Stakeholder capitalism: a new perspective on corporate sustainability

Purpose How companies operating in Europe operationalize stakeholder capitalism as a strategic and governance framework for achieving corporate sustainability. Design/methodology/approach A qualitative, exploratory and descriptive study using twenty semi-structured interviews with executives and sustainability managers, triangulated with corporate sustainability reports. Data were analyzed thematically and taxonomically using NVivo. Findings Companies exhibit a hybrid model of implementation that blends regulatory compliance (Corporate Sustainability Reporting Directive, European Sustainability Reporting Standards, GRI) with relational proximity and trust-based engagement. Leadership plays a decisive role in translating normative commitments into strategic actions, while environmental, social and governance impact measurement remains limited and fragmented. Research limitations/implications The study advances stakeholder theory by conceptualizing stakeholder capitalism as a dynamic capability that integrates ethical, strategic and relational dimensions within governance systems. Practical implications Managers should institutionalize stakeholder engagement through governance mechanisms, cross-functional coordination and transparent reporting to strengthen resilience and trust. Originality/value This research contributes rare empirical evidence from a European context, reframing stakeholder capitalism as an organizational capability that reconciles ethics, performance and sustainability within complex regulatory environments.