Valen ino , Vladisla
A icle — Published Ve sion
A sys ems‐ heo e ical look a s akeholde heo y: Lessons
om Bogdano 's Tek ology
Business and Socie y Re iew
P o ided in Coope a ion wi h:
John Wiley & Sons
Sugges ed Ci a ion: Valen ino , Vladisla (2025) : A sys ems‐ heo e ical look a s akeholde heo y:
Lessons om Bogdano 's Tek ology, Business and Socie y Re iew, ISSN 1467-8594, Wiley, Hoboken,
NJ, Vol. 130, Iss. 3, pp. 414-439,
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ORIGINAL ARTICLE
A sys ems- heo e ical look a s akeholde
heo y: Lessons om Bogdano 's Tek ology
Vladisla Valen ino
1,2,3
1
Leibniz Ins i u e o Ag icul u al
De elopmen in T ansi ion Economies,
Halle, Ge many
2
Depa men o Law and Economics,
Ma in Lu he Uni e si y, Halle,
Ge many
3
Nex Socie y Ins i u e, Kazimie as
Simona iˇ
cius Uni e si y, Vilnius,
Li huania
Co espondence
Vladisla Valen ino , Leibniz Ins i u e o
Ag icul u al De elopmen in T ansi ion
Economies, Theodo -Liese -S . 2, 06120
Halle, Ge many.
Email: [email p o ec ed]
Abs ac
We explo e how he con e sa ion be ween s akeholde
heo y and sys ems heo y can illus a e he unique
ole o s akeholde managemen wi hin he sys em o
capi alis ic ins i u ions. Towa d ha end, we call he
a en ion o s akeholde schola s o Alexande
Bogdano 's Tek ology, an ea ly e sion o sys ems he-
o y ha aised c i ical conce ns abou capi alism.
Acco ding o Tek ology, capi alism os e s indi idualis-
ic and con lic -d i en mindse s, which s ymie socie y's
abili y o achie e i s ull collabo a i e po en ial. I
s akeholde heo y akes his c i ique on boa d, i may
concep ualize social collabo a ion as “o ganized com-
plexi y” ha can ma e ialize i human ac o s o e come
hei educ ionis mindse s. This concep ual mo e
highligh s no el sys ems- heo e ical ounda ions o
s akeholde heo y's insigh s in o he ole o s ake-
holde mindse s in unlocking collabo a i e po en ial
wi hin capi alis socie ies. The esul ing added alue
o s akeholde heo y lies in ecognizing he collabo a-
i e na u e o capi alism as an ins i u ional accomplish-
men acili a ed by s akeholde managemen p ac ices,
which ope a e along non-linea pa hways and gene a e
eme gen and coun e -in ui i e ou comes.
In e ne : www.iamo.de
Recei ed: 14 Ap il 2023 Accep ed: 16 July 2025
DOI: 10.1111/bas .70018
This is an open access a icle unde he e ms o he C ea i e Commons A ibu ion License, which pe mi s use, dis ibu ion and
ep oduc ion in any medium, p o ided he o iginal wo k is p ope ly ci ed.
© 2025 The Au ho (s). Business and Socie y Re iew published by Wiley Pe iodicals LLC on behal o Albe P. Vi agh Ins i u e o E hics
in Business a Duquesne Uni e si y.
414 Bus Soc Re . 2025;130:414–439.
wileyonlinelib a y.com/jou nal/bas
KEYWORDS
s akeholde heo y, sys ems heo y, Tek ology
1|INTRODUCTION
S akeholde heo y akes cen al in e es in how business as well as non-business ac o s collabo-
a e in he p ocesses o alue c ea ion (B idoux & S oelho s , 2022; F eeman, 1984). This collab-
o a ion is signi ican ly acili a ed by he p e alence o s akeholde mindse s, which, acco ding
o F eeman e al. (2020, p. 217), enable manage s o unde s and business as “a sys em, embed-
ded wi hin a se o la ge sys ems”. This sys ems iew o business is a he co e o he ongoing
con e sa ion be ween sys ems heo y and s akeholde heo y. This con e sa ion goes back o
he e y o igins o s akeholde heo y (F eeman e al., 2010, p. 39) and con inues oday as s ake-
holde schola s eexamine he sys ems- heo e ical legacy o eminen hinke s, such as Ludwig
on Be alan y (c . Roule & Bo hello, 2022) and Niklas Luhmann (c . Valen ino e al., 2019).
Despi e F eeman's endo semen o he sys ems pe spec i e in s akeholde heo y, s ake-
holde schola s s ill see hei ield o schola ship o be a ec ed by “ he s akeholde sys em-
di ide”(Johnson-C ame e al., 2022, p. 1112; c . Wood, 1994). This di ide means ha s ake-
holde heo y schola ship has p io i ized he i m le el o analysis o e he sys em le el (ibid).
The lack o engagemen wi h he sys em-le el analysis ep esen s a signi ican gap, pa icula ly
in iew o he long-s anding in e es o s akeholde schola s in he economic sys em o capi al-
ism and how i can e ol e in o s akeholde capi alism (e.g., F eeman e al., 2007; F eeman &
F eeman, 2023). Thus, in he con ex o he ongoing con e sa ion be ween s akeholde heo y
and sys ems heo y, a majo p oblema ic implica ion o he s akeholde sys em-di ide is he
lack o conside a ion o he concep o capi alism.
The p esen pape b idges his gap by app oaching s akeholde heo y om he pe spec i e
o a unique e sion o sys ems heo y ha o e s explici c i iques o capi alism. The sys ems
heo y in ques ion is Alexande Bogdano 's Tek ology, a ounda ional and encyclopedic body o
wo k ha eme ged a he beginning o he wen ie h cen u y, p eda ing he mo e well-known
gene al sys ems heo y o Ludwig on Be alan y. Bogdano , a p ominen Russian Ma xis and
Bolshe ik, iewed capi alism as a con lic - idden and opp essi e sys em ha hinde s socie y
om ealizing i s ull collabo a i e po en ial. He a icula ed his c i ical pe spec i e on capi al-
ism using a sys ems- heo e ical ( ek ological) ocabula y. We will a gue ha Bogdano 's
sys ems- heo e ical iew o capi alism as a social sys em ha alls sho o ully ealizing human
collabo a i e po en ial p o ides a aluable in ellec ual esou ce o s akeholde heo y. Impo -
an ly, we wan o emphasize ha ou objec i e is no o in e p e s akeholde heo y h ough a
Ma xis lens. Ra he , we con end ha i is mains eam sha eholde capi alism ha exhibi s he
p oblem poin ed ou by Bogdano . We see he essence o s akeholde capi alism p ecisely in
esol ing his p oblem, he eby ans o ming capi alism in o a genuinely “coope a i e sys em o
inno a ion, alue c ea ion, and exchange”(F eeman e al., 2007, p. 6).
In he emainde o he pape , we will p oceed as ollows: he nex sec ion will ou line he
quali a i e concep ual esea ch me hodology used in his s udy. Sec ion 3will e iew cu en
sys ems- heo e ical ideas in he s akeholde li e a u e. Building on his, Sec ion 4will p esen
ou concep ual s a egy o iden i ying linkages be ween s akeholde heo y and Tek ology, se -
ing he s age o a b ie o e iew o Bogdano 's Tek ology in Sec ion 5. Sec ion 6will hen
de elop an app oach o concep ualizing s akeholde managemen in ek ological (i.e., sys ems-
VALENTINOV 415
heo e ical) e ms. The subsequen sec ions will analyze he con ibu ions o his app oach o
s akeholde heo y, discuss p ac ical implica ions, and summa ize ou a gumen , highligh ing
bo h i s limi a ions and implica ions o u u e esea ch.
2|A NOTE ON METHODOLOGY
This esea ch employs a quali a i e app oach cen e ed on he de elopmen o a concep ual ame-
wo k. Maxwell (2013, p. 49) de ines a concep ual amewo k as ‘ he sys em o concep s, assump-
ions, expec a ions, belie s, and heo ies ha suppo s and in o ms… esea ch.’Ou amewo k
b idges s akeholde heo y and sys ems heo y, add essing he s akeholde -sys em di ide iden i ied
by Johnson-C ame e al. (2022). I also seeks o mi iga e ensions be ween s akeholde heo y and
economics (B idoux & S oelho s , 2022; F eeman, Phillips, & Sisodia, 2020) by es ablishing links
be ween hese disciplines. Fu he mo e, by highligh ing he in e play be ween s akeholde man-
agemen and capi alism as a sys em, he amewo k o e s mul i-le el insigh s and b oadens ou
unde s anding o how s akeholde mindse s can o e come limi a ions o adi ional capi alism.
The de elopmen o ou concep ual amewo k in ol ed a comp ehensi e li e a u e e iew
and hema ic analysis. The li e a u e e iew ocused on Tek ology (bo h p ima y and seconda y
sou ces) and he in e sec ion o sys ems heo y and s akeholde heo y. Thema ic analysis
aimed o iden i y key hemes ela ed o how Tek ology can in o m s akeholde heo y, such as
o ganized complexi y, s akeholde mindse s, and he ins i u ional con ex o capi alism. These
hemes we e hen analyzed o unde s and how Tek ology's emphasis on o ganized complexi y
can in o m s akeholde heo y.
The au ho s' combined backg ound in sys ems heo y (including Tek ology) and s akeholde
heo y, along wi h he conduc ed li e a u e e iew, se ed as he ounda ion o he concep ual
amewo k. Addi ionally, pilo explo a ions and hough expe imen s we e conduc ed o explo e
how hese heo ies could be combined o o e new insigh s in o unde s anding capi alism as a
social sys em wi hin which s akeholde managemen ope a es. These explo a ions pa icula ly
ocused on how he capi alis sys em impac s humani y's abili y o g apple wi h phenomena o
o ganized complexi y.
T anspa ency is c ucial o mi iga e he subjec i i y inhe en in hema ic analysis. The e o e,
in Sec ion 4, we ou lined ou concep ual s a egy o iden i ying missing links be ween
Tek ology and s akeholde heo y. Ou e alua ion o he po en ial and limi a ions o using
Tek ology o en ich s akeholde heo y acknowledges he ideological di e ences be ween he
wo pe spec i es while explo ing a eas whe e hey can complemen each o he .
3|THE SYSTEMS PERSPECTIVE IN STAKEHOLDER
THEORY: A REVIEW AND AN ASSESSMENT
3.1 |A key ension: F om ascina ion o “s akeholde -sys em di ide”
We see he con e sa ion be ween s akeholde heo y and sys ems heo y as a bu geoning a ea
o explo a ion wi hin con empo a y s akeholde heo y schola ship. On one hand, sys ems
schola s a e showing inc easing in e es in s akeholde heo y (G ego y e al., 2020; Pauca -
Cace es e al., 2022; Valen ino & Ro h, 2023). On he o he hand, F eeman and his collabo a-
o s champion he no ion ha s akeholde heo y endows business wi h a comp ehensi e and
416 VALENTINOV
holis ic ou look. They asse ha e e y en e p ise unc ions as a cons i uen o a la ge sys em
in ica ely wo en in o a ne wo k o sys ems. Consequen ly, o e ec i e leade ship and a ho -
ough g asp o co po a e dynamics, manage s should emb ace a sys ems pe spec i e, na u ally
gi ing ise o a s akeholde pe spec i e (F eeman, Phillips, & Sisodia, 2020, p. 217). This sys ems
pe spec i e wi hin s akeholde heo y can be aced back o i s oo s in he sys ems heo y li e -
a u e, an o igin ap ly ecognized by F eeman e al. (2010, p. 39). A hallma k o his li e a u e is
Acko 's (1974) s akeholde analysis me hodology ha was conce ned wi h edesigning ins i u-
ions h ough s akeholde engagemen , pa icula ly in he con ex o add essing sys em-wide
challenges (c . F eeman e al., 2010, p. 40).
No ably, a e es ablishing he signi icance o he sys ems pe spec i e wi hin s akeholde he-
o y, F eeman e al. (2020, p. 221) del e in o a discou se on how s akeholde heo y os e s “a
highe consciousness among business leade s, enabling hem o pe cei e he in e connec edness
and in e dependence ha escapes hose ope a ing wi h a less ele a ed le el o consciousness”.
The au ho s see his highe consciousness as a undamen al elemen o s akeholde mindse s,
equipping manage s o undamen ally e ame hei co e s a egic ques ions. Acco ding o F ee-
man e al. (2007, p. 11), he p e ailing pa adigm o business poses an e oneous ques ion con-
ce ning he dis ibu ion o bene i s and bu dens among s akeholde s. Con e sely, he s akeholde
mindse p omp s a dis inc que y: how an o ganiza ion can maximize alue c ea ion o all i s
s akeholde s? This mindse unde sco es he ans o ma i e po en ial o s akeholde heo y while
linking i o he sys ems pe spec i e, s essing in e connec edness and in e dependence.
In e es ingly, despi e F eeman, Phillips, and Sisodia’s(
2020) esounding suppo o he sys-
ems pe spec i e and i s connec ion o he s akeholde pe spec i e, Johnson-C ame
e al. (2022, p. 1112) highligh a no iceable “s akeholde -sys em di ide”in he exis ing s ake-
holde schola ship. This di ide unde sco es a pe sis en dispa i y be ween analyses conduc ed
a he i m le el and hose a he sys em le el wi hin he domain o s akeholde heo y. I
Johnson-C ame e al. (2022) a e igh , s akeholde heo y has, hus a , e iden ly o e ed lim-
i ed insigh s in o socie al sys em-le el ou comes, gi ing ise o he need o a sys em-le el s ake-
holde heo y, as an icipa ed by Wood (1994). We see he s akeholde -sys em di ide o ha e
been o eshadowed by F eeman e al.’s(
2010, p. 40) insigh ul c i ique o Acko 's (1974) s ake-
holde analysis me hodology. Acko (1974) a gued ha socie al p oblem-sol ing a a na owe
le el han o al sys em design migh be ine ec i e, whe eas F eeman e al. (2010, p. 40) saw
such p oblem-sol ing as ex ending beyond he pu iew o adi ional co po a e-le el s a egic
managemen , which cons i u es he cen al ocus o s akeholde heo y.
3.2 |B idging he s akeholde -sys em di ide: a pe spec i e
Johnson-C ame e al. (2022) ha e p esen ed aluable ecommenda ions o b idging he
s akeholde -sys em di ide. One o hese p oposals cen e s on emphasizing he ole o s ake-
holde managemen in con ibu ing o sys em-le el ou comes. Ano he app oach in ol es an
in es iga ion in o he ques ion o , “Wha is he na u e o he cycle whe eby i m-s akeholde
ela ions, policies, and s uc u es de i e om and ecu si ely shape ins i u ional a angemen s
a he mac o le el?”(ibid, p. 1114). We iew hese wo s a egies as complemen a y, ope a ing
bidi ec ionally, wi h one pa h mo ing om he s akeholde le el o he sys em le el and he
o he in he e e se di ec ion.
An illus a i e app oach ha b idges he di ide om he s akeholde le el o he sys em le el
in ol es he explo a ion o how s akeholde heo y can be ha nessed o add ess g and challenges
VALENTINOV 417
(Johnson-C ame e al., 2022; Schwab & Vanham, 2021; Wasieleski e al., 2021;B amme
e al., 2019). In a ecen and pi o al de elopmen owa d es ablishing a sys ems pe spec i e wi hin
s akeholde heo y, Roule and Bo hello (2022) con end ha he adi ional emphasis on dyadic
i m-s akeholde ela ionships and s akeholde ne wo ks alls sho when add essing he o midable
g and challenges con on ing mode n socie y. Acco ding o Roule and Bo hello (ibid), e ec i ely
con on ing hese g and challenges necessi a es he o ma ion o s akeholde sys ems, which hey
de ine as assemblages “o ac o s who pe o m a ious oles and unc ions bu collec i ely mobilize
owa ds he achie emen o a la ge social goal”. Recognizing he lack o a sys em-le el pe spec i e
in con en ional s akeholde heo y, Roule and Bo hello (ibid) d aw inspi a ion om on
Be alan y's (1968) gene al sys ems heo y. On his basis, he au ho s delinea e bo h he s uc u al
and dyadic dimensions o s akeholde sys ems and hei cumula i e e olu iona y pa hways (ibid).
Thei esea ch is complemen ed by he wo k o Valen ino e al. (2019), who amalgama e insigh s
om on Be alan y and Luhmann o c a a u he sys ems- heo e ical iew o s akeholde he-
o y. Valen ino e al. (2019) show he in e connec ion be ween sys em-le el ou comes o s ake-
holde managemen and i m-s akeholde in e dependencies o be i mly oo ed in sha ed
s akeholde in e es s. In he subsequen wo k, Valen ino and Hajdu (2021)buildon hese
Luhmannian ideas o sc u inize how co po a e pa icipa ion in economic and non-economic unc-
ional sys ems ansla es in o ins umen al and no ma i e jus i ica ions o s akeholde heo y.
The s a egy o b idging he s akeholde -sys em di ide by ansi ioning om he s akeholde
le el o he sys em le el is oo ed in hose ace s o s akeholde schola ship ha challenge and
c i ique i m-cen ic in e p e a ions o s akeholde heo y. While schola s such as Be an e al.
(2019) and We hane (2002) embed hese c i iques wi hin a sys ems pe spec i e, a no ewo hy
segmen o s akeholde schola ship ha ad ances simila a gumen s has no o e ly aligned
i sel wi h sys ems heo y (e.g., Be man & Johnson-C ame , 2019, p. 1370; Cal on &
Payne, 2003; Sachs & Rühli, 2011). In hei endea o o anscend i m-cen ic in e p e a ions
o s akeholde heo y, s akeholde schola s ha e del ed in o a ious ins i u ional o ms, such as
s akeholde sys ems (Roule & Bo hello, 2022), ne wo ks (Be an e al., 2019; Rowley, 1997;
Sachs & Rühli, 2011), as well as ela ional and p ocessual models o s akeholde in e ac ion
(B idoux & S oelho s , 2016; Valen ino & Chia, 2022). A ela ed s and o s akeholde schola -
ship has p obed how s akeholde heo y can shed ligh on sys emic changes (Waddock &
Kuenkel, 2020), including he ansi ion owa d a ci cula economy (Schul z e al., 2023).
Ano he s a egy o b idging he s akeholde -sys em di ide, as expounded in Johnson-
C ame e al.’s(
2022) analysis, in ol es acing he ela ionships be ween i ms and s ake-
holde s back o he “ins i u ional a angemen s a he mac o le el”. In ou pe spec i e, his
s a egy ope a es om he sys em le el o he s akeholde le el. This app oach is deeply oo ed
in hose aspec s o s akeholde schola ship ha pe cei e he p ocess o s akeholde manage-
men as in ica ely in e wined wi h speci ic sys ems o social and economic ins i u ions. An
exempla y illus a ion o his pe spec i e can be ound in F eeman, Pa ma , and Ma in's (2020)
conside a ion o co po a ions as en i ies “si ua ed in socie y”and elian upon “socie al no ms,
in as uc u e, and laws”. In his line, a conside able body o s akeholde schola ship has exam-
ined how he na u e o s akeholde managemen a ies ac oss dis inc ins i u ional en i on-
men s (Do oban u, 2019). S akeholde heo is s acknowledge hese b oade ins i u ional
en i onmen s as impo an sou ces o no ma i i y (Johnson-C ame e al., 2022; Wood, 1994).
Fo example, Wood (1994) en isioned a po en ial ole o a sys em-le el s akeholde heo y in
ecognizing how he b oade social sys ems wi hin which s akeholde ela ionships a e embed-
ded gene a e p inciples o ai ness o go e ning hese ela ionships.
418 VALENTINOV
3.3 |B inging in capi alism
We a gue ha inso a as he s akeholde -sys em di ide can be b idged by analyzing how s ake-
holde ela ionships a e in luenced by hei b oade ins i u ional en i onmen s, i is logical o iew
capi alism as a quin essen ial example o such a b oade ins i u ional en i onmen o
encompassing social sys em. Rema kably, despi e he signi ican a en ion gi en o he concep o
s akeholde capi alism and he ole o s akeholde managemen wi hin capi alism
(e.g., F eeman & By, 2022; F eeman & F eeman, 2023; F eeman, Pa ma , & Ma in, 2020), he con-
cep o capi alism has no ye been speci ically examined in he con ex o he s akeholde -sys em
di ide. Simul aneously, gi en he subs an ial in e es wi hin he s akeholde li e a u e in he sub-
jec o capi alism, we con end ha such an explo a ion would s ike a he e y co e o s akeholde
heo y. The p ima y eason o ou con en ion is ha F eeman has consis en ly emphasized ha
s akeholde managemen is in ica ely wo en in o he capi alis sys em (ibid). In his line, F eeman
and colleagues ha e no only demons a ed ha s akeholde heo y i sel is inhe en ly p o-business
and p o-capi alis ic (c . F eeman e al., 2007, p. iii) bu also explo ed how he concep o s ake-
holde capi alism could anscend he limi a ions o mains eam sha eholde capi alism (F eeman
e al., 2010, p. 280). As elucida ed by F eeman e al. (2007), con en ional sha eholde capi alism
dese es c i icism o p omo ing simplis ic no ions o sel -in e es , compe i ion, and a ze o-sum
game. These c i iques necessi a e a e aming o he con en ional na a i e o capi alism by
acknowledging he con ibu ions o di e se s akeholde s o collabo a i e alue c ea ion (ibid).
Despi e he esonance o he concep o capi alism wi h much o he s akeholde hinking, i
has no ye been e ec i ely linked o sys ems heo y and he endea o o b idge he
s akeholde -sys em di ide. This ep esen s a signi ican gap ha we aim o add ess. We suspec
ha he main eason o he pe sis ence o his gap is he widesp ead pe cep ion ha
sys ems- heo e ical app oaches end o be qui e abs ac and, he e o e, may no be well-sui ed
o dealing wi h mo e speci ic ca ego ies o ins i u ional economics, such as capi alism. While
his pe cep ion may ha e some alidi y (Hodgson, 2001), we wan o d aw eade s' a en ion o
a speci ic sys ems- heo e ical app oach ha di ec ly engages wi h c i iques o capi alism,
namely Bogdano 's Tek ology. We a gue ha he di ec engagemen wi h capi alism is a p ima y
eason why Bogdano 's Tek ology s ands ou in he b oad landscape o sys ems- heo e ical li e -
a u e e en oday (c . Jackson, 2019). The endu ing ele ance o Tek ology is highligh ed by he
publica ion o a special issue on Tek ology in he specialized sys ems heo y jou nal Sys ems
Resea ch and Beha io al Science, commemo a ing he 150 h anni e sa y o Bogdano 's wo k
(c . Jackson, 2023; Kleine , 2023). The e o e, in his pape , we aim o enhance he ongoing dia-
logue be ween s akeholde heo y and sys ems heo y, pa icula ly in he con ex o b idging
he s akeholde -sys em di ide, by paying close a en ion o capi alism and d awing insigh s
om Bogdano 's Tek ology. In line wi h his aim, he nex sec ion cla i ies how Tek ology helps
iden i y some o he missing links be ween sys ems heo y and s akeholde heo y.
4|CONCEPTUAL STRATEGY
As a p ominen ep esen a i e o he sys ems heo y li e a u e ha eme ged a he dawn o he
wen ie h cen u y (c . Cap a & Luisi, 2014; Jackson, 2019), Tek ology p o ides a i id illus a-
ion o how a sys ems pe spec i e anscends he limi a ions o educ ionis hinking in com-
p ehending o ganized complexi y and ela es his hinking o he con ex o capi alism.
Tek ological ideas acco dingly go a long way owa d p o iding a possible illus a ion o how
VALENTINOV 419
Johnson-C ame e al.’s(2022) abo e-men ioned second s a egy o b idging he s akeholde -
sys em di ide may wo k. Towa d his end, he p esen sec ion in oduces a concep ual ame-
wo k ha p epa es he g ound o imagining a p oduc i e in e ac ion be ween Tek ology and
s akeholde heo y. This amewo k highligh s he con ibu ion o ( ek ologically in o med) sys-
ems heo y o b idging he s akeholde -sys em di ide and unde sco es he key ole o o ganized
complexi y as a long-s anding s a ing poin o sys ems hinking (c . Cap a & Luisi, 2014;
Jackson, 2019; on Be alan y, 1968).
The concep o o ganized complexi y can be cla i ied by e e ence o Wea e 's (1948) dis inc-
ion be ween simplici y, diso ganized complexi y, and o ganized complexi y. Wea e elucida ed
ha simplici y, he con en ional p oblem ype in na u al sciences du ing he se en een h, eigh-
een h, and nine een h cen u ies, ypically in ol ed a small numbe o a iables in e connec ed
h ough de e minis ic ela ionships. In con as , diso ganized complexi y pe ains o p oblems
cha ac e ized by an exceedingly la ge numbe o a iables, each beha ing e a ically and, in
some cases, e en being comple ely unknown (Wea e , 1948, p. 538). As Jackson (2019, p. 71)
explains, simplici y can be e ec i ely add essed using calculus and di e en ial equa ions, while
diso ganized complexi y alls wi hin he domain o s a is ics, p obabili y heo y, and he mody-
namics. Con e sely, as no ed by Jackson (2019, p. 72), o ganized complexi y poses challenges
ha a e oo in ica e o s aigh o wa d analysis ye oo s uc u ed o s a is ical app oaches.
These p oblems necessi a e he simul aneous conside a ion o a subs an ial numbe o in e -
connec ed ac o s, o ming an o ganic whole (c . Wea e , 1948, p. 539).
O ganized complexi y has been he p ima y epis emic challenge ha ga e ise o he g ow-
ing p ominence o sys ems hinking and gene al sys ems heo y in he i s hal o he wen ie h
cen u y. Du ing ha pe iod, many schola s ealized ha he scien i ic wo ld iew o igina ing
om New onian physics and Ca esian dualis ic philosophy was oo mechanis ic o explaining
many na u al and social phenomena (Cap a & Luisi, 2014). A key example is on Be alan y's
commen a y ha he mechanis ic app oach o classical physics, which epi omized his scien i ic
wo ld iew, “appea ed o neglec o ac i ely deny jus wha is essen ial in he phenomena o li e”
( on Be alan y, 1968, p. 12). The phenomena o li e s and he e as an example o o ganized
complexi y, which can also be desc ibed by “concep s like hose o o ganiza ion, wholeness,
di ec i eness, eleology, and di e en ia ion [ ha ] a e alien o classical physics. Howe e , hey
pop up e e ywhe e in he biological, beha iou al, and social sciences, and a e, in ac , indis-
pensable o dealing wi h li ing o ganisms o social g oups”(ibid, p. 34).
Today's li e a u e a he in e sec ion o sys ems heo y and complexi y science and manage-
men and o ganiza ion heo y (c . Allen e al., 2011; Ande son e al., 1999; Kas &
Rosenzweig, 1972; on Be alan y, 1972) ela es he concep o o ganized complexi y o p o-
mo ing s a egic business success, add essing wicked p oblems and g and challenges
(G ewa sch e al., 2021; c . Cap a & Luisi, 2014, p. xi), and illumina ing co po a e sus ainabili y
p oblems (Bansal & Song, 2017; Williams e al., 2021). Di e se as hey a e, sys ems- heo e ical
ideas imply he need o o e come “ educ ionis hinking”which p io i izes independence o e
in e connec edness (G ewa sch e al., 2021, p. 6), and i m le el o e sys em le el (ibid). A bo -
om, educ ionis hinking seeks o educe he unde s anding o sys emic beha io o he beha -
io o i s indi idual pa s (Bansal & Song, 2017, p. 124). Meadows (2008) acknowledges ha
educ ionis hinking is a pe asi e human endency, especially in e e yday li e. To he , he
impo ance o sys ems heo y consis s p ecisely in o e coming he ail ies o educ ionis hink-
ing, pa icula ly when i is aken o common sense (c . also Laszlo, 1972).
F om oday's poin o iew, a unique insigh o Tek ology is i s applica ion o he idea o
o ganized complexi y o social collabo a ion, which may un old o ail o do so depending on
420 VALENTINOV
he na u e o he mindse s o indi idual ac o s. Following h ough on his insigh allows he
iden i ica ion o se e al in e ela ed no el connec ions be ween s akeholde heo y and sys ems
heo y, which ha e no been de eloped in p e ious schola ship explo ing he in e sec ion o
hese li e a u es. Table 1 isualizes how hese no el connec ions a ise h ough he in eg a ion
o speci ic ideas om Tek ology and s akeholde heo y.
As shown in he able, one eme ging no el connec ion is be ween he unde s anding o
social collabo a ion and s akeholde mindse s. Inso a as his collabo a ion is seen o embody
o ganized complexi y, s akeholde mindse s become compa able o he applica ion o sys ems
hinking, which o e comes he limi a ions o educ ionis mechanis ic hinking. Simila o sys-
ems schola s acknowledging ha he p ima y challenge in add essing o ganized complexi y
lies in o e coming Ca esian educ ionism, which is deeply oo ed in he scien i ic wo ld iew
ha p e ailed om he Scien i ic Re olu ion un il he ea ly wen ie h cen u y (Cap a &
Luisi, 2014; Jackson, 2019; on Be alan y, 1968), s akeholde managemen encoun e s a pa al-
lel challenge o unde s anding he o ganized complexi y o social collabo a ion. Whe eas F ee-
man, Phillips, and Sisodia (2020) sugges ha s akeholde heo y sees business as a sys em
“embedded wi hin a se o la ge sys ems,”a ek ological iew disce ns behind his
embeddedness a pa e n o o ganized complexi y unde pinning social collabo a ion and calling
o sys ems hinking in he o m o s akeholde mindse s.
Ano he eme ging no el connec ion be ween s akeholde heo y and sys ems heo y pe -
ains o he logical ela ionship be ween adi ional manage ial mindse s and educ ionis
mechanis ic mindse s, which go back o he scien i ic wo ld iew ha p e ailed since he Scien-
i ic Re olu ion. T adi ional manage ial mindse s p io i ize p o i maximiza ion, which ul i-
ma ely “se s …s akeholde s as ad e sa ial claiman s on wha is seen as a limi ed pool o
a ailable p o i in he sys em …Each s akeholde becomes a ake om he sys em, which ine -
i ably weakens and deg ades he abili y o he sys em o ealize i s s a ed goal o maximizing
p o i s”(F eeman, Phillips, & Sisodia, 2020, p. 220 e seq.). Whe eas F eeman, Phillips, and
TABLE 1 No el connec ions be ween s akeholde heo y and sys ems heo y, sugges ed by Tek ology.
Tek ological ideas S akeholde heo y ideas
Eme ging connec ions be ween
s akeholde heo y and sys ems
heo y
Social collabo a ion is an
embodimen o o ganized
complexi y equi ing sys ems
hinking
S akeholde mindse s allow
business o be seen as ope a ing in
a complex and dynamic
en i onmen (c . F eeman, 1984;
F eeman, Phillips, & Sisodia, 2020)
S akeholde mindse s may
ep esen a o m o sys ems
hinking ha can add ess he
o ganized complexi y o social
collabo a ion wi hin business
The o ganized complexi y o
social collabo a ion canno be
g asped by mechanis ic mindse s
S akeholde mindse s o e come
he limi a ions o adi ional
manage ial mindse s (c .
F eeman, 1984; F eeman
e al., 2010; F eeman, Phillips, &
Sisodia, 2020)
T adi ional manage ial mindse s
may be an example o educ ionis
mechanis ic hinking, which ails
o add ess he o ganized
complexi y o social collabo a ion
wi hin business
Schola s adop ing mechanis ic
mindse s canno explain speci ic
phenomena o o ganized
complexi y, such as li e
Manage s adop ing adi ional
mindse s ha e di icul y dealing
wi h change (F eeman, 1984;
F eeman e al., 2007)
The inabili y o manage s o deal
wi h change may exempli y a
b oade ailu e o g asp he
o ganized complexi y o social
collabo a ion
VALENTINOV 421
commodi y e ishism, Bogdano (ibid, p. 79) no ed ha he indi idualis ic habi s o hough
esul in he degene a ion o he p e alen unde s andings o alue, bo h economic and mo al,
in o e ishisms which e eal he helplessness o indi idual ac o s in he ace o “naked, abs ac
necessi y”exp essed in he chao ic play o social o ces. Acco dingly, i he idea o sha eholde
weal h maximiza ion akes p imacy o e he mo e gene ic goal o sus ainable weal h c ea ion
(c . Jones & Ha ison, 2019), a ek ological pe spec i e would see i as a e ishism e lec ing he
agmen ed s a e o business li e. Thus, ek ology would explain he c ucial ole o s akeholde
mindse s in e ms o hei capaci y o eplace e ishis ic ideas wi h an awa eness o sha ed pu -
poses and mo al p inciples as he ounda ions o s akeholde collabo a ions.
Thi d, a ek ological pe spec i e e eals a deepe g ound behind he idea o he u bulence
o he business en i onmen as a d i ing o ce o s akeholde managemen . Tu bulence has
long been discussed by managemen and o ganiza ion heo is s (Bu ell & Mo gan, 1979;
Eme y & T is , 1965); some o i s salien p ac ical implica ions include en i onmen al dyna-
mism, high knowledge in ensi y o speci ic business ac i i ies, and signi ican ask and ou come
in e dependence (Jones e al., 2018, p. 381). F eeman e al. (2010, p. 3) d ew on hese discus-
sions o a gue ha he adi ional model o sha eholde capi alism wo ked well “du ing a ime
when he e was much less conce n wi h u bulence”(F eeman e al., 2010, p. 3). In oday's
business wo ld, howe e , manage s a e be e ad ised o ocus on nu u ing mo al ela ionships
wi h s akeholde s (ibid). On a ek ological iew, he condi ion o u bulence e lec s he p ob-
lema ic chaos esul ing om he lack o social o ganiza ion, which would be equi ed o e lec
he uni y o “social labo ”(Bogdano , 2016, p. 64). The chaos eme ges because his uni y canno
be g asped by mindse s s eeped in indi idualis ic habi s o hough , gi ing p imacy o compe i-
ion and specializa ion. In sho , he chaos is he consequence o social a omism, which is
ac i ely p omo ed by capi alism (Bogdano , 2016, p. 73). I seems plausible ha his chaos, o
u bulence in oday's s akeholde heo y pa lance, is exace ba ed by “[ ] he ise o globaliza ion,
he dominance o in o ma ion echnology, he libe aliza ion o s a es, especially he demise o
cen alized s a e planning and owne ship o indus y, and inc eased socie al awa eness o he
impac o business on communi ies and na ions”(F eeman e al., 2010, p. 3).
The possible impac o Tek ology on ou unde s anding o s akeholde managemen is sum-
ma ized in Table 2, which illus a es he in e play be ween wo key dis inc ions: s akeholde
managemen s. adi ional managemen d i en by he sha eholde weal h maximiza ion pa a-
digm, and s akeholde mindse s s. adi ional manage ial mindse s oo ed in he same pa a-
digm. As depic ed in he able, manage s guided by adi ional mindse s and p ac icing
adi ional managemen may encoun e he u bulence issue iden i ied by F eeman e al. (2010,
p. 3) o a p oblema ic s a e o chaos c i iqued by Tek ology. When manage s guided by adi-
ional mindse s a emp o implemen s akeholde managemen , hey a e likely o g apple wi h
ade-o s among he legi ima e in e es s o s akeholde s. A he same ime, by adop ing s ake-
holde mindse s, manage s a e mo e likely o ecognize he un apped po en ial o collabo a i e
oppo uni ies ha emains es ic ed wi hin adi ional managemen guided by he sha eholde
weal h maximiza ion pa adigm. As a esul , manage s who adop s akeholde mindse s and pu
hem in o p ac ice wi hin s akeholde managemen a e likely o ealize hese collabo a ion
oppo uni ies, ul ima ely achie ing wha F eeman e al. (2018, p. 3) desc ibe as ‘win-win-win-
win-win’ ela ionships. These ela ionships ha e he capaci y o anscend ade-o s among
legi ima e s akeholde in e es s by le e aging he unlocked collabo a ion oppo uni ies p e i-
ously cons ained wi hin hose ade-o s.
Table 2p o ides aluable insigh s in o how manage s can shi hei mindse s, e en i hese
mindse s a e ini ially oo ed in adi ional sha eholde weal h maximiza ion. Such mindse s a e
428 VALENTINOV
likely o p o e us a ing o manage s, whe he due o na iga ing chaos o u bulence, o
managing ade-o s among s akeholde in e es s. In con as , manage s who adop s akeholde
mindse s end o unco e new collabo a i e oppo uni ies, he eby a oiding us a ion. Ul i-
ma ely, manage s ully emb acing s akeholde mindse s and p ac ices a e well-posi ioned o
achie e he ‘win-win-win-win-win’ ela ionships desc ibed by F eeman e al. (2018). Table 2
unde sco es ha manage s may s a wi h adi ional mindse s shaped by sha eholde weal h
maximiza ion bu can ansi ion owa d s akeholde mindse s due o hei abili y o e eal col-
labo a i e oppo uni ies. By seizing hese oppo uni ies, manage s ini ia e a co-e olu iona y
dynamic be ween mindse s and manage ial p ac ices. This dynamic has he po en ial o in e-
g a e s akeholde mindse s wi h e ec i e s akeholde managemen p ac ices, ul ima ely c ea -
ing sha ed alue o all s akeholde s in ol ed.
Fo he sake o cla i y, i is impo an o unde sco e ha he dis inc ions be ween manage-
men s yles and mindse s p esen ed in Table 2a e no in ended o se e as igid o o e ly sim-
pli ied po ayals o eal-wo ld manage ial p ac ices. Ra he , hese ca ego ies unc ion as ideal
ypes in he Webe ian adi ion—concep ual abs ac ions designed o illumina e he unde lying
pa e ns o manage ial easoning and decision-making, he eby elucida ing he undamen al
logic o dis inc manage ial o ien a ions. Thus, Table 2should be ead wi h ull ecogni ion
ha , in p ac ice, i ms o en exhibi hyb id cha ac e is ics, bo h in e ms o managemen s yles
and manage ial mindse s. This able, he e o e, is no a igid classi ica ion sys em, bu a he a
concep ual mapping ool, o e ing a amewo k h ough which o disce n how manage ial min-
dse s in e ac wi h managemen s yles in shaping o ganiza ional ou comes. This aming allows
Table 2 o illus a e how manage ial mindse s may e ol e o e ime h ough an adap i e, i e a-
i e p ocess, whe eby manage s p og essi ely iden i y new oppo uni ies o collabo a ion and
ecalib a e hei s a egic app oaches acco dingly. F om a ek ological s andpoin , his e olu ion
is pa o a b oade sys emic ans o ma ion in how i ms na iga e complexi y.
7|CONTRIBUTIONS TO STAKEHOLDER THEORY
The p eceding sec ion has demons a ed ha Tek ology and s akeholde heo y bo h see
humani y's collabo a i e po en ial o be cons ained by p e ailing capi alis ins i u ions ha
p omo e educ ionis , indi idualis ic, and compe i i e hinking. Tek ology's cen al con ibu ion
lies in i s emphasis on he deep- oo ed sys ems- heo e ical ounda ions o his a gumen . In pa -
icula , Tek ology es ablishes a connec ion be ween humani y's collabo a i e po en ial and he
concep o o ganized complexi y, a cen al ocus wi hin sys ems heo y (Jackson, 2019, p. 73;
Wea e , 1948; on Be alan y, 1968). This con ibu ion is a om i ial. In on Be alan y's
e a, pa icula ly gi en his backg ound in biology, o ganized complexi y p ima ily pe ained o
he enigma ic na u e o li e ha de ied mechanis ic in e p e a ions. In he con empo a y
TABLE 2 A ek ological pe spec i e on s akeholde managemen .
T adi ional managemen S akeholde managemen
T adi ional
mindse s
Manage s a e likely o expe ience
p oblems o u bulence o chaos
Manage s a e likely o expe ience s akeholde
in e es ade-o s
S akeholde
mindse s
Manage s a e likely o disco e
un apped collabo a ion oppo uni ies
Manage s a e likely o achie e ‘win-win-win-win-
win’ ela ionships (F eeman e al., 2018,p.3)
VALENTINOV 429
con ex , o ganized complexi y has e ol ed o encompass opics such as sus ainabili y
(c . Bansal & Song, 2017), wicked p oblems, and g and challenges (G ewa sch e al., 2021;
Jackson, 2019; Valen ino & Pé ez-Valls, 2021). In con as , Tek ology p ima ily associa es o ga-
nized complexi y wi h human collabo a ion. This collabo a ion holds he po en ial o inno a-
i e p oduc i i y gains bu is o en hinde ed by educ ionis habi s o hough oo ed in
specializa ion, compe i ion, and con lic . Tek ology conside s he o ganized complexi y o
human collabo a ion o be a p ac ical goal ha can be achie ed h ough a mo e comp ehensi e
unde s anding o capi alism, as acili a ed by s akeholde heo y. Acco ding o his iewpoin ,
o ganized complexi y eme ges as an inhe en a ibu e o social collabo a ion ha should be lib-
e a ed om he ins i u ional cons ain s o sha eholde capi alism. S akeholde mindse s
assume a pi o al ole in enabling his libe a ion. Jus as mechanis ic hinking is inadequa e o
g asp he o ganized complexi y o li e, as sugges ed by on Be alan y (1968, p. 34), educ ionis
mindse s en enched in specializa ion, compe i ion, and con lic a e simila ly unsui able o
ealizing he o ganized complexi y o social collabo a ion wi hin he ek ological amewo k. As
a p ac ical goal, he o ganiza ional complexi y o social collabo a ion can be ealized when eco-
nomic decision-make s success ully cul i a e s akeholde mindse s ha p io i ize he c ea ion
o sha ed alue o s akeholde s (c . F eeman e al., 2007, p. 11).
Building upon his ek ological in e p e a ion o s akeholde mindse s, we can pinpoin a
second signi ican con ibu ion o Tek ology o s akeholde heo y: he po en ial solu ion o
b idging he s akeholde -sys em di ide as ou lined by Johnson-C ame (2022, p. 1112). F om a
ek ological iewpoin , his di ide can be e ec i ely b idged by os e ing he adop ion o s ake-
holde mindse s among co po a e manage s. These mindse s ac as he b idge connec ing he
manage ial ocus o s akeholde heo y (Phillips e al., 2019) and he p ac ical goal o ealizing
he o ganized complexi y o social collabo a ion. We a gue ha his o ganized complexi y is
undamen ally si ua ed a he sys em le el –a mode n concep co esponding o
Bogdano 's (2016, p. 64) no ion o “social-labo uni y”. While s akeholde heo y links business
success wi h he e hical ea men o s akeholde s, he ek ological pe spec i e ecognizes ha
bo h o hese dimensions sha e a common challenge: anscending educ ionis mindse s o
unlock he la en po en ial o social collabo a ion. The ek ological pe spec i e p o ides a lens
o iden i y his po en ial, de ining i as a mani es a ion o o ganized complexi y. Thus, on he
ek ological iew, he e hical ea men o s akeholde s is undamen ally oo ed in a sys emic
unde s anding o business wi hin he con ex o o ganized complexi y o social collabo a ion,
wi h business success ac ing as an indica o o his un apped po en ial being ealized.
Finally, i is wo h men ioning ha he p oposed ek ological in e p e a ion o s akeholde
heo y in i es a e hinking o he ela ionship be ween his heo y and he discipline o econom-
ics. Up o now, s akeholde heo is s ha e ended o see his ela ionship in a c i ical ligh . Fo
example, F eeman e al. (2020, p. 216) a gue ha s akeholde heo y could ha e enjoyed wide
popula i y i he ield o s a egic managemen had been less domina ed by “a na ow o m o
economic heo izing”. B idoux and S oelho s (2022) ag ee ha , “since i s incep ion, s akeholde
heo y has posi ioned i sel as an al e na i e o economic heo izing”, e iden ly e e ing o o ho-
dox neoclassical economics which emains wedded o he widely c i icized model o Homo Econo-
micus (c . Hodgson, 2013). I is impo an o ecognize ha neoclassical economics and he Homo
Economicus model i espouses a e o en seen, by he e odox economis s and some sys ems
schola s, as exempla s o educ ionis hinking, p omo ing a mechanis ic pe spec i e o he econ-
omy while o e looking i s signi ican e hical dimensions (Cap a & Luisi, 2014;Kapp,2011). In a
simila ein o how Ludwig on Be alan y (1968, p. 12) challenged he mechanis ic app oach o
classical physics o i s ailu e o add ess he essen ial aspec s o li e phenomena, Nelson (2006)
430 VALENTINOV
con ends ha he mechanis ic iew o he economy igno es p o ound e hical dimensions o he
eal-wo ld economic sys em (Valen ino & Ro h, 2023; Valen ino & Pé ez-Valls, 2021). Simila
o on Be alan y, Nelson (2006, p. 19) aces his educ ionis and mechanis ic s ance o neoclas-
sical economics back o classical physics, which p o ided inspi a ion o he ounde s o his
school o economic hough (c . Valen ino & Ro h, 2023).
As Nelson poin s ou , one c i ical consequence o his de iciency o neoclassical economics
is i s lack o comp ehension o he human and mo al dimensions o he economy, which a e
cen al o s akeholde schola s and ully acknowledged by Tek ology, which, in con as o neo-
classical economics, emb aces a ela ional pe spec i e o human na u e (c . Buchholz &
Rosen hal, 2005). This concep ion o human na u e aligns wi h he e odox schools o ins i u-
ional economics, iewing ins i u ions no solely as cons ain s on human beha io bu p ima -
ily as si es whe e socializa ion occu s and p e e ences a e o med (c . Hodgson, 2015;
Nelson, 2006). Thus, by emphasizing he in luence o capi alis ins i u ions on indi idual
hough pa e ns, Tek ology ega ds s akeholde managemen as a componen o a b oade ins i-
u ional sys em. While i implies a c i ique o Homo Economicus as a ounda ional assump ion
o neoclassical economics, Tek ology unde sco es he na u e o social a omism as a p ac ical ou -
come o he capi alis sys em's ope a ion and he possibili y o coun e ing his ou come by p o-
mo ing s akeholde managemen p ac ices. In his manne , a ek ological pe spec i e on
s akeholde heo y highligh s i s po en ial o b ing abou ans o ma ion wi hin he con empo-
a y sys em o capi alis ic ins i u ions.
8|PRACTICAL IMPLICATIONS OF THE TEKTOLOGICAL
PERSPECTIVE
Beyond i s con ibu ions o s akeholde heo y as such, he ek ological pe spec i e has he
capaci y o p o ide esh ideas o co po a e manage s looking o implemen his heo y in p ac-
ical con ex s. These ideas sensi ize manage s o he exis ence o non-linea beha io s, a opic
ha has long been emphasized in he li e a u e b idging managemen , complexi y, and sys ems
heo y (G ewa sch e al., 2021; Meadows, 2008). The ek ological pe spec i e u he en iches
his li e a u e by d awing a en ion o Bogdano 's concep s o “weakes links”o limi ing ac o s
ha mani es wi hin he e ol ing con igu a ions o s akeholde ela ionships, ne wo ks, and
sys ems. This pe spec i e encou ages co po a e manage s o ecognize hese weakes links as
s a egic le e age poin s capable o gene a ing supe -addi i e, i.e., non-linea , gains in p oduc-
i i y wi hin s akeholde ela ionships. As Bogdano (1984,1996) no ed, supe -addi i e e ec s
p ima ily esul om “o e coming indi idual esis ances”, which a e imposed by sys emic ele-
men s, such as indi idual wo ke s, wi hin compe i i e en i onmen s. Acknowledging ha hese
esis ances s em om indi idualis ic hinking habi s cul i a ed in capi alis socie ies, Bogdano
demons a ed how collabo a i e p ac ices can o e come habi s and hus unlock no el p oduc-
i i y gains. We a gue ha he same p ac ical consequences migh accompany s akeholde col-
labo a ions in con empo a y capi alism. Today's co po a e manage s can d aw inspi a ion om
hese ideas o explo e how hey can “o e come he esis ances”o indi idual s akeholde s,
he eby gi ing ise o cumula i e posi i e ou comes. While s akeholde heo is s ha e long ec-
ognized ha s akeholde collabo a ions can esul in ‘win–win–win–win–win’ ela ionships, as
desc ibed by F eeman e al. (2018, p. 3), he ek ological pe spec i e unde sco es he po en ial
o non-linea e ec s in hese ela ionships, con ingen upon he con ol o eme gen limi ing
ac o s ha co po a e manage s should iden i y and add ess.
VALENTINOV 431
P ac ically, he ask o iden i ying and ha nessing non-linea e ec s in s akeholde ela ion-
ships in i es manage s o iew hei s akeholde ela ionships as a p ima y a ena o he appli-
ca ion o sys emic managemen me hods ailo ed o add ess complexi y. Jackson's (2019)
seminal ex on how sys ems hinking aids manage s in dealing wi h he complexi y o
decision-making con ex s acknowledges ha a b oad spec um o sys emic managemen
me hods can be ca ego ized based on he ypes o complexi y and he na u e o s akeholde
cons ella ions—whe he hey a e uni a y, plu alis , o coe ci e (Jackson, 2019, p. 164). His o i-
cally, sys emic managemen and s akeholde managemen ha e been ea ed as sepa a e
domains wi hin manage ial p ac ice. Howe e , a ek ological pe spec i e e eals a deepe in e -
connec ion be ween hese domains, as bo h o hem a e undamen ally conce ned wi h aiding
manage s in na iga ing o ganized complexi y. Acco dingly, Tek ology sugges s ha s akeholde
managemen can le e age he ex ensi e oolki o sys emic managemen me hods. These
me hods, encompassing echniques like so sys ems me hodology and c i ical sys ems hinking,
can be ins umen al in cul i a ing a collabo a i e s akeholde mindse , ul ima ely os e ing he
eme gence o “win-win-win-win-win” ela ionships, as en isioned by F eeman e al. (2018,
p. 3). Con e sely, he p oposed ek ological iew o s akeholde heo y can en ich he p ac ice
o sys emic managemen . By ecognizing he inhe en s akeholde dimension, p ac i ione s o
sys emic managemen can ailo hei me hods o op imal impac wi hin s akeholde ela ion-
ships. Thus, by accen ua ing he po en ial o non-linea i y wi hin s akeholde ela ionships,
he ek ological pe spec i e o e s a compelling b idge be ween s akeholde managemen and
he wo ld o sys emic managemen me hods.
The ek ological pe spec i e is likewise ins umen al in sensi izing co po a e manage s o ec-
ognize ha ade-o s among s akeholde in e es s can be indica i e o un apped collabo a ion
oppo uni ies. F eeman and his colleagues ha e long emphasized ha while such ade-o s may
exis , hey should ideally be add essed and o e come (F eeman e al., 2020,2010). Bogdano 's
insigh s may guide manage s o heed F eeman's counsel by di ec ing hei a en ion o he inhe -
en limi a ions o he exis ing ins i u ional amewo k, which o en alls sho o ully ealizing
he po en ial o social collabo a ion in business. Wi hin hese ade-o s among s akeholde in e -
es s lie un apped collabo a ion oppo uni ies wai ing o be disco e ed. Fo ins ance, conside a
scena io whe e a co po a e manage aces a ade-o be ween mee ing he demands o cus ome s
who seek high-quali y p oduc s a a o dable p ices and upholding he igh s o supplie s who
ad oca e o ai wages and imp o ed wo king condi ions. Ra he han iewing his as a ze o-
sum game, he manage can in e p e i as an oppo uni y o engage in collabo a ion ha bene i s
all pa ies in ol ed. By ini ia ing a dialogue wi h bo h cus ome s and supplie s, he manage can
gain insigh in o hei needs and expec a ions, explo e new a enues o mu ual bene i , and acili-
a e alue c ea ion. The manage can ha ness cus ome and supplie eedback, loyal y, inno a-
ion, o coope a ion o enhance p oduc quali y and p oduc ion e iciency, educe cos s and
en i onmen al impac , and enhance he sa is ac ion and well-being o all s akeholde s.
In his example, he p ac ical con ibu ion o he ek ological pe spec i e lies in e ealing
how win-win scena ios, which supe sede he pe cep ion o ade-o s, a ise h ough p ac ical
e o s o o e come he inhe en limi a ions o he exis ing sha eholde -cen ic ins i u ional
amewo k. Fi s , he ek ological pe spec i e sensi izes manage s o he possibili y ha he pe -
cep ion o ade-o s could s em om he exis ing ins i u ional amewo k ha p io i izes sha e-
holde p imacy, p omo ing sho - e m ocus, p o i maximiza ion, and limi ed s akeholde
engagemen . Second, he ek ological pe spec i e in i es manage s o explo e how hese limi a-
ions could be disman led h ough go e nance mechanisms ha empowe a ious s akeholde s.
This includes b oadening go e nance s uc u es, implemen ing mul i-dimensional pe o mance
432 VALENTINOV
me ics, and enhancing s akeholde engagemen mechanisms. In he sugges ed example, hese
ins i u ional changes could en ail manage s wo king wi h a boa d ha includes supplie and
cus ome ep esen a i es. Toge he , hey would explo e solu ions ha uphold supplie igh s
while mee ing cus ome expec a ions. Addi ionally, he company migh ins i u ionalize egula
wo kshops wi h supplie s and cus ome s o co-c ea e s a egies o main aining p oduc quali y
and ai p icing. These wo kshops would iden i y inno a i e ways o s eamline p oduc ion and
imp o e e iciency wi hou comp omising wages o quali y. Fu he mo e, company pe o -
mance e alua ions could be ex ended o include me ics on supplie sa is ac ion and p oduc
quali y alongside inancial ou comes. This shi would encou age manage s o pu sue s a egies
ha balance hese elemen s, leading o mo e sus ainable and e hical business p ac ices. The
design and implemen a ion o hese ins i u ional changes p esen a c ucial p ac ical applica ion
o s akeholde mindse s, po en ially bene i ing om sys emic managemen me hods.
This leads us o a u he p ac ical implica ion o Tek ology, one ha holds ele ance no
only o co po a e manage s bu also o business educa o s. This implica ion cen e s on how
he cul i a ion o s akeholde mindse s bo h d i es he p ac ice o s akeholde managemen
and also ecei es impe us om i . In his connec ion, we ecollec Bogdano 's (1996) a gumen
ha sys ema ic aining in Tek ology could bene i socialis decision-make s in unco e ing col-
labo a ion oppo uni ies ha capi alis ins i u ions migh o he wise supp ess. In a simila ein,
we sugges ha a mo e comp ehensi e educa ion in sys ems heo y, sys ems hinking, as well
as sys emic managemen me hods could simila ly aid co po a e manage s in he de elopmen
o s akeholde mindse s. This educa ional amewo k should empowe manage s o iden i y col-
labo a ion oppo uni ies and e alua e he a ying capaci y o su ounding capi alis ins i u ions
o ealize hese oppo uni ies. In cases whe e ins i u ions all sho , manage s should be p e-
pa ed o ac i ely build s akeholde ela ionships o achie e his goal.
While s akeholde heo y has long emphasized engagemen , consul a ion, and collabo a ion
as cen al o e ec i e s akeholde managemen , he ek ological pe spec i e o e s a dis inc i e
and a - eaching con ibu ion by e aming hese p ac ices h ough he lens o sys emic ans-
o ma ion and he esolu ion o o ganiza ional agmen a ion. Ra he han me ely ad oca ing
o s onge s akeholde ela ionships, Tek ology p o ides a s uc u al and diagnos ic ame-
wo k ha iden i ies and disman les he deepe impedimen s p e en ing collabo a ion om
eaching i s ull po en ial. This means ha a ek ological app oach o s akeholde engagemen
does no simply p esc ibe dialogue and nego ia ion as no ma i e impe a i es; a he , i compels
manage s o adop an analy ical pos u e, ac i ely diagnosing speci ic “weakes links”wi hin
e ol ing s akeholde ela ionships, enabling hem o iden i y p ecise le e age poin s whe e
a ge ed in e en ions yield disp opo iona e imp o emen s in collabo a i e e icacy.
Equally signi ican , Tek ology illumina es he cogni i e dimensions o collabo a ion, unde-
sco ing he ole o s akeholde mindse s in shaping manage ial decision-making. I posi s ha
meaning ul s akeholde collabo a ion equi es an epis emic shi —a ans o ma ion in how
manage s concep ualize in e dependence. Wi hou such a shi , e en he mos well-in en ioned
s akeholde ini ia i es isk emaining supe icial, ailing o eshape he cogni i e amewo ks
h ough which i ms and s akeholde s in e p e hei engagemen s. In his espec , Tek ology
challenges manage s no only o econside wha hey do, bu , mo e c ucially, how hey hink.
This, hen, is whe e Tek ology's p ac ical signi icance is mos p o ound: i does no me ely
ea i m he impo ance o s akeholde engagemen bu econcei es i as an ac i e exe cise in
sys emic econ igu a ion—one ha demands no only manage ial commi men bu also an
acu e in ellec ual g asp o he deep-sea ed cons ain s ha shape, and o en inhibi , he possibil-
i ies o collabo a ion in con empo a y capi alism.
VALENTINOV 433
9|CONCLUSION
In he p esen pape , we seek o p omo e he con e sa ion be ween s akeholde heo y and sys-
ems heo y by explo ing how Bogdano 's Tek ology, as an eminen ep esen a i e o he la e
li e a u e, sheds ligh on he possibili y o b idging he s akeholde -sys em di ide iden i ied by
Johnson-C ame e al. (2022). We see a key con ibu ion o Bogdano 's Tek ology in illus a ing
he unique ole o s akeholde managemen in he unc ioning o capi alism as an
encompassing sys em o economic ins i u ions. Acco ding o he ek ological c i ique, capi al-
ism ends o shape indi idualis ic and con lic ual mindse s, which do no allow socie y o eal-
ize i s ull collabo a i e po en ial. We main ain ha s akeholde heo y can accommoda e his
c i ique and hus app oach human collabo a ion as a p ime example o he o ganized complex-
i y ha can ma e ialize i human ac o s succeed in making hei mindse s less indi idualis ic,
con lic ual, o educ ionis in o he ways. Imp o ing human mindse s along hese lines has
been a key ambi ion o sys ems heo y, and we sugges ha i needs o be acknowledged by
s akeholde heo y as well.
We a gue ha , conside ed om he ek ological pe spec i e, s akeholde heo y is no only
abou business o a c i ique o he sha eholde weal h maximiza ion pa adigm. Ins ead, i is
abou he mo e gene al ask o p omo ing human pu pose ul collabo a ion, which is p ima ily
exempli ied in business, bu may also include mo e encompassing o ms o in e -sec o al s ake-
holde collabo a ion, o example, ocused on add essing g and challenges. A he same ime,
we main ain ha Bogdano 's Tek ology equips s akeholde heo y wi h an enhanced app ecia-
ion o he ins i u ional na u e o capi alism. Fo one, capi alis ic ins i u ions a e shown o
shape human mindse s, hus explaining why manage ial mindse s a e so ing ained and acco d-
ingly emphasized by s akeholde heo y. Fu he mo e, we sugges ha he collabo a i e na u e
o capi alism has o be seen as an ins i u ional accomplishmen , o which s akeholde manage-
men makes a di ec and p ac ical con ibu ion. I so, hen s akeholde managemen will be
ound o play a sys ema ic ole wi hin capi alism o make i mo e collabo a i e and less con lic-
ual. Thus, a key lesson ha s akeholde heo y can de i e om Bogdano 's Tek ology is ha ,
despi e being p o-business and p o-capi alis ic, i is well ad ised o sha pen i s c i ique o sha e-
holde capi alism, which hinde s socie y om ully ealizing i s collabo a i e po en ial. We see
a p omising a ea o u he s akeholde schola ship in u ilizing ek ological and o he sys ems-
heo e ical ocabula ies o examine how s akeholde collabo a ions ope a e along non-linea
pa hways and achie e no el, eme gen , and coun e -in ui i e ou comes.
10 |LIMITATIONS AND IMPLICATIONS FOR FURTHER
RESEARCH
The majo limi a ion o he applicabili y o Tek ology o s akeholde heo y a ises om
Tek ology's associa ion wi h Ma xism. While his associa ion is eal and undeniable, s akeholde
heo y as such is ob iously non-Ma xian. F eeman e al. (2010, p. 230) clea ly s a e ha “[s]
akeholde heo y has been de eloped as a sys em o olun a y exchange o indi iduals wi hin
a capi alis economy. I is decidedly no a o m o socialism o a se o social policies o be
en o ced by he s a e”. On o he occasions, F eeman and associa es ea i m ha s akeholde
heo y is p obusiness and p ocapi alis ic (c . F eeman e al., 2007, p. iii), and discuss he idea o
s akeholde capi alism (F eeman e al., 2010, p. 280). We wan o keep ou ek ological in e p e-
a ion o s akeholde heo y ue o his heo y's spi i . We belie e ha s akeholde heo y
434 VALENTINOV
suppo s he ek ological a gumen ha capi alism can, in p inciple, accommoda e much mo e
human coope a ion han he sha eholde weal h maximiza ion pa adigm ypically allows, bu
we main ain ha , as such, his a gumen is no p edica ed on adop ing a Ma xian app oach o
capi alism o o s akeholde heo y.
A he same ime, while he e is an appa en ideological gap be ween Tek ology and s ake-
holde heo y, i does no p eclude he po en ial o mu ual in luence. Bo h ields exp ess con-
ce ns abou how capi alis ins i u ions may hinde he ealiza ion o he ull collabo a i e
po en ial. Howe e , i 's essen ial o ecognize ha he solu ions p oposed by Bogdano and
s akeholde heo is s di e ge. This di e ence should be acknowledged as a c i ical conside -
a ion o u u e esea ch a he in e sec ion o sys ems heo y and s akeholde heo y.
On he one hand, we hope ha he p esen a icle will s imula e esponses om he commu-
ni y o sys ems schola s who could b ing addi ional c i ical pe spec i es on how a he c oss-
e iliza ion be ween s akeholde heo y and Tek ology can go. On he o he hand, we belie e
ha he con e sa ion be ween he wo li e a u es will lead s akeholde schola s o ask new
ques ions, which may be pa icula ly help ul o ha nessing sys ems- heo e ical insigh s o
b idging he s akeholde -sys em di ide iden i ied by Johnson-C ame e al. (2022). One ques ion
is how s akeholde schola s migh de ec and gauge he collabo a i e po en ial ha emains
supp essed by he cu en ly p e alen egime o sha eholde capi alism, and in wha ways
s akeholde managemen enables no el (and possibly sys em-le el) modes o coo dina ion o
business ac i i ies ha may unleash hese po en ials. We belie e ha s akeholde s need o
add ess his ques ion because i highligh s he p ac ical economic ounda ions unde nea h he
“win-win-win-win-win” ela ionships discussed by F eeman e al. (2018, p. 3). A he same ime,
hese ounda ions likely go o he hea o sys ems- heo e ical concep s such as eme gence, sel -
o ganiza ion, and no el y, which pose a challenge o he educ ionis mindse s s eeped in he
sha eholde weal h maximiza ion pa adigm.
Ano he key no el ques ion ha can be use ully asked by s akeholde schola s pe ains o he
ope a ional aspec s o s akeholde mindse s. While i is gene ally accep ed ha hese mindse s can
help iden i y new collabo a i e oppo uni ies, a c i ical aspec ha wa an s u he examina ion is
how hese mindse s e ec i ely mi iga e he ad e se e ec s o p e ailing capi alis ins i u ions, pa -
icula ly sha eholde p imacy. I is wo h ecalling Bogdano 's obse a ion ha educ ionis hink-
ing is, in pa , a consequence o economic specializa ion wi hin capi alism. S akeholde
managemen does no nega e he alue o economic specializa ion, and i is en i ely easonable o
membe s o s akeholde ela ionships o possess specialized oles. Howe e , he p essing ques ion
is how o ensu e ha hese specialized s akeholde s do no succumb o he “excessi e di e gence”
issue a he co e o he ek ological c i ique o capi alis economies. In mo e p ac ical e ms, wha
s a egies can s akeholde ela ionships employ o a oid he c i icisms ha Bogdano di ec ed a
p ice-based ela ionships in capi alism? In simple wo ds, wha a ibu es make well- unc ioning
s akeholde ela ionships esilien o he u bulence desc ibed by F eeman e al. (2010,p.3)in he
con ex o oday's globalized and libe alized co po a e landscape?
I u u e s udies succeed in add essing hese ques ions, hey will p o ide con incing illus a-
ions o he ek ological ex ension o he phenomenon o o ganized complexi y o social collabo-
a ion unde capi alism. I his ex ension holds, i pa es he way o u he esea ch in o how
p ecisely s akeholde collabo a ions gene a e non-linea e ec s on co po a e p oduc i i y and
pe o mance. Following sys ems hinking p inciples o mula ed by G ewa sch e al. (2021),
u u e wo k can in e oga e he implica ions o app oaching s akeholde collabo a ions as open
sys ems ha main ain s a es o s abili y and low en opy in business en i onmen s ha a e u -
bulen and p eca ious (ibid, p. 4). The e is li le doub ha secu ing his s abili y may be an
VALENTINOV 435
impo an o m o alue c ea ion o s akeholde s. Fu u e wo k may app oach his alue c ea-
ion as an eme gen p ope y ha is i educible o he con ibu ions o indi idual s akeholde s
(ibid). Ano he a enue o u he esea ch is o explo e how s akeholde collabo a ions de elop
accoun abili y and in o ma ion exchange mechanisms by ins alling mul iple eedback loops
(ibid, p. 5). Likewise, schola s may inqui e in o how s akeholde collabo a ions may enable sus-
ainable business p ac ices by inco po a ing hie a chies o nes ed sys ems ha ake accoun o
biophysical limi s o p oduc ion (ibid). Finally, alue c ea ion po en ials wi hin hese collabo a-
ions may exhibi coun e in ui i e dynamics eme ging h ough sel -o ganiza ion and occasional
egime shi s (ibid). All hese and many o he non-linea e ec s o s akeholde collabo a ions
p esen speci ic implica ions o how hei “o ganized complexi y”succeeds in “unleashing peo-
ple's c ea i i y, mo ali y, and mo i a ion o coope a e”(Pa ma e al., 2022, p. 579).
ACKNOWLEDGEMENTS
The au ho s a e g a e ul o he wo anonymous e iewe s o hei help ul commen s. Open
Access unding enabled and o ganized by P ojek DEAL.
ORCID
Vladisla Valen ino h ps://o cid.o g/0000-0002-4247-0364
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