Mitchell, Agle & Wood (theory authors)

Mitchell, Agle, and Wood developed a theory about how different types of stakeholders influence a company's decisions. They identified three key factors—power (ability to influence), legitimacy (rightness of their claim), and urgency (when their needs demand immediate attention)—that determine a stakeholder's importance. Stakeholders are classified based on these factors, helping organizations prioritize their attention and resources. This framework assists businesses in understanding which stakeholders are most critical at any given time, ensuring better management of stakeholder relationships and more effective decision-making.