The impact of stakeholder heterogeneity on risk perceptions in technological innovation

Hall, Jeremy, Bachor, Vernon and Matos, Stelvia (2014) The impact of stakeholder heterogeneity on risk perceptions in technological innovation. Technovation, 34 (8). pp. 410-419. ISSN 0166-4972

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Managing risk has been widely acknowledged as a crucial managerial task in the development of new technology. More recently, the acceptance of new technologies has increasingly been influenced by secondary stakeholders, some of which are difficult to identify, or whose concerns are not easily reconciled. This paper develops a conceptual framework based on the management of technology and research & development literature, stakeholder theory, risk and social judgment to describe how traditional approaches based on reducing uncertainties through estimating probabilities may not work for social uncertainties; different heuristics are needed to understand and resolve such heterogeneous stakeholder perspectives. We contribute to the discourse by describing how risk perceptions among stakeholders vary, and how this may change over time. The framework suggests that the perception of primary stakeholder towards a specific innovation is ‘Standard’ when information is well known, but becomes riskier when information is unclear. For secondary stakeholders, when there is a low degree of imperfect information, the stakeholder relationship is an ‘Irritant’ but becomes increasingly ‘Dangerous’ when information becomes ambiguous. We conclude with implications for management and future research.

Item Type: Article
Schools and Departments: University of Sussex Business School > SPRU - Science Policy Research Unit
Subjects: H Social Sciences
Depositing User: Tahir Beydola
Date Deposited: 28 Nov 2019 08:49
Last Modified: 02 Dec 2019 09:52
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