A Stakeholders Theory Of The Modern Corporation Analysis

Superior Essays
Beyond the Review: Why Are Business Owners Really Upset with YELP?

With the advent of Web 2.0 Internet, the world began to interact with technologies not as clouds in the sky that were unreachable. 2.0 brought on the collaborative web where anyone could participate and more importantly influence public opinion. YELP, and its app, provides consumers an opportunity and platform to review a business and aid fellow travelers to be well informed consumers by following reviews of restaurants, retail shops, bars, hot dogs , you name it, are rated by other consumers who have used the company. This platform allows consumers a voice in common businesses were in the past most of these businesses like restaurants would need public relations or standard
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Yelp is a perfect example of the Modern Corporation in R. Edward Freeman’s essay “A Stakeholder Theory of the Modern Corporation”. Freeman argues that modern corporations don’t just have an obligation to stockholders in the drive to make a profit where all benefit. Instead, the modern corporation has a “fiduciary relationship” to stakeholders . . .who are those groups who have a stake or a claim on the firm”(Freeman). These groups, while they may not be stockholders per say, have an important role in the company going further and continuing and cannot be treated, nor ignored, especially in the modern tech world of web 2.0. Instead they will contribute to the success of the company and/or the downfall of …show more content…
This category is divided into two groups. The first employs Yelps services to connect with people with business by reviewing businesses that they have experienced either positively or negatively which I will call the Reviewers. Becoming a Yelp reviewer has no cost just and these users are free to write reviews, rate other reviewers or use the web page as a guide. Frequent reviewers achieve higher ratings, all the way up to “elite” status, depending on the number of establishments that they have reviewed.
The second group of stakeholders in the Consumers category is the “Searchers”. Searcher appropriate Yelp’s service to find restaurants and other types of retail business for a particular product or service. They employ the rating system fed by other Yelp users (reviewers) to shepherd them to the best or the company that best fits their needs.
Yelp keeps these stakeholders content by providing a service that is free, easy to use, and connects them to other reviewers that have similar tastes. Because Yelp has expanded into several cities around the world, it provides users with an easy guide that is available to them anywhere they go with their mobile app,

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