Why unlisted SMEs are the best environment for humanistic leaders and for applying the stakeholder capitalism paradigm.

Purpose. The aim of this editorial is to reflect on “What are the peculiarities of unlisted SMEs that make this real-ity the best context for applying stakeholder capitalism by leaders who put people at the centre of decision-making?”Design/methodology/approach. The contribution adopts a conceptual approach, drawing on studies on hu-manistic leadership and humane entrepreneurship and contextualizing them within unlisted small and medium-sized enterprises (SMEs).Findings. The reflections developed highlight how SMEs, especially unlisted, represent the most suitable organiza-tional context for implementing stakeholder capitalism through the actions of small entrepreneurs, who often act as authentic humanistic leaders.Practical and social implications. The paper shows how socially responsible strategies attentive to the well-being of all stakeholders and to environmental protection can be learned from the daily and often silent behaviour of many small entrepreneurs. Their personal goals are not exclusively economic or financial but are also linked to as-pirations for success and social recognition, which often represent the most meaningful reward for entrepreneurial activity.Originality of the study. The originality of this study lies in highlighting how the transition from the paradigm of shareholder capitalism toward stakeholder capitalism is hindered by the growing financialization of the economy, dominated by financial capitalism. For this reason, it is necessary to look at the world of unlisted SMEs as ideal contexts capable of implementing the principles of human-istic leadership by placing people, society, and local terri-tories at the centre of business processes and by enhancing the communitarian conception of the firm.