Recently, there has been a growing interest on corporate social responsibility and stakeholder management. Despite conceptual or normative debate on stakeholder management, there has been little research on the process of stakeholder management. In addition, whereas the current debate and research focus on stakeholder management in advanced economies, there is a paucity of research on stakeholder management in emerging economies that entail institutional voids. In response, this paper details the longer-than-forty-year history of POSCO since its inception, exploring how POSCO has evolved its stakeholder management approach in response to shifting institutional and competitive environments. The POSCO’s case demonstrates that stakeholder management can be a source of competitive advantages by overcoming and meeting institutional voids that are typically found in emerging economies.