Abstract

In this paper we aim to show that based on an effective stakeholder management corporations are able to build and maintain three important licences tosuccessfully fulfil their fundamental value creation task, namely the licence to operate, the licence to compete and the licence to innovate. The corporation is regarded as an institution engaged in mobilizing resources for productive uses in order to create wealth with and for its stakeholders. Our concept of the three licences is based on the widely discussed (e.g. Bracken, 2003; Buono, 2003; Caldwell, 2004; Jones, Wicks, & Freeman, 2002; Lamont, 2004; Walsh, 2005) “Stakeholder View” framework by Post, et al. (2002) which concerns the firm’s interactions with its stakeholders. Our concept of the three licences is supported by the results of our qualitative case research in the financial services and the telecommunications industry