Wikipedia
Shapeholders are the political, regulatory, media, and activist actors in the firm’s operating environment that shape, constrain, or expand a firm’s opportunities and risks. They are distinguished from stakeholders in that they may have no stake in an organization’s success, yet they still have the ability to shape its operating environment. The only stake an environmental activist may want in a coal company is a stake through its corporate heart, yet it can still shape the opportunities and risks of a coal company.
Mark Kennedy first introduced the concept of shapeholders to business strategy in courses taught at Johns Hopkins University’s Carey Business School in 2012 and while at George Washington University’s Graduate School of Political Management through a article in Emerald Group Publishing’s Strategy & Leadership journal in 2013 and through a Massive Open Online Course (MOOC) in 2015. Shapeholders are important in business practice and in theorizing relating to strategic management, corporate governance, business purpose, corporate social responsibility (CSR), and creating shared value (CSV).