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27-508: According to Kasarda , airports have evolved as drivers of business location and urban development in the 21st century in the same way as highways did in the 20th century, railroads in the 19th century, and seaports in the 18th century. The engine of the aerotropolis is the airport and its air routes, which offer firms speedy connectivity to their suppliers , customers , and enterprise partners. Some aerotropolis businesses are more dependent on distant suppliers or customers halfway around

54-622: A Ph.D. in Sociology from the University of North Carolina at Chapel Hill in 1971. Stakeholder (corporate) In a corporation , a stakeholder is a member of "groups without whose support the organization would cease to exist", as defined in the first usage of the word in a 1963 internal memorandum at the Stanford Research Institute . The theory was later developed and championed by R. Edward Freeman in

81-430: A company's stakeholders might identify the following stakeholders: A broader mapping of a company's stakeholders may also include: In the field of corporate governance and corporate responsibility , a debate is ongoing about whether the firm or company should be managed primarily for stakeholders, stockholders ( shareholders ), customers , or others. Proponents in favor of stakeholders may base their arguments on

108-455: A false analogy of the obligations towards shareholders and other interested parties. Any action taken by any organization or any group might affect those people who are linked with them in the private sector. For examples these are parents, children, customers, owners, employees, associates, partners, contractors, and suppliers, people that are related or located nearby. Broadly speaking there are three types of stakeholders: A narrow mapping of

135-614: A lack of planning , contributing to sprawl while creating highway congestion , pollution , and other negative externalities. Applying principles of smart urban growth and sustainability are essential to the formation of a successful aerotropolis, as is stakeholder alignment. Governance entities aligning airport management, airport-surrounding communities , and city and regional officials with local business and economic development leaders should implement aerotropolis planning to achieve greater economic efficiencies along with more attractive and sustainable development. A major criticism

162-444: Is a synonym for "stakeholder". Post, Preston, Sachs (2002), use the following definition of the term "stakeholder": "A person, group or organization that has interest or concern in an organization. Stakeholders can affect or be affected by the organization's actions, objectives and policies. Some examples of key stakeholders are creditors, directors, employees, government (and its agencies), owners (shareholders), suppliers, unions, and

189-691: Is an American academic and airport business consultant focused on aviation -driven economic development . He is a faculty member at the University of North Carolina's Kenan-Flagler Business School , the CEO of Aerotropolis Business Concepts LLC (an airport-economy consulting firm ) and the President of the Aerotropolis Institute in China. He was the founding editor-in-chief of Logistics , an open-access journal published by MDPI . Kasarda

216-442: Is often referred to as "father of the aerotropolis". Kasarda has a background in economics , business , and urban sociology , and has conducted research on urban form, organizational structure, airport development, and regional economic growth. He has written 10 books and over 150 published articles, many of which synthesize two or more of these topics. From 1980 to 1990, he chaired UNC's Department of Sociology, where he held

243-435: Is sufficient land and along the transportation corridors radiating from them. As increasing numbers of aviation -oriented firms and commercial service providers cluster around and outward from airports , the aerotropolis is becoming a major urban destination where air travelers and locals alike work, shop, meet, exchange knowledge, conduct business, eat, sleep, and are entertained, often without going more than 15 minutes from

270-513: Is the question of whether oil will stay relatively inexpensive and widely available in the future or whether a downturn in global oil production (" peak oil ") will adversely affect aviation and thus the aerotropolis. Others have criticized the aerotropolis model for overstating the number and types of goods that travel by air. While many types of high-value goods like electronics tend to be shipped by air, larger, bulkier items like cars and grain do not. Those who point this out suggest that

297-506: The airport . The outcome is a new form of transit-oriented development centered on runways and along their connecting surface transportation arteries. The aerotropolis is more, though, than clusters and corridors of airport-linked commercial, industrial, and logistics facilities. It also consists of living urban places that must be planned and designed as appealing environmental and social realms. Some aerotropolises have arisen spontaneously, responding to organic market forces with

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324-475: The " aerotropolis " model for the role of aviation and airports . His theories and applied work were elaborated upon in a 2012 book Aerotropolis: The Way We'll Live Next , co-authored with Greg Lindsay. Kasarda has consulted on various aerotropolis developments around the world, though his most extensive efforts have been in China . Kasarda's model has its critics including an organization called

351-427: The 1980s. Since then it has gained wide acceptance in business practice and in theorizing relating to strategic management , corporate governance , business purpose and corporate social responsibility (CSR). The definition of corporate responsibilities through a classification of stakeholders to consider has been criticized as creating a false dichotomy between the "shareholder model" and the "stakeholder model", or

378-690: The Global Anti-Aerotropolis Movement. Nevertheless, its application has been expanding internationally, such as in Amsterdam , Beijing , Dubai , and Johannesburg , Memphis , Paris , Sydney , and Zhengzhou . Kasarda earned a Bachelor of Science in Applied Economics from Cornell University in 1967, a Master of Business Administration in Organizational Theory from Cornell in 1968, and

405-558: The Kenan Foundation Asia in Bangkok , where he continues to serve on its board and executive committee. Kasarda stepped down from UNC's Kenan Institute directorship in 2012, but maintained his Kenan-Flagler faculty position. Much of his research and applied work since 2000 has addressed how aviation and airports impact the competitiveness and growth of firms, cities, and regions. Kasarda developed what he has termed

432-486: The bearers of externalities are included in stakeholdership. In the last decades of the 20th century, the word "stakeholder" became more commonly used to mean a person or organization that has a legitimate interest in a project or entity. In discussing the decision-making process for institutions—including large business corporations , government agencies , and non-profit organizations —the concept has been broadened to include everyone with an interest (or "stake") in what

459-511: The community from which the business draws its resources. Not all stakeholders are equal. A company's customers are entitled to fair trading practices but they are not entitled to the same consideration as the company's employees. The stakeholders in a corporation are the individuals and constituencies that contribute, either voluntarily or involuntarily, to its wealth-creating capacity and activities, and that are therefore its potential beneficiaries and/or risk bearers." This definition differs from

486-1048: The competitiveness of firms and places as economies of scale and economies of scope . In this model, it is not how far but how fast widely separated firms and places can connect. The aerotropolis encompasses aviation-dependent businesses and the commercial services that support them and the multitude of air travelers who pass through the airport annually. These businesses include, among others, high-tech and advanced manufacturing , logistics , and e-commerce fulfillment; high-value perishables and biomeds; destination retail , sports , entertainment , and medical/wellness complexes; hotels ; conference , trade, and exhibition centers; and offices for businesspeople who travel frequently by air or engage in global commerce . Business parks , logistics parks, R&D parks, time-critical distribution centers , and information technology complexes as well as hotel , conference , and entertainment venues are most frequently visible around major new airports on metropolitan peripheries where there

513-404: The entity does. This includes not only vendors, employees , and customers , but even members of a community where its offices or factory may affect the local economy or environment. In this context, a "stakeholder" includes not only the directors or trustees on its governing board (who are stakeholders in the traditional sense of the word) but also all persons who paid into the figurative stake and

540-450: The following four key assertions: A corporate stakeholder can affect or be affected by the actions of a business as a whole. Whereas shareholders are often the party with the most direct and obvious interest at stake in business decisions, they are one of various subsets of stakeholders, as customers and employees also have stakes in the outcome. In the most developed sense of stakeholders in terms of real corporate responsibility ,

567-517: The interests of business over that of people and that its mixed-use commercial/residential developments typically lack urban ambience. Some have questioned why people would ever want to live next to an airport , given aircraft noise . Still, others claim that while there are cases where the aerotropolis concept has worked well (e.g., Amsterdam Schiphol and Dallas-Fort Worth airport areas), it has often failed to live up to expectations when applied elsewhere. John D. Kasarda John D. Kasarda

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594-420: The members of the overall community to focus the organisation's scarce resources on the most significant stakeholders. Example The holders of each separate kind of interest in the entity's affairs are called a constituency, so there may be a constituency of stockholders , a constituency of adjoining property owners, a constituency of banks the entity owes money to, and so on. In that usage, "constituent"

621-643: The older definition of the term stakeholder in Stakeholder theory (Freeman, 1983) that also includes competitors as stakeholders of a corporation. Robert Allen Phillips provides a moral foundation for stakeholder theory in Stakeholder Theory and Organizational Ethics . There he defends a "principle of stakeholder fairness" based on the work of John Rawls , as well as a distinction between normative and derivative legitimate stakeholders. Real stakeholders, labelled stakeholders: genuine stakeholders with

648-399: The persons to whom it may be "paid out" (in the sense of a "payoff" in game theory , meaning the outcome of the transaction). Therefore, in order to effectively engage with a community of stakeholders, the organisation's management needs to be aware of the stakeholders, understand their wants and expectations, understand their attitude (supportive, neutral or opposed), and be able to prioritize

675-566: The position of Kenan Distinguished Professor. In 1990, Kasarda moved to UNC's Kenan-Flagler Business School as Kenan Distinguished Professor of Strategy and Entrepreneurship, and Director of the Frank Hawkins Kenan Institute of Private Enterprise. Over the following 22 years, he worked at the Institute for the study of entrepreneurship , regional economic development, and global competitiveness, and helped establish

702-416: The relationship between seaports , airports, and rail facilities should be studied in more depth. Further criticisms of the aerotropolis include loss of farmland and forests , eviction and/or the exclusion of local residents and communities from the economic benefits of the aerotropolis, and locking in high- carbon infrastructure for decades to come. Social critics argue that the aerotropolis favors

729-486: The world than those located nearby. As economies become increasingly globalized , time-sensitive, and reliant on air commerce for trade in goods and services , the speed and agility aviation provides to long-distance movement of people and goods generate competitive advantages for firms and places. In the aerotropolis model, time and cost of connectivity replace space and distance as the primary metrics shaping development, with "economies of speed" becoming as salient for

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