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korean management review - Vol. 51 , No. 5

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[ Article ]
korean management review - Vol. 51, No. 5, pp. 1361-1407
Abbreviation: kmr
ISSN: 1226-1874 (Print)
Print publication date 31 Oct 2022
Received 05 Sep 2022 Revised 08 Sep 2022 Accepted 13 Sep 2022
DOI: https://doi.org/10.17287/kmr.2022.51.5.1361
Strategic Management in the Age of Stakeholder Capitalism
Eun-hwa Lee ; Jaewook Yoo ; Jay Hyuk Rhee ; Hyung-Deok Shin ; Joohee Han
(First Author) Konkuk University Business School (tobejjang@hanmail.net)
(Co-Author) Konkuk University Business School (jwyoo@konkuk.ac.kr)
(Co-Author) Korea University Business School (jayrhee@korea.ac.kr)
(Co-Author) Hongik University Business School (shinhd@hongik.ac.kr)
(Corresponding Author) Gachon University Business School (jhhan0729@gachon.ac.kr)
이해관계자 자본주의 시대의 전략경영

Copyright 2011 THE KOREAN ACADEMIC SOCIETY OF BUSINESS ADMINISTRATION This is an open access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted, distribution, and reproduction in any medium, provided the original work is properly cited.


Funding Information ▼ Korea University

Abstract

With industrialization and the development of technology, capitalism is evolving. The 'stakeholder capitalism' mentioned in the BRT means that more diverse stakeholders should be considered in the process of goal setting and management of firms. In this study, we searched and analyzed a total of 133 studies related to corporate governance and stakeholders registered in the KCI from 1990 to 2021 to explain research trends, keywords, major theories, variables, and industries analyzed. The findings show that past studies in the KCI have mainly focused on the issues of shareholder. However, since the mid to late 2000s, the scope of research has been expanded to other stakeholders including employees, consumers, and the government. In addition, it was confirmed that research on sustainability has steadily increased from the perspective of comprehensive governance structure since 2010. However, the results reveal that there was very few research that considers the characteristics of industry or stakeholder. Thus, it was judged that there is a limitation to providing sufficient implications to practitioners. We conclude with some future research directions to overcome this limitation.


Keywords: Stakeholder capitalism, Corporate governance, Sustainability, Literature review

Acknowledgments

This study is supported by Korea University Business School Research Grant.

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∙ The author Eun-hwa Lee is currently serving as an adjunct professor at Konkuk University Business School. She received her Ph.D. in International Business/Strategic Management from Konkuk University. She has worked as an audit professional of 15 years in the securities industry and is currently working as an auditor for the regional education foundation. Major research areas are included corporate governance, innovation strategy, and ESG.

∙ The author Jaewook Yoo is a professor of strategic management at the College of Business Administration, Konkuk University, Seoul, Korea. He received his Ph.D. from Washington State University. His past works were published in academic journals including Journal of Management Studies, Long Range Planning and Journal of Management and Organization. His research interests include competitive dynamic, corporate governance, top management team, innovation, and sustainable management.

∙ The author Jay Hyuk Rhee is a professor at Korea University Business School, and he received his Ph.D. from Ohio State University. At Korea University, he is a member of ESG Committee, and director of ESG Research Center. He serves as a co-chairperson of the International ESG Association, and the chairman of ESG management committee of the Korea Teachers’ Pension. His research interest includes ESG, CSR, SDG, management strategies and global strategies.

∙ The author Hyung-Deok Shin is a professor of strategic management at Hongik University. He received his PhD. from the Ohio State University and master’s and bachelor’s degree from Seoul National University. His current research focuses on strategic management, international business, entrepreneurship, and arts and cultural management.

∙ The author Joohee Han is an assistant professor at Gachon University Business School, and she received her Ph.D. from Ewha Womans University. Her past works were published in academic journals from diverse backgrounds including Journal of Strategic Management, Korea Journal of Business Ethics, and Journal of Information Technology Applications and Management and she serves as a vice-chairman of contracting out management committee of Gyeonggi-do Provincial Office. Her research interests include corporate governance, top management team, strategic change, and sustainable management.