On the other hand, both Zhang (2011) and Smith (2003) observe that the stakeholder theory focuses on promoting the interest of different stakeholders even if the action taken thereof will result in a significant decline in profitability. Speaking from this perspective, there is a need to observe that the stakeholder theory reiterates that beside profits, businesses need to consider the interest of other parties involved either directly or indirectly in its operations such as employees, the local community, and customers among others. The logic behind the stakeholder theory in promoting the interests of different groups irrespective of whether the pursuance of such interests could have a negative impact on profitability is founded on the notion that each stakeholder, whether major or minor, plays a critical role in defining the success of the business. Therefore, a business that aims to succeed both in the short and long run needs to avoid raising conflicts even with minor stakeholders.
另一方面，Zhang（2011）和Smith（2003）都观察到，利益相关者理论侧重于促进不同利益相关者的利益，即使所采取的行动将导致盈利能力显著下降。从这个角度来看，需要观察的是，利益相关者理论重申，除了利润之外，企业还需要直接或间接地考虑其他员工的利益，如员工、当地社区和客户等。利益相关者理论背后的逻辑是促进不同群体的利益，而不管追求这些利益是否会对盈利能力产生负面影响，其基础是，每个利益相关者，无论是主要的还是次要的，都在定义企业的成功方面起着关键作用。因此，一个目标是在短期和长期都取得成功的企业需要避免引发冲突，即使是与次要利益相关者。
Whereas the past literature and study findings on stakeholders and shareholders reiterate that the two have different interests and as such, are treated differently, recent studies have focused on treating shareholders as part of stakeholders in businesses. In this regard, such literature promote the element that since shareholders just as stakeholders have interests in the business, the former should be treated as an entity of the latter (Fassin 2009; Tse 2011). In citing the Freeman’s stakeholder model, Fassin (2009) argues that by categorising shareholders as stakeholders, businesses gain a platform to address the interests of everyone without necessarily raising conflicts that could have a negative impact on its operations and success. According to Freeman’s stakeholder model, shareholders of a business should be categorised alongside customers, employees, suppliers, government, competitors, and the civil society (Appendix 2) (Fassin 2009). By doing this, businesses will be discouraged from seeking to please one or more stakeholders at the expense of others.
尽管过去关于利益相关者和股东的文献和研究结果重申，两者有不同的利益，因此受到不同的对待，但最近的研究侧重于将股东视为企业利益相关者的一部分。在这方面，此类文献促进了这样一个要素，即由于股东与利益相关者一样在企业中拥有利益，因此前者应被视为后者的一个实体（Fassin 2009；Tse 2011）。在引用弗里曼的利益相关者模型时，Fassin（2009）认为，通过将股东归类为利益相关者，企业可以获得一个平台来解决每个人的利益，而不必引发可能对其运营和成功产生负面影响的冲突。根据弗里曼的利益相关者模型，企业股东应与客户、员工、供应商、政府、竞争对手和公民社会一起分类（附录2）（Fassin 2009）。通过这样做，企业将不愿意以牺牲他人为代价来取悦一个或多个利益相关者。
Similarly, the negative effects of solely pursuing profits has motivated more researchers, scholars and business analysts to call for categorisation of shareholders as stakeholders and as such, limit their demand for profit maximisation, which may have a negative impact on other stakeholders such as employees, customers, suppliers and communities among others. For instance, Tse (2011) cites the 2007/08 financial crisis whereby despite their knowledge that banks in countries such as England were engaging in risky financial behaviour that would ultimately lead to their collapse, the shareholders failed to question such behaviour. For instance, Tse (2011) observes that 94.5 percent of shareholders at RBS sanctioned the acquisition of ABN Amro despite their knowledge that the two banks were facing financial challenges and as such, the deal would end up worsening the situation. From this, it emerges that shareholders are irrational when making decisions that concerns their business and in most cases, their actions are motivated by greed, herding behaviour and fear. This implies that when they are not categorised as stakeholders, they will continue to pursue profits, thus undermining the sustainability of the business in question in the long run and endangering the interests of stakeholders. In reference to Brodeur (2016), countries such as Japan have formulated laws and regulations to encourage investors to redefine their relationship with the management whereby rather than solely focusing on profits, shareholders are encouraged to act as stakeholders and as such, focus on the long term performance of the firm. This is perceived as necessary to safeguard the interests of each stakeholder in businesses.
同样，单纯追求利润的负面影响促使更多的研究人员、学者和业务分析师呼吁将股东归类为利益相关者，从而限制其利润更大化的需求，这可能会对其他利益相关者（如员工、客户、，供应商和社区等。例如，Tse（2011）引用了2007/08年的金融危机，尽管他们知道英国等的银行正在从事最终会导致其倒闭的风险金融行为，但股东们没有质疑这种行为。例如，Tse（2011）观察到，苏格兰皇家银行94.5%的股东批准了对荷兰银行的收购，尽管他们知道这两家银行正面临财务挑战，因此，该交易最终会使情况恶化。由此可以看出，股东在做出与其业务相关的决策时是非理性的，在大多数情况下，他们的行为是由贪婪、羊群行为和恐惧所驱动的。这意味着，当他们不被归类为利益相关者时，他们将继续追求利润，从而从长远来看破坏相关业务的可持续性，并危及利益相关者的利益。参考Brodeur（2016），日本等制定了法律法规，鼓励投资者重新定义其与管理层的关系，鼓励股东作为利益相关者，而不是仅仅关注利润，从而关注公司的长期绩效。这被认为是保护企业中每个利益相关者利益所必需的。