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…

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.…

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…

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…

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…

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…

Strategic Responses to Crisis

A Virtual Special Issue edited by Matthias Wenzel, Sarah Stanske, and Marvin Lieberman Currently, the pandemic crisis is affecting the lives of people and organizations around the world. As the…

“Reshaping Demand Landscapes: How Firms Change Customer Preferences to Better Fit their Products.” A Conversation with the Author

by Esther Leibel Vinokurova’s analysis of the development of the MBS market is based on a massive archival database (366 industry documents and periodicals and 13 books from 1960 to…

Stepping Beyond Market Concerns: How Should Firms Engage with Non-profit Stakeholders to Create Value?

Should firms care about resolving social issues beyond their market boundaries? How can they create value by doing so? Concerns outside the boundaries of firms’ markets, such as environmental sustainability,…

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