Abstract
Companies are required to respond to the demands of various stakeholders in order to gain their legitimacy, but on the other hand, they cannot respond to all stakeholders equally. From the perspective of stakeholder salience by Mitchell et al. (1997), this study focuses on the relationship between stakeholder salience and stakeholder engagement. The purpose of this study is to consider why companies engage with specific stakeholders and how to incorporate the engagement into CSR management. In our case study, we found that the salience of institutional investors increased due to various factors inside and outside the company. This study showed that stakeholder attributes of power, legitimacy, urgency, and proximity were variable and interrelated, and it was socially constructed. In addition, our study suggests that the engagement with high salience stakeholders contributes to the development of CSR management systems.
