Exploring the Evolution Mechanisms of Social Risks Associated with Urban Renewal from the Perspective of Stakeholders

Abstract

The urban renewal (UR) process involves various stakeholders and related activities, and the various risks arising from this endeavor can affect these stakeholders. Additionally, the impact of adverse factors such as policy discontinuity and inequitable distribution of benefits among stakeholders can easily result in collective tensions or conflicts, as well as the gradual emergence of potential social frictions and confrontations. These social risks (SRs) not only impede the smooth execution of urban renewal projects but also pose challenges to social harmony and stability. Hence, to mitigate and control the SRs in the UR process (URSRs) and ensure the successful implementation of effective and sustainable UR projects, it is of paramount importance to gain a comprehensive understanding of the occurrence and evolution mechanisms of these SRs. Although existing studies have touched upon the influence of stakeholder conflicts on URSRs, there remains a lack of systematic examination of the evolution mechanisms of these risks from the perspective of stakeholder theory. The resulting fragmented and specialized comprehension of URSRs has hindered the effectiveness of risk governance strategies. This study adopts stakeholder theory to analyze the potential sources of risk throughout the entire UR process. By considering the conflicts of interests among stakeholders, a systematic analysis of the evolution mechanisms of URSRs is explored and targeted governance recommendations for URSRs are proposed.