Strategic Management by Freeman is a classic. It should be required reading for every manager and MBA student. When Freeman wrote the book, stakeholder thinking was still rather new and unusual – at least in its explicit form -, while it is now, thanks in large part to Freeman, widely accepted.
The book is, like many management books, relevant both to academic research and to day-to-day business. But, unlike many management books, this publications can actually be read both by academics and by managers, which may explain in part its impact.
The book makes clear that strategy, especially in the stakeholder-form, requires a proper understanding of both ethics and systems thinking. It should at least make the reader think about both.