Stakeholder Essay Example | Topics and Well Written Essays - 500 words - 1

Stakeholder - Essay Example The inclusive definition includes any group or person who can be affected by the organization’s acts or who can affect the acts of an organization and now has expanded including non-humans too. The exclusive definition includes stakeholders that are focused on from the manager’s point of view such as the power of the stakeholder, the dependence of the institution on that stakeholder or even the risk from that particular stakeholder. The organizations that focus on the maximization of their wealth try to reduce and limit the quantity of stakeholders and try to aim on the financial measures. According to some writers, â€Å"stakeholders are recognized by the real or possible harms and gains that they will undergo or expect undergoing as a result of an organization’s activity or inactivity.† But such definitions are criticized due to the lack of specification and due to the challenges in recognizing the various stakeholders. Sometimes stakeholders are referred to as those people, who have the power to affect the institution, who the right of a relationship with the institution or have the importance to claim (Driscoll and Starik, 57). In present day’s nature is also being included in as one or more stakeholder(s) because of its importance not only to human life but also to the objectives, aims and intentions of a business o r a firm. As we previously studied that a stakeholder is an entity which gets affected by the acts or actions of an institution or has an effect on the acts or actions of an institution. Thus, nature has a lot of affects on the acts and actions of a firm and also gets affected to a very big extent by the acts and actions of a firm. Hence, nature and everything that comes in it hold the position of one or more stakeholder(s). But the fact that nature gets represented by social and ethical groups and by the various communities thus it many times does not gain the status of a stakeholder