Stakeholder Theory Research Articles (Page 1)

Purpose This study aims to examine the corporate social responsibility (CSR) practices of Polish Ekstraklasa football clubs, focusing on the types of initiatives undertaken and the motivations driving their implementation. It explores how various factors shape CSR engagement in a postcommunist football context. Design/methodology/approach This research uses a qualitative design, combining secondary document analysis with 19 semistructured interviews conducted with club executives, league and fan representatives and local government officials. The thematic analysis was guided by stakeholder theory, stakeholder salience and neo-institutional theory to understand the drivers behind CSR practices. Findings The findings reveal that CSR initiatives among Ekstraklasa clubs are predominantly informal, fragmented and focused on community engagement rather than strategic planning. None of the 16 clubs had formal CSR strategies or nonfinancial reports, and environmental initiatives were largely absent. CSR actions were mainly reactive, shaped by the expectations of fans and municipal stakeholders, with limited evidence of strategic alignment. Clubs also exhibited mimetic behaviors, imitating CSR activities seen in more developed football leagues. Practical implications This study highlights the need for Polish football clubs to develop formalized CSR strategies, enhance governance practices, broaden stakeholder engagement and integrate environmental and transparency issues into their operations. Moving beyond symbolic CSR will be crucial for strengthening organizational legitimacy and long-term community impact. Originality/value This research advances the understanding of CSR practices in transitional economies by applying stakeholder and institutional theories to Polish professional football. It offers new insights into how sociopolitical legacies, governance structures and stakeholder dynamics influence the evolution of CSR in emerging sport markets.

Sustainability issues are an important concern in business and investment decision-making. The mining sector has significant environmental and social impacts, the implementation of ESG and Good Corporate Governance (GCG) practices is key in realizing optimal and sustainable financial performance. This study aims to analyze the influence of Environmental, Social, and Governance (ESG) and Good Corporate Governance (GCG) disclosures on the financial performance of mining companies in Indonesia. The independent variables in this study include the ESG score from the Katadata ESG Index 2024 and GCG which are proxied through the size of the board of directors, independent board of commissioners, and institutional ownership, company size as a control variable, while the independent variable of financial performance is measured by Return on Equity (ROE). The underlying theories of this research include agency theory, stakeholder theory, and legitimacy theory which explain the importance of accountability and harmonious relationships with stakeholders in driving company performance. The results of multiple linear regression on 44 mining company samples showed that only partially the size of the board of directors variables had a positive and significant effect on ROE. Meanwhile, simultaneously, all independent variables have a significant effect on ROE. These findings confirm the importance of the board structure in supporting financial performance, while other ESG and GCG influences have not had a direct impact individually.

Purpose This paper examines the impact of climate-related financial policies (CFPs) on bank risks, utilizing a comprehensive global dataset spanning from 2000 to 2021. It explores whether CFPs influence bank risk levels across different regions and regulatory environments. Design/methodology/approach Using a dataset comprising 2,534 bank-year observations, this study employs robust econometric techniques, including two-stage least squares (2SLS) and difference-in-differences (DiD) approaches, to mitigate endogeneity concerns and validate the findings. The analysis distinguishes between regions with strong regulatory frameworks, such as North America and Europe, and those with weaker regulatory settings, such as Asia and developing countries. Findings CFPs generally reduce bank risks in regions with strong regulatory frameworks, such as North America and Europe. However, in Asia and developing countries, CFPs initially increase risks, highlighting transitional challenges. Environmental sustainability factors moderate this relationship, with stronger CFP effects in countries with weaker environmental policies. These findings align with stakeholder theory and the resource-based view. Practical implications This study provides critical insights for policymakers and financial regulators by highlighting the need for region-specific CFP implementation strategies. While CFPs enhance bank resilience to climate-related risks, their effectiveness depends on regulatory maturity and economic conditions. Financial institutions must integrate tailored risk management strategies to navigate the short-term challenges associated with CFP adoption in developing economies. Originality/value Evidence from this research provides on the differential effects of CFPs on bank risks across diverse regulatory and economic contexts, offering insights into financial policy effectiveness.

This study examines the relationship between environmental information disclosure (EID) and financial performance among 2,229 listed Chinese manufacturing firms from 2020–2024. Drawing on stakeholder, resource-based, and institutional theories, the analysis explores how firm characteristics—asset size, workforce, and ownership—affect disclosure behavior and financial outcomes. Using descriptive statistics, ANOVA, Pearson correlation, and panel regression, results reveal that while overall disclosure levels remain low (38.9%), larger and government-linked enterprises consistently outperform small and medium-sized firms. EID shows a significant positive association with market capitalization (β = 0.18, p < 0.01), but weaker relationships with short-term profitability (ROA, ROE). Findings suggest that environmental transparency enhances long-term market valuation rather than immediate accounting returns. Policy implications highlight the need for tiered ESG reporting frameworks, capacity-building programs for SMEs, and stronger regulatory incentives to align environmental governance with China’s “Dual Carbon” goals.

Purpose We examine the relationship between CEO social capital and environmental disclosures and the moderating role of board gender diversity on the basis of stakeholder theory. Design/methodology/approach We use 937 firm-year observations from public companies, excluding the financial sector, in Indonesia, Malaysia, Singapore and Thailand for the 2017–2023 period. A fixed-effects regression model is used as the primary model and robustness tests, such as dynamic panel entropy balancing, propensity score matching and selection bias tests, are conducted to address endogeneity. Findings The results indicate that CEO social capital improves environmental disclosure practices. However, board gender diversity weakens this relationship, indicating that more gender-diverse boards tend to have lower levels of environmental transparency. Path analysis confirms that CEO social capital increases firm value through a complex mediating mechanism involving gender diversity and environmental disclosures. Practical implications This study emphasises that CEO social capital is a strategic asset that strengthens environmental transparency and legitimacy. Companies are advised to evaluate the professional networks, social reputation and external engagement of CEO candidates during the recruitment process and strengthen social capacity through cross-sector collaboration and sustainability forums. Originality/value This study addresses the gap in the literature by demonstrating how CEO social networks and gender diversity simultaneously influence sustainable governance in developing countries.

This theoretical review explores how six foundational theories, Stakeholder Theory, Resource-Based View (RBV), Triple Bottom Line (TBL), Institutional Theory, Systems Theory, and the Unified Theory of Acceptance and Use of Technology 2 (UTAUT2), can be integrated to guide the development of sustainable cultural tourism in the Mount Kenya region. The paper critically analyzes how these theories illuminate the relationships among cultural tourism opportunities, development, challenges, AI adoption, and socio-economic outcomes. By applying a multi-theory approach, the review demonstrates how strategic resource utilization, inclusive stakeholder engagement, supportive institutions, and emerging technologies such as Artificial Intelligence (AI) can collectively enhance community-based tourism and cultural heritage preservation. The study presents an integrated conceptual model linking independent, mediating, and dependent variables, offering a coherent theoretical foundation for empirical inquiry and policy design. Findings suggest that theory-driven, AI-enabled cultural tourism can promote equitable development, digital inclusion, and long-term sustainability in heritage-rich regions like Mount Kenya. The review concludes by highlighting the implications for research, practice, and policy, particularly in designing culturally sensitive, technology-driven tourism interventions.

This study explores the impact of environmental accounting practices on corporate environmental performance in Greek enterprises. Grounded in environmental management accounting (EMA), strategic management theory, Stakeholder Theory, and Institutional Theory, it employs a quantitative analysis of data collected via a Likert-type questionnaire in 2024. The focus lies in GRI-based indicators, green technologies, environmental investments, and reporting mechanisms. While international standards such as ISO 14001 and EMAS are considered conceptually, they are not empirically assessed. Data were analyzed using IBM SPSS Statistics (version 29.0) and SmartPLS (version 4.0). The results show that organizations implementing structured environmental accounting systems experience enhanced environmental performance, including greater transparency, regulatory compliance, and innovation capacity. This study fills a gap in the Greek context and emphasizes the strategic role of environmental accounting in advancing sustainability and competitiveness.

The 17 sustainable development goals advocated by the United Nations have played a big role in focusing the minds of policy makers in terms of sustainability issues and have also highlighted the issue of social inclusion and the need to make society more equitable. As well as referencing the sustainable development goals, attention is given to the planetary health concept as it is known to deepen our understanding of the ecological interdependence brought about by cultural, environmental and socio-economic factors, which have relevance in terms of mankind achieving the sustainable development goals. This paper addresses the following question: How can a framework to foster global partnerships leading to sustainable development be underpinned by a philosophical argument that strengthens the case for social inclusion? Consequently, a wide body of literature is reviewed, with key concepts such as collaboration being placed in context and reinforced through stakeholder theory. A philosophical discussion is entered into embracing Moore’s open question argument regarding the reliance on Intuitionism to explain how actions can be coined as immoral or moral. Such arguments are useful for raising moral issues that often end in moral disagreements, and which raise and help solve ethical problems. To effectively deal with the complexity involved, policy makers should support the use of frameworks that can be used to support and encourage social inclusion. In adopting this viewpoint, we put forward a sustainable partnership framework that provides guidance to policy makers and their advisors in terms of tackling the issue of social inclusion. In order to achieve social inclusion, policy makers need to understand the role that symbolic representation plays and how the influence of major influencers generates collaborative knowledge that is reappraised through philosophical argument. The outcome of the philosophical argument is a change in a nation’s cultural value system and the implementation of social inclusion policy.

ESG has now been established as a standard for evaluating whether a company is in a favorable state of development. However, ensuring the transparency of corporate ESG information remains a persistent challenge. In today's corporate ESG regulatory practices, the lack of unified mandatory standards coupled with lagging legal frameworks makes it extremely challenging to supervise corporate ESG information. In response to this, based on the mutual needs of corporations and stakeholders, this study integrates responsive regulation theory, agenda-Melding theory, and stakeholder theory to construct a theoretical framework: public pressure from media exposure formation of industry practices judicial rulings citing these practices development of statutory law. This establishes a novel supervisory reinforcement mechanism grounded in media exposure. This study will call the above mechanism the media disclosure mechanism and apply it to explore new approaches for corporate ESG oversight, demonstrating its ultimate role in hardening soft law. However, the widespread popularization of this mechanism may simultaneously expose corporations to legal risks such as damaged reputation and interference of public opinion in the judicial process.

ABSTRACT This study examines how Thai food manufacturers adopt Internet of Things (IoT) technologies and progress through digital transformation. Guided by the Technology–Organization–Environment (TOE) framework and supported by Dynamic Capabilities, Institutional, and Stakeholder theories, survey data from 194 firms were analyzed using Latent Class Cluster Analysis (LCCA) in R. Five adoption stages emerged, from Limit-Adopters to End-to-End IoT Leaders. While early adoption depends on executive support and service providers, advanced stages diverge into two distinct paths. The Strategic Capability Path emphasizes internal development of absorptive and innovative capabilities under competitive pressure, whereas the Integration & Collaboration Path relies on ecosystem engagement through trust-based partnerships and platform interoperability. The resulting Two-Path IoT Adoption Maturity Model contributes theoretically and practically by revealing alternative digital progression mechanisms—capability accumulation versus ecosystem embeddedness—within emerging economy food supply chains.

Regional innovation governance plays a critical role in aligning economic development with sustainabilityobjectives. According to Systems of Innovation theory, regional actors, including municipalities, research institutions, andbusinesses, form interconnected systems that shape the generation, diffusion, and commercialization of knowledge.Effective governance within these systems is essential for enabling regions to respond to societal transitions, including theshift toward green and circular economies. This paper explores how regional innovation ecosystems can serve as enablersof sustainable entrepreneurship and corporate development. Focusing on a pilot project led by the City of Lappeenranta, inpartnership with Ikigaia and Servitium, and supported by Sitra, the study examines how cross-sectoral collaboration can bestructured to address shared sustainability challenges and stimulate innovation in green growth sectors. Drawing onInnovation Ecosystem Theory and the Triple Helix Model, the research investigates how public, private, and academicactors co-develop governance models, pilot initiatives, and communication platforms that support entrepreneurship inemerging fields such as biomaterials, hydrogen (Power2X), and small modular reactors. The project’s methodology includesstakeholder interviews, participatory workshops, and comparative benchmarking with other Finnish "InnoCities" to cocreatenew collaboration models. Through the lens of Stakeholder Theory, Collaborative Governance, and DynamicCapabilities, the paper reveals how shared leadership and adaptive processes foster a culture of sustainable innovation. Italso identifies persistent challenges such as fragmented funding, misaligned organizational timescales, and knowledgeaccessibility, offering actionable strategies to overcome them. The findings contribute to ongoing discourse on sustainableinnovation governance by presenting a replicable and flexible model for ecosystem-based co-creation. It offers insights forlocal governments, innovation intermediaries, and corporate leaders seeking to align entrepreneurial activity with longtermenvironmental and societal objectives.

ABSTRACT As climate change intensifies global sustainability demands, firms face growing pressure to demonstrate genuine environmental commitment. Internal Carbon Pricing (ICP) has emerged as a pivotal mechanism to internalize the cost of carbon emissions and align business strategies with climate goals. However, ICP embodies a dual function: it can operate as a strategic tool that drives substantive decarbonization or as a reputational device used symbolically to project environmental responsibility without meaningful change. This study examines how ICP influences corporate greenwashing and environmental performance across BRICS nations, incorporating the mediating role of ESG governance and the moderating effect of environmental regulatory stringency. Drawing on Institutional Theory and Stakeholder Theory, the research utilizes firm‐level data from 2010 to 2023 and applies robust econometric instruments and instrumental variable techniques to explore direct, non‐linear, mediating, and moderating relationships. The findings reveal that when ICP is strategically integrated into decision‐making, it reduces greenwashing, whereas excessive or symbolic adoption, particularly in weak regulatory environments, amplifies it. Strong ESG governance enhances ICP's substantive application, while stringent environmental regulations reinforce its effectiveness, ensuring that ICP functions as a transformative rather than symbolic mechanism. The results also uncover heterogeneity across institutional settings, ownership structures, and industries. The study advances Institutional and Stakeholder Theory by demonstrating how internal governance mechanisms interact with external institutional pressures to shape the authenticity of corporate climate actions. Policymakers, investors, and ESG practitioners should strengthen governance and regulatory frameworks to ensure that ICP delivers measurable environmental integrity rather than reputational gains.

ABSTRACT Green bonds have emerged as a significant financial instrument with dual benefits, positively impacting corporate performance and environmental sustainability. They focus on stakeholder theory instead of shareholder interest. This study examines the effect of green bond issuance on firm performance, focusing on the mediating roles of firm financial risk and financial quality. Using panel data from 2012 to 2022, the study employs the Propensity Score Matching‐Difference in Differences (PSM‐DID) method to analyze the relationship between green bonds and firm performance. The findings indicate that green bonds enhance both financial and environmental performance. Firms issuing green bonds experience improved firm value (Tobin's Q ) and profitability (ROA), with the effects becoming more pronounced in the second year post‐issuance. Additionally, green bond issuance lowers financial risk, as reflected in reduced debt‐to‐equity ratios, and enhances financial quality, indicated by higher Altman Z ‐scores. Green bonds also reduce the cost of capital (WACC), attracting investors seeking sustainable investments, which typically have lower yields than conventional bonds. On the environmental front, firms that issue green bonds show significant improvements in ESG scores and achieve lower carbon emissions than those that do not issue such bonds. However, while green bond issuance initially leads to a notable reduction in carbon emissions, this effect slightly diminishes in the second year, highlighting the need for sustained sustainability initiatives.

This research investigates the synergistic relationships between Green Supply Chain Management (GSCM) practices and product innovation in marketing performance and organizational sustainability within Thailand’s processed food industry. Building upon Resource-Based View theory and Stakeholder Theory, this study addresses a critical gap in understanding how environmental practices interact with innovation strategies to create sustainable competitive advantages in emerging markets. The research employs a comprehensive mixed-methods approach, integrating qualitative insights from industry expert interviews with quantitative analysis through Structural Equation Modeling (SEM). Primary data were systematically collected from 300 strategically selected enterprises representing small (≤50 employees), medium (51–200 employees), and large-scale (>200 employees) operations across diverse product categories within Thailand’s processed food sector. The analytical framework examines three core GSCM dimensions—green purchasing, green production, and green distribution—alongside three innovation aspects—quality innovation, safety innovation, and sustainability innovation. Eleven hypothesized relationships were rigorously tested to examine direct and indirect effects on marketing performance indicators (sales growth, market share expansion, brand enhancement, customer satisfaction, and cost optimization) and organizational sustainability metrics (environmental impact reduction, regulatory compliance, competitive positioning, and resource efficiency). SEM results revealed that Green Production practices significantly enhance marketing performance (β = 0.16, p < 0.01), demonstrating the strategic value of environmentally responsible production processes in achieving market success. Conversely, Green Distribution exhibited negative effects on both marketing performance (β = −0.106, p < 0.10) and organizational sustainability (β = −0.152, p < 0.05), indicating potential operational trade-offs and infrastructure limitations that require strategic optimization. The model demonstrated excellent fit indices (GFI = 0.929, CFI = 1.000, TLI = 1.000, RMSEA = 0.000, RMR = 0.034), validating the theoretical framework’s robustness. However, modest explanatory power (R2 MP = 0.050, R2 OS = 0.029) suggests that additional contextual factors, firm-specific capabilities, and market dynamics significantly influence these outcomes, warranting future investigation of mediating and moderating variables.

ABSTRACT Firms attempt to recover from the damage caused by ESG controversies by improving their sustainability efforts to enhance post‐controversy performance. We argue that a firm's ability to recover from such damage is influenced by decreased financial performance resulting from the controversies. Furthermore, we investigate whether this financial decline acts as a complementary mediator, whereby both the mediated and direct effects of controversies on sustainability performance operate in the same direction. Using 37,291 longitudinal observations from 2007 to 2023 across 35 countries in America, Asia, Europe, and Oceania, we employ instrumental variable approaches for the generalized method of moments (GMM IV) and structural equation modeling (SEM IV). The main results reveal that the decrease in accounting, market, and growth‐based financial performance has complementary mediating effects on the relationship between controversies and sustainability performance. Moreover, earnings acceleration emerges as a robust indicator of growth‐based financial performance, significantly influencing sustainability performance. These findings advance stakeholder and legitimacy theory perspectives by highlighting decreased financial performance as a key driver of recovery mechanisms following ESG controversies.

Stakeholder pressure, democracy levels, and multinational enterprise corporate social responsibility: Stakeholder and institutional theories

As data-driven systems shape modern business decisions, analytics has become central to organizational performance. Yet, traditional analytics approaches remain constrained by a shareholder-centric logic that prioritizes short-term profit over holistic, ethical, and sustainable outcomes. This study proposes a stakeholder-inclusive analytics framework that integrates ethical principles, participatory engagement, and governance mechanisms across industries. Drawing on stakeholder theory [1], ethical AI frameworks [6,7], and critiques of maximizing shareholder value [2], the paper expands previous conceptual models by Yalley [2] into a comprehensive, actionable framework. The paper also identifies major challenges ranging from leadership resistance to quantifying non-financial impacts and suggests practical strategies for adoption. Findings reveal that organizations integrating stakeholder perspectives in analytics experience enhanced trust, innovation, and long-term resilience. This framework advances prior discussions by operationalizing stakeholder inclusion across the entire analytics lifecycle.

Objective: Investigate the relationship between board characteristics and financial slack and Corporate Social Responsibility (CSR) in Brazilian companies. Theoretical Framework: From the perspective of Agency and Stakeholder Theories, the theoretical framework covers essential concepts related to board characteristics and financial slack, exploring their relationship with corporate social responsibility. It also provides a foundation for the research and provides explanations for studies related to the topic. Method: We used a sample consisting of 532 annual observations from 62 companies listed on the B3 stock exchange, with data available from the Refinitiv database (LSEG Workspace), from 2013 to 2023. Panel data regression was applied to assess the effects of board characteristics and financial slack on corporate social responsibility. Results and Discussion: The results reveal that board characteristics (size, female participation, and proportion of independent directors), along with financial slack, measured by return on assets, positively impact CSR. The findings indicate that board composition plays a strategic role in defining CSR guidelines, while financial slack provides additional resources that allow companies to implement environmental and social practices more effectively. Research Implications: By highlighting how governance attributes and financial availability influence institutional orientation, the study contributes to understanding how companies incorporate environmental and social expectations into their corporate and strategic decisions. It also helps understand how organizations respond to social and environmental demands, considering both the board's profile and its financial capacity. Originality and Value: The research stands out for its integrated investigation of the role of board characteristics and financial slack in corporate social responsibility, a topic still underexplored in the Brazilian context. Its value lies in highlighting how governance and financial structure factors influence CSR practices in emerging economies.

Digital transformation represents a purposeful strategy for achieving a competitive edge and stronger economic performance. At the same time, sustainability disclosure practices can also improve economic outcomes, while their effects vary across different contexts. However, a paucity of research base of SMEs obscures how they position themselves in both arenas; this study addresses that gap through an empirical analysis. The study examines whether digital leadership, digital orientation, digital culture, and ESG reporting drive SMEs’ economic performance; regarded as antecedents of digital transformation, do these factors improve ESG reporting; whether digital leadership shapes digital orientation and culture; and whether ESG reporting mediates the link between the antecedents of digital transformation and performance. Aligned with these questions, the study is grounded in the dynamic capabilities theory, the upper echelon’s theory, and stakeholder theory to vindicate the relationships with the research model as the basis. Utilizing data collected from Malaysian SMEs with 360 firm-level observations, the hypotheses are assessed. The findings reveal that digital leadership and ESG reporting are significant determinants of firms’ economic performance, while digital orientation and digital culture are not necessary qualifications for performance. ESG reporting partially mediates the relationship between digital orientation, digital culture, and firms’ economic performance; however, it does not mediate the relationship between digital leadership and firms’ economic performance. Additionally, digital leadership induces digital orientation and digital culture, which in turn drive ESG reporting. This study, thus, features digital leadership and ESG reporting as key transformation drivers, adding to SMEs’ economic performance and improving sustainable business practices.

The construction industry in Kenya is a critical driver of economic growth but also one of the most hazardous sectors, with Athi River in Machakos County emerging as a hotspot for frequent and severe site accidents. This study investigated the impact of safety management practices on reducing construction site accidents, focusing on four dimensions: workers’ awareness of accident causes, knowledge of safety management practices, barriers to implementation, and the role of safety interventions. Guided by Domino Theory, Human Factors Theory, and Stakeholder Theory, the study employed a mixed-methods design, combining quantitative data from 83 valid survey responses with qualitative insights from key informant interviews across five large-scale projects. Descriptive and inferential analyses using SPSS established that awareness of accident causes (β = 0.338, p < 0.05), knowledge of safety practices (β = 0.215, p < 0.05), and safety interventions (β = 0.422, p < 0.05) significantly reduced accident occurrence, while barriers to implementation had a negative effect (β = –0.187, p < 0.05). The findings highlight that construction site safety in Athi River can be substantially improved through structured awareness programs, continuous training, strong managerial oversight, and enhanced regulatory enforcement. The study recommends institutionalizing regular safety audits, enforcing mandatory training, and embedding participatory safety interventions to foster a proactive safety culture. These measures are essential to safeguard workers, sustain project efficiency, and support Kenya’s broader development agenda.