<p><strong><em>Research Question</em></strong><strong><em>:</em></strong> Can organizations truly create value for all its stakeholders simultaneously, without a significant trade-off from one group to another? And what role does current ICT infrastructure play?<strong> </strong></p><p><strong><em>Purpose:</em></strong> This study is aimed at determining how organizations create value simultaneously for stakeholders without a trade-off, and also examine the role of ICT (Information and communication technologies) in balancing responsibility in trying to satisfying all stakeholders (customers, suppliers, society, environment, employees and shareholders) in complex ICT environments.</p><p><strong><em>Methodology:</em></strong> The study involves business organizations in Sweden. A research questionnaire was sent to one thousand five hundred top level management executives in Swedish based business organizations, to collect data.  Business organizations were carefully selected to cut across many industry sectors.</p><p><strong><em>Findings:</em></strong><strong> </strong>Some of the findings includes: that many companies in Sweden still have a hard time satisfying all stakeholders simultaneously without trade-off, even with the huge ICT infrastructures. We discovered that although companies invest a lot on ICT, but the combination of strategy which will bring corporate partnership and create value for all without “robbing Peter to pay Paul” is still lacking.</p><p><strong><em>Research Limitations:</em></strong><strong> </strong>First, the study was limited to Sweden because of lack of resources to conduct interviews in many countries. Thus, there is the need to exercise caution in generalising these findings. Second, the number of respondents was limited, because it was difficult to get very busy top management executives from different companies to respond to our questionnaire.  <strong></strong></p><p><strong><em>Originality:</em></strong> This research work provides insight to understand and interpret balanced stakeholder value creation in companies, identify attributes for simultaneous value creation, as well as the role information and communication technology play in achieving this objective.</p><p><strong><em>Keywords:</em></strong> Stakeholder, Value Creation, Information and communication technology, Sustainable Value, and Stakeholder Analysis</p>

Research Question: Can organizations truly create value for all its stakeholders simultaneously, without a significant trade-off from one group to another? And what role does current ICT infrastructure play? Purpose: This study is aimed at determining how organizations create value simultaneously for stakeholders without a trade-off, and also examine the role of ICT (Information and communication technologies) in balancing responsibility in trying to satisfying all stakeholders (customers, suppliers, society, environment, employees and shareholders) in complex ICT environments. Methodology: The study involves business organizations in Sweden. A research questionnaire was sent to one thousand five hundred top level management executives in Swedish based business organizations, to collect data.  Business organizations were carefully selected to cut across many industry sectors. Findings: Some of the findings includes: that many companies in Sweden still have a hard time satisfying all stakeholders simultaneously without trade-off, even with the huge ICT infrastructures. We discovered that although companies invest a lot on ICT, but the combination of strategy which will bring corporate partnership and create value for all without “robbing Peter to pay Paul” is still lacking. Research Limitations: First, the study was limited to Sweden because of lack of resources to conduct interviews in many countries. Thus, there is the need to exercise caution in generalising these findings. Second, the number of respondents was limited, because it was difficult to get very busy top management executives from different companies to respond to our questionnaire.   Originality: This research work provides insight to understand and interpret balanced stakeholder value creation in companies, identify attributes for simultaneous value creation, as well as the role information and communication technology play in achieving this objective. Keywords: Stakeholder, Value Creation, Information and communication technology, Sustainable Value, and Stakeholder Analysis

Diss. Wirtschaftswiss. St. Gallen, 1992 ; no 1332.

Context. The appropriate stakeholder selection for software engineering is an essential stage and the precondition of software requirements elicitation. However, the stakeholder analysis hasn’t get enough attention in the requirement elicitation field as it was commonly recognized as a self-evidence process in practice. Objectives. In this study, we investigated the current status of this area. Collated the affecting factors which influence the appropriate stakeholder selection on Software Engineering (SE) with respect to the requirement elicitation purpose. On the basic of this objective, we investigated a systematic conceptual model which aims to guide the appropriate stakeholder selection of software projects. Finally, we evaluate the meaning to practice of our model. Methods. We conducted the systematic mapping study for the first objective. The objective of selecting affecting factors is on the basic of the first objective. The objective to evaluate the meaning to practice is realized by interviewing 10 experienced software product managers. Results. The recent studies on this area have been classified according to their different focuses. We described the methods of each included papers on systematic mapping study. We collected 12 factors used by previous studies and select 6 factors for our model. And we generated our model by six steps. The interview to ten practitioners is used to evaluate our model. Conclusions. We extracted six factors according to previous studies, then proposed a systematic stakeholder selection model for software projects on the basic of analysis to those factors. Generally, our model’s meaning to practice has been confirmed by interviews with experienced practitioners.

A teoria dos stakeholders tem apresentado significativos avanços conceituais quanto a criação e distribuição de valor para os stakeholders. No entanto, algumas questões ainda são pouco exploradas nessa literatura. Uma delas refere-se à relação entre a distribuição de valor para os stakeholders e o desempenho organizacional. Esta pesquisa contribui com esta questão ao analisar a relação entre distribuição de valor tangível e intangível para o stakeholder funcionário e o desempenho organizacional. Como objetivos específicos, definiu-se: a) analisar a relação entre distribuição de valor tangível para os funcionários e o desempenho de curto e longo prazo da empresa; b) analisar a relação entre distribuição de valor intangível para os funcionários e o desempenho de curto e longo prazo da empresa. Para operacionalização da pesquisa foi selecionado o stakeholder funcionário, uma vez que este é um dos stakeholders mais estreitamente ligado à criação de valor da empresa, tem acesso a informações chaves, possui competências críticas para a geração de renda, e, consequentemente, um custo de reposição muito alto. A Revisão de Literatura abordou três teorias. A primeira foi a Teoria dos Stakeholders, da qual emergiu o problema de pesquisa. A segunda teoria utilizada foi a Gestão Estratégica de Recursos Humanos que contribuiu para a discussão sobre atendimento do stakeholder funcionário e desempenho organizacional. Por fim, foram empregadas teorias de motivação para explicar como o valor distribuído ao funcionário afeta sua motivação e, consequentemente, o desempenho organizacional. O método utilizado compreende uma abordagem quantitativa, cuja análise dos dados foi realizada por meio da técnica de regressão. Foram analisadas 40 empresas ao longo de quatro anos. A amostra compreendeu o conjunto de empresas que responderam ao questionário do Índice de Sustentabilidade Empresarial (ISE), da BM&FBovespa, nos anos de 2010 à 2013. Este conjunto incluiu tanto empresas de capital aberto, listadas na Bolsa de Valores, quanto suas controladas. Os resultados desta pesquisa indicam que o valor tangível está mais associado ao desempenho de curto prazo enquanto o valor intangível tem efeitos no desempenho de longo prazo. Esta pesquisa apresenta contribuições teóricas e gerenciais. Sob o ponto de vista teórico, apresenta os mecanismos pelos quais a distribuição de valor para o stakeholder funcionário afeta o desempenho organizacional e testa empiricamente essa relação. Em termos gerenciais, os resultados são úteis para os gestores na decisão de que tipo de valor distribuir para o atendimento do funcionário que resulte em um melhor desempenho organizacional. / The Stakeholder Theory has shown significant conceptual advances regarding the value creation and distribution for stakeholders. However, some issues remain little explored in this literature. One of these issues is relate to the relationship between value distribution for stakeholders and organizational performance. This research contributes to this issue since analyze the relationship between the distribution of tangible and intangible values for the employee stakeholder and organizational performance. The specific objectives are: a) analyze the relationship between distribution of tangible value for employees and short and long-term organizational performance; b) analyze the relationship between distribution of intangible value for employees and short and long-term organizational performance. In order to perform the research it was selected the employee stakeholder, since this is one of the most closely stakeholder associated with the firm\'s value creation, has access to key information, critical skills to generate rent, and high replacement cost. The Literature Review section covers three theories. The first one is the Stakeholders Theory, from which the research problem emerged. The second theory is the Strategic Human Resource Management (SHRM), which contributed to the discussion on the employee stakeholder and organizational performance. Finally, theories of motivation were used to explain how the value distributed for employees affects their motivation and therefore organizational performance. The method comprised a quantitative approach, which analysis was performed through the regression technique. It was analyzed 40 firms over four years. The sample is composed by firms that responded the Corporate Sustainability Index (ISE) questionnaire, from the BM&FBovespa, in the years from 2010 to 2013. This set of firms included both publicly traded companies listed on the Stock Exchange, and their subsidiaries. The results indicate that the tangible value is more associated with short-term performance while the intangible value has effects on long-term performance. This research presents theoretical and managerial contributions. From the theoretical point of view, this study presents the mechanisms through which the distribution of value for employees affects organizational performance and test empirically this relationship. In terms of management, the results are useful to managers decide what kind of value distribute to employees in order to achieve a better firm performance

O relacionamento entre empresas e sociedade faz emergir a necessidade de prestação de contas a distintos grupos de interesse e a DVA apresenta-se como ferramenta importante, ao apresentar informações relevantes a diferentes stakeholders. Este trabalho discute a interpretação dessa demonstração a partir do que se concebe no senso comum, propondo-se a identificar e caracterizar mitos originados numa leitura simplista da DVA, bem como verificar o impacto do setor de atuação sobre a análise. A plataforma teórica edifica-se sobre a teoria dos stakeholders que, para determinar grupos efetivamente relevantes à entidade, se distingue nos atributos: poder, legitimidade e urgência. Analisa a DVA em sua gênese e desenvolvimentos posteriores até os dias atuais. Para responder à questão de pesquisa, Quais as verdades e os mitos contidos na interpretação da Demonstração do Valor Adicionado?, tomou-se como base uma amostra composta de informações contábeis de 6.286 empresas não financeiras, oriundas de diversos setores, extraídas do banco de dados mantido pela Fipecafi e utilizado como fonte para o ranking das Melhores e Maiores, da Revista Exame. O estudo abrange os anos de 2004 a 2009. Os resultados demonstraram haver correlação positiva e moderada entre valor adicionado e lucro líquido ajustado, indicando que elevações do lucro podem estar acompanhadas de aumentos do valor adicionado; nesse caso, a segregação setorial não apontou resultados distintos em relação à amostra global, apenas realçando a tendência observada. As correlações de Spearman indicaram a existência de relacionamento estatístico entre o valor adicionado destinado aos empregados e o destinado aos acionistas, sob a forma de juros sobre capital próprio e dividendos, embora essa associação negativa tenha se apresentado em nível moderado. Nesse caso, a consideração dos setores de atuação apontou algumas diferenças, como, por exemplo, para o setor 1, constituído basicamente por empresas comerciais, no qual não se identificou significativo nível de associação. Nos demais setores, identificou-se uma associação negativa e moderada entre as variáveis testadas. Os resultados globais dos testes de médias indicaram não haver indícios de que as destinações do valor adicionado se comportassem de modo constante, exceção feita ao item lucro retido; entretanto, a separação por setores trouxe novas informações, sobretudo para os setores 1 (comércio em geral); 3 (serviços) e 4 (energia), cujas distribuições não apresentaram, na média, diferenças expressivas. A aplicação de modelos lineares generalizados destacou que somente a variável rentabilidade ajustada ao patrimônio líquido (Rent) foi significativa no modelo, em todos os anos da análise, tendo apresentado sinal negativo. Apenas, em 2007, a variável crescimento de vendas (Cresc) mostrou-se significativa no modelo e, também, com sinal negativo. As correlações de Spearman indicaram a existência de associação positiva e fraca, entre 2004 e 2007, e moderada, em 2008 e 2009. A consideração dos setores não conferiu novos contornos aos achados, apenas um destaque em relação ao setor 4 (formado por empresas de energia elétrica), em que ocorreu uma elevação dos níveis de associação: de parâmetro fraco para moderado. Assim, os resultados dos testes estatísticos permitiram um real aprofundamento da análise da DVA, de modo a desvendar alguns mitos, pelo menos, no que possa ser aplicável à amostra utilizada. / The relationship between entities and the society brings to the fore a need for a public accountability to specific groups. VAS proves to be an important tool to achieve this need when demonstrating relevant information to various stakeholders. This study aims to discuss the VAS interpretation from the common sense knowledge, consequently identifying and characterizing the myths derived from a simplistic VAS interpretation, as well as checking the impact of a product sector over this analysis. The stakeholders theory on power, legitimacy and urgency as means to identify the most relevant groups for an entity is the theoretical basis for this study. Moreover, this paper analyses the VAS origin and its development down to our day. From Fipecafi database, which ranks Maiores e Melhores, published by Exame magazine, accounting information of 6,286 sample entities, from different sectors, with the exception of non-financial enterprises, was selected to answer the question: What are the truths and myths within the Value Added Statement interpretation? This study spans the years 2004 to 2009. The results disclosed a positive and moderate correlation between added value and adjusted net profits, indicating that higher profits may be accompanied by higher added value. In this case, an isolated sector did not display a distinct result in relation to the overall sample, but simply emphasized the tendency identified above. Spearmans rank correlation coefficient identified a statistical connection between the added value dispensed to employees and to the stakeholders in the form of interest on own equity and dividend, although such negative relation was presented in a moderate level. In this case some differences were identified when studying the product sectors, such as found in sector 1, made up mainly of commercial enterprises, where no significant level of association was identified. Tested variables displayed a negative and moderate association within other sectors. In addition, except for retained earnings, overall results of main tests showed no sign of the applied added value behaving. However, when sectors were isolated, new information was brought to light, specially in sectors 1 commerce; 3 service; and 4 energy. In their distribution, no significant differences were found. Overall linear models highlighted that only the Rent variable had a significant outcome to the model during the whole period of time, and with a negative result. The Cresc variable had an important outcome, only in 2007, with a negative result as well. The Spearmans rho general outcome indicated a positive and weak association from 2004 to 2007, and a moderate one, for the 2008 and 2009 period. The analysis of the sectors did not add new information to the finds, except for sector 4, the energy segment, which the association level raised from weak to moderate. To sum up, the outcome of the statistical tests has led to a much deeper VAS analysis, at least unveiling some myths related to the sample analyzed

Esta pesquisa teve como objetivo descrever a priorização de stakeholders em empresas brasileiras e a sua relação com a indústria (setor econômico). Para atingir o objetivo principal da pesquisa, foram estabelecidos dois objetivos específicos: descrever a priorização de stakeholders nas empresas pesquisadas; e investigar a relação entre a priorização de stakeholders e a variável indústria. Nesta pesquisa, a priorização é definida operacionalmente como o atendimento preferencial dos interesses de um stakeholder em relação a outro. A fundamentação teórica aborda a teoria dos stakeholders, a priorização de stakeholders, os modelos de saliência e dominância de stakeholders, a performance social corporativa e o disclosure social, embasando-se também na voluntary disclosure theory. A amostra pesquisada é composta por 90 empresas que divulgaram relatórios anuais e/ou de sustentabilidade adotando a estrutura da GRI, referente ao ano de 2010. Calculou-se medidas de atendimento dos interesses dos stakeholders a partir da análise de 73 indicadores de desempenho GRI, associados a cinco stakeholders: compradores, direitos humanos, funcionários, meio ambiente e sociedade. Utilizou-se de análises descritivas para hierarquização dos stakeholders e das técnicas de análise de agrupamentos, ANOVA e qui-quadrado para investigar a relação entre a priorização e a variável indústria. Os resultados encontrados mostram que a hierarquia de priorização na amostra estudada tem a seguinte ordem: funcionários, sociedade e compradores, direitos humanos e meio ambiente. Os resultados apontam diferenças na hierarquia de priorização de stakeholders por indústria, e indicam uma influência da indústria no nível de atendimento dos interesses dos stakeholders. Desta forma, este estudo busca contribuir apresentando evidências empíricas da priorização de stakeholders no contexto brasileiro. / This study aimed to describe the stakeholder prioritization in Brazilian companies and their relationship with industry. The two specific objectives are: to describe the stakeholder prioritization across the surveyed firms and investigate the relationship between the stakeholder prioritization and the industry variable. In this research, prioritization is operationally defined as the preferential treatment to the interests of one stakeholder over another. The literature review is based on the stakeholder theory, stakeholder prioritization, stakeholder salience and dominance, corporate social performance, and social disclosure, basing also on voluntary disclosure theory. The sample is made by 90 companies with sustainability reporting adopting the GRI framework, in the year 2010. Measures of the treatment to the stakeholder interests were calculated from the analysis of 73 GRI performance indicators associated with five stakeholders: customers, human rights, employees, environment and society. It was used descriptive analysis, cluster analysis, ANOVA and chi-square techniques to investigate the relationship between the prioritization and the industry. The results show that the hierarchy of prioritization in the sample has the following order: employees, customers and society, human rights and environment. The results show differences in the hierarchy of stakeholder prioritization by industry, and indicate an influence of the industry on the level of treatment to the stakeholder interests. Thus, this study wants to contribute with empirical evidence of stakeholder prioritization in the Brazilian context.

Os negócios são entendidos como um conjunto de relações e interações entre os grupos de stakeholders que participam nas atividades que compõe o negócio e como eles criam valor. Sob esta perspectiva, adotar a mentalidade dos stakeholders significa entender que o negócio é criação de valor para os stakeholders (FREEMAN, HARRISON, WICKS, 2007). O trabalho objetiva analisar a relação entre as posturas estratégicas e a distribuição de valor para os stakeholders nas empresas brasileiras. Para alcançar tal objetivo, foram desenvolvidos os objetivos específicos: (a) analisar as posturas estratégicas dos stakeholders, por meio do potencial cooperativo e ameaça competitiva dos stakeholders; (b) analisar a distribuição de valor para os stakeholders; e (c) analisar a relação entre as posturas estratégicas e a distribuição de valor para os stakeholders. A revisão da literatura abordou a Teoria do Stakeholders, mais precisamente os modelos de Posturas Estratégicas de Freeman (1984) e a criação e distribuição de valor para os stakeholders. No modelo de posturas estratégicas de Freeman (1984) cada stakeholder é classificado conforme as posturas estratégicas de swing, defensive, offensive e hold para o desenvolvimento de estratégicas específicas de criação de valor. A classificação nas posturas estratégicas foi realizada em relação ao potencial cooperativo e de ameaça competitiva dos stakeholders primário à organização. O método de pesquisa empregado foi de análise de conteúdo quantitativa, a qual se baseia em técnicas de frequência das unidades de registro com a aplicação de técnicas estatísticas, e qualitativa, implicações decorrentes da presença ou ausência das unidades de registro na seção de Sumário da Companhia, dos prospectos de IPO. A população deste estudo é formada pelas 143 empresas que tiveram suas Ofertas Públicas de Ações disponíveis no site da BM&F Bovespa e CVM, no período de 2003 a 2013. Os resultados evidenciam que há diferenças na distribuição média de valor para os stakeholders de acordo com as posturas estratégicas. A postura estratégica Swing stakeholder é a postura estratégica de Freeman (1984) que possui diferença na distribuição média de valor em relação às posturas estratégicas Offensive, Defensive e Hold. Além de ter uma diferença na distribuição média de valor entre a postura estratégia Offensive e a postura Hold. / Business can be understood as a set of relations and interactions among stakeholder´s groups participating in activities that make up the business and how they create value. From this perspective, adopting stakeholder´s mindset means business is about value creation for the stakeholders (FREEMAN, HARRISON, WICKS, 2007). The work aims to analyze the relationship among strategic postures and the value distribution for stakeholders in Brazilian companies. To achieve this goal, specific objectives were developed: (a) analyze the strategic postures of the stakeholders, through the cooperative potential and competitive threat of stakeholders; (b) analyze the value distribution for stakeholders; and (c) analyze the relationship among strategic postures and the value distribution for stakeholders. The literature review addressed the stakeholder\'s theory, more precisely the Strategic Postures models Freeman (1984) and the creation and distribution of value for stakeholders. In Freeman´s (1984) Strategic Postures model each stakeholder is classified as its strategic postures: \"Swing\", \"Defensive\", \"Offensive\" and \"Hold\" for development of specific strategies of value creation. The strategic postures classifications was performed with respect to cooperative potential and competitive threats of primary organization´s stakeholders. The research method employed was content quantitative analysis, which is based on frequency techniques of log units applying statistical techniques, and qualitative, implications of presence or absence of log units in the Companies Summary section, the IPO prospectus. The study population was made using 143 companies which had their Public Offerings available in the BM&F Bovespa and the CVM website, from 2003 to 2013. The results show that there are differences in the average distribution of value to stakeholders in accordance with the strategic postures. The strategic posture Swing stakeholder is the strategic postures of Freeman (1984) that has difference in the average distribution of value in relation to the strategic postures Offensive, Defensive and Hold. Additionally, it can be noted a difference in average distribution among the strategic posture Offensive and the Hold.

O objetivo principal da tese é investigar a relação entre a distribuição de valor para os stakeholders e o desempenho financeiro corporativo. O estudo foi realizado em uma amostra de 62 empresas que responderam o questionário do Índice de Sustentabilidade Empresarial (ISE) da Bolsa de Valores B3 - Brasil, Bolsa Balcão em 2011, 2012 e 2013. A distribuição de valor para stakeholders foi mensurada pelo questionário ISE e a variável de desempenho financeiro pelo retorno sobre o ativo (ROA). As hipóteses foram testadas por modelos de regressão para dados em painel. Os resultados revelaram uma relação positiva entre distribuição de valor para stakeholders e o desempenho financeiro das empresas. Os achados da pesquisa suportaram a hipótese de que o valor relacional está mais associado ao desempenho financeiro que o valor transacional. Os resultados também mostraram que o equilíbrio na distribuição de valor incremental entre stakeholders primários está associado ao desempenho financeiro corporativo. Concluiu-se que distribuição de valor relacional e o equilíbrio na distribuição de valor incremental para os stakeholders primários podem levar a empresa a obter vantagens competitivas que levam a um desempenho superior. A contribuição da pesquisa consiste na classificação do valor incremental como uma ferramenta de análise da estratégia de distribuição de valor para stakeholders, que envolve o balanceamento dos interesses e a priorização de stakeholders. A pesquisa também contribui para evidenciar a importância do valor relacional para a obtenção de vantagens competitivas e desempenho financeiro superior. / The main purpose of this thesis is to investigate the relationship between value distribution to stakeholders and corporate financial performance. The sample is composed by 62 companies that answered the questionnaire of the Corporate Sustainabity Index (ISE) of the Brazilian Stock Exchange B3 - Brasil, Bolsa Balcão in 2011, 2012 and 2013. The value distribution to stakeholders was measured by the ISE questionnaire and the financial performance variable was the return on assets (ROA). The hypotheses were tested by panel data regression models. The results revealed a positive relationship between value distribution to stakeholders and financial performance. The findings supported the hypothesis that relational value is more associated with financial performance than transactional value. The results also showed that the equilibrium in the incremental value distribution among primary stakeholders is associated with the corporate financial performance. It was concluded that the distribution of relational value and the balance in the distribution of incremental value to the primary stakeholders can lead the company to obtain competitive advantages and superior performance. The research contribution consists in the classification of the incremental value as a tool to analyze the value distribution strategy for stakeholders, which involves balancing interests and stakeholder prioritization. The research also contributes to highlight the importance of relational value to obtain competitive advantage and superior financial performance.

Thesis: Stakeholder's value Goal of this thesis is to evaluate stakeholder's theory, as one of the ways of corporate governance. Shareholder model and stakeholder model dominate in corporate governance currently. At its core are two models considered competing. The method of corporate governance is largely influenced by the historical development of the legal and economic relationships in a particular nation. Therefore, before solving the very essence of stakeholder's theory, brief historical excursion into both model sis necessary. Work is divided into six chapters, first chapter is preceded by a short introduction and after sixth chapter follows the conclusion. The first chapter outlines the corporate governance as a field that is overarching stakeholder's theory. The second chapter presents the shareholder theory including its history. At the same time I try to focus on those aspects of the shareholder theory, which are in direct contrast to the stakeholder's theory. In the third chapter I describe the stakeholder's theory, including the historical context of the development of this model. In the fourth chapter I focus on a problem that accompanies stakeholder's theory: Is the purpose of the corporation to create value for its shareholders or for its stakeholders? First, though, I focus on what...