On the Nature of Stakeholders', 'Stakes'

19 Pages Posted: 5 Nov 2008 Last revised: 19 Aug 2014

See all articles by Roberto Garcia‐Castro

Roberto Garcia‐Castro

IESE Business School

Miguel A. Ariño

University of Navarra - IESE Business School


The stakeholder view of the firm has contributed to re-define the relationship between the firm and its stakeholders. Stakeholder theory can be grounded on instrumental or normative arguments. While many recent theoretical and empirical works in the stakeholder management literature have used the generic instrumental/normative distinction, the nature of stakeholders 'stake' itself has received little attention. Some stakes are instrumental in nature while others are normative. Paying higher attention to the different 'stakes' in firms and their nature may lead to further advancements in the stakeholder view of the firm.

Keywords: Stakeholder management; Corporate governance

Suggested Citation

Garcia-Castro, Roberto and Ariño, Miguel A., On the Nature of Stakeholders', 'Stakes'. 1st IESE Conference, "Humanizing the Firm & Management Profession", Barcelona, IESE Business School, June 30-July 2, 2008, Available at SSRN: https://ssrn.com/abstract=1295329 or http://dx.doi.org/10.2139/ssrn.1295329

Roberto Garcia-Castro (Contact Author)

IESE Business School ( email )

Camino del Cerro del Aguila, 3
Madrid, Madrid 28023

Miguel A. Ariño

University of Navarra - IESE Business School ( email )

Avenida Pearson 21
Barcelona, 08034

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