Basic idea of the Stakeholder Theory and Definition
The traditional definition of a stakeholder is “any group or individual who can
affect or is affected by the achievement of the organization’s objectives”
(Freeman 1984). The general idea of the Stakeholder concept is a redefinition of the
organization. In general the concept is about what the organization should be and
how it should be conceptualized. Friedman (2006) states that the organization itself
should be thought of as grouping of stakeholders and the purpose of the organization
should be to manage their interests, needs and viewpoints. This stakeholder
management is thought to be fulfilled by the managers of a firm. The managers
should on the one hand manage the corporation for the benefit of its stakeholders in
order to ensure their rights and the participation in decision making and on the other