Toward a Conceptualization of Stakeholder Business Communication

Objectives: This study aims to suggest effective business communication strategies tailored for stakeholder management in the management field. Stakeholders, including shareholders, customers, employees, partner companies, and local communities, possess varied interests which can lead to conflicts. To mitigate these conflicts and cultivate trust and collaboration among stakeholders to achieve company objectives and strategies, innovative management communication strategies are essential. Methods: After theoretically examining the significant differences between stakeholder management theory and shareholder-centric management theories, including perspectives on the purpose of the company, the scope of stakeholders, the relationship between the company and society, and assumptions about human nature, we will propose a model of management communication strategies for practicing stakeholder management. Results: The characteristics of the communication strategy model proposed in this study can be broadly explained through (1) building trust with stakeholders, (2) fostering participation, dedication, and a learning-oriented approach, and (3) sharing of performance information in shared value creation. Conclusions: The theoretical significance of this study lies in promoting discussions on new business communication strategies. Its practical significance lies in providing concrete ideas to foster trust and cooperation among various stakeholders.