<P> In a corporation, as defined in its first usage in a 1963 internal memorandum at the Stanford Research Institute, a stakeholder is a member of the "groups without whose support the organization would cease to exist". 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). A corporate stakeholder can affect or be affected by the actions of a business as a whole . Whereas shareholders are often the party with the most direct and obvious interest at stake in business decisions, they are one of various subsets of stakeholders, as customers and employees also have stakes in the outcome . In the most developed sense of stakeholders in terms of real corporate responsibility, the bearers of externalities are included in stakeholdership . </P> <Table> <Tr> <Th> Stakeholders: </Th> <Th> Stakeholder's concerns: </Th> </Tr> <Tr> <Td> Government </Td> <Td> taxation, VAT, legislation, employment, truthful reporting, legalities, externalities...</Td> </Tr> <Tr> <Td> Employees </Td> <Td> rates of pay, job security, compensation, respect, truthful communication, appreciation, acknowledgement, recognition . </Td> </Tr> <Tr> <Td> Customers </Td> <Td> value, quality, customer care, ethical products . </Td> </Tr> <Tr> <Td> Suppliers </Td> <Td> providers of products and services used in the end product for the customer, equitable business opportunities . </Td> </Tr> <Tr> <Td> Creditors </Td> <Td> credit score, new contracts, liquidity . </Td> </Tr> <Tr> <Td> Community </Td> <Td> jobs, involvement, environmental protection, shares, truthful communication . </Td> </Tr> <Tr> <Td> Trade unions </Td> <Td> quality, worker protection, jobs . </Td> </Tr> <Tr> <Td> Owner (s) </Td> <Td> profitability, longevity, market share, market standing, succession planning, raising capital, growth, social goals . </Td> </Tr> <Tr> <Td> Investors </Td> <Td> return on investment, income . </Td> </Tr> </Table>

Is there a difference between stakeholder and shareholder