Journal of Business Ethics 83 (2):177-192 (2008)

Two environmental accidents in the mining industry provide the context for this study of the Mitchell, Agle, and Wood (1997, The Academy of Management Review 22, 853–886) analysis of stakeholder salience. I examine the reactions of two stakeholder groups: shareholder response is examined in terms of changing share returns and risk; management response through change in disclosure. I find the two decision-makers reacted at different times. Management responded to the first accident, though not the second. Shareholders responded to the second accident alone. My findings support the Mitchell, Agle, and Wood (MAW) assertion that stakeholder status is impermanent, and determined through the eyes of the decision-maker.
Keywords stakeholder theory  corporate social responsibility  legitimacy perspective
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DOI 10.1007/s10551-007-9610-2
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The Ethical and Environmental Limits of Stakeholder Theory.Alan Strudler - 2002 - Business Ethics Quarterly 12 (2):215-233.

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