Key factors for stakeholder engagement and sustainable development

Jo Rhodes, Bruce Bergstrom, Peter Lok, Vincent Cheng

Research output: Chapter in Book/Report/Conference proceedingConference proceeding contribution

Abstract

The aim of this study is to determine key factors and processes for MNCs to develop an effective stakeholder engagement and sustainable development framework. A qualitative multiple-case approach was used. A triangulation method was adopted (interviews, archival documents and observations) to collect data on three global firms (MNCs). 9 senior executives were interviewed for this study (3 from each firm). An initial literature review was conducted to explore possible practices and factors (the deductive approach) to sustainable development. Interview data were analysed using Nvivo to obtain appropriate nodes and themes for the framework. A comparison of findings from interview data, archival data, factors, themes and cross cases comparison were used to develop the final conceptual framework (the inductive approach). The results suggested that stakeholder engagement is a key mediator between 'stakeholder network' (internal and external factors) and outcomes (corporate social responsibility, social capital, shared value and sustainable development). Key internal factors such as human capital/talent, technology, culture, leadership and processes such as collaboration, knowledge sharing and co-creation of value with stakeholders were identified. These internal factors and processes must be integrated and aligned with external factors such as social, political, cultural, environment and NGOs to achieve effective stakeholder engagement.
Original languageEnglish
Title of host publicationInternational Science Index Vol
Subtitle of host publication2014 No:07 Part V
PublisherWorld Academy of Science, Engineering and Technology (WASET)
Pages848-858
Number of pages11
Publication statusPublished - 2014
EventICBEFM 2014 : XII International Conference on Business, Economics, Finance, and Management - Stockholm, Sweden
Duration: 14 Jul 201415 Jul 2014

Conference

ConferenceICBEFM 2014 : XII International Conference on Business, Economics, Finance, and Management
CityStockholm, Sweden
Period14/07/1415/07/14

Keywords

  • stakeholder
  • engagement
  • sustainable development
  • shared value
  • corporate social responsibility

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  • Cite this

    Rhodes, J., Bergstrom, B., Lok, P., & Cheng, V. (2014). Key factors for stakeholder engagement and sustainable development. In International Science Index Vol: 2014 No:07 Part V (pp. 848-858). World Academy of Science, Engineering and Technology (WASET).