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Stakeholder relations as social capital in early modern international trade

Author

Listed:
  • Jari Ojala
  • Vilma Luoma-aho

Abstract

Stakeholder relations that are available through networks of various sorts are one benefit from social capital. According to the stakeholder approach to organisations, those relationships that contain most of the important attributes - such as power, legitimacy, frequency of contact and urgency - hypothetically dominate the business environment. This has caused modern corporations to view chiefly the dominant stakeholders as important. This study tests the importance of these attributes in early modern international trade; in other words, which attributes played a major role in the relations between Finnish tradesmen and their foreign contacts? The archives of two major Finnish trading houses from 1781 to 1852 provide sources for studying these stakeholder relations. The results of the study seem to confirm the importance of legitimacy and power in stakeholder relations, but they particularly emphasise the significance of frequency and urgency. Furthermore, dealings repeated over time between the parties created a resource dependency, thus further underlining frequency and power as important stakeholder attributes.

Suggested Citation

  • Jari Ojala & Vilma Luoma-aho, 2008. "Stakeholder relations as social capital in early modern international trade," Business History, Taylor & Francis Journals, vol. 50(6), pages 749-764.
    • Handle: RePEc:taf:bushst:v:50:y:2008:i:6:p:749-764
    DOI: 10.1080/00076790802420310
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    Cited by:

    1. Nguyen Thi Thuy Hong & Hoang Thi Lich & Bui Thi Thanh Nga, 2017. "The Social Investment Capital and the Cargo Volume Transported by Sea: A VAR Approach for Vietnam," Logistics, MDPI, vol. 1(2), pages 1-9, September.
    2. Samantha Miles, 2012. "Stakeholder: Essentially Contested or Just Confused?," Journal of Business Ethics, Springer, vol. 108(3), pages 285-298, July.
    3. Samantha Miles, 2017. "Stakeholder Theory Classification: A Theoretical and Empirical Evaluation of Definitions," Journal of Business Ethics, Springer, vol. 142(3), pages 437-459, May.

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