Abstract

In this paper, I present a systematic approach to stakeholder theory based on social capital: the stakeholder social capital approach. Social capital is a relatively novel concept in stakeholder theory, which in previous research was not properly defined or systematically developed. This paper aims to fill this gap by taking into account the specificities of the stakeholder theory, which implies an explicit consideration of values. Therefore, the stakeholder social capital concept is defined by four dimensions (relational, cognitive, structural and evaluative) instead of three (relational, cognitive and structural). I present the stakeholder social capital approach according to Donaldson and Preston's distinction: the descriptive, instrumental and normative. The descriptive perspective implies mapping the stakeholder networks based on the four dimensions and implies a shift toward relationships rather than groups of stakeholders. The instrumental perspective based on the relational view focuses on the drivers of relational rents within the network (relational assets, knowledge routines, complementary resource endowments and effective governance) and the normative perspective aims to foster a relational view of society