STAKEHOLDER THEORY AND BUSINESS ECONOMICS1

In this paper a theoretical model is proposed with the purpose of exploring the relations between the Stakeholder Management Theory (SMT) and the Firm System Theory (FST). The latter is part of the Italian studies of Business Economics (economia aziendale). From this perspective “azienda” (any private and public organization) is seen as an open, synergetic system where any constituent part and function is strictly connected each other. Proposing a theoretical model where the SMT is included in the FST is useful in order to gain a better understanding of the explanatory power of the FST. Indeed, the FST could provide both to face the problem of dichotomy between economic success and ethics and to enlarge the perspective of SMT towards a systemic view of economic organization. In this way a four-principle model of extended SMT is derived. This could be useful to understand ethical position and view of any stakeholder of a company without undermine specific nature and working of original SM