Abstract
In strategic management, the Stakeholder Theory proclaims that in order to achieve better performance and sustainable competitive advantage, the organization has to treat each of its stakeholders fairly. Hence, the concept of justice becomes relevant in assessing the effectiveness of managerial decisions and is ingrained in the Stakeholder Theory literature. This paper aims to examine how the notion of justice is conceptualized and applied in the Stakeholder Theory literature; and to propose new avenues of research regarding the interconnections between these two subjects. We present a systematic literature review to synthesize the research in the area. A careful screening held in April 2019, resulted in 75 papers published in 35 journals from 1999 to 2019. The results were presented in two phases. First, in the form of a descriptive and bibliometric analysis of the selected papers. Second, by reviewing those papers, we offer a framework of how the notion of justice has been conceptualized and applied in the Stakeholder Theory literature. Finally, we propose an agenda for future research regarding the interconnection between justice and Stakeholder Theory.
Highlights
The Stakeholder Theory gained ground in international literature through the publication of Freeman's Strategic Management: a stakeholder approach, in 1984
The recent statement presented at the World Economic Forum (WEF) that seeks to redefine the purpose of companies proves the growing importance of the Stakeholder Theory
Based on the studied framework, the first objective of the research is given through the following question: how is the concept of justice presented in the literature of stakeholder theory? From this definition, the steps sought to collect data and interpret the results obtained
Summary
The Stakeholder Theory gained ground in international literature through the publication of Freeman's Strategic Management: a stakeholder approach, in 1984. According to Freeman (1984), stakeholders are groups or individuals that can affect or be affected by the organization. The organization's role should be to strategically manage the company's stakeholders (Frooman, 1999). Considering the stakeholder perspective, it is notable its prominence in the contemporaneous world scenario and the new challenges and complexities the organizations need to deal with. The recent statement presented at the World Economic Forum (WEF) that seeks to redefine the purpose of companies proves the growing importance of the Stakeholder Theory. The so-called Davos Manifesto defines that the purpose of a company is to engage all its stakeholders in shared and sustained value creation, 430 Revista BASE – v.17, n.3, julho/setembro 2020
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