Stakeholder Theory Approach in Strategic Management: A Critical Review and Practical Implications
DOI:
https://doi.org/10.55606/bijmt.v6i1.6630Keywords:
Dynamic Capabilities, Greenwashing, Resource-Based View, Stakeholder Theory, Strategic ManagementAbstract
The modern business environment requires companies to adopt strategies that not only focus on maximizing shareholder profits but also emphasize value creation for all stakeholders. This article critically reviews the integration of Stakeholder Theory within strategic management, examining its alignment and potential conflicts with traditional strategic theories while exploring its practical implications. The study employs a systematic literature review combined with conceptual and critical analysis. The findings indicate that Stakeholder Theory has developed from a complementary perspective into a fundamental strategic approach for achieving sustainable competitive advantage. The analysis shows that this theory strengthens competition-based and resource-based perspectives by highlighting the importance of relational resources and shared value creation among stakeholders. Nevertheless, challenges such as the risk of superficial implementation and greenwashing require organizations to apply the theory authentically. Effective implementation can be achieved through integrated governance systems, appropriate incentive structures, and comprehensive performance measurement frameworks. Therefore, the integration of Stakeholder Theory is considered a strategic necessity, and organizations are encouraged to redesign their strategic management processes by placing stakeholder analysis at the core of decision-making and long-term planning.
References
Abootorabi, H., Shankar, R. K., Rasmussen, E., & Wiklund, J. (2024). Do hybrid goals pay off? Social and economic goals in academic spin-offs. Journal of Management Studies, 61(1), 110–140. https://doi.org/10.1111/joms.12967
Aryanta, A. P., Putri, N. M. C., & Zikri, S. A. (2025). Implementasi corporate governance dan hubungannya dengan penerapan corporate social responsibility: Studi literatur. Jurnal Ilmiah Ekonomi dan Manajemen, 3(1), 217–227.
Awa, H. O., Etim, W., & Ogbonda, E. (2024). Stakeholders, stakeholder theory and corporate social responsibility (CSR). International Journal of Corporate Social Responsibility, 9(1), 11. https://doi.org/10.1186/s40991-024-00094-y
Eravia, D., & Samsir, S. (2025). Meningkatkan daya saing UMKM melalui integrasi resource based view (RBV) dan digital marketing: Tinjauan literatur empiris. Jurnal Bisnis Mahasiswa, 5(5), 2671–2685. https://doi.org/10.60036/jbm.801
Fawkes, J. (2025). A deep adaptation agenda for public relations: Facing climate collapse. Public Relations Inquiry, 14(2), 127–150. https://doi.org/10.1177/2046147X251325574
Hopt, K. J. (2023). Corporate purpose and stakeholder value: Historical, economic and comparative law remarks on the current debate, legislative options and enforcement problems (ECGI Law Working Paper No. 690). https://doi.org/10.2139/ssrn.4390119
Kadarisman, M. M. A., & Iriani, Y. (2023). Pendekatan manajemen strategis untuk pertumbuhan dan pengaruh positif perusahaan dalam konteks keberlanjutan. Jurnal Taguchi, 3(2), 1562–1572.
Koerniawan, I., Sulartopo, S., Tobing, W. T. M., & Miftahurrohman, M. (2024). Cultural dimensions and ethical decision-making: A case study of multinational corporations operating in Indonesia. Journal of Management and Informatics, 3(2), 328–400. https://doi.org/10.51903/jmi.v3i2.49
Land, A., Gruchmann, T., Siems, E., & Beske-Janssen, P. (2022). Dynamic capabilities theory. In T. Y. Choi, T. E. Johnsen, & M. Pagell (Eds.), Handbook of theories for purchasing, supply chain and management research (pp. 378–398). Edward Elgar Publishing.
Laurencia, C. (2023). Tinjauan yuridis pelaksanaan tanggung jawab sosial perusahaan (corporate social responsibility) sebagai kewajiban hukum di Indonesia. Innovative: Journal of Social Science Research, 3(6), 3197–3208.
McGahan, A. M. (2023). The new stakeholder theory on organizational purpose. Strategy Science, 8(2), 245–255. https://doi.org/10.1287/stsc.2023.0184
Mora, L. (2025). Analisis strategi pada UMKM Samosa menggunakan model strategi Porter’s Five Forces. PENG: Jurnal Ekonomi dan Ma-najemen, 2(2), 1865–1874. https://doi.org/10.62710/8j8hsv63
Ndzabukelwako, Z., Mereko, O., Sambo, T., & Thango, B. (2024). The impact of Porter’s Five Forces model on SMEs performance: A systematic review. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4976755
Ningsih, F., Ilham, M., & Awaluddin, M. (2025). Industrial competitiveness through Porter’s Five Forces framework. Al-Kharaj: Journal of Islamic Economic and Business, 7(2).
Nur, N. (2025). Integrasi tanggung jawab sosial perusahaan (CSR) dan etika dalam formulasi dan implementasi strategi: Pilar keberlanjutan dan keunggulan kompetitif. Ekopedia: Jurnal Ilmiah Ekonomi, 1(4), 2192–2200. https://doi.org/10.63822/307eev02
Prasetio, T., Purwanto, E., & Iskandar, Y. (2025). Katalis perubahan: Menata ulang kewirausahaan sosial di dunia yang penuh kompleksitas. Diandra Kreatif.
Saratian, E. T. P. (2025). Manajemen strategik: Grand theory dan implikasi praktis. CV Angkasa Media Literasi.
Smart, J. (2022). Animals as stakeholders. In J. Hendry & T. van Lent (Eds.), Animals and business ethics (pp. 297–324). Springer. https://doi.org/10.1007/978-3-030-97142-7_14
Szwajca, D. (2022). Different faces of CSR: Greenwashing in the context of its impact on corporate reputation. Zeszyty Naukowe. Organizacja i Zarżadzanie/Politechnika Śląska, 161, 307–323. https://doi.org/10.29119/1641-3466.2022.161.21
Treacy, S. (2022). A necessary shift from shareholder primacy toward stakeholder-conscious governance in light of corporate social and environmental responsibility. Cambridge Law Review, 7, 103–120.
Waheed, A., & Zhang, Q. (2022). Effect of CSR and ethical practices on sustainable competitive performance: A case of emerging markets from stakeholder theory perspective. Journal of Business Ethics, 175(4), 837–855. https://doi.org/10.1007/s10551-020-04679-y
Wahyudi, S. (2025). Enhancing innovation capability through proactive and responsive competitor orientation: A dynamic capability theory perspective. PubBis: Jurnal Pemikiran dan Penelitian Administrasi Publik dan Administrasi Bisnis, 9(1), 22–29. https://doi.org/10.35722/jurnalpubbis.v9i1.1209
Yasah, A. D., Ajuj, S. S., Fardani, L. K. A., & Ikaningtyas, M. (2024). Keterlibatan pemangku kepentingan dalam perencanaan dan pengembangan bisnis berkelanjutan. Jurnal Media Akademik (JMA), 2(4).
Yudarwati, G. A. (2023). Perspektif dan motif CSR serta implikasinya pada komunikasi CSR: Sebuah tinjauan pustaka. Jurnal Komunikasi Pemberdayaan, 2(2), 75–87. https://doi.org/10.47431/jkp.v2i2.323
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Brilliant International Journal Of Management And Tourism
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
