The quality of a relationship with stakeholders is often perceived as a way to a competitive advantage of a company. In other words, many authors have defended a hypothesis that the application of stakeholder management leads to a higher business performance. However, empirical verification of such a hypothesis is not trivial. In the first place, the operationalization of the stakeholder management, quality of the relationship towards stakeholders or the importance of stakeholders is a challenge by itself. This article therefore aims to review empirical research of the relationship between stakeholder management and performance of companies located in the Czech Republic. Unfortunately, the authors conclude that studies with factual results from the Czech Republic are almost none. Only two studies explicitly examine the relationship between stakeholder management and business performance. On top of that, both of these studies suffer from an inadequate research design.