Analysis of the Dialogue with Stakeholders by the IBEX 35 Companies

Isabel-María García-Sánchez, Cristina Aibar-Guzmán, Carmen Serrano-Valdecillos and Beatriz Aibar-Guzmán
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Isabel-María García-Sánchez: Instituto Multidisciplinar de Empresa—IME, Campus Miguel de Unamuno, Universidad de Salamanca, Paseo Francisco Tomás y Valiente, s/n, Edificio FES, 37007 Salamanca, Spain
Cristina Aibar-Guzmán: Departamento de Economía Financiera y Contabilidad, Facultad de Ciencias Económicas y Empresariales, Universidad de Santiago de Compostela, Av. Burgo, s/n, 15782 Santiago de Compostela, Spain
Carmen Serrano-Valdecillos: Facultad de Economía y Empresa, Campus Miguel de Unamuno, Universidad de Salamanca, Paseo Francisco Tomás y Valiente, s/n, 37007 Salamanca, Spain
Beatriz Aibar-Guzmán: Departamento de Economía Financiera y Contabilidad, Facultad de Ciencias Económicas y Empresariales, Universidad de Santiago de Compostela, Av. Burgo, s/n, 15782 Santiago de Compostela, Spain

Sustainability, 2022, vol. 14, issue 3, 1-26

Abstract: Stakeholder dialogue is considered a key component of companies’ corporate social responsibility strategy with the aim to discover stakeholders’ demands, expectations, and their view of the firms. Based on the stakeholder theory, this paper aims to deepen the knowledge about stakeholder dialogue by analyzing how firms conduct the dialogue with five key stakeholder groups (i.e., employees, customers, suppliers, investors and shareholders, and the community). Using a sample of 35 leading Spanish companies and, after the collection and processing of the information available in their corporate websites and reports, we have determined the channels that are used, the pursued objectives, and the main commitments achieved. The results indicate that firms are engaged in several forms of dialogue with stakeholders and use various channels which differ depending on the targeted stakeholder group. We gain insight into the initiatives with which companies engage with stakeholders, the underlying interactions, and how each stakeholder group views and assesses the firm. Practical implications for policy makers and managers, as well as future lines of research are proposed.

Keywords: stakeholder dialogue; corporate social responsibility; stakeholder engagement; sustainable management (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2022
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