In this paper, we conduct a comprehensive literature review of Edward Freeman's stakeholder theory. We explore the various types of stakeholders in a firm, examining their utility to the firm and the mutual value addition between stakeholders and the firm. We then analyse the managerial implications of stakeholder theory. Subsequently, we apply this theoretical framework to the case of Laxmi Vilas Bank, interpreting its issues through the lens of stakeholder theory. Furthermore, we assess family businesses in India, identifying the advantages and disadvantages of such enterprises from a stakeholder perspective. Finally, we conclude by highlighting gaps in the current stakeholder theory.
Vamsi Krishna Gunturu (Tue,) studied this question.