With unprecedented technological progress, constantly changing markets, and different stakeholder demands, our world is becoming increasingly complex. These developments create contradictions and force organizations to constantly deal with competing demands. In this context, understanding tensions becomes crucial, since managing them effectively is vital for an organization's success and survival. This dissertation examines two literature streams to shed light on the understanding and the management of competing demands: First, the paradox perspective seeks to capture tensions' complexity and provides insights into coping mechanisms. While competing demands traditionally implied trade-off decisions, paradox researchers explore the complementary nature of tensions. Second, the stakeholder literature provides a more specific theoretical lens for studying firm stakeholders' competing demands. This perspective has not only received increasing research attention, but also offers the potential to better understand the fundamental purpose of the corporation.