Stakeholder Management and Relational Economics: Towards Just and Sustainable Business Practices

This chapter proposes a conception of stakeholder management from the perspective of Relational Economics, emphasizing justice based on business ethics and corporate social responsibility (CSR). CSR embodies equity and justice among stakeholders, forming the core of good corporate citizenship. The chapter links corporate social responsibility with sustainable development goals (SDGs), highlighting their importance for business development and ethical stakeholder relations. The concept of Relational Economics views firms as being embedded in social relations, integrating governance, leadership, and management with ethical values and societal responsibilities. Stakeholder management, as envisioned in this framework, supports a new vision of the firm and civil society, promoting decision-making for the common good through reflective judgment. This research explores how Relational Economics and stakeholder theory converge, presenting firms as nexuses of stakeholders and emphasizing the importance of sustainable development in global business practices. The chapter further discusses how stakeholder theory enhances strategic planning by integrating social, cultural, and environmental considerations. It questions traditional economic theories, advocating a more inclusive and ethical approach to business that aligns with global sustainability goals. The study underscores the role of stakeholder management in addressing the complex challenges of sustainability, ethics, and global corporate responsibility, proposing it as essential for the development of just and sustainable business practices.