How Will Stakeholder Theory Evolve in the AI Era?

Today, I had the privilege of attending a lecture by Professor R. Edward Freeman, the founder of Stakeholder Theory, and asking him a question.

One idea particularly resonated with me.

A company creates value through its relationships with customers, employees, shareholders, partners, and communities. Profit is not the purpose—it is the outcome of value creation. Likewise, AI should not primarily be used for cost reduction, but for creating new value.

At the same time, the discussion led me to another question.

AI will dramatically increase productivity—but it may also accelerate the concentration of wealth.

The next challenge for leaders may therefore be not only:

"How do we create value?"

but also:

"How do we circulate that value across society to create the next value?"

This led me to think that Stakeholder Theory itself may be entering its next stage.

Stakeholder 1.0

Recognize stakeholders.

Stakeholder 2.0 (Freeman)

Co-create value through relationships.

Stakeholder 3.0 (AI Era)

Circulate value across society.

Perhaps the next era of management is not about maximizing enterprise value alone, but about designing systems that continuously circulate value between business and society.