Theories and Approaches adopted when responding to Stakeholder Needs

Purpose: The purpose of this study was to explore existing theories and approaches underlying corporate social and environmental responsibility. It also explored methods adopted by corporates in identifying and classifying stakeholders. Methodology: Documentary research approach, which consists of reviewing, analysing and examining information was adopted. The sources included journal articles, books, magazines, websites, frameworks and guidelines. Findings: The results of the study indicated that social and environmental stakeholders are now a force to reckon with. Old literature classifies social and environmental stakeholders as the negligent type but recent developments have realised that neglecting social and environmental stakeholders can be costly. Originality/Value: Guidelines and frameworks need to revise the classification of social and environmental stakeholders.