Almazan, Andres; Suarez, Javier; Titman, Sheridan - In: Journal of Economics & Management Strategy 18 (2009) 3, pp. 871-900
"We develop a model of a firm whose production process requires it to initiate and nurture a relationship with its stakeholders. Because there are spillover benefits of being associated with a "winner," the perceptions of stakeholders and potential stakeholders can affect firm value. Our...