Final answer:
An employee organizing a strike for better working conditions exemplifies the potential impact of a stakeholder's actions on other stakeholders, demonstrating interdependence as per stakeholder theory. Stakeholder theory supports balancing interests of all parties involved in contrast to shareholder primacy, which focuses only on shareholders. Real-world events like the Firestone/Ford controversy underscore the importance of considering all stakeholder perspectives to avoid detrimental consequences.
Step-by-step explanation:
The example from the text that best exemplifies how a stakeholder can effect a change that, in turn, affects other stakeholders is c) An employee organizing a strike for better working conditions. This action directly involves the stakeholders (employees) in seeking a change (improved working conditions) which not only impacts them but can also affect other stakeholders such as customers, by interrupting service, and shareholders, potentially through negative financial outcomes due to halted operations. The example illustrates the interdependent nature of stakeholder actions and their ability to cause ripple effects requiring balance between varying interests as seen in stakeholder theory.
Stakeholder theory argues that managers should balance the interests of all stakeholders, not just shareholders. In practice, this balance is often delicate and complex; actions favoring one group can have unintended consequences for others, as in the example provided where an employee strike can have widespread impact.
By contrast, shareholder primacy is the position that company managers should act in the best interests of shareholders. However, as seen with the example of employee strikes, ignoring other stakeholders can lead to negative outcomes for shareholders as well.
An understanding of stakeholders is also crucial in cases such as the Firestone/Ford tire controversy, demonstrating how cutting costs can lead to serious workplace safety issues impacting employees, the public, and ultimately shareholder profits and corporate reputation.