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Book part
Publication date: 15 December 2011

Orhan Akisik

Purpose – The aim of this paper is to examine the relationship of the efficient management of shareholder value as the main objective of corporate governance systems with…

Abstract

Purpose – The aim of this paper is to examine the relationship of the efficient management of shareholder value as the main objective of corporate governance systems with stakeholder theory.

Design/Methodology – The study uses data from 29 emerging market economies from 1997 to 2006. In order to control possible endogeneity issue, generalized two-stage least squares (G2SLS) and generalized method of moments (GMM) estimation techniques were conducted using country-level panel data.

Findings – The results provide evidence that the efficient management of shareholder value is strongly associated with managers' credibility, social responsibility, employment, and customer satisfaction, suggesting that emerging market economies should consider the interests of stakeholders for the efficient management of shareholder value.

Originality/Value – This is the first study of its kind that attempts to explore the association of the efficient management of shareholder value with country-level determinants of stakeholder theory.

Research Limitations/Implications – The lack of sufficient data is a major problem in international studies. This study also has some limitations in this respect as some emerging economies have not been included in the sample.

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Article
Publication date: 12 March 2020

Gabriela Fernandes, David O' Sullivan, Eduardo B. Pinto, Madalena Araújo and Ricardo J. Machado

University–industry projects provide special challenges in understanding and expressing the values required of project management (PM) in delivering stakeholder benefits…

Abstract

Purpose

University–industry projects provide special challenges in understanding and expressing the values required of project management (PM) in delivering stakeholder benefits. This paper presents a framework for understanding, identifying and managing the values of PM in major university–industry R&D projects.

Design/methodology/approach

The value framework identifies for each of the key stakeholders, the key PM values that may require to be managed and are largely derived from research literature. Empirical research then explores, prioritises and selects key PM values that need to be managed for a specific project. A large case study is used involving one university and one industry collaborating on a multi-million Euro initiative over six years. Empirical research was conducted by researchers who observed at close quarters, the challenges and successes of managing the competing values of key stakeholders.

Findings

The value framework takes a stakeholders' perspective by identifying the respective PM values for each of six stakeholders: university–industry consortium, university, industry, R&D external entities, funding entity and society.

Research limitations/implications

The research was performed using only one case study which limits the generalisability of its findings; however, the findings are presented as a decision support aid for project consortia in developing values for their own collaboration.

Practical implications

Guidance and decision support are provided to multi-stakeholder research consortia when selecting values that need to be managed for achieving tangible and intangible project benefits.

Originality/value

The paper demonstrates a proposed framework for designing and managing the value of PM in large multi-stakeholder university–industry R&D projects.

Details

International Journal of Managing Projects in Business, vol. 13 no. 4
Type: Research Article
ISSN: 1753-8378

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Article
Publication date: 4 April 2016

Shridhar M Samant and Shirish Sangle

The purpose of this paper is to investigate the changing role of stakeholders in value creation since the inception of literature on stakeholders and sustainability from…

Abstract

Purpose

The purpose of this paper is to investigate the changing role of stakeholders in value creation since the inception of literature on stakeholders and sustainability from 1984 and 1987, respectively until 2015. To understand interrelationships among key terms of stakeholder and sustainability literature.

Design/methodology/approach

The paper explores the changing role of stakeholders as a source of value creation through extensive literature review by adopting text mining approach. VantagePoint is the tool used to facilitate text mining literature of sustainability and stakeholder and related literature from 1984 to 2015.

Findings

This paper reveals that the major trends in firm’s approach towards stakeholders has changed over the years from demonstration of compliance in 1984-1994, safeguarding of reputation from 1994 to 2004, to finally co-creating value with stakeholders from the period of 2004-2014.

Research limitations/implications

There have been extensive literature reviews done on stakeholder and sustainability literature, but only few have studied the integration of stakeholder and sustainability literature. This paper has used a novel approach, i.e. VantagePoint software to analyse the sustainability and stakeholder literature.

Originality/value

The changing role of stakeholders as a value creator have provided new research avenues in value creation process. The emerging challenge that firms now face is to co-create sustainable value by engaging both internal and external stakeholders.

Details

World Journal of Science, Technology and Sustainable Development, vol. 13 no. 2
Type: Research Article
ISSN: 2042-5945

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Article
Publication date: 28 February 2019

Fangwei Zhu, Mouxuan Sun, Linzhuo Wang, Xiuxia Sun and Miao Yu

The complexity caused by conflicting values of stakeholders is a critical issue influencing the performance and sustainability of stock public–private partnership (SPPP…

Abstract

Purpose

The complexity caused by conflicting values of stakeholders is a critical issue influencing the performance and sustainability of stock public–private partnership (SPPP) projects, which is a special type of public–private partnership (PPP) project in China. The purpose of this paper is to focus on value conflicts between local government and private sector, which are two major stakeholders in SPPP projects, and investigate exchange rules to resolve value conflicts.

Design/methodology/approach

Using a mixed method approach, 55 semi-structured interviews were conducted for 15 stakeholders involved in a representative SPPP project. Social network analysis was then adopted to outline the value conflict network based on data drawn from focus group discussions. Finally, 24 value conflicts between local government and private sector were analyzed through another 13 semi-structured interviews in an abductive approach.

Findings

Results show that value conflicts between local government and private sector are dynamic and intertwined within and across three project phases, based on which six exchange rules, rationality, Altruism, power consistency, competition, group gain and reciprocity, are identified. Two sets of situational factors which potentially influence exchange rules adopted by the two parties are revealed, namely, urgency and professionality for local government and short-term interests and long-term interests for private sector. A summary of paired exchange rules is provided to predict if value conflicts between the two major stakeholders will be resolved or not.

Research limitations/implications

Theoretical implications are twofold. First, the results provide a contribution to PPP project management by investigating value conflicts between local government and private sector, which deepen the understanding on the unique characteristics of SPPP projects. Second, the findings contribute to a comprehensive understanding of social exchange theory by suggesting a summary of condition-based and pair-based exchange rules.

Originality/value

One strength of the study is in the concentrated analysis of a single case which allows for a deep understanding of value complexity between local government and private sector in SPPP projects from a dynamic and networked perspective. A guideline is provided for both parties when a value conflict is found hard to resolve. Besides, this study is also among the first that addresses value issues in SPPP projects.

Details

Engineering, Construction and Architectural Management, vol. 26 no. 6
Type: Research Article
ISSN: 0969-9988

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Article
Publication date: 3 April 2017

Christiane Marie Høvring

The debate on corporate social responsibility (CSR) as shared value creation is trapped between management scholars and business ethics scholars, focusing merely on the…

Abstract

Purpose

The debate on corporate social responsibility (CSR) as shared value creation is trapped between management scholars and business ethics scholars, focusing merely on the distribution of values from an outcome-oriented perspective. The result is a juxtaposition of shared value from either a corporate or a societal perspective, providing only little attention to the actual communication processes supporting the creation of shared value. The purpose of this paper is to re-conceptualize shared value creation from a communicative approach as an alternative to the current situation caught between the management and societal perspectives.

Design/methodology/approach

Building upon recent constitutive models of CSR communication, this conceptual paper explores the potentials and implications of re-conceptualizing shared value creation as an alternative approach that recognizes the tensional interaction processes related to shared value creation.

Findings

The paper suggests a new conceptualization of shared value creation, which is sensitive to and able to advance the understanding of the tensional and conflictual interaction processes in which the continuous negotiation of corporate and stakeholder interests, values and agendas may facilitate a new understanding of shared value creation.

Practical implications

In order to succeed with the shared purpose of creating shared value (CSV), the company and the multiple stakeholders should neither disregard nor idealize the interaction processes related to shared value creation; rather, they should acknowledge that processes filled with tensions and conflicts are prerequisites for CSV.

Originality/value

A re-conceptualization of shared value creation that provides an alternative approach that is sensitive toward the tensions and conflicts occurring between corporate voice and multiple stakeholder voices.

Details

Corporate Communications: An International Journal, vol. 22 no. 2
Type: Research Article
ISSN: 1356-3289

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Article
Publication date: 7 October 2014

Emanuele Teti, Francesco Perrini and Linda Tirapelle

The purpose of this paper is to investigate whether the implementation of a defined competitive strategy – differentiation or cost leadership – brings about different value

Abstract

Purpose

The purpose of this paper is to investigate whether the implementation of a defined competitive strategy – differentiation or cost leadership – brings about different value creation levels, where “value” is defined in a twofold perspective as “shareholder value” vs “stakeholder value” and “social capital”.

Design/methodology/approach

A sample of 169 European companies is investigated. Simple linear regressions and t-tests for the equality of means are conducted.

Findings

While no significant differences are found in the creation of value for the shareholders, firms following differentiation strategies generate considerably higher value for all the stakeholder groups than companies pursing cost leadership strategies. Results also show that size and reputational considerations play a significant role in explaining the different stakeholder value performances.

Research limitations/implications

Some data such as off-balance sheet items could have influenced the calculation of the discriminant values for strategy classification.

Practical implications

Although the two groups manage to achieve comparable levels of profitability, the differentiators, presumably because of their structural outward-facing orientation, seem to be better positioned to meet the challenges of the next wave of growth, which resides in the substantial interconnection between economic and societal value. Companies need a better understanding of how the stakeholder value theory and social capital can influence value creation and long-term success.

Originality/value

In light of the importance of competitive strategy as a value-creation tool, the paper sheds new light on the relationship between competitive strategies and value creation.

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Article
Publication date: 21 December 2018

Miia Maarit Martinsuo, Lauri Vuorinen and Catherine Killen

Infrastructure projects are expected to deliver value to their stakeholders long after completion. Project value is multi-dimensional and subjective and evolves over the…

Abstract

Purpose

Infrastructure projects are expected to deliver value to their stakeholders long after completion. Project value is multi-dimensional and subjective and evolves over the project lifecycle. How stakeholders frame the expected value is central to the public debate about proposed infrastructure projects and influences the financing decisions; however, this framing is inadequately understood. The purpose of this paper is to develop new knowledge for shaping infrastructure projects by identifying the ways in which stakeholders frame project value at the project front end.

Design/methodology/approach

Three transport infrastructure projects are compared in a qualitative, document-based study. The authors map the dimensions of value at the project front end and identify stakeholders’ approaches to lifecycle-oriented framing of value.

Findings

Financial, social and comparative values are dominant in the project front end. The authors frame value into positive and negative dimensions and identify four themes in the lifecycle-oriented framing of value, including uncertainties, timing of cost and benefit realization, project relations and external sponsorship.

Research limitations/implications

The research is limited through the focus on transport infrastructure projects and project front end only, the selection of cases from a single country and the use of document-based data. The systematic analysis approach has yielded novel analytical frameworks that will be useful for further research.

Practical implications

This study identifies value dimensions that are specific to transport infrastructure projects and proposes a framework to assist stakeholders and project managers to better assess and negotiate value when designing their projects.

Originality/value

Regional and comparative values are revealed as novel aspects of value specific to infrastructure projects. The alternative lifecycle-oriented frames offer a new way to understand and structure the co-creation of value and shape negotiation for investment decisions in the project. A portfolio perspective to investment decision making is proposed.

Details

International Journal of Managing Projects in Business, vol. 12 no. 3
Type: Research Article
ISSN: 1753-8378

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Article
Publication date: 1 December 2004

Steen Thomsen

There is growing interest in corporate values but where do they come from? What factors determine corporate values? This paper argues that they are determined by corporate…

Abstract

There is growing interest in corporate values but where do they come from? What factors determine corporate values? This paper argues that they are determined by corporate governance in a broad sense of the word. Three governance mechanisms are emphasized: ownership structure, board composition and stakeholder influence. In smaller companies founder‐owners often play a pivotal role in shaping corporate value systems that influence companies for years to come. In larger companies that separate ownership and control, managers and boards come to play a powerful role. In both cases repeated interaction with customers, employees and other stakeholders shape corporate values by way of corporate reputation and corporate culture.

Details

Corporate Governance: The international journal of business in society, vol. 4 no. 4
Type: Research Article
ISSN: 1472-0701

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Article
Publication date: 6 April 2012

David H. Tobey and B. Yasanthi Perera

The purpose of this paper is to posit a framework that predicts and explains the success and sustainability of MNC‐driven corporate social responsibility (CSR) programs in…

Abstract

Purpose

The purpose of this paper is to posit a framework that predicts and explains the success and sustainability of MNC‐driven corporate social responsibility (CSR) programs in West Africa, based on the degree of overlap or differentiation among existing value systems of various stakeholders (economic orientation and temporal orientation).

Design/methodology/approach

This paper utilizes previous works on competing values, stakeholder perspective of CSR, and cultural values to posit the value alignment framework.

Findings

It is found that synthesis yields a value alignment framework and four propositions for empirical testing.

Research limitations/implications

Empirical research on the framework is needed. The synthesis of the propositions leads to two future research questions, “What is the impact of the degree of agreement on CSR values on corporate social performance?” and “What is the effect of culture on the effect of CSR values on performance?”

Practical implications

The framework presents those responsible for implementing CSR programs with a basis for reflecting upon broad factors that may mean the difference between CSR program success or failure.

Originality/value

This paper provides a theoretical model and assessment guidelines for considering local context when designing and delivering CSR initiatives and why CSR efforts may succeed or fail. Thus, it may assist in deriving sustainable social benefits from expatriate multinational investments in CSR.

Details

African Journal of Economic and Management Studies, vol. 3 no. 1
Type: Research Article
ISSN: 2040-0705

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Article
Publication date: 31 July 2021

Sylvaine Castellano, Insaf Khelladi and Chiraz Aouina Mejri

This paper aims to investigate how pharmacies communicate their customer value proposition (CVP) in a complex and multiple-stakeholder setting. More specifically, from the…

Abstract

Purpose

This paper aims to investigate how pharmacies communicate their customer value proposition (CVP) in a complex and multiple-stakeholder setting. More specifically, from the pharmacists’ perspective, the study analyzes how CVP is articulated in complex settings/offerings and among multiple stakeholders; and elucidates the communication gap among stakeholders of the CVP.

Design/methodology/approach

Two studies were conducted to examine how offerings are communicated throughout the value chain. Through six in-depth interviews, Study 1 aimed to analyze how pharmacies articulate CVP for over-the-counter (OTC) drugs in a complex business-to-business-to-consumer setting. For Study 2, the data were collected from 113 French pharmacists to investigate the communication issues and to unveil the tools used to promote OTC drugs among the different stakeholders.

Findings

From the pharmacists’ perspective, the longer the chain, the more complex the efficiency of the CVP. This study conceives a new and adapted CVP as iterative and cumulative. This paper also highlights how value is distributed across the customer relationship in a complex and regulated industry. The findings feature a reciprocal perspective of CVP between the pharmaceutical labs and their direct/indirect customers. Final customers aim at creating a reciprocal approach with the different stakeholders. Pharmacists use a unidirectional perspective of CVP with their direct customers (patients/final customers).

Originality/value

The study contributes to a better understanding of the CVP in complex industries characterized by a chain of value distributed among multiple stakeholders (i.e. business-to-consumer and business-to-business). The article also enriches past research that analyzed the way firms communicate their offerings from a CVP perspective.

Details

Journal of Business & Industrial Marketing, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0885-8624

Keywords

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