Measuring value creation for stakeholders: a contribution from the empirical research

Sidnei da Col Brito, Daniel Augusto Fazoli


This paper aims to contribute with the growing discussions among value creation through the lens of stakeholder theory. Starting from an important gap identified in previous studies, according to what improved methods are needed to measure value creation for stakeholders, this research employed a systematic review of the literature with the main objective of providing a full set of metrics for stakeholders’ value creation based on reviewing the literature composed of articles drawn with an empirical quantitative method, and then suggests a new approach to measure value creation for stakeholders based on filling the gaps identified. Through the results is possible to see how many different ways to measure value creation are being employed by scholars, what can be a result of the challenge already discussed in the literature about what means “value” for each stakeholder group. Despite, it was possible to see that value still much related to the monetary value - financial return for shareholders, remuneration for employees, and product’s price for customers. Few metrics are used for intangible values, whose importance as value drivers from a utilitarian point of view had already been highlighted in the literature. The analysis performed and gaps identified opened space to suggest a different set of indicators to measure the value created for primary stakeholders, taking their different value drivers in account. These results shed some light on the academic discussions, showing scholars new variables that can be added in their researches in order to have a better picture of the whole stakeholder value creation system, and has also practical implications for managers, whose challenge is creating as much value as possible for all their company’s stakeholders.


Value creation. Stakeholder theory. Managing for stakeholders.

Full Text:



Barney, J. B. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17: 99–120.

Beurden van B., Gössling T. (2008). The worth of values – a literature review on the relation between corporate social and financial performance. Journal of Business Ethics 82 (2):407-424

Boaventura et al. (2009). Stakeholders Theory and Theory of the Firm: a study on the hierarchy of objective-functions in Brazilian companies. RBGN

Bowman, C., & Ambrosini, V. (2000). Value creation versus value capture: Towards a coherent definition of value in strategy. British Journal of Management, 11: 1–15.

Freeman R.E. (2010). Managing for stakeholders: trade-offs or value creation. Journal of Business Ethics 96: 7–9.

Freeman R.E. (2017). Five challenges to stakeholder theory: a report on research in progress. Business and Society 360, Volume 1: 1-20.

Freeman R.E., Harrison J.S., Wicks A.C. (2007). Managing for Stakeholders: Survival, Reputation and Success. Yale University Press: New Haven, CT.

Freeman R.E., Harrison J.S., Wicks A.C., Parmar B., de Colle S. (2010). Stakeholder Theory: The State of the Art. Cambridge University Press: Cambridge, UK.

Harrison, J.S., Bosse, D.A., & Phillips, R.A. (2010). Managing for Stakeholders, Stake-holder Utility Functions, and Competitive Advantage. Strategic Management Journal, 31(1), 58-74

Harrison, J. S., & Wicks, A. C. (2013). Stakeholder theory, value, and firm performance. Business ethics quarterly, 23(1), 97-124

Hoopes, D. G., Madsen, T. L., & Walker, G. (2003). Guest editors’ introduction to the special issue: Why is there a resource- based view? Toward a theory of competitive heter-ogeneity. Strategic Management Journal, 24: 889–902.

Parmar B.L., Freeman R.E., Harrison J.S., Wicks A.C., Purnell L., de Colle S. (2010). Stakeholder theory: the state of the art. Academy of Management Annals 4

Priem, R. (2007). A Consumer Perspective on Value Creation. The Academy of Man-agement Review, 32(1), 219-235. Retrieved from

Simon, H. A. (1997_1947). Administrative Behavior: A Study of Decision-Making Processes in Administrative Organizations (4th ed.). New York: Free Press.

Tantalo C., Priem, R.L. (2016). Value Creation Through Stakeholder Synergy. Strategic Management Journal, 16: 37-2.

Caroll A. B. (1991). The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders. Business Horizons.




  • There are currently no refbacks.