Introduction
Recent publications indicate that the ‘‘shareholder primacy’’ (Stout, 2005) can no longer
be upheld. Instead, scholars propose the shift from a pure shareholder to a broader
stakeholder thinking of the firm (Stout, 2005; Asher et al., 2005) that embraces, but is not
limited to, owners. Instead, numerous constituencies like employees, customers,
suppliers, regulators, NGOs and society at large have to be considered by firms as
well. As a firm’s task is to create wealth, it cannot solely rely on the financial means
provided by stock owners. The firm also depends on other resources such as knowledge
or relations that can be provided by employees, suppliers or customers. As our research
illustrates, good stakeholder relations pay off in various ways, be it that they provide a
good reputation or that they allow a firm to pursue its business in the intended way.
Therefore, firms have to consider their specific role as a societal institution in order to
maintain their licence to operate.