Stakeholder Salience, Structural Development, and Firm Performance: Structural and Performance Correlates of Sociopolitical Stakeholder Management Strategies
研究公司与社会政治利益相关者的互动如何影响生存前景，发现合作策略对财务绩效影响小，但在某些条件下能提升社会绩效，暗示市场机制不足以确保企业符合民主制度。
This study attempts to establish the importance of firm-level interactions with sociopolitical stakeholders in explaining firms prospects for survival. Institutional arguments are proposed to explain the effects of internal structures-both organizational and phenomenological-on firms sociopolitical relational strategies, whereas arguments grounded in the stakeholder view of the firm are advanced to explain effects of sociopolitical stakeholder relations on firm performance. Findings indicate that firms tended to adopt cooptative relationships with sociopolitical stakeholders. Furthermore, firms cooperativeness toward sociopolitical stakeholders had little effect on financial performance but, under some conditions, had positive effects on social performance. Implied is that markets may not be an effective governance mechanism to ensure firms alignment with democratic institutions in a plural society and that public policies may be needed to address these failures.