For the Stakeholder Theory, developed by Freeman (1984), the definition of stakeholders - denominated as those interested parties or interest groups of an organization (HORNEAUX, 2010; HORNEAUX et al., 2014), it is “...all persons or institutions that have, in any way, claims, interests, property rights in a company or in its activities, in the present, past or future” (CLARKSON, 1995, p. 106).

In the traditional view, shareholders or stockholders are the owners of the organization, who has the duty to put their needs first, increasing their value (FREEMAN; REED, 1983). Thus, the goal is profit (FREEMAN; WICKS; PARMAR, 2004). However, in the stakeholder theory view there are other stakeholders (HORNEAUX, 2010) and considers that people or institutions are understood as employees, consumers, suppliers, financial institutions, communities, government, political parties and groups, business and trade associations and workers or labor unions (FREEMAN 1984; 1994).

The Theory of Stakeholders broadens the organization’s vision to the external environment and allows the use of non-financial indicators and to verify the relationship of the external environment with the organizational behavior (FREEMAN, 1984). Therefore, several actors are taken into account for the decision-making and elaboration of strategies (HARRISON; FREEMAN, 1999). There is a perspective of placing Stakeholders as actors that influence strategies (FROOMAN, 1999) and the responses to natural disasters (MCKINIGHT; LINNENLUECKE, 2016).

One contribution of the Stakeholders Theory is that the change in the management model can occur from the business strategy (FREEMAN, 1984). A change leads to stakeholder integration in strategic planning and management (PLAZA-ÚBEDA, 2010). And the strategic vision provided to the organization of “who” is in fact the Stakeholder, defined by three aspects: (i) descriptive aspect: it is concerned with identifying the needs and interests depending on the business; (ii) instrumental aspect: it aims at evaluating the impact on the organization’s performance for its continuous improvement (iii) normative aspect: it has the purpose of giving due recognition of its importance (FREEMAN, 1984; DONALDSON; PRESTON, 1995).

After the development of the Stakeholder Theory (80’s), several studies have gained space with the purpose of conceptualizing and categorizing the typologies of Stakeholders (BRUGHA; VARVASOVSZKY, 2000). The studies are discussed (SOLEIMANI; SCHNEPER; NEWBURRY, 2014) and offer different views of the classifications of Stakeholders (CLARKSON, 1995; DONALDSON; PRESTON, 1995; MITCHELL; AGLE; WOOD, 1997). For this study, we adopted the classification of Stakeholders proposed by Clarkson (1995), highlighted below:

Primary Stakeholders: customers, suppliers, investors, employees, among others, committed to the survival of the company and have a relationship of interdependence between the stakeholders (CLARKSON, 1995).

Another outstanding classification is by Mitchell, Agle and Wood (1997), who created the Stakeholder Salience Model with the objective of stating the importance of each Stakeholder before the perceptions of the managers. In the Stakeholder Salience model, stakeholders’ capacity influences organizations in the face of attributes of power, legitimacy and urgency (TASHMAN; REALIN, 2013).

Mainardes, et al., (2011) Highlight that the two types of relevant stakeholders are latent - which have only one attribute and receive little attention from the company; and expectant - who have two attributes and have a more active posture. Given the definitions and classifications of Stakeholders presented, it is necessary for organizations to define who they are and what the needs and desires of the Stakeholders are in order to guide the strategies and obtain value creation in the business (AGLE; MITCHELL; SONNENFELD, 1999).

We can also observed that the definition of stakeholders is a condition for evaluating the performance of the business (FREEMAN, 1984; CLARKSON, 1995; DONALDSON; PRESTON, 1995). To emphasize this emphasis, the Performance Prism Model is proposed.

Neely, Gregory and Platts (1995), Neely (1999), Neely, Adams and Crowe (2001), proposed the PP as a performance evaluation model (NEELY; KENNERLEY; ADAMS, 2002) used in several areas (SMULOWITZ, 2015, NAJMI; ETEBARI; EMAMI, 2012; YOUNGBANTAO; ROMPHO, 2015).

Neely (2007) highlights the PP as a response to criticism from previous models such as the Balanced Scorecard (KAPLAN and NORTON, 1997), and built on four aspects (NEELY, ADAMS and CROWE, 2001).

Initially, for Neely (2007, p.141-142) “the PP unifies other measures (e.g. Stakeholders, employees, suppliers) and is built upon the strengths of individuals in the organization. “Second, the model incorporates budgetary measures (e.g. management cycles, front-line teams, forecasts) and the degree of adaptation of the company, aiming at raising performance (NEELY; ADAMS; CROWE, 2001). Third, the model enhances the subjectivity that exists in accounting practice, as it exists in the valuation of goodwill and in the application of depreciation (NEELY, 2007). For Neely, Adams and Kennerley (2002, p.142), this improvement occurs because “some accountants orientations assume that they reflect the truth”. Fourth, the model advances the distinction between the value of a measure and the performance of a measure, generating points of reflection and dependence on the two elements (NEELY, 2007).

Figure 1 presents the PP. The first dimension is stakeholder satisfaction, which seeks to understand the key stakeholders and their needs, since these agents play a fundamental role in the organization’s performance (NEELY, 2007).

Figure 1

The second dimension, strategy, weighs whether strategies are implemented, communicated within the organization, encouraged by employees and whether they are as planned (NEELY; ADAMS; CROWE, 2001). We highlight that the company should seek answers to the question: what strategies should be put into practice to meet the needs and desires of the organization’s key stakeholders? (NEELY; ADAMS; KENNERLEY, 2002).

The processes correspond to the structure of the demand, the development of the product or service and the management of the organization (NEELY, 2007). For Neely, Adams and Crowe (2001), the processes dimension concerns what makes the organization work. From the point of view of measurement, the critical aspects are: quality, quantity, time, ease of use and finances (NEELY, 2007). According to Neely and Adams (2001), the main question of this facet is: What are the critical processes we need to operate and grow these processes?

Capacities are the competencies and skills that the parties involved need to have for the operationalization of the short and long term processes, through a combination of people, practices, technology and infrastructure (NEELY; ADAMS; KENNERLEY, 2002). Sometimes organizations need to understand what their capabilities are in terms of production, distribution, credit management, consumer needs and market structure (NEELY, 2007).

Finally, the stakeholder contribution emphasizes that not only should the organization contribute to stakeholders, but stakeholders should also return the benefits to the organization (NEELY, 2007). For Neely, Adams and Crowe (2001), the stakeholder contribution is associated with consumer satisfaction, as it meets the needs of investors, consumers, distributors, employees, regulatory agencies, communities and suppliers. Based on what has been discussed, Figure 1 presents the Performance Prism.

When considering the interests of other Stakeholders, in addition to the owner, the Stakeholder Theory inserts the analysis of other elements in the performance evaluation (FREEMAN, 1984). These elements are part of a complete elaboration of the organizational strategy in order to meet the needs and wishes of the Stakeholders (HARRISON; FREEMAN, 1999; FROOMAN, 1999). From an economic and social perspective, the organization goes through the creation and distribution of increased wealth and value for all (CLARKSON, 1995). In this context, a point of relationship between the two elements can occur through the fact that the PP takes into account the perspective of the stakeholder for the formation of performance measurement metrics, generating social value to interest groups.

In Clarkson’s (1995) perspective, an organization can move towards performance when there is clarity and recognition of needs, desires, responsibilities and obligations with all Stakeholders, being fundamental to observe the position of the stakeholders and to understand what is expected in terms of performance to satisfy the different stakeholders. In this connection, a second point of relationship between the two elements can occur through description of indicators of needs, desires, expectations and stakeholder satisfaction to measure as inputs in the formation of organizational strategies.

Based on the aforementioned, the PP complements Clarkson’s (1995) point of view when analyzing (i) who are the most relevant stakeholders for the organization’s operation, (ii) what these agents expect and desire from the company and (iii) what the organization wants from these interest groups, through the perspectives of stakeholder satisfaction and contributions.

Table 2 describes the main characteristics of the 7 MSMEs surveyed, related to the variables that highlight the number of employees, revenue, foundation, size, gender and location. We option that the companies remain anonymous, and show that on average the operating time is 17 years.

Table 2

Company	No. of Employees	Entrepreneur's Gender	Time of Existence	Classification according to the Revenue Service	State	Annual revenue
Neighborhood Supermarket	10	Female	29 (years)	Micro Enterprise	PR	2.1 million (BRL)
Distributor of Hydraulic Materials	15	Female	19 (years)	Small Enterprise	PR	7 million (BRL)
Party Clothes Atelier	4	Male	24 (years)	Micro Enterprise	PR	NA
Engineering	987	Male	20 (years)	Large Enterprise	PR	R1.2 billion (BRL)
Auto Centers Network	139	Male	20 (years)	Medium Enterprise	RS	72 million (BRL)
Monitoring Franchise	20	Female	7 (years)	Micro Enterprise	MS	1 million (BRL)

Source: Research data, 2015

The selected cases are located in three states. The supermarket is set up as a small business and is situated in the fourth largest city of Paraná. The distributor of hydraulic materials and connections focuses on industrial sales to construction companies, being the largest distributor in the city. The clothing atelier makes women’s clothing. The average value of each piece is 2,500.00 (BRL), ranging from 1 thousand to 50 thousand (BRL).

The engineering and asphalt paving company operates in several segments: highways, industrial infrastructure and asphalt production. The multi-store network (15) of Auto Centers focuses on the sale of tires, wheels and vehicle accessories, operating in the capital of RS. This company recently underwent through the implementation of the stakeholder concept.

In addition, a franchisee that is part of Brazil’s largest residential and industrial security and monitoring network was part of the selection of cases. The manager of the local franchisee was interviewed and provided the basis for, limiting the interpretation to that unit. Finally, a network of beverage distribution of a multinational brand, which is present in more than 280 cities, was analyzed through the responses of the managers.

For the interviews analysis, we used the narrative analysis (DA-SILVA et al, 2010). The first dimension analyzed is the Stakeholder Satisfaction, addressed by the question: In your opinion, who are the most important people or institutions for your business to keep running? Bellow, we have the narratives of the respondents about the dimension of Stakeholder satisfaction:

In my opinion, the stakeholders are customers, employees, suppliers, managers, competitors and the state. For if one of these is missing, we lose the business cycle (...). [Acknowledgment of Stakeholders] (Supermarket).

[...]The most important people for our company are [sic] us, company directors [...].And, of course, Tigre, as a supplier, [...].And on the other hand constructing companies are our main focus as our clients. [...]Of course, the more the Caixa Econômica Federal (Bank) approves financing, [...].And if the government paid right, the constructors will be able to give us a good return. [...] [Acknowledgment of Stakeholders] (Distributor of Hydraulic Materials).

The basis of our company is our team, from embroiderers and seamstresses (outsourced) to saleswomen and stylists. [Acknowledgment of Stakeholders] (Atelier Company).

We provide services to the population, all are important, [...] our job is to facilitate people’s access and life, from the street where they live to the busiest highways [...] [Acknowledgment of Stakeholders] (Engineering company).

Our directors, who contribute their knowledge so that the projects can be carried out for the development and profitability of the company. Collaborators as a whole [...].Clients, as agents that keep our group strong and with the possibility of growth.

Our suppliers, who make it possible to have competitive products with quality and differentiated prices. [Acknowledgment of Stakeholders] (Auto Centers Network).

I consider them as to be the suppliers, customers and employees of the company,.[ Acknowledgment of Stakeholders] (Franchisee monitoring company).

I consider them to be customers, suppliers and employees. [Acknowledgment of Stakeholders] (Beverage Distribution Network).

The analysis shows that the seven companies define Stakeholders to be: owners, customers, suppliers and employees. In this regard, we can observe that the Stakeholders of the organization are in agreement with that which is pointed out by Horneaux (2010) and Horneaux et al (2014). The PP suggests that stakeholder satisfaction shows how the organization views stakeholders in its business and acknowledges their wants and needs in order to seek solutions that serve those purposes (NEELY; ADAMS; CROWE, 2001).

We note that the company in the supermarket sector considers as relevant stakeholders to their business to be customers, employees, suppliers, managers, competitors and the government. An interesting point raised is that this company was the only one to include in the list competitors as stakeholders, corroborating with Freeman (1984) and Freeman, Wicks and Parmar (2004), who emphasize all these actors as important parts for the elaboration of business strategies and they understand that the competition motivates them for the continuous improvement of the company.

The distributor of hydraulic materials, complementarily, considers, in addition to all the actors mentioned above, the banks as significant for the operation of their enterprise. The bank was an element discussed by Neely (2007) as a financial actor relevant to the business in terms of economic and financial transactions. Finally, the company in the segment of Clothing Atelier pointed to the production and sales teams as the most important Stakeholders for the operation of its business. These teams may be internal or even external (outsourced apparel faction). Therefore, this latter organization seems to observe the employees or the teams as elements of union for the business.

Another relevant point in the analysis that has been identified is the Stakeholder denominated local community or population, as reported by the engineering company. The engineering company builds roads (product) for the Government (primary stakeholder), who authorizes the population (secondary stakeholder) to use it. The local community is then the secondary actor of product use.

Clarkson (1995), when classifying the types of Stakeholders, makes mention to all those that are affected or influenced by the organization, but are not essential for their survival and have no direct relation to the transactions, which could be the media, the government and the local community. In this regard, the population is essential for the survival of the company, since it does not make direct payments of the use of the road, but it does indirectly. Therefore, the secondary and primary elements already discussed by Vasi and King (2012) appear to be coherent and existent within the studied phenomenon.

In addition, according to the theoretical classification by Clarkson (1995), The respondent from the engineering firm suggests the population as a primary Stakeholder, because they understand that the built highways are not for the governments use, but for those who actually pay for the final product.

The second question used to measure and analyze the satisfaction dimension of the PP of Stakeholders is: And what do you think each of these people or institutions need from your company? (NEELY; ADAMS; CROWE, 2001). The analysis highlights the main factors of meeting the desires of stakeholders in the direction of their expectations in the relationship with the organization interviewed. It is worth noting that this issue measures the owners’ perception of the desires and needs of stakeholders, as portrayed by the respondents:

For me, the employee sales their labor force in exchange for a cash benefit. The supplier gives visibility to their product and earns income. The client, [...] the Competitor, avoids monopoly, free initiative and fair competition. The state: development of the economy, generating employment and income for the state (taxes and fees). [Acknowledgement of Stakeholders’ desires and needs] (Supermarket).

First, we, as directors, expect from our company to be “our breadwinner” […]. For Tigre (supplier), […]regarding sales sees us as a sure sale every month. For the construction companies, I believe it is the fact that they know they will find what they are looking for and that they will have the amount they need, [...]. Caixa Econômica, as a bank, I believe it is the turnover of money [...].and for the Government, the payment of taxes for sure[...]. [Acknowledgement of Stakeholders’ desires and needs] (Distributor of Hydraulic Materials).

The team needs something in addition money [...]I FEEL that they have a great need to feel as an important part of the growth [...]. [Acknowledgement of Stakeholders’ desires and needs] (Atelier Company).

[...]We have usually seen the population’s satisfaction when the work is completed [...]. [Acknowledgement of Stakeholders’ desires and needs] (Engineering company).

Both management and employees need guidance, training, valuation, career plan and autonomy to carry out their activities. Suppliers need the group to work ethically and transparently, [...].Customers need our group to meet their needs, offering quality products and services [...]. [Acknowledgement of Stakeholders’ desires and needs] (Auto Centers Network).

I believe that they expect our company to comply with the agreement, each one in its sphere, the collaborators, who have good working conditions and who receive the combined deadlines. The suppliers: that the payment of the obligations is carried out according to previous negotiations, [...].Customer and employee satisfaction are often measured, each in a different way. [Acknowledgement of Stakeholders’ desires and needs] (Franchisee monitoring company).

We believe that they (customers) expect a good service delivery, with respect, agility, creativity and credibility [...]. [Acknowledgement of Stakeholders] (Beverage Distribution Network).

The findings showed that employees are expected to receive a monetary wage, the feeling of being a part of the business, giving opinions, receiving training and qualification, feeling valued, having a system of career plans in Human Resources, having autonomy to perform the tasks and having good working conditions. These responses are congruent with the aspect of acknowledgement of Stakeholders proposed by Donaldson and Preston (1995).

The findings pointed out that suppliers are looking for an improvement in sales, good product exposure, guaranteed or exclusive sales (long-term relationship), ethics, transparency and up-to-date payment. These observations are consistent with Harrison and Freeman (1999).

From competitors it is expected that there will be no monopoly creation, no single competition or timely and unilateral market aspects. These information shows how respondents are concerned about a possible dependency on a single provider for economic transactions.

The results show that managers believe that customers expect the convenience, personalized service, a list of products and mix of solutions that require an attractive price, a quality and agility and a responsible interaction of the company with the environment. From management it is expected that there will be a satisfactory remuneration, with consistent values.

The Contribution of Stakeholders perspective presupposes a relationship of interdependence between the organization and the actors that relate to it (NEELY; ADAMS; KENNERLEY, 2002). The question of the interview reported on: As a company manager, what do you want from these people and institutions? (NEELY; ADAMS; CROWE, 2001). The main responses from managers are:

We expect vendor partnership, customer loyalty and ethics, employee commitment to the growth of all. [Dimension of the Prism/Contribution of Stakeholders] (Supermarket).

[...]From me, (director) I hope that I give more orders to my employees, make them obey me and enable them to sell all the items we own. From Tigre (supplier),I hope she continues being our partner, always being able to give us [sic]exclusive prices and special conditions [...]From the Government, we expect them to properly apply our taxes, [...].From Caixa (bank), I hope that our manager will continue to see the best package for our needs [...].From the constructors (clients), I hope they will undertake more and more building works, that they succeed, that they will build more and more with their commitments up to date [...]. [Dimension of the Prism/Contribution of Stakeholders] (Distributor of Hydraulic Materials).

We look forward to the team’s commitment and dedication. This pursuit of a dream together with the company, both from senior employees and the new ones. [Dimension of the Prism/Contribution of Stakeholders] (Atelier Company).

We expect acknowledgment [...] [Dimension of the Prism/Contribution of Stakeholders] (Engineering company).

From the managers, dedication, commitment, seriousness with the Corporate Policies of the Company. [...].Employees - working in this Company as if they were owners, really engaging, compromised with the results, being confident about the company and meeting the need of the client. Customers - always leaving satisfied and suggesting our company to family and friends. Suppliers - work ethically, always offering the best negotiation conditions with sustainable margin and quality products. [Dimension of the Prism/Contribution of Stakeholders] (Auto Centers Network).

From employees, who perform the contracted functions, with disposition, punctuality, and since we offer a 24 hour service that they do it with extra commitment. From clients, who make the fair payment for the service performed in the agreed schedule, and also suggest the service to potential clients. From the suppliers, that the delivery of the contracted merchandise/service to be on time, according to what was agreed, with quality, warranty in cases that are necessary, and long-term partnership. [Dimension of the Prism/Contribution of Stakeholders] (Monitoring Franchisee).

We want them to continue to believe in our company, strengthening the relationship we have, to grow together more and more. [Dimension of the Prism/Contribution of Stakeholders] (Beverage Distribution Network).

In the process of Contribution of Stakeholders in the business, the owner expects from the supplier loyalty, partnership, better conditions for negotiations and delivery of the products within the agreed time. The respondent managers have the following expectations from the client: commitment, continuity in the purchase of the products, fair payment for the service and satisfaction. The continuity of the relationship between client and company is highlighted in aspects of the present, past or future, conditions reinforced by Clarkson (1995).

In addition, managers expect employees’ personal growth, empowerment (or even with a use of power “obedience”) commitment to results, trust in the company and customer orientation. These findings are congruent with stakeholders for the survival of the company, understood as primary stakeholders according to Clarkson (1995).

A significant evidence is on aspects of social responsibility and governance, as managers are expected to be dedicated, committed, serious about the corporate policies of the company, concerned about the environment, concerned about the quality of life and interaction with society.

The respondent from a company stressed his desire for continuity and mutual cooperation in the business, saying they want “that they [the agents involved] continue to believe in our company [supermarket], strengthening the relationship we have, to grow together more and more”.

Another element related to the Contribution of Stakeholders is the organization’s expectation regarding the actors involved (NEELY; ADAMS; KENNERLEY, 2002). Therefore, in terms of application, it means understanding what is the contribution of the actors previously mentioned by the manager as relevant to their company. In order to meet this prerequisite, the question presented to the respondent is: What do you actually receive as a result, when the interests of the actors relevant to your business are met? (NEELY; ADAMS; CROWE, 2001), According to respondents:

As a result, we receive feedback from customers and employees working more spiritedly and more efficiently.[Dimension of the Prism processes/Contribution Received Effectively] (Supermarket).

We have received the dedication of the directors, suppliers’ partners and loyal customers and banks that recommend us. [Dimension of the Prism processes/Contribution Received Effectively] (Distributor Hydraulic Materials).

We have received from the oldest ... And we are trying to put the younger ones in the same mood. [Dimension of the Prism processes/Contribution Received Effectively] (Atelier Company).

Recognition, respect and especially recommendation[...]. [Dimension of the Prism processes/Contribution Received Effectively] (Engineering company).

We are immensely satisfied whenever our Employee delivers Quality Services, bringing to the company the Profit as a form of sustainability for company maintenance and growth, providing new business, generating new jobs [...]. [Dimension of the Prism processes/Contribution Received Effectively] (Auto Centers Network).

Our company receives it in several ways, for example, if employees perform a quality service in the delivery to the customer, the customer will be satisfied and will recommend the services performed for other clients, and will make the payments on time, Which will enable a more effective partnership with suppliers obtained through the discharge of commitments as agreed. [Dimension of the Prism processes/Contribution Received Effectively] (Monitoring Franchise).

Our main result for the work we carry out is our customers and partners who believe in our company and make it grow more and more. [Dimension of the Prism processes/Contribution Received Effectively] (Beverage Distribution Network).

Evidence shows that companies receive the employee’s determination in terms of motivation to stay in business, the respect of the municipal or state government in terms of the product it delivers, customer satisfaction in terms of purchase and commitment to continue and the belief and expectation of prosperity regarding the suppliers’ businesses, so that all the agents involved win in the relationship.

The responses also highlighted expectations of continuity and partnership over time for business prosperity. In this regard, the element of expectations of continuity and partnership is proposed as a dimension to evaluate the stakeholder. This new perspective is not in the PP, but is discussed separately by Leach et al (2002). Therefore, there is theoretical and empirical support for the proposal of this dimension, which can be useful to redefine sustainable organizational development (BÄCKSTRAND, 2006).