Stakeholder theory is a well-known and significant concept in organisational and management research. The fundamental ideas, tenets, and consequences of stakeholder theory for organisational practise are highlighted in this abstract. The main concept of the abstract is that of stakeholders, who are people or organisations with an interest in or stake in a company and who are affected by its choices and activities. It emphasises the significance of comprehending and controlling stakeholder relationships while taking into account their various demands, wants, and power dynamics. The abstract also emphasises the transition from a shareholder-centric to a stakeholder-centric approach, highlighting the organisations' larger social and ethical obligations. It explores the fundamental ideas of stakeholder theory, such as the idea of creating value for many stakeholders and the idea of discussion and stakeholder involvement. The abstract also explains how stakeholder theory may be used to improve organisational reputation, foster trust, and advance sustainability over the long run. In highlighting the importance and applicability of stakeholder theory in modern business environments, where organisations are increasingly required to take into account a wide variety of stakeholders' interests and connect their plans and activities with more general societal objectives, it comes to a conclusion.
