Define Important Stakeholders Essay

Previously, there was an assignment on the context in which corporations exist among the various stakeholders at issue. You were to identify three important stakeholders for a corporation, and then explain the role that each stakeholders plays within the corporation. Additionally, you must explain how they influence one another.

The goal of this assignment is to extend that assignment by writing a short paper in which you answer the following: What do you consider as the most important stakeholder? Is it important for corporations to focus on maximizing shareholder wealth? Explain in your own words where each of the major stakeholders is represented within the financial statements of the corporation. You should be able to discuss at least four major stakeholders at this point. For example, the customers provide sales revenue and are represented within the income statement sales revenue figures.

Your response should demonstrate thoughtful consideration of the ideas and concepts presented in the course by providing new thoughts and insights relating directly to this topic. Your response should reflect scholarly writing and current APA standards where appropriate. Be sure to adhere to Northcentral University\’s Academic Integrity Policy.

SAMPLE SOLUTION

Stakeholders are described as a group of people who affect or can be affected by the performance or the achievement of the business (Bjork, 2011). Therefore, the interest of stakeholders in a business is progression and success. Stakeholders are classified into two including internal and external stakeholders. Internal stakeholders include investors or shareholders, employees, and silent partners while external stakeholders are suppliers, customers, strategic partners, competitors, community, and authority (Weinstein, 2014). Companies should focus on enhancing stakeholder’s orientation through creating economic and social value by articulating their concerns through the…