Improved stakeholder management with the usage of cluster theory

Abstract: Stakeholders play an important role for firm’s performance and survival. Being able to balance multiple stakeholder’s needs an interest simultaneously and at the same time achieve best value for provided services/products is often referred to "acting as an informed client". Real estate firms should be more involved with core stakeholders (their tenants) in order to improve their corporate social performance and productivity. Cluster theory distinguish how certain industries and firms can be interconnected, developing collaborations through geographical proximity. The effects are asymmetrical, dependent on the type cluster, the type of product/services and the firm’s included in the cluster. By combining stakeholder management and cluster theory, real estate firms are able to improve their knowledge regarding tenant’s interconnection and contribute to the development of already identified clusters within the Stockholm County. The aim of this thesis is to contribute to the ongoing research regarding stakeholder management, with the usage of cluster theory. A quantitative- and qualitative analysis is conducted, using a self-administered questionnaire. A total amount of 64 retail tenants (around 80% response rate) and 28 office tenants (around 12% response rate) participated in the study. Results from the quantitative- and qualitative analysis is triangulated with secondary data, aimed to improve the reliability of the results. Both retail- and office tenants were invited to the study and the correlation between the two targets groups was determined, aimed to measure office tenant’s perception regarding cluster externalities. Results from the analysis shows that industries like information and communication, business services and credit and insurance are considered to be clustered. The highest level of science base diversity is achieved by those industries, implying a strong presence of activities sharing a common knowledge base. Retail tenant’s value suitable products (question 3) and proximity to their costumer (question 6), while office tenants value personal contacts (question 24) and proximity to major transportation routes (question 10). In addition, retail tenants have a positive attitude towards cluster externalities, while office tenants have dived perceptions or simply ignores cluster externalities, explained by the insignificant correlation between their answers. The conclusion of the study is that further research is needed, using a more extensive qualitative analysis. A larger share of participants active within industries that are considered to be clustered will provide real estate firms with the knowledge of how to proceed with their stakeholder management. It is therefore considered that certain office tenants are dependent on cluster externalities and that real estate firms should actively engage in their business, acting as a "business in society".