A stakeholder theory approach to creating value in higher education institutions

Abstract

<jats:sec> <jats:title content-type="abstract-subheading">Purpose</jats:title> <jats:p>This paper aims to empirically verify whether the development of improved relationships between higher education institutions (HEIs) and their stakeholders based on the principles of stakeholder theory creates more value.</jats:p> </jats:sec> <jats:sec> <jats:title content-type="abstract-subheading">Design/methodology/approach</jats:title> <jats:p>The methods involve a quantitative approach, with the data collection being carried out through a survey of 88 heads of HEIs in Brazil. The paper uses the Spearman’s correlation coefficient to analyze the data and test the hypotheses.</jats:p> </jats:sec> <jats:sec> <jats:title content-type="abstract-subheading">Findings</jats:title> <jats:p>The findings reinforce the arguments found in the stakeholder theory literature, in which relationships are based on the following principles: knowledge and information sharing, mutual trust, involvement in the decision-makin g process and alignment of stakeholders’ interests in the strategic planning process, all of which create more value for organizations.</jats:p> </jats:sec> <jats:sec> <jats:title content-type="abstract-subheading">Practical implications</jats:title> <jats:p>This study seeks to improve the knowledge of stakeholder theory in relation to HEIs. It identifies the stakeholder relationships that create the most value and have the potential to generate a sustainable competitive advantage. The results can help managers to improve their relationships with stakeholders and may encourage the implementation of practices and policies that consider stakeholders’ influence on the strategic direction of HEIs.</jats:p> </jats:sec> <jats:sec> <jats:title content-type="abstract-subheading">Social implications</jats:title> <jats:p>The studies present a social contribution by evidencing the importance of the development of best practices, processes and strategies in the management of educational institutions, which are important actors in the development of society.</jats:p> </jats:sec> <jats:sec> <jats:title content-type="abstract-subheading">Originality/value</jats:title> <jats:p>The originality of this paper is that it empirically tests the principles of stakeholder theory and their relationships with value creation for organizations in the higher education context. Whilst stakeholder theory has been explored in multiples contexts, there is a lack of studies addressing stakeholder management in HEIs.</jats:p> </jats:sec>

The role of multi-stakeholders in market orientation and sustainable performance

“…Stakeholder management has been recognized as being as important as growth and competitive strategies for explaining the creation of value and the performance of organizations (Harrison et al, 2010;Harrison and Wicks, 2013;Langrafe et al, 2020). According to Freeman's definition (1984, p. 46) "stakeholders are groups or individuals that can affect or are affected by the organization in the achievement of its objectives.…”

Identifikasi Salience Stakeholders dalam Pengungkapan Sustainability Report

“…Menurut konsep triple bottom line dalam sustainability report dapat dipahami sebagai cara perusahaan untuk memberikan informasi kepada stakeholders yang nantinya akan menilai kinerja perusahaan sehubungan dengan masing -masing aspek ekonomi, kinerja sosial, dan lingkungan (Bradford et al, 2017). Stakeholder adalah individu atau kelompok yang memiliki kepentingan terhadap keputusan serta aktivitas organisasi (Langrafe et al, 2020). Menurut Freeman (1984), pemangku kepentingan (stakeholder) tersebut beberapa diantaranya meliputi pemegang saham, karyawan, konsumen, pemerintah, media masa, masyarakat lokal, pemasok, kelompok pecinta lingkungan, dan kelompok kepentingan khusus.…”

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“…Involving both internal and external stakeholders of higher education in upgrading the educational process to make it focused on fostering students' readiness to build a career is of growing importance (Bobrytska et al, 2020;Borg et al, 2017;Langrafe et al, 2020). This involvement of a variety of stakeholders is aimed at giving meaning to career-building which is leveraged by integrating that meaning into academic curricula and instruction.…”