The impact of various stakeholders on business performance. A literature review.

Abstract

We reviewed the current state of thought of scholars of the stakeholder theory and its use in measuring business performance and determining the current state and how it is developed. We choose 6 online databases and the local university library to search articles and books related to the topic between 1984 and 2022. We used a broad set of keywords such as stakeholder management, theory, stakeholder impact, and performance. We made an effort to collect and distinguish the most prominent works and up-to-date research, and in most cases, where the entrepreneur or researcher chose his own framework. The use of this research could be helpful for future works in this area with determining different streams for approaches in management development. As a result of this research, it can be clearly seen that stakeholder engagement principles are universal for use with different types and sizes of businesses to achieve positive financial results. This review could help to tackle ongoing and future economic, societal, and environmental threats.