The paper "Stakeholders’ Involvement in the Organization" is a great example of a literature review on finance and accounting. The purpose of this paper is to identify and analyze stakeholders’ involvement in the organization. The paper is comprised of four sections. These parts have been discussed in an essay format. The first part discusses the various definitions as well as the topologies of stakeholders as described by different researchers. The second part describes what accountability to stakeholder means in an organization and why the should government consult different groups (stakeholders) before and during the process of accomplishment of goals and objectives.
Poverty eradication, building a democratic nation, discouraging crisis, environmental protection, health living in the case of HIV/AIDS positive individuals, and mounting national knowledge are issues of particular interest that UNDP in collaboration with global governments and Assessment Development Results Groups are motivated to work on. Apparently, the organization (UNDP) has helped much in the learning of stakeholders’ relationships and has been comprehensively discussed in the paper. Introduction Grant Savage et al (1991) states that for an organization to deal with the environmental instability, managers should involve responsible stakeholders.
Stakeholders are individuals, groups, and organizations that are either linked directly or indirectly to the organization’ s accomplishments and perhaps have the power to influence these achievements. However, this definition does not include those who are affected by the company’ s strategies during the accomplishments of the objectives. Therefore, this may not be a comprehensive definition of a stakeholder. A stakeholder incorporates issues on organizational strategy, the political environment of the organization, human resource management as well as social responsibility. Potential stakeholders are corporate with managers of the organizations and provide supportive measures as well as diverse sanctions to enhance fresh perspectives of undertaking public issues in the competitive global world. Michelle Greenwood (2001) defined a stakeholder as any group of individuals or organizations that may affect or be affected during the accomplishment of organizational objectives and goals.
They are actually risk holders when it comes to either financial or human capital and thus they will have something to gain or lose when the goal of the organization is achieved in the long run.
Capacity Development Group, Bureau for Development Policy, United Nations Development Programme. (2006). Multi-Stakeholder Engagement Processes A UNDP Capacity Development Resource. Turkey: Capacity Development Group.
Freeman R.E. (1984). Strategic management. A stakeholder approach. Boston: Pitman.
Greenwood, R. M. (2001). Community as a Stakeholder: Focusing on Corporate Social and Environmental Reporting. Australia: Monash University Press.
Maani, E. K. & Cavana, Y. R. (2000). Systems Thinking and Modelling: Understanding Change and Complexity, Auckland: Prentice Hall.
Macdonald, T. (2008). Global Stakeholder Democracy: Power and Representation Beyond Liberal States. London: Oxford University Press.
Mitchell, R., Agle, B. and Wood, D. (1997). Towards a theory of stakeholder identification: defining the principle of who and what really counts. Academy of Management Review, 22(4).
Rasche, A. and Esser, D. E. (2006). From Stakeholder Management to Stakeholder Accountability. Journal of Business Ethics, vol. 65, pp. 251-267.
Rendtorff, D. J. (2009). Responsibility, Ethics and Legitimacy of Corporations. Copenhagen Business School: Copenhagen Business School Press.
Savage, T, G. Nix, W, T. Whitehead, C. J. and Blair, D.J. (1991). Strategies for Assessing and Managing Organizational Stakeholders. Montreal: Academy of Management Press.
Solomon, J. (2007). Corporate Governance and Accountability, 2nd ed., Chichester, John Wiley and Sons.
UNDP Evaluation Office. (2007). Guidelines for an Assessment of Development Results (ADR). UNDP Evaluation Office. Retrieved from: http://rescomanager.org/stakeholders/stakeholder/undp/
Werhane, P. and Freeman, R.E. (1997).The Blackwell Encyclopedic Dictionary of Business Ethics, Oxford: Blackwell Publishing Ltd.