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R. Edward Freeman, Laura Dunham & John McVea

In: Handbook of Organizational and Managerial Wisdom

Chapter 8: Strategic Ethics—Strategy, Wisdom, and Stakeholder Theory: A Pragmatic and Entrepreneurial View of Stakeholder Strategy

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Strategic Ethics—Strategy, Wisdom, and Stakeholder Theory: A Pragmatic and Entrepreneurial View of Stakeholder Strategy
Strategic ethics—strategy, wisdom, and stakeholder theory: A pragmatic and entrepreneurial view of stakeholder strategy

The process of strategy making remains complicated by the challenges of dynamic change in volatile markets (Hamel, 1996; Liedtka, 1998; Liedtka & Rosenblum, 1996; Mintzberg, 1978; Mintzberg & Waters, 1985) as well as the need to incorporate an ethical dimension (Hosmer, 1994) in a way that is useful to practitioners (e.g., Markoczy, Floyd, & Baldridge, 2004). Stakeholder theory has been offered as an approach to strategy making that both enables flexible and responsive strategic action in turbulent markets (Freeman, 1984) and explicitly addresses morals and values as a central feature of strategic management (Phillips, Freeman, & Wicks, 2003). ...

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