CREATING BUSINESS VALUE THROUGH CORPORATE SOCIAL RESPONSIBILITY: INSIGHT FROM TRADITIONAL MANAGEMENT THEORY

Benedicta Clemency Adzo Akey, Baozhen Dai, Ebenezer Torku, Ethel Asante Antwi, Patrick Acheampong

Abstract


The reason why businesses devote a lot of attention to the concept and practice of value creation is that it is at the core of its survival and later prosperity. To this end from the very first day that the company starts its operations or service, it begins to take action and strategy that will allow it to measure the ever changing desires and expectation of its different stakeholders and then position itself strategically to reach each of them in the exact manner that it is expected. The existing literature is replete with conflicting studies on the ranking of stakeholders in an organization. While some studies perceive shareholders as preeminent stakeholders, others consider the role of customers, employees and management team members as the most important. Yet emerging theories and concepts of stakeholder theory suggest a complementary role hence the nullification of a ranked stakeholder ladder. This paper reviews the underlining theories and arguments in this highly contested area of business development.

 

 

 

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