Stakeholder theory: Literature review of historical development and influence in the strategic management discipline

Today’s business operating environment is increasingly volatile and to compete successfully, organizations continually need to manage well their business. In general, good management implies careful management of the strategic and operational environments of the company, including relations with stakeholders. According to the literature, integrating stakeholder management into strategic management process leads to better performance for the company. Purpose : the aim of this paper is to examine the historical development of stakeholder theory and to trace it influence in the strategic management discipline, it aims also to expose the different approachs of stakeholder theory with a focus on its importance as a strategic managerial tool when it is put on practice by proposing a model based on strategic view. Design / Methodology / Approach - the paper opts for a thorough review of the existing literature, an analysis of the main works on the theory was done, then an attempt to synthesize the relationship between theory and strategic management and finally the exhibition of theoretical proofs of its importance as managerial tool. Finding - the paper provides theoretical insights on the emergence of stakeholder theory in the area of strategic management, it suggests that the concept of stakeholders, when it is put into practice, it serves as a benefit managerial practice that lead to corporate success Originality/value – This paper highlights the history of stakeholder theory and its place in the field of strategy by proposing a stakeholder management model based on both: strategic management view and stakeholder management technique