Stakeholder engagement processes for the made in Italy small‐ and medium‐sized enterprises: Value co‐creation in the stakeholder network

Abstract

AbstractThis article aims to explore the role of stakeholder engagement in partnerships and the effects that it has on small‐ and medium‐sized enterprises' (SMEs) competitiveness and their ability to expand into foreign markets. This study employs a qualitative approach to research by gathering empirical data from nine SMEs that have engaged in a partnership fostered by a digital platform that operates as an online sales channel. Our study reveals that SMEs engaging in cooperative activities are able to leverage external stakeholders to improve their competitive advantage and increase their capabilities to permeate into foreign markets and better their structural costs and product variety. The insights derived from this study prove useful to both theory and practice. First, the obtained findings underline the significance of cooperative activities in enhancing SMEs' likelihood of growth and thriving amidst the ever‐changing global market. Second, the present article underlines the impact partnerships have on all three dimensions of stakeholder engagement, namely strategic, pragmatic and moral. Third, the present manuscript corroborates the influence of digital platforms in fostering collaborative initiatives. Finally, the findings carry insights supporting the significance of shared values, norms and objectives amongst businesses as crucial elements of the stakeholder engagement process.