The importance of stakeholders according to business leaders

Debate has emerged regarding a shift of focus in the organisation's relationships with its various stakeholder groups. In the past the company was seen predominantly as an instrument of its owners. Most commentators now agree that business organisations have some role to play in society, however opinions vary greatly as to the nature of this responsibility. This paper focuses on the nature of the relationship between organisations and their stakeholders. It investigates how business leaders view their relationship with one particular stakeholder group, namely community. Importantly the attention is given, not only to the attributes of the stakeholder, but to the orientation of the organisation and its managers. Initially literature discussing the definition and typology of stakeholders is considered. Then there is an exploration of the concept of stakeholder orientation. Empirical work in the area is also examined. Subsequently details of the current investigation are presented. Finally several suggestions are made regarding the nature of the relationship between community and corporation.