The identification of salient stakeholders remains an issue in stakeholder theory (ST). I propose the articulation of ST with the concepts of the boundary object and systemic shock to tackle this point. A boundary object is the “stake” that aggregates a stable network of complementary and interdependent actors “holding” interest in it. They have to compromise to satisfy their individual interests and collectively reach an equilibrium. Power and legitimacy are related to the boundary object.
A managerial decision impacting the boundary object triggers a systemic shock that affects stakeholders belonging to the network and disrupts the compromise. The shock creates urgency for some stakeholders, materializes power and legitimacy, and brings new stakeholders. Stakeholders adopt different positions toward the firm: supporting, opposing or neutral. Attributes and positions shape alliances and coalitions that evolve over time to reach a new equilibrium.
To support the conceptual framework, we present an in-depth case study of an industrial downsizing with massive dismissals that took place in Switzerland. The case explores the political processes that characterise relationships when a network of stakeholders aggregated by a boundary object is disturbed by a systemic shock.
