How can Stakeholder Capitalism contribute to achieving the Sustainable Development Goals? A Cross-network Literature Analysis

Elsevier, Ecological Economics, Volume 204, February 2023
Beck D., Ferasso M.

Our research explores how Stakeholder Capitalism can contribute to global governance to achieve all the 17 SDGs. We performed a mixed study through research synthesis, categorization, and network analysis. The main findings revealed that Stakeholder Capitalism and its principles are favorable to foster a friendly environment for achieving most of the SDGs and can contribute to global governance in achieving mainly the SDGs 8, 9, and 17. However, Stakeholder Capitalism literature is incipient for the SDGs 6, 14, and 15, needing further research development by considering non-human stakeholders and the environment. Findings also revealed that Stakeholder Capitalism could promote partnerships and consensus worldwide and be an optimal source for promoting decent work, economic growth, innovation, infrastructure development, and industrial dynamism in a sustainable manner. We also discussed how the primary constructs of Stakeholder Theory related to Stakeholder Capitalism could contribute to achieving the SDGs: stakeholder construct, stakeholder salience (power, urgency, legitimacy, and proximity), corporate social responsibility, and value creation. Furthermore, we proposed a novel comprehensive methodology helpful in analyzing literature and categorical variables by enhancing the explanatory power of results through research synthesis, categorization, exploratory data analysis, degree centrality, and cross-network visualization. Finally, we suggested an agenda for future studies.