Stakeholder Strategy

From Farms to Fuel Tanks – Who defines the market and why it matters.

Entrepreneurs entering new markets must consider how their products or services create value for customers. What customers value, however, is often shaped by competition between different stakeholders who seek to…

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The relative value of firm and nonprofit experience

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Dorobantu & Odziemkowska: Valuing Stakeholder Governance

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Eesley, DeCelles, & Lenox on strategies of social activists

The purpose of this study was to examine how different types of activist groups behave differently when targeting firms for social change. We find that traditional activist groups rely on…

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How media coverage of corporate social irresponsibility increases financial risk

This article examines the effect of negative news on financial risk. It shows that negative media articles regarding environmental, social, and governance (ESG ) issues increase a firm’s credit risk.…

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Competing/Complementary Labels? Estimating Spillovers in Chinese Grn Bldg Cert

Many markets have several voluntary certification programs that sellers can use to signal product or organizational quality. Although many scholars emphasize the potential for competition between labels, we argue that…

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Do Investors Actually Value Sustainability?

The debate about how investors perceive corporate social responsibility (CSR) predates Milton Friedman’s famous statement that the only social responsibility of business is to increase profits. Although extensive research has…

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Measuring value creation and appropriation in firms: The VCA model

Firms create value not only for shareholders, but also for other stakeholders, including employees, customers and suppliers. This article applies a method to quantify the “new” economic value created by…

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Do firms use CSR to insure against stock price risk?

Corporate social responsibility has many purported benefits, one of which is that it can insure against the adverse stock price effects of negative events. But do managers purposefully use CSR…

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Mind the Gap: The Interplay between External and Internal Actions

Companies often accumulate intangible assets by taking internally and externally oriented CSR actions. Contrary to popular beliefs, the data show that they undertake more internal than external ones: firms do…

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