Abstract
The article presents a model of managerial stakeholder theory which addresses a conflict between managerialist and deterministic views by focusing on the issues of aggregate stakeholder performance, stakeholder orientation and managerial discretion. Various possible circumstances are categorized in terms of high or low managerial discretion and broad or narrow orientation and a dynamic model involving reactions from stakeholders is proposed. The high-discretion and broad orientation conditions are said to be the most beneficial.
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