Navigating stakeholder risks A study into stakeholder risk management through exploring the application of open strategizing
Previous research has sought to improve either risk management or stakeholder management, overlooking the integrated concept of stakeholder risk management. Additionally, prior research has hypothesized the application of open strategizing as a relevant and effective form of stakeholder risk management. This study attempts to expand the research field of stakeholder risk management and test the set hypothesis by examining if open strategizing can pose as an effective form of stakeholder risk management through its proposed mitigation of stakeholder risks bearing on organizational legitimacy. Using primary data obtained from interviewing executives operating in eight different and varying organizations, it was found that open strategizing can pose as an effective form of stakeholder risk management through the mitigation of legitimacy risks stemming from stakeholders. Despite the accrued authority of the executives interviewed, the results are not generalizable, given the small research population used in this case study. This studies’ findings can be used by managers who face stakeholder risks in, for example, projects or the formation of strategy. Through open strategizing stakeholder risks can namely be more effectively managed and accounted for.
Faculteit der Managementwetenschappen