Strategy to Bring the Stakeholders Together to Cooperate in the Business: A Game-Theoretic Approach
The objective of this paper is to analyse the primary data on Corporate Social Responsibility(CSR) activities of Mahanadi Coalfield Limited (MCL) as a business strategy to bring all itsstakeholders(localcommunity,managers,andnon-managerialemployees)togetherforsustainable business within the Game-theoretic framework. By considering each stakeholderas a player, the study concluded that average inclination to cooperate would be lower for thecommunity residing near a closed mine, among the employees, the inclination to cooperatewouldbehigherforthemanagerialemployeesincomparisontothenon-managerialemployees. Therefore, MCL must strengthen its CSR activities in the closed mines so that itsimpressionasacommunity-friendlyindustry canspill overtothefunctional ones.Theresponsibility also lies with the community to be more impartial in its evaluation of anindustry. If CSR policies of MCL canincline all the stakeholders tocooperate, then itsbusinesswouldbesustainable.
Keywords - GameTheory;InclinationtoCooperate;CSR; SustainableBusiness;Spillover
JEL Codes - C71;C72;M14;L21;D62