Dynamics of the "Small Worlds" of the Firm's Stakeholders. The Example of Industrial Restructuring
The political strategy aimed at managing the firm's stakeholders can be explored through the articulation of stakeholder theory and the analysis of complex networks. Stakeholders appear as structured in the form of a network of "small worlds", that is, as a set of dense clusters with weak interconnections. These networks are subject to random or intentional systemic shocks that influence the urgency of the situation facing the firm and the legitimacy of its actions. The embedding of the firm (strong or weak) and the nature of the shock (random or intentional) determines the choice of the firm between a reactive, accommodating, proactive or defensive political strategy.