CoChat
Sign Up
Cited by 791Corporate Social Responsibility ReportingCorporate Identity and ReputationPolitical Influence and Corporate Strategies

Stakeholder relations and the persistence of corporate financial performance

Open access
Choi, Jaepil, Wang, Heli·2009·Strategic Management Journal
DOI 10.1002/smj.759
Open this paper in CoChat — free account

Abstract

We examine the effect of a firm's relations with its nonfinancial stakeholders, including its employees, suppliers, customers, and communities, on the persistence of both superior and inferior financial performance. In particular, integrating and extending the resource‐based view of the firm and stakeholder management literatures, we develop the arguments that good stakeholder relations not only enable a firm with superior financial performance to sustain its competitive advantage for a longer period of time, but more importantly, also help poorly performing firms to recover from disadvantageous positions more quickly. The arguments are supported by the analysis of a series of first‐order autoregressive models. Our findings further suggest that the positive effect of good stakeholder relations on the persistence of superior performance is not as strong as that of some other firm resources, such as technological knowledge, but it is the only factor examined that promises to help a firm recover from inferior performance. Therefore, the role of positive stakeholder relations in helping poorly performing firms recover is found to be more critical than its role in helping superior firms sustain their performance advantage. Copyright © 2009 John Wiley & Sons, Ltd.

Integrity signals

Registry

Crossref · 10.1002/smj.759

Cites

42 of 42 references verified0 citation errors · 0 not checkable

Statistics

Recomputing p-values needs the paper’s full text.

Claims the paper makes

We couldn’t retrieve this paper’s full text, so its claims and self-check weren’t run. The registry and citation checks still apply.

Claims other papers make about this one

Each is checked against this paper’s own text: does it say what the citing paper says it does?

  • Stakeholder relationships constitute a source of competitive advantage that generates financial rents, protects the firm against hostility, and contributes to firm survival.

    “Stakeholder relationships constitute a source of competitive advantage (Surroca et al. 2010) that not only generate financial rents but also protect the firm against hostility (such as product harm crises) and contribute to firm survival (Choi and Wang 2009).”

    From Stakeholder marketing: theoretical foundations and required capabilities (2015) · cites this paper as Choi and Wang 2009

  • Stakeholder marketing capabilities are likely to have a long-term and indirect impact on firm performance.

    “Instead, based on literature on stakeholder relations (Maignan and Ferrell 2004;Bosse et al. 2009;Choi and Wang 2009;Surroca et al. 2010), we expect their impact to be long-term and indirect.”

    From Stakeholder marketing: theoretical foundations and required capabilities (2015) · cites this paper as Choi and Wang 2009

Cites

Flagged first, then by citations

Cited by

Sorted by citations

Related

Authors
Choi, J., & Wang, H.
Affiliations
Hong Kong University of Science and Technology (HK)
Corresponding author
Wang, Heli
ORCID
Venue
Strategic Management Journal
Publisher
Wiley
Published
2009-03-12
Volume
30
Issue
8
Pages
895-907
ISSN
  • 0143-2095 (ISSN-L)
  • 1097-0266
DOI
10.1002/smj.759
OpenAlex
W1967164597
Cited by
791
References
42
Citations by year
2026: 42 · 2025: 58 · 2024: 55 · 2023: 71 · 2022: 84 · 2021: 73 · 2020: 54 · 2019: 62 · 2018: 60 · 2017: 38 · 2016: 43 · 2015: 39 · 2014: 34 · 2013: 25 · 2012: 25
FWCI
47.99
Type
journal article
Language
en
Open access
Licence
Locations
  • Strategic Management Journal (publishedVersion)
  • Singapore Management University Institutional Knowledge (InK) (Singapore Management University) (submittedVersion, other-oa)
Topics
  • Social Sciences › Business, Management and Accounting › Strategy and Management › Corporate Social Responsibility Reporting
  • Social Sciences › Business, Management and Accounting › Strategy and Management › Corporate Identity and Reputation
  • Social Sciences › Business, Management and Accounting › Strategy and Management › Political Influence and Corporate Strategies
Keywords
stakeholder relations, performance recovery, competitive advantage, resource-based view, stakeholder management, technological knowledge, workers, suppliers, customers, community

About these checks

Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.

Statistics and arithmetic are recomputed, not judged.

Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.

What counts as a claim ›How we measure confidence ›How we check this ›

Are you an author, or do you see a problem with this page? Request a review