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Instrumental stakeholder theory seeks to explain how managing stakeholders effectively can yield competitive advantage for incumbent firms. We extend instrumental stakeholder theory to explain and predict future competition operationalized as new entrepreneurial entries. Our study is among the first to empirically examine the relationships between aggregate stakeholder management performance and the entrepreneurial entries of individuals. Using a combined U.S. dataset from 2003 to 2013 from the Kinder, Lydenberg and Domini (KLD) Index, Compustat, and Kauffman's Entrepreneurship Survey, we find support for three hypotheses. First, higher levels of stakeholder management performance are related to lower rates of entrepreneurial entry. Second, a curvilinear relationship exists between stakeholder management performance and entrepreneurial entry, where both low and very high stakeholder management performance increase entrepreneurial entry. Third, the greater the variance in stakeholder management performance across stakeholders, the more entrepreneurial entry. Our findings suggest that managing for stakeholders can help to avoid future competition. We add an entrepreneurship lens to the business ethics of stakeholder theory showing how incumbent stakeholder management performance shapes opportunities for entrepreneurs, a largely neglected stakeholder group.

Purpose - The purpose of this paper is to analyze how various approaches to stakeholder management, as well as sustainable development principles, are included in internationally-used project management standards; and to consider the demands these approaches and principles place on project stakeholder management.Design methodology approach - An analytical framework was developed based on stakeholder theory within general management, as well as on sustainability research. Desk research was carried out by applying the analytical framework to three project management standards: ICB, PMBOK and PRINCE2.Findings - The research findings suggest that stakeholder issues are treated superficially in the project management standards, while putting stakeholder management in the context of sustainable development would ask for a paradigm shift in the underpinning values. The current project stakeholder practices represent mainly a management-of-stakeholders approach, i.e. making stakeholders comply to project needs, whereas a management-for-stakeholders approach may be beneficial.Research limitations implications - As the analysis is based on document studies of bodies of knowledge, the authors cannot be sure to what extent the standards represent real-life practices. However, the standards are developed by practitioners agreeing on common practices. Further, they are used to certify project managers worldwide. Therefore, the authors find it safe to claim that the findings are relevant when discussing project management practices.Originality value - The value of this paper lies in the enrichment of the understanding of project stakeholder management by applying concepts from general stakeholder theory and sustainable development research.

Empirical research is largely supportive of the assertion of instrumental stakeholder theory that a positive relationship exists between “managing for stakeholders” and firm performance. However, despite considerable debate on the subject, the amount of variation across firm investments in stakeholders (stakeholder management performance) has not been adequately investigated. We address this gap using a sample of more than eighteen thousand firm-level observations over ten years. We find evidence to support an inverted U–shaped relationship between variation in stakeholder management performance and Tobin’s q, suggesting that firms that have some imbalance in their stakeholder management, but not too much, perform best. We discuss the implications of our study for instrumental stakeholder theory and managerial practice.

We propose adding a temporal dimension to stakeholder management theory, and assess the implications thereof for firm-level competitive advantage. We argue that a firm's competitive advantage fundamentally depends on its capacity for stakeholder management related, transformational adaptation over time. Our new temporal stakeholder management approach builds upon insights from both the resource-based view (RBV) in strategic management and institutional theory. Stakeholder agendas and their relative salience to the firm evolve over time, a phenomenon well understood in the literature, and requiring what we call level 1 adaptation. However, the dominant direction of stakeholder pressures can also change, namely, from supporting resource heterogeneity at the firm level to fostering industry homogeneity, and vice versa. When dominant stakeholder pressures shift from supporting heterogeneity towards stimulating homogeneity in industry, the firm must engage in level 2 or transformational adaptation. Stakeholders typically provide valuable resources to the firm in an early stage. Without these resources, which foster heterogeneity (in line with RBV thinking), the firm would not exist. At a later stage, stakeholders also contribute to interfirm homogeneity via isomorphism pressures (in line with institutional theory thinking). Adding a temporal dimension to stakeholder management theory has far reaching implications for this theory's practical relevance to senior level management in business.

PurposeThe construction industry is facing massive challenges due to the huge construction development, and stakeholder management (SM) practices, especially on megaprojects. The purpose of this paper is to investigate critical success factors (CSFs) encountered by key construction stakeholders to enhance SM practices on mega construction projects (MCPs).Design/methodology/approachA questionnaire survey is carried out among the most important construction companies in Qatar. Three steps are used to finalize and evaluate the questionnaire before proceeding with the full survey, validity, pretesting and pilot study. Quantitative data analysis was conducted using the Statistical Package for Social Science software.FindingsThis paper identifies the key factors contributing to improving SM performance in MCPs; none of these is uncommon, but here they come together in a more integrative way.Research limitations/implicationsThe limitations related to this research are briefly outlined as follows: the research was carried out in the State of Qatar. So, the findings are limited to the Qatari construction industry. The construction industry in Qatar is different from other countries where public projects have the priority to develop the infrastructure of the country prior to the world cup competition. The scope of this research is limited to MCPs. The impact of low awareness and knowledge of SM is not considered. However, the study is still reasonable and fortunately suitable to evaluate SM in MCPs.Practical implicationsIdentifying these factors is expected to assist project participants in MCPs in improving projects’ performance and completing construction within the predefined time and cost.Originality/valueThis study makes a significant contribution through identifying the CSFs that lead to develop efficient SM in MCPs. Moreover, the research findings are important for project stakeholders, organizations, contractors, engineers and local authorities who implement SM in MCPs. Moreover, it will enhance the application of SM practices in construction megaprojects and allow project key stakeholders to place emphasis on tackling the crucial challenges identified in this research.

According to contemporary literature, stakeholder management (which is one of the identified clues of sustainable project management) plays a significant role in successfully delivering construction projects. However, the literature focuses on the issues of stakeholder management/analysis mainly for large projects, and the authors could not find any items related to small construction projects. The aim of the article is to present the results of research conducted in small construction companies in the context of stakeholder management of their projects against the background of project success and sustainability. Many researchers have concluded that stakeholder management is one of the success factors of projects (including construction projects). Based on the conducted quantitative research, the needs in the field of stakeholder management of small construction companies’ projects were determined and the approaches used in this area were diagnosed. The research results indicate a low level of maturity of small construction companies in managing project stakeholders, which is a surprising result considering the fact that the literature on the subject emphasizes the importance of taking care of the project stakeholder management area and associating it with the project’s success.

Sustainability is one of the most important challenges of our time. As the role that projects play in sustainable development is still developing, the integration of the concepts of sustainability into project management is an important trend in project management today. However, despite the conceptual understanding of this integration, the literature still provides little practical guidance on how to apply sustainability to project management. This article aims to contribute to the integration of sustainable development and project stakeholder management by developing practical tools and frameworks that enable project managers to identify stakeholders, assess stakeholders, and plan stakeholder engagement activities with a consideration of sustainable development. The study takes a pragmatic design science approach in developing these tools and frameworks. The resulting frameworks build upon the concepts of sustainable development and form an elaboration of the documented practices of project stakeholder management.

Sustainable development (SD) - that is, \"Development that meets the needs of current generations without compromising the ability of future generations to meet their needs and aspirations\" - can be pursued in many dierent ways. Stakeholder relations management (SRM) is one such way, through which corporations are confronted with economic, social, and environmental stakeholder claims. This paper lays the groundwork for an empirical analysis of the question of how far SD can be achieved through SRM. It describes the so-called SD-SRM perspective as a distinctive research approach and shows how it relates to the wider body of stakeholder theory. Next, the concept of SD is operationalized for the microeconomic level with reference to important documents. Based on the ensuing SD framework, it is shown how SD and SRM relate to each other, and how the two concepts relate to other popular concepts such as Corporate Sustainability and Corporate Social Responsibility. The paper concludes that the significance of societal guiding models such as SD and of management approaches like CSR is strongly dependent on their footing in society.

Effective stakeholder management (ESM) is a critical success factor for projects. The increasing complexity in the relationships among stakeholders and their diverse characteristics, including power and interests makes the management of stakeholders increasingly challenging. To date, much of the literature has focused on the stakeholder analysis with very limited to the direct and indirect relationships between stakeholder characteristics (SC) and project performance (PP). Therefore, the aim of this study is to fill these research gaps by empirically examining (1) the relationship(s) between SC and PP and (2) the mediation effect of ESM on the above-mentioned relationships. Data analysis was conducted using structural equation modelling. The findings suggest that stakeholder legitimate behaviour (LB), opposing behaviour (OB), and conflicting interests affect the ability to achieve both sets of quantitative and qualitative PP negatively. ESM has been identified as a key element to eliminate the negative effects of the aforementioned behaviours on qualitative (and not quantitative) PP measures.

Since its inception, Stakeholder Management Capability (SMC) has constituted a powerful hermeneutic through which business organizations have understood and leveraged stakeholder relationships. On this model, achieving a high level of capability largely depends on managerial ability to effectively bargain with stakeholders and establish solidarity vis-à-vis the successful negotiation, implementation, and execution of \"win-win\" transactional exchanges. Against this account, it is rightly pointed out that a transactional explanation of stakeholder relationships, regarded by many as the bottom line for stakeholder management, fails to provide managerial direction regarding how to resolve a variety of normative stakeholder claims that resist commoditization. In response to this issue, this paper has two overlapping goals. It seeks to elaborate a discourse theoretical approach to the problem by first drawing out Jurgen Habermas' theory of communicative action and delineating the various types of rational discourse. Second, the paper attempts to present concrete implications for SMC relative to reshaping the contours of rational, process, and transactional analysis in light of central discourse theoretical conclusions.