The differing views regarding the role of business in society are often presented as being placed within the stakeholder-shareholder debate. Corporate Social Responsibility (CSR) not only sits comfortably with the mantra of maximising shareholder value, sustainable CRS practices enhance shareholder value. The purpose of the current paper is to focus on the strategic implications of stakeholder approach in theoretical background with confrontation in a sample of Czech small and medium-sized enterprises (SME) and large enterprises. Data were collected through personal questionnaires that were subsequently evaluated by dependence on the type of stakeholders and their level of significance. The findings of the research discovered considerable differences between the perception of the role and importance of the various stakeholders. The contribution of this paper derives in application of stakeholder approach in Czech enterprises. They are seen as having an obligation to consider society’s long-run needs and wants, which implies that they engage in activities that promote benefits for society.

DOI: https://doi.org/10.3846/bm.2016.53