Stakeholders' engagement in the business strategy as a key driver to increase companies' performance: Evidence from managerial and stakeholders' practices

Abstract Stakeholders' engagement at a strategic level represents one of the key dimensions that affects companies' performance, directly impacting on the decision‐making process. Despite many theoretical studies focused on the relevant role of stakeholders' engagement in the value creation process of organizations, many issues are not adequately addressed in managerial practices. Based on a multiple case study with 61 Italian companies from different sectors, (1) we explore the main strategic dimensions and connected value drivers that affect stakeholders' perception, and (2) we illustrate a suitable way to strategically integrate stakeholders' perception drivers in the performance management system (PMS) implementation. According to the contribution of the managers and selected stakeholders of the companies involved in the study, we propose a framework to support a more comprehensive development of the key dimensions that influence stakeholders' engagement (sustainable development, organizational drivers, cultural context, and digital transformation) at a strategic level.