Company stakeholder responsibility: An empirical investigation of top managers’ attitudinal change

Company stakeholder responsibility considers stakeholder engagement and management as key to long-term firm success. The purpose of this paper is to examine how top managers’ stakeholder responsibility attitudes change and how they balance stakeholder responsibilities and economic interests.

The authors conducted empirical research using the company stakeholder responsibility framework by conducting a repeated cross-sectional survey in Finland in 1994, 1999, 2004, 2009 and 2014.

The study shows how development in the business context influences managers’ attitudes towards stakeholder responsibility. Simultaneously with the expansion of free competition in 1990s Finland, managerial commitment to company stakeholder responsibility strengthened in Finnish industry.

The target group consisting of industrial managers both in a single-country context and the social desirability bias present in survey research may limit the generalisability of the results.

The study contributes to the discussion of the role of situational factors in the development of corporate responsibility by showing that while economic changes have some influence on managerial attitudes, the expansion of free markets, together with increased regulation in certain areas, appears to influence managers’ stakeholder responsibility attitudes to an even greater degree.