ABSTRACT
This chapter explores existing stakeholder research by presenting a longitudinal comparative process-oriented analysis of stakeholder partnerships with Hoechst and British Petroleum in order to provide insight into how firms build partnerships with stakeholders. In each case, two stakeholder partnerships are studied—one with non-governmental organisations and one with communities. The companies studied, represent stakeholder partnership building within different regional and industrial contexts of social risk management. The philosophical ideas for social partnerships developed further in the 18th century around the notion of the social contract. The descriptive, process-oriented analysis of stakeholder partnership building is embedded in the context of social risk issues such as sustainable development, human rights, environmental damage and community development. The co-financing of social investment is the process by which two or more partners provide resources for a joint investment. British Petroleum's exploration subsidiary had a social development plan, and the communities had a community development plan.
