This paper integrates some of the central concepts of stakeholder theory with the literatures on organizational justice and trust to explain firm competitiveness. It provides a detailed explanation of factors that facilitate acquisition of knowledge about stakeholder utility functions. In addition, it offers a knowledge-based analysis of how firms that manage for stakeholders can enjoy sustainable competitive benefits. These explanations provide a strong rationale for including stakeholder theory in the discussion of firm competitiveness and performance.
Copyright © 2012 SAGE Publications, Inc. This book chapter first appeared in New Directions in Business Ethics.
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Harrison, Jeffrey S., Douglas A. Bosse, and Robert A. Phillips. "Managing for Stakeholders, Stakeholder Utility Functions, and Competitive Advantage." In New Directions in Business Ethics, edited by Andrew Crane and Dirk Matten, 149-74. Vol. IV. Los Angeles: SAGE, 2012.