Article: Stakeholder Theory: A Case Study Of Virgin Atlantic And The Covid-19 Bailout

Meta Data

  • Publisher: Monarch Management Review
  • Publication Type: Academic Journal Article
  • Authors: Karina Ochis, MA
  • Keywords: Stakeholder Theory, CSR, Ethical Behavior, Virgin Atlantic Airways, Bailout, Branson, Covid-19, Reputation Crises

Abstract

The context of the 2020 Covid-19 pandemic and the economic and reputation crises at Virgin Atlantic Airways accounts for the need to consider multilateral stakeholder relationships in crisis management for long-term sustainability. It is argued that a better comprehension of the dynamics of stakeholder relationships at Virgin Atlantic Airways could have fashioned a more proactive response to the crises. Government officials, civil society and the media condemned Virgin Atlantic Airways and its founder, Richard Branson, for the bailout request form the UK government. It is argued that in its initial response, Virgin Atlantic failed to engage in codetermination with social factors of key stakeholders and therefore failed to recognize the increase in salience of civil society. The ethical rationale of Virgin Atlantic was unintentionally amoral according to the best-case scenario, intentionally amoral according to the average-case scenario and immoral according to the worst-case scenario.


About Monarch Author

Prof. Karina Ochis is a Professor of Management studies within the BBA program at Monarch Business School Switzerland. She is a Dual PhD / Doctor of Applied Leadership Candidate. She holds a Master of Arts in Political Marketing from the Rome Business School and a Bachelor of Arts in Politics from The University of London. She also holds a Certificate in Digital Strategy from the Online Marketing Institute in San Francisco. Ms Ochis is an author, CEO and coach. She has spoken at TEDx, Million Marketing Tour (London – Charlotte – Copenhagen – Kiev), Women Speakers Summit Nigeria, Business Days, Elite Business Woman, The Woman, Romanian Academy of Economic Studies and several others. At present, she is CEO of Ana Karina Luxury Concept and of KO by Karina Ochis in Romania.