THE ORIGINAL QUESTION WAS-
Consider an organization with which you are familiar. Identify the characteristics (broad geographic location, size, general field of service or product) of the organization without using the name of the organization. How have stakeholders influenced a major decision in the organization? Why was the stakeholder influence so significant? Explain.
This student SUSAN answered –
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Replies to Kenyon Callahan
The company I am familiar with is a global company in the energy business. I wrote a paper about it in my MBA program for an accounting class. It has been in business under several names since the 1860s with headquarters in Irving, TX. Currently, it holds about 90% of the world’s energy-producing economy and employs around 75,000 people.
After a tragic incident in March of 1989, the company had to regroup to regain their competitive advantage and the trust of the global economy. Stakeholder influence, in this case, was beneficial as it forced the company to adhere to strict environmental regulations. The relationship creates corporate sustainability by effective communication of the decision-making process which that reinforces positive rapport between the company, its stakeholders, and the customers and geographic locations it serves (Kucukbay & Surucu, 2019). One example of the influence of external stakeholders after the tragedy was the reimbursement of natives of Alaska for the damage done to their lands and ocean waters (Walker et al, 2018). Stakeholder influences are highly significant as they provide a different view of understanding the impact of certain situations as well as the decisions that are made from those situations. Even operating globally does not fully indicate that a business can truly understand cultural contexts (Walker et al, 2018).
The effects of the tragedy caused a swarm of environmental sustainability responses in which the stakeholders were key in participation, forcing the company to comply with new standards and regulations that began to pass in legislation beginning in 1990. The company was met with thousands of lawsuits and had a difficult time comprehending the mass amount of damage they caused. Government agencies as well as other environmental agencies became key stakeholders in the decisions following the tragedy and, even with the downplaying of the tragedy by the company itself, the event snowballed into an array of positive responses to how companies in this industry operate and respond to environmental impacts.
References:
Kucukbay, F., & Surucu, E. (2019). Corporate sustainability performance measurement based on a new multicriteria sorting method. Corporate Social Responsibility and
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