A REVIEW OF STAKEHOLDER DYNAMICS

• Published in: Polish Journal of Management Studies Vol. 14; no. 1; p. 140
• Main Authors: Koplyay, Tamas, Fekete-Farkas, Maria, Lloyd, Doug, Feher-Toma, Edit
• Format: Book Review
• Language: English
• Published: Częstochowa Czestochowa University of Technology Faculty of Management 01.01.2016
• Subjects: Decision making; Stakeholders
• ISSN: 2081-7452
• DOI: 10.17512/pjms.2016.14.1.13

Stakeholder relationships are a critical part of any businesses success, and should be properly managed to provide the best outcome for the firm during its market lifecycle. Our aim is to emphasize the importance of stakeholders along the firm lifecycle and present cultural dimensions of decision making with an overview of cultural aspects. The paper builds upon on the previous research of authors focusing on the very dynamic High-tech market in Canada. Our main statement is that the role and importance of stakeholders are changing and to show the directions or focus of stakeholders influence changes according to the stages in this market the interactions with, and among stakeholders’ changes remarkably depending on where the firm is in its market evolution or penetration. We also show the importance of stakeholders in the decision making process and analyzing the European market it can be seen that different cultural background even can affect the decisions also in a market with more similar background like Hungary and Germany. Market environment dictates the profile of the stakeholder ecosystem, and this reflects the profile of the marketplace. The relationship is mutually beneficial, or mutually destructive, and proper management is the only way to shift the latter to the former.