theory creates more value.Design/methodology/approachThe methods involve a quantitative approach, with the data collection being carried out through a survey of 88 heads of HEIs in Brazil. The paper uses the Spearman’s correlation coefficient to analyze the data and test the hypotheses.FindingsThe findings reinforce the arguments found in the stakeholder theory literature, in which relationships are based on the following principles: knowledge and information sharing, mutual trust, involvement in the decision-makin g process and alignment of stakeholders’ interests in the strategic planning process, all of which create more value for organizations.Practical implicationsThis study seeks to improve the knowledge of stakeholder theory in relation to HEIs. It identifies the stakeholder relationships that create the most value and have the potential to generate a sustainable competitive advantage. The results can help managers to improve their relationships with stakeholders and may encourage the implementation of practices and policies that consider stakeholders’ influence on the strategic direction of HEIs.Social implicationsThe studies present a social contribution by evidencing the importance of the development of best practices, processes and strategies in the management of educational institutions, which are important actors in the development of society.Originality/valueThe originality of this paper is that it empirically tests the principles of stakeholder theory and their relationships with value creation for organizations in the higher education context. Whilst stakeholder theory has been explored in multiples contexts, there is a lack of studies addressing stakeholder management in HEIs.
Highlights
Stakeholder theory emerged in the 1980s as a response to the growing dynamism and complexity of the environment in which organizations operate
Stakeholder theory has been gaining increased acceptance and relevance in strategic management research and business practices, its nuances still need to be better studied at a broader scope and in less explored contexts such as higher education institutions (HEIs)
HEIs have increasingly been influenced by a competitive logic based on the creation of sustainable competitive advantages, which involves attracting and retaining more talented faculty and students, developing better research and teaching structures and improving the organizational image
Summary
Stakeholder theory emerged in the 1980s as a response to the growing dynamism and complexity of the environment in which organizations operate. Stakeholder theory has been gaining increased acceptance and relevance in strategic management research and business practices, its nuances still need to be better studied at a broader scope and in less explored contexts such as higher education institutions (HEIs). These organizations play a key role in society, because of their educational purpose and as they are responsible for scientific investigation and the transfer of knowledge to develop the broader community (Bilodeau et al, 2014; Ferrero-Ferrero et al, 2018). To improve relationships with stakeholders it is necessary to devise comprehensive strategies that ensure collaboration and engagement with stakeholders (Stocker et al, 2020)
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