Stakeholders are groups or individuals that can affected or can be affected by the organization activities (Freeman, 1984).

FREEMAN, R. Edward. Strategic Management: A Stakeholder Approach. Pitman, Boston, MA. 1984.

Stakeholders can be any group or individuals that create and capture economic and non-economic value in the interaction with organizations (Garcia-Castro; Aguilera, 2015).

GARCIA‐CASTRO, Roberto; AGUILERA, Ruth V. Incremental value creation and appropriation in a world with multiple stakeholders. Strategic Management Journal, v. 36, n. 1, p. 137-147, 2015.