An analytical study of stakeholders relevance based on their perceived preference in terms of climate strategy proactivity (CSP)

Purpose The purpose of this study is to evaluate empirically the perceptions of the stakeholder regarding their relevance based on their perceived preference in terms of climate strategy proactivity (CSP) which is an outcome of the importance and influence of the category of the stakeholders of Indian companies. Revolutionized by the liberalization–privatization–globalization, the practices and strategies of the companies in the developing country such as India have been marked by dynamic changes in the several past decades. In these circumstances, it has become imperative to understand the relevance of the stakeholders in terms of CSP displayed by these companies to seek help in developing appropriate strategies in the emerging competitive market. Design/methodology/approach This paper used a research design comprising descriptive analytical method using non-probability purposive sampling method to collect data from a sampled 701 respondents representing eleven categories stakeholders, with the help of a cross-sectional, self-administered online survey questionnaire. Findings The findings of the study detail the evaluation of the stakeholders relevance based on their perceived preference in terms of CSP attaching significance to the stakeholders’ perception as a useful tool. While the findings hint at the incessant growth of stakeholder awareness urging corporations to analyze effects and adopt appropriate strategies in developing countries, they also evaluate empirically the perceptions of the stakeholder regarding their relevance based on their perceived preference in terms of CSP which is an outcome of the importance and influence enjoyed by the category of the stakeholders of Indian companies. The findings confirmed the adequate level of awareness of the stakeholders of Indian companies responsible for making them adopt CSP. Research limitations/implications This study had the limitations such as collection of information through a self-reported questionnaire which might have the impact of self-bias despite all the preventive and corrective measures, and the risk of creation of a subjective viewpoint due to the assessment of the perceptions of varied stakeholders. Nonetheless, meeting the objective of this study, the study succeeds in providing a stakeholder perspective to the existing body of knowledge with respect to CSP, a stakeholders-centric concept which is in infancy in the context of developing countries and their corporations. Originality/value The paper is original as it adds value by providing empirical evidence from the perspective of different stakeholders, including but not limited to managers or shareholders only, like majority of previous studies. By doing so, it successfully attempts to contextualize them indicating the need to unlock huge potentialities and substantial significance for other developing countries.