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Stakeholder Judgments of Value

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  • Lankoski, Leena
  • Smith, N. Craig
  • Van Wassenhove, Luk

Abstract

Although central to stakeholder theory, stakeholder value is surprisingly neglected in the literature. We draw upon prospect theory to show how stakeholder judgments of value depend crucially on the reference state, how there are several alternative reference states that may be operative when stakeholders judge value, how the choice of reference state for stakeholders’ value judgments can occur intuitively or deliberately, and how the level of the operant reference state may change with time and may also be incorrectly perceived by stakeholders or managers. Our theorizing results in a fundamentally different way of perceiving the value of corporate actions to stakeholders and shifts understanding of the avenues available for companies and others to influence stakeholder judgments of value. This novel perspective has implications both for theory and management practice, and not least for normative business ethics, if business is about stakeholder value creation.

Suggested Citation

  • Lankoski, Leena & Smith, N. Craig & Van Wassenhove, Luk, 2016. "Stakeholder Judgments of Value," Business Ethics Quarterly, Cambridge University Press, vol. 26(2), pages 227-256, April.
    • Handle: RePEc:cup:buetqu:v:26:y:2016:i:02:p:227-256_00
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    Cited by:

    1. Henriques, C.O. & Gouveia, C.M. & Tenente, M. & da Silva, P.P., 2022. "Employing Value-Based DEA in the eco-efficiency assessment of the electricity sector," Economic Analysis and Policy, Elsevier, vol. 73(C), pages 826-844.
    2. Som Sekhar Bhattacharyya, 2020. "Humanistic Orientation in Firm–Stakeholder Technology-based Interaction and Its Impact on Stakeholder Satisfaction," Emerging Economy Studies, International Management Institute, vol. 6(1), pages 86-105, May.
    3. Ishrat Ali & Griffin W. Cottle, 2021. "Reconceptualizing Entrepreneurial Performance: The Creation and Destruction of Value from a Stakeholder Capabilities Perspective," Journal of Business Ethics, Springer, vol. 170(4), pages 781-796, May.
    4. Silvana Signori & Leire San-Jose & Jose Luis Retolaza & Gianfranco Rusconi, 2021. "Stakeholder Value Creation: Comparing ESG and Value Added in European Companies," Sustainability, MDPI, vol. 13(3), pages 1-16, January.
    5. Zhaodi Lu & Mengyao Xu & Zhengfeng Zhang, 2022. "Analyzing Stakeholder Relationships for Construction Land Reduction Projects in Shanghai, China," Land, MDPI, vol. 11(12), pages 1-18, November.
    6. Elena Candelo & Cecilia Casalegno & Chiara Civera & Fabrizio Mosca, 2018. "Turning Farmers into Business Partners through Value Co-Creation Projects. Insights from the Coffee Supply Chain," Sustainability, MDPI, vol. 10(4), pages 1-21, March.
    7. Ivan Fedorenko & Pierre Berthon, 2017. "Beyond the expected benefits: unpacking value co-creation in crowdsourcing business models," AMS Review, Springer;Academy of Marketing Science, vol. 7(3), pages 183-194, December.

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