Letters to stakeholders: An emerging phenomenon of multi‐stakeholder engagement

Abstract

We explore a new phenomenon of multi‐stakeholder orientation and engagement in corporate communication: letters to stakeholders. By applying content, semantic, and quantitative analyses to standardized corporate communication among the 100 largest multinational companies worldwide, our study reveals that approximately one‐third of the examined companies have begun to utilize what could be considered letters to stakeholders. We demonstrate that letters to stakeholders adopt a multi‐stakeholder orientation, which describes the ability to speak a language that is widely comprehensible by a diverse audience. Letters to stakeholders are positively related to firm willingness to display multi‐stakeholder engagement activities by embracing stakeholder recognition, support, and dialog. Our findings position letters to stakeholders as a promising tool for and approach to corporate communication that improves the legitimacy and moral consideration of stakeholders.