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A corporate stakeholder is a party that can affect or be affected by the actions of the business as a whole. The stakeholder concept was first used in a 1963 internal memorandum at the Stanford Research institute. It defined stakeholders as "those groups without whose support the organization would cease to exist."[1] The theory was later developed and championed by R. Edward Freeman in the 1980s. Since then it has gained wide acceptance in business practice and in theorizing relating to strategic management, corporate governance, business purpose and corporate social responsibility (CSR). The term has been broadened to include anyone who has an interest in a matter. In reality, the term means the exact opposite a person with no interest in a matter who acts as a neutral party, to "hold the stakes" in a bet between two other persons, or, in law, a person holding an asset claimed by two or more persons, who does not himself claim an interest in it (see interpleader). The current opposite usage reflects a misapprehension by persons who did not know the term's meaning. Market (or Primary) Stakeholders are those that engage in economic transactions with the business. (For example stockholders, customers, suppliers, creditors, and employees)
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