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This paper considers the use of the stakeholder concept in the information systems literature and compares it with current concerns in the strategic management literature, where the concept originates. In information systems, the notion of stakeholder has been used in many different ways, which, however, tend to reflect a primarily descriptive or instrumental perspective. The paper reviews these approaches and argues for a more thorough understanding of the stakeholder concept as information systems development has become more complex. In particular, the case for a more holistic view of stakeholders in information systems is made, reflecting the current multi-faceted concerns of information systems development. This holistic view, more evident in some recent approaches to the study of information systems stakeholders, is expected to contribute not only in addressing organizational and cultural issues of information systems projects, but also to encourage a more ethical approach to information systems development.