The stakeholder value map : a new tool to measure success with diverse groups

Purpose: This study aims to propose a framework to help firms craft value-creating strategies for multiple stakeholders. Design/methodology/approach: The study uses an inductive methodology based on analysing strategies for two exemplar companies, namely, Starbucks and Wagestream. Key insights about how value creation by these companies for multiple stakeholders led to their superior performance, as well as generalizable lessons from the exemplar companies, were identified. Findings: The study finds that the performance of the two exemplar companies can be explained effectively through the framework. Research limitations/implications: The framework proposed in the study requires a large amount of data about the value created for different stakeholders. Because the framework is comprehensive, managers need to aggregate different dimensions and varied data which can lead to manipulation or misuse by self-serving managers who wish to make their own strategies or performance look good. Practical implications: The study identified specific actionable ideas that organizations can undertake to enhance the value they create for their various stakeholders. Originality/value: The study is the first to develop an actionable framework that can be used by companies to craft strategies based on creating or enhancing stakeholder value. The framework is flexible with regard to application in different country, industry or organizational contexts.