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Stakeholder capitalism has gained attention among business practitioners and academia, often discussed within the context of corporate social responsibility, ethical practices and values-based leadership. Many societal institutions, including businesses and higher education institutions, have a role to play in the transition toward stakeholder capitalism. This study aims to discuss insights gained from a multiyear research and pedagogical project coordinated among a group of academics and an Israel-based holding company to study the implementation of a values-based leadership process focused on establishing a stakeholder-oriented model in a variety of organizations.

Conducted over a decadal period, this project relied on a qualitative case study methodology. The project was conceived as an exploratory and inductive study examining organizations that implemented a values-based leadership model and a university that used this model for curriculum and pedagogy. Semi-structured interviews, observations of leadership practices and operations, and substantive reviews of organizational documents informed the study’s iterative methodology.

The case studies presented explore the benefits of a stakeholder capitalism and values-based leadership transformation in organizations and highlight the importance of senior leadership engagement at the outset to set the tone and direction of implementation while also role modeling values-based behaviors for the organization. The utility of aligning the new values-based approach with existing elements of the organizational culture and priorities was also identified in addition to the benefit of individuals linking the new values initiative to their personal values and life. These practices, and a broader stakeholder dialogue on values, helped establish a transition that was inclusive within the organizational hierarchy and in its connections to the larger society. The cases also explored how stakeholder principles and values-based leadership models can be integrated into management education based on the outcomes of the organizational investigations.

These case studies offer insight into the implementation of a values-based leadership framework, which draws on stakeholder theory, in diverse organizations across a for-profit to non-profit spectrum. These studies also provide a unique opportunity to evaluate the implementation of a common values framework in different sectors. The cases further highlight the potential role of business-education sectoral partnerships in educating a workforce that is dedicated to business for good.

This study aims to help develop “business principles for stakeholder capitalism” in two steps. First, the study defines internal logic of three theories of capitalism and two variants within each theory. Second, it examines approaches to integration into modern democratic capitalism. Treating the three theories as substitutes identifies relative strengths and weaknesses; complementarity and partial overlap approaches to integration study the institutional settings within which stakeholder capitalism operates. Empirical outcomes reflect competition between market and stakeholder businesses for participants, with institutional conditions determining the scope of collective action.

The approach aligns three typologies in a unique conceptual arrangement defining the three theories of capitalism: forms of capitalism, potential failures of each form and associated types of goods. The first method examines the internal logic of each theory of capitalism. The second draws on traditional narrative review of references documenting each theory of capitalism and variants together with modern Marxist anti-capitalism.

Three typologies align uniquely with the theories of capitalism, each having two variants. Both variants of stakeholder capitalism are compatible with compassionate capitalism, constitutional government or polycentric governance but not with self-interest capitalism, dictatorship or Marxism. A theory of modern democratic capitalism allocates roles for private, club and social goods with empirically variable mixes occurring across countries. Competition among different types of enterprises provides an empirical test for comparative advantages of stakeholder capitalism. Future research should consider approaches for testing the proposed conceptual scheme in practice concerning capacity to deal with grand challenges, wicked problems and black swan events.

Research approach is limited to logical examination of theories and literature documentation without direct empirical confirmation. The study does not address practical implications for managers and public officials or social implications concerning private incentives, stakeholder cooperation or collective action.

Originality lies in shifting terms of debate about stakeholder capitalism from advocacy of substitute theories to understanding of its relationship to market capitalism and collective action capitalism. Value lies in explaining desirability of theoretical integration of three types of capitalism into a comprehensive framework for modern democratic capitalism.

Considering the standards developed by the Sustainability Accounting Standards Board (SASB), this study aims to examine whether the link between material sustainability and financial performance depends on the extent to which the company is oriented toward stakeholders.

To test the predictions, 13,942 firm-year observations from 43 different countries are used, covering the period from 2010 to 2019. Using a hand-mapping approach to match the indicators suggested by the SASB with those of the ASSET4, the authors realize that there are 170 material sustainability indicators among 466 indicators of the ASSET4. The authors use three different methods to verify if the materiality matters, including the alphas obtained from the Fama and French factor models, comparing the average abnormal returns of the portfolios and the bootstrapped Cramer technique.

The findings show that companies investing in material sustainability activities perform better than those investing in immaterial activities. Also, consistent with the theoretical foundations, the authors find that the effect of investing in material sustainability activities is more pronounced in stakeholder-oriented countries than that in shareholder-oriented countries. The results are robust to a battery of sensitivity tests.

Owing to COVID-19 in late 2019, data from 2020 to 2022 have not been used to obtain reliable results.

The results obtained in the current research provide valuable guidance for investors to make investments considering the degree of materiality of sustainability activities in different industries. It also helps managers to increase the company’s financial performance, make efficient decisions related to investment in sustainability activities and find investment strategies on the material sustainability issues in their industries.

This study provides a clearer understanding of investment in sustainability activities in different industries by separating material and immaterial sustainability activities in stakeholder and shareholder-oriented countries, and the results obtained can change the perspective of investors and company managers regarding investing in such activities in different countries. Investing in more materiality sustainability activities than the immateriality dimension can be new opportunities for companies to achieve predetermined goals, help retain and attract business partners or be a source of innovation for new product lines or services. Internal morale and employee engagement may increase while increasing productivity and firm performance. This discussion opens the way for future research.

This study provides insight into the effect of investing in material and immaterial sustainability activities in different industries on the company’s performance in shareholder and stakeholder-oriented countries.

The preferences and adoption of recycled materials by consumers are subject to a variety of factors, such as enablers and barriers. Despite this, there exists a paucity of research concerning stakeholders' perceived value and real purchase decision towards recycled products. Consequently, this research study aims to fill this gap by investigating stakeholders' perceived value of recycled products derived from construction and demolition (C&D) waste and its effect on purchase decisions.

Research data were collected from 219 valid questionnaires completed by Chinese stakeholders. Structural equation modeling (SEM) was then employed to test eight hypotheses.

The results show intrinsic cue (materials) and extrinsic cue (brand) influence the stakeholders’ judgment on C&D waste recycled products’ value and then their purchase intention. However, cues such as quality, word-of-mouth, price, policy and advertised have not play a significant role in practice.

This research study verified the significance of brand and material cues on decision making for purchasing C&D waste recycled products, providing new insights to policy making to enhance the uptake of C&D waste recycled products in construction industry.

The aim of this paper is to explore the stakeholder exclusion practices of responsible leaders.

An interpretive multiple case analyses of seven responsibly led organisations was employed. Twenty-two qualitative interviews were undertaken to investigate and understand perceptions and practice of responsible leaders and their approach to stakeholder inclusion and exclusion.

The findings revealed new and surprising insights where responsible leaders compromised their espoused values of inclusivity through the application of a personal bias, resulting in the exclusion of certain stakeholders. This exclusivity practice focused on the informal evaluation of potential stakeholders’ values, and where they did not align with those of the responsible leader, these stakeholders were excluded from participation with the organisation. This resulted in the creation and continuity of a culture of shared moral purpose across the organisation.

This study focussed on responsible leader-led organisations, so the next stage of the research will include mainstream organisations (i.e. without explicit responsible leadership) to examine how personal values bias affects stakeholder selection in a wider setting.

The findings suggest that reflexive practice and critically appraising management methods in normative leadership approaches may lead to improvements in diversity management.

This paper presents original empirical data challenging current perceptions of responsible leader inclusivity practices and indicates areas of leadership development that may need to be addressed.

This paper aims to contribute to existing academic work and business practice by presenting original empirical findings and by providing insights into priority setting on Sustainable Development Goals (SDGs) in organizations. From an academic viewpoint, it not only adds to previous work on the topic of SDG materiality (e.g. Van Tulder and Lucht, 2019) but also aims to contribute new insights into the steps that are crucial and influence the adoption of the SDGs in materiality assessments. It may also add to the literature by providing new knowledge on the strategic considerations that organizations may make and institutional dynamics that encourage organizations to implement the SDG materiality method.

By executing a national survey research in Belgium through a collaboration between academics of Antwerp Management School, Louvain School of Management (UCLouvain) and the University of Antwerp, and supported by Belgium’s Federal Institute of Sustainable Development, the authors have obtained several insights into the SDG landscape in Belgium for various types of organizations, including companies, governmental and nongovernmental organizations and educational institutions. This research builds further on a first national survey (SDG Barometer Belgium, 2018) on the adoption and implementation of the SDGs. However, an important aim of this research is to shift the emphasis to more prominent new elements, such as whether or not organizations use the SDGs in materiality assessments. While the main part of the data for this research were collected through an online questionnaire, document analyses were conducted based on the sustainability reports of BEL 20 companies, the benchmark stock market index of Euronext Brussels consisting of 20 companies traded at the Brussels Stock Exchange, and seven interviews were held to obtain additional insights.

A total of 386 organizations across sectors responded to the question “Does your organization perform a materiality analysis”, of which 210 organizations completed the question “Does your organization align the materiality analysis with the SDGs,”after an “exit route” based on a positive answer to the first question. When diving into the survey results, the authors see that no more than 12% of the 210 organizations performing a materiality analysis align their materiality analysis with the SDGs, while 14% indicate that they do not account for the SDGs at all in their materiality analyses. The results show that 41% of the organizations take into account the SDGs to a certain degree when performing their materiality analysis. Speculating on an explanation for these results, it may be the case that organizations do not yet think about coupling the SDGs to their materiality assessment, experience difficulties in practice or generally lack the knowledge for relating the SDGs to the sustainability topics that are relevant to them. This seems in line with other research (e.g. Van Tulder and Lucht, 2019), as the results of this study indicate that it seems to be difficult for organizations to relate the SDGs to the existing sustainability priorities or materiality analyses of companies.

The real contribution of this paper essentially lies in the description of the Janssen Pharmaceuticals case. The company recognized that today’s internally focused approach to goal setting is not enough to address global challenges. Hence, looking at what is needed externally from a global perspective, taking into account sustainability thresholds and setting ambitions accordingly, is needed to bridge the gap between current performance and required performance. From the Janssen Pharmaceuticals case, the authors learned that external stakeholders are an extremely useful source of information to address the required performance by using the SDG framework. For sure, SDG materiality analyses are still in an early phase of development and knowledge on how to conduct such an analysis may be lacking. Future efforts – or the lack thereof – may indicate whether or not companies consider such analyses as sufficiently relevant. Although the uptake of the SDGs is in progress, it remains to be seen which, if any, materiality method will eventually turn out as a new dominant way of defining material issues. The findings presented in this study hopefully serve as a basis for further investigation of the topic.

This study aims to identify in literature the role of construction stakeholders in the implementation of circular economy (CE) in the construction industry (CI). This study also sought to identify the status quo and research trend, “hot themes”, areas requiring more research and future research direction of stakeholders’ role in CE implementation in the CI.

A literature search was conducted using the Scopus search engine, augmented by Google Scholar to produce 50 relevant articles for the identification of stakeholders’ roles using content analysis. The scientometric study was undertaken using VOSviewer on 42 articles obtained from Scopus search to identify the status quo, “hot themes”, knowledge gaps and future research direction of the role of stakeholders in CE implementation.

Through content analysis, the identified roles of government as a stakeholder are to develop efficient policy instruments, legislation support and financial investment in research and development activities that will promote the smooth implementation of CE. The role of academia/research is to engage in research aimed at investigating both the short-term behaviour and the durability of recycled materials and products. In addition, the roles of professionals in the consultant/design/procurement team are to design with life cycle assessment and reused materials, design for deconstruction and disassembly, etc. The role of the user/consumer is to ensure knowledge diffusion and awareness exchange that recognize the available opportunities for long-term material usage (including repair, reuse, refurbishment and recycling). The research status quo identified from the scientometric analysis include how stakeholders can come up with innovative ways in demolition that will ensure that more of the materials can be reused. Stakeholders should focus on enacting policies and laws that can promote the use of recycled materials in buildings, etc. Research that focuses on how to engage the various construction stakeholders to come up with specific public policy that will promote CE implementation, identifying the specific roles to be played by stakeholders during policy enactment as well as managing the environment, laws and legislations towards CE implementation. The role of stakeholders in the extension of the life span of projects, the use of strategies to minimize waste generation and standardization of building materials, components and connectors with the purpose of simplifying disassembly are the research gaps and areas for future research studies. Some of the research “hot themes” include “circular business models in the CI”, “environmental sustainability policy implementation”, “environmental, economic and social sustainability”, “policy, laws and legislations on waste management” and “environmental and industrial economics” towards CE implementation.

The findings from this study serve as a valuable reference for construction stakeholders to assess their specific roles as stakeholders and to identify the status quo and research trend, “hot themes”, areas requiring more research and future research directions on stakeholders’ roles in CE implementation in the CI.

Identifying the role of stakeholders for CE implementation is one bold step towards the achievement of CE implementation in the CI.

This study aimed to understand coopetition in the context of Brazilian specialty coffee grower Small and medium enterprises (SMEs), based on the need to differentiate the beans in and outside the farm level, taking into account the stakeholders’ influence.

In this study twenty semistructured interviews were carried out with coffee growers and managers of cooperatives, associations and supporting institutions involving two Brazilian coffee geographical indications. Data were analyzed using a mixed grid composed of qualitative, semantic and categorical factors.

Strategic moves undertaken by coffee growers and stakeholders have shaped the pathway of coopetition among coffee growers, as determinants to frame it as a deliberate or emergent pattern (intentional or unplanned, respectively). Our findings provide evidence that coopetition development among firms is deliberate when influenced by firms’ or stakeholders’ cooperative moves and emergent when influenced by firms’ or stakeholders’ competitive moves.

Although the firm/stakeholder relationship is often approached as a joint wealth creation effort, stakes are not always fairly distributed, so one of the parties may be negatively affected, with consequences for the development of coopetition. Underpinned by a stakeholder-oriented resource-based theoretical lens, this investigation of the development patterns of coopetition linked to the strategic actions undertaken by firms and stakeholders has resonance on competitive advantages.

Transaction cost economics sees a broad spectrum of governance structures spanned by two types of economic adaptation: autonomous and cooperative. Stakeholder theorists have drawn much inspiration from transaction cost economics but have not paid explicit attention to the centrality of the idea of adaptation in this literature. This study aims to address this gap.

The authors develop a novel conceptual framework applying the distinction between the two types of economic adaptation to stakeholder theory.

The authors argue that the idea of cooperative adaptation is particularly useful for describing the firm’s collaboration with primary stakeholders in the joint value creation process. In contrast, autonomous adaptation is more relevant for firms interacting with secondary stakeholders who are not directly engaged in joint value creation and may not have formal contractual relationships with the firm. Accordingly, cooperative adaptation can be seen as vital for resolving team production problems affecting joint value creation, whereas autonomous adaptation addresses how the firm maintains legitimacy within the larger stakeholder environment.

Similar to its significance for transaction cost economics, the distinction between the two types of adaptation equips stakeholder theory with a new systematic understanding of a potentially broad spectrum of firm–stakeholder collaboration forms.

Based on the theoretical background of stakeholder capitalism, the purpose of this paper is to contribute to the scientific debate on the topic of public–private partnerships (PPPs), considering in particular how this governance structure relates to the pursuit of sustainable development. Specifically, this objective will be pursued with a focus on stakeholder relations and governance aspects, to highlight enablers and barriers in change for sustainability.

The systematic literature review is applied starting with the use of keywords in Web of Science, which leads to the extrapolation of 629 articles on the topic of “PPP and sustainability”. Subsequently, through various skimming steps, 75 papers are sampled. A mixed (quantitative-qualitative) approach is then followed: a co-word semantic network to identify the pattern of discourse and a more in-depth and explanatory analysis of the papers. These quantitative and qualitative tools synergistically work together to evidence the main aspects related to the aim of the paper.

With reference to the governance structure and stakeholders of PPPs, the analyses highlight the shift towards a triadic type of relational governance that considers stakeholders (especially the community) in addition to public–private partners. This can improve the partnership's performance (particularly in sustainable development) and social legitimacy. With reference to the role of PPPs in the implementation of sustainable development, they have positive potential in terms of implementing sustainability and raising stakeholder awareness of it. Nevertheless, PPPs may entail risks to the implementation of sustainability. The findings lead to some concluding remarks on future research opportunities.

The research leads to some managerial implications, such as the need to follow a competitive collaboration approach among stakeholders, to develop relational governance skills and related managerial tools and to incorporate sustainability aspects starting from the design of PPPs.

The originality aspect of this research is the consideration of a PPP by relating it to the pursuit of sustainability. Such an inter-organizational structure could be suitable to deal with the complexity inherent in the implementation of sustainability and is peculiar in terms of governance and stakeholder relations, considering that it is characterised by the presence of several partners of different nature (public and private).