TITLE:
Valuation of Driving Factors for Effective Stakeholder Management and Performance of SMEs
AUTHORS:
Samuel Narh Dorhetso, Daniel Nii Okaijah Welbeck, Michael Kojoe Amoah Tackie, Lawrence Yaw Boakye, Timothy Azaa Ayamga
KEYWORDS:
Entrepreneurs, Social Capital, Stakeholder Engagement, Small- and Medium-Sized Enterprises, Stakeholder Integration, Effective Stakeholder Management
JOURNAL NAME:
Open Access Library Journal,
Vol.10 No.4,
April
12,
2023
ABSTRACT: This study models an assessment of the driving factors for effective stakeholder management and performance of small- and medium-sized enterprises (SMEs) and heightens an acute research area that is currently growing and demanding more studies to substantiate its place in extant literature. A theoretical framework was developed from the macro, meso and micro dimensions of stakeholder management, and the best-worst method was used to analyze and rank the identified driving factors for effective stakeholder management and SME performance according to their weighted averages. The results of this study indicate that financial slack, stakeholder integration, and social capital are the topmost-ranked driving factors for effective stakeholder management and SME performance. This study has significant theoretical implications for academia, as well as managerial implications for policymakers and entrepreneurs, as it would widen their stances on best practices to adopt for effective stakeholder management.