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This chapter investigates the outcome of the ongoing interactions between the Danish University College of Northern Denmark and stakeholder networks in the Italian destination Campi Flegrei. The findings of this study show that the benefits of the interactions among students, lecturers, and destination stakeholders are manifold and show that the challenge resides in strengthening the flux of knowledge sent back to destination stakeholders. Thus, the authors suggest an action- and stakeholder-oriented approach for future knowledge transfer from the educational institution to the destination stakeholders.

The importance of organizational-stakeholder relationships has been an interesting subject in the organizational literature.

In this chapter, the evolution of the concept of stakeholder and how crucial is the company’s interaction and cooperation with them to achieve common goals has been studied. Initially stakeholder was considered a synonym of shareholder but throughout the years the category has expanded including managers, employees, suppliers, and other key actors, until the current meaning: stakeholder is “any group or individuals who can affect or is affected by the achievement of the organization’s objectives” (Freeman, 1994). Hence for running successful businesses, the companies need to acknowledge the existing stakeholders and provide them expected benefits, proportionally to their relevance, which is based on their power, legitimacy, and urgency. The chapter concludes by showing us the main principles that identify the management duties to all stakeholders and the necessity of increasing their involvement in decision-making processes.

The objective of this final chapter is to summarise the entire study through an overview of each chapter, and provide an analysis of the limitations and areas of future research. Section 7.2 provides the summary, whereas Section 7.3 outlines some of the limitations of the study, including the model itself and its assumptions, the statistical measure utilised, and the problems with the survey including the response rate. Section 7.5 highlights the potential future areas of research within stakeholder theory.

The pursuit of sustainable development goals (SDGs) is the primary driver of road infrastructure development (RID), but multiple parties are involved in the process, causing confusion. To effectively manage stakeholder processes, Jeffry (2009) proposed a framework based on a preventative double-path relationship between stakeholders and institutions. Bal et al. (2013) proposed a five-stage framework for stakeholder management, which includes identifying key players and issues, conducting analysis and plans, tightening restraints on making promises, creating a plan and soliciting input from interested parties, and monitoring its effectiveness. Successful stakeholder management for sustainable road infrastructure project (SRIP) implementation has been shown to have several benefits, such as enhanced understanding of the fiscal position, improving status, building relationships, developing trust, and enduring collaborative relationships, distributing skills and practices, and recognizing and mitigating threats and vulnerabilities. Infrastructure projects involving roads include a range of complex activities, and it is essential for infrastructure projects to evaluate potential project partners prior to making a final decision. Dealing with many stakeholders and maintaining a reasonable degree of concordance between their interests is crucial for fruitful endeavours. It is important for project groups and partners to have a shared understanding of the project’s goals and solicit their input and for a precise approach to identify and manage project partners throughout the execution phase. However, RID is still in its infancy when it comes to managing stakeholders and relationships. Stakeholder management has been ad hoc due to a lack of standardized methodologies, approaches, strategies, and processes, and infrastructure development procedures should include a systematic approach to managing stakeholders. The bulk of SRIP implementation needs come from stakeholders, making project partners crucial. The sustainable development (SD) strategy emphasizes the importance of SRIP execution to stakeholders, such as architects, quantity surveyors, conservationists, environmentalists, regional managers, project managers, suppliers, subcontractors, and sustainability consultants. This section of the research addressed the omissions of previously analysed comprehensive factors in SID models and frameworks, including climate change response, public involvement, and stakeholder management. Strategies for filling these gaps were discussed. An analysis of relevant academic literature was conducted.

How can managers reduce information asymmetry in dyadic manager-external stakeholder relationships in a complex and evolving environment? Addressing this question has significant implications for firm survival, growth, and competitive advantage.

We have adopted a multiparadigm approach to theory building, known as metatriangulation. We integrate the dynamic capabilities, sensemaking, and evolutionary theory literatures to theorize how managers can relate to stakeholders in a complex and evolving environment.

We propose, via a conceptual framework and three propositions, “evolutionary sensemaking” as the managerial metacognitive dynamic capability that helps managers hone their understanding based on the evolutionary changes in the stakeholder’s interpretations of information quality preferences. The framework unfolds across three evolutionary stages: sensing preferences' variation of the stakeholder, seizing preferences, and transforming for complexity alignment and retention. The propositions focus on managing complexity in stakeholder information quality preference, employing cognitive capabilities to simplify, interpret, and align interpretations for effective information asymmetry reduction.

To develop the metacognitive dynamic capability of evolutionary sensemaking, managers need to train for and foster the underlying complex cognitive capabilities by enhancing their (1) perception and attention skills, (2) problem-solving and reasoning skills, and (3) language, communication, and social cognition skills, focusing specifically on reducing the complexity embedded in stakeholder cognition and diverse stakeholder preferences for information quality. Contrary to the current advice to “keep things simple” and provide “more” information to the stakeholders for opportunism reduction, trust-building, and superior governance, our framework suggests that managers hone their cognitive capabilities by learning to deal with the underlying complexity.

The proposed framework and propositions address research gaps in reducing information asymmetry. It enriches the dynamic capabilities literature by recognizing complexity (as opposed to opportunism) as an alternative source of information asymmetry, which needs to be addressed in this stream of research. It extends the sensemaking literature by identifying the complexity sources – i.e. stakeholder preferences for diverse information quality attributes and the associated cognitive preference interpretation processes. The article enhances evolutionary theory by delving into microprocesses related to information asymmetry reduction, which the existing literature does not thoroughly investigate.

This paper aims to examine the consistency between firms’ stakeholder-friendly responses to the COVID-19 pandemic and their environmental, social and governance (ESG) ratings. Consistent firms are those with high prior ESG ratings that actively support stakeholders during the COVID-19 crisis.

The authors use data from JUST Capital, which tracks Russell 1000 firms’ actions in response to the pandemic, to examine the relationship between pre-pandemic ESG ratings and their COVID responses towards employees, customers and communities. The authors also analyse the impact of firms’ consistency between pre-pandemic ESG ratings and stakeholder-friendly COVID responses on ESG ratings and stock returns.

This study finds that firms with higher pre-pandemic ESG ratings are more likely to support their stakeholders during the pandemic. The authors also find that firms with high ESG ratings before the pandemic experience a decline in their ESG ratings if they do not actively support their communities during the COVID-19 crisis, although insufficient employee/customer support does not impact their ESG ratings. Finally, the authors find that firms with higher pre-pandemic ESG ratings that continue to uphold their ESG commitments through community assistance during the pandemic achieve higher stock returns compared to inconsistent firms.

The results reveal gaps in how comprehensively ESG agencies assess firms’ crisis responses, highlighting areas for rating improvements. The findings contribute to sustainable development by revealing the importance of firms upholding their ESG commitments during crises to maintain stakeholder trust and drive long-term value creation.

The findings underscore the need for responsive, transparent ESG rating processes to support the integration of sustainability considerations into corporate practices and investment decisions, particularly during evolving societal expectations during crises.

To the best of the authors’ knowledge, this study is the first to investigate how pre-pandemic ESG ratings explain firms’ stakeholder-friendly responses during the COVID-19 pandemic and analyse the integration of these responses and pandemic risks into ESG ratings during the crisis.

The development and evolution of stakeholder collaborative innovation in megaprojects is impacted by various influencing factors. The effect of influencing factors on collaborative innovation performance (CIP) in megaprojects is not a simplistic linear relationship but an iterative and non-linear relationship that requires a dynamic perspective to analyze. Therefore, this paper adopts the system dynamic (SD) approach to investigate the dynamic and interactive relationships between the CIP and the influencing factors.

The study first develops a research framework with the system boundary of “CIP system – organizational collaboration subsystem – knowledge collaboration subsystem – strategic collaboration subsystem”. Then, the causal relationship model, the stock-flow model, and the mathematical equations were determined based on the literature review and the expert interviews. Finally, five performance improvement scenarios were designed according to the practice context of CIP in megaprojects, and simulations were performed using the Vensim PLE software to investigate the CIP from a dynamic perspective.

The findings reveal that the effect of different influencing factors on CIP grows non-linearly, with the cumulative effect becoming more pronounced as time advances. The incentive mechanism has the most significant effect, and the combined effect of multiple influencing factors has a highly significant facilitating effect on improving CIP. Strategic collaboration, organizational collaboration and knowledge collaboration are mutually conditional and reinforcing with each other, which ultimately promotes the improvement of CIP.

This study uncovers the inherent pattern and the interactive dynamic mechanism of factors for improving CIP in the context of megaprojects. It enriches the theoretical research in the area of collaborative innovation in megaprojects and provides practical management strategies for improving CIP.

Understanding the stakeholders' role and interest are critical for implementing climate change policy. The dichotomy between adaptation and mitigation, which arguably creates uncertainty at the implementation level, for example, is shaped by the role of the actors involved. In this regard, this study aims to investigate the interests and role of stakeholders in climate change adaptation at the national and regional levels in Indonesia. The country, Indonesia, is selected because it produces the largest amount of greenhouse gas emissions, and the people are at the highest risk of the impacts of climate change in the world. Furthermore, this study discusses the challenges in climate change adaptation in Indonesia.

This research uses a literature review and interviews with potential stakeholders. Purposive sampling methods were applied to select stakeholders for interviews. Interviews with key stakeholders were conducted through email and Zoom. Questions were developed based on the roles and interests of stakeholders.

According to the stakeholders, there is a need to establish links between climate change adaptation and local policy at the national and regional levels. The results reveal no integration strategy or approach to support climate change adaptation. Although there has been some climate change adaptation, few people are widely regarded as authorities on climate change policy. This study also discusses some challenges and opportunities to engage key stakeholders in Indonesia.

The study offers an understanding of stakeholders based on key stakeholders' interests and role in climate change adaptation in Indonesia. The research findings in this study generate prospects for the government or decision-makers or other stakeholders to deliberately aspire for policy planning. In addition, to prepare climate change adaptation policies relating to the role of stakeholders or community-based approaches to climate change adaptation, stakeholders can conduct more detailed studies to achieve community resilience in term of climate change adaptation.

This study aims to identify key built environment stakeholders in Sri Lanka and to understand their roles and responsibilities in tackling climate change. It also seeks to identify key challenges experienced by stakeholders.

Secondary data was systematically reviewed to identify key-built environment stakeholders in Sri Lanka. Thereafter, primary data was collected from a purposively selected sample of 40 built environment experts using a semi-structured interview schedule. The collected data was analyzed using the thematic analysis method.

The study identified built environment stakeholders in five sectors, namely, the state sector, the private sector, non-governmental organizations, academia and the general public. It was revealed that the state sector is responsible for policy formation and implementation, while the private sector acts as a financial facilitator. Academia generates and disseminates knowledge on climate change and community-based organizations provide inputs. Key skills and knowledge gaps of stakeholders include a lack of comprehension of the climate change theory and its concepts, lack of awareness on policies and legislation, lack of communication skills, language skills, digital proficiency and lack of integrated working skills. Unified action and equitable representation of all stakeholders is necessary to tackle climate change.

The original contribution of the paper is its emphasis on the importance of a multidisciplinary approach to the built environment in relation to climate change adaptations alongside its identification of key knowledge gaps among stakeholders.