The notion of value creation by firms is central to strategy. Despite its importance, value creation has been defined in many different ways, often with a narrow focus on shareholders, which can lead to confusion about the notion. In this paper, we clarify some commonly used concepts of value...

In related work we introduce the VCA model to estimate the economic value created by a firm and appropriated by its stakeholders, including employees, shareholders, suppliers and customers. This study provides two specific empirical applications. In the first, we use publicly available data from...

We present a general methodology that uses publicly available data to estimate the magnitude of economic value creation and its distribution among a firm’s stakeholders. Based on productivity literature in economics, the methodology goes beyond the conventional focus on shareholders and allows...