Abstract
Value creation has long been hailed as the major objective of business firms by many management researchers. Some authors state that a firm must create value for its shareholders; some insist that value must be created not just for shareholders but also for all stakeholders. However, most discussions of value creation do not address an important question: "For whom the value is created?" The purpose of this paper is to take a first step to fill this void and propose a model of value creation along three dimensions: financial, nonfinancial, and time. It is hoped that the model will contribute to a better understanding of how strategic and operational decisions of managers may create value for some stakeholders while destroying it for others.
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Haksever, C., Chaganti, R. & Cook, R.G. A Model of Value Creation: Strategic View. Journal of Business Ethics 49, 295–307 (2004). https://doi.org/10.1023/B:BUSI.0000017968.21563.05
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DOI: https://doi.org/10.1023/B:BUSI.0000017968.21563.05