This article explores the crucial role of stakeholder engagement in business success. It highlights the consequences of excluding stakeholders from decision-making, illustrated by the recent controversy surrounding the PGA Tour. The authors offer three strategies for effective stakeholder management, emphasizing the importance of communication, collaboration, and shared decision-making.
In an era when stakeholder expectations and interdependencies are increasingly central to success, the ability to navigate these relationships is not just a matter of fairness or optics, it’s a strategic imperative. Nonetheless, some companies choose not to include all stakeholders in important decisions — and they suffer the consequences.
The authors showcase prominent examples of how things have gone wrong (most recently, in the case of the PGA Tour) and then identify three ways through which companies can ensure that their key stakeholders have a voice in the decision-making process, listen to one another, and work together as effectively as possible.What happens when executives — believing that they know what’s in the best interest of the company — decide to not consult with stakeholders, or even to temporarily withhold important information from them? More often than not, the outcome isn’t good. \The authors are a professor of international business at HEC Montréal. He specializes in competitive dynamics and internationalization of the sports industry, with a particular emphasis on the PGA Tour. is a professor of strategic management at IESE Business School, holding the Joaquim Molins Figueras Chair of Strategic Alliances. She specializes in the governance and dynamics of interorganizational relationships. is the Herman C. Krannert Professor of Business Administration at the Harvard Business School. His research focuses on how businesses can adapt their models to enhance competitiveness and innovation
Stakeholder Engagement Decision Making Corporate Governance Strategic Management Interorganizational Relationships
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