As for the prioritization of stakeholder interests, we first have to distinguish whether these interests refer to the durable constitution of the team as a collective actor or to the team’s distinct transactions. As for the constitutive aspect, the forms of contract and the desired duration of contract, as illustrated, seem to be an appropriate criterion for prioritization. I would like to call this the first of the four following criteria “contract relevance”.
Stakeholders with non-team-specific resources are able to contribute to the success of a team by means of transaction-related resources, but the costs of changing to another team are low. That does not mean that it disqualifies them for a certain transaction, but it will probably reduce their loyalty to the team. In this case, it is the job of the stakeholder management to create incentives for team-specific and transaction-specific investments (i.e., not just transaction-related investments). Their relevance can be high, medium or low, which also determines their initial prioritization. Stakeholders that are rated “high” in all four areas of relevance should be prioritized over stakeholders that are rated “low” for all four relevance criteria. This decision-making algorithm applies to everybody involved in the constitution of a Stakeholder prioritization matrix.
NGO's can be characterized by high resource relevance, medium cooperation relevance and low investment and contract relevance; this means that a team should offer incentives to this stakeholder to invest in team- or transaction-specific resources so that the potential team member can become an actual team member. One such incentive can be a value management system (Wieland 2004), which binds an NGO to a firm by an implicit contract or motivates the NGO’s “carriers of expertise” to change from an implicit to an explicit and formal contract status. The same is true for employees who have high contract relevance, medium resource and cooperation relevance and low investment relevance. Here, a potential solution can be to increase the investment specificity of the contributed resource. Generally speaking, the process of prioritizing stakeholder relations should not primarily focus on the acceptance, rejection, or ranking of stakeholders, but always also and first and foremost on their qualifications for a long-term team membership. Stakeholders with low contract, resource, cooperation, and investment relevance will leave the team or will not be admitted to the team. In this sense, the identification and prioritization of stakeholders is a two-step process of the governance of stakeholder relations, i.e., the creation of the formal and informal rules that a team should have to ensure its continuity in realizing transactions and generating cooperation rent.
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