Title: NipponEthics Stakeholder Model – Understanding How Japanese Companies Manage Key Stakeholders
Stream: Business and Management Ethics
Presentation Type: Live-Stream Presentation
Yurika Uematsu Bhuiyan, NewVision Solutions Limited, Bangladesh
Business concept is gradually changing on a global level, shifting from a chiefly profit focused viewpoint to a more stakeholder focused perspective. As the number of social enterprises increase and business enterprises become more socially conscious, leaders worldwide face the challenge to accommodate this shifting trend from stockholder interest to stakeholder interest. Japanese companies have long proven to be successful, using a unique stakeholder management approach. This paper focuses on Japanese companies, analysing the importance and management style of five key stakeholders - customers, employees, suppliers, shareholders and the environment. Taking Aristotle’s virtue approach, this study conducts an in-depth analysis of business practices, social values and corporate culture, subsequently developing the NipponEthics Stakeholder Model, which shows a unique balancing mechanism practised in Japanese society; the position and role of all five stakeholders are explained using this visual aid. The paper investigates a complex scenario and provides a simple, practical model, so that businesses outside Japan can understand the structure of this symbiotic ecosystem based on a platform of respect. Additionally, the model can be utilized domestically on Japanese business failure scenarios, aiding the assessment of imbalance and analysing the reasons for such decline.
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