For more than four decades, corporates were operating using the principle of “Maximizing Shareholder Value”. With this principle, their focus was on profits and share prices, regardless of the consequences to other stakeholders like community, customers, labor force, suppliers and others. The free-market ideology of “Shareholder Primacy” was a key driver in Indian markets. In this paper, the researchers explore if Indian corporates are replacing “Shareholder Capitalism” with “Stakeholder Capitalism” and are striking the balance between stakeholders in allocating the profits and capital of an organization towards the society. The researchers revisit the time-tested popular narratives of capitalism and the predominant stakeholder in these narratives. In order to promote responsible and sustainable businesses for current and future generations, the researchers believe that the fine balance among stakeholders is the true constant and this balance can be achieved through communication and the principle of stakeholder communication can be meaningful principle of stakeholder capitalism. The researchers through a systematic review of literature and elucidation of major narratives, map the stakeholders of Indian corporates using annual reports and to confirm the resurgence of Stakeholder Capitalism.

Keywords

Stakeholder Capitalism, Stakeholder, Capitalism, Communication and Value creation