Stakeholder Theory and Value Creation Models in Brazilian Firms


value creation

How to Cite

Vidal, N. G., Berman, S., & Van Buren, H. (2015). Stakeholder Theory and Value Creation Models in Brazilian Firms. Review of Business Management, 17(55), 911–931.


This study focuses on how organizations create value for stakeholders, distinguishing between narrow and broad value creation models. Our goal is to understand how top Brazilian firms create value for their stakeholders and describe their value creation activities to stakeholders. We use qualitative content analysis methodology to analyze the sustainability or annual integrated report of the top 25 Brazilian firms by sales revenue. These firms were classified into three main types of stakeholder value creation models: narrow, broad, or transitioning from narrow to broad models. Many of these firms are in a transition state between narrow and broad stakeholder value creation models. We also identified seven areas of concentration by firms in creating value for stakeholders: better stakeholder relationships, better work environment, environmental preservation, increased customer base, local development, reputation, and stakeholder dialogue. This study represents a first step towards understanding the current status of value creation orientation in Brazil.

If a paper is approved for publication, its copyright has to be transferred by the author(s) to the Review of Business Management – RBGN.

Accordingly, authors are REQUIRED to send RBGN a duly completed and signed Copyright Transfer Form. Please refer to the following template: [Copyright Transfer]

The conditions set out by the Copyright Transfer Form state that the Review of Business Management – RBGN owns, free of charge and permanently, the copyright of the papers it publishes. Although the authors are required to sign the Copyright Transfer Form, RBGN allows authors to hold and use their own copyright without restrictions.

The texts published by RBGN are the sole responsibility of their authors.

The review has adopted the CC-BY Creative Commons Attribution 4.0 allowing redistribution and reuse of papers on condition that the authorship is properly credited.