The ethics of invisible stakeholders: addressing the needs of marginalized voices in social innovation

Purpose This study aims to explore the ethical challenges of marginalizing invisible stakeholders (marginalized groups, nonhumans and future generations) in social innovation and participatory governance, aiming to understand how stakeholder inclusion and ethical frameworks impact the engagement process and ethical outcomes. Design/methodology/approach Using a positivist approach, this study analyzed data from the Shanghai Stock Exchange (SSE) top 100 A-share listed companies to examine the relationships among stakeholder inclusion, ethical frameworks and ethical outcomes in governance. Findings Stakeholder inclusion positively impacted the engagement process, with ethical outcomes varying based on the engagement approach. This study found that the stakeholder engagement process mediated the relationship between inclusion, ethical frameworks and outcomes, highlighting the need for inclusive and ethical governance. Research limitations/implications This study’s focus on SSE top A-share listed companies in China limits generalizability. Its positivist methodology may not capture the full complexity of stakeholder engagement in other sectors or regions. Practical implications The findings suggest that businesses and governments should adopt ethical frameworks and inclusive engagement processes to improve governance outcomes, ensuring fairness and sustainability in decision-making. Social implications This study advocates for the inclusion of marginalized groups and future generations in governance, promoting more just, sustainable and equitable decision-making practices. Originality/value This research contributes to the understanding of ethical governance by emphasizing the need for inclusive stakeholder engagement and intergenerational consideration in decision-making. It provides a novel perspective on how ethical frameworks and stakeholder inclusion affect governance practices, promoting sustainability and equity.