Value distribution to stakeholders and firm performance

• Grant number: 20/06015-3
• Support Opportunities: Regular Research Grants
• Start date: March 01, 2022
• End date: October 31, 2024
• Field of knowledge: Applied Social Sciences - Administration - Business Administration
• Principal Investigator: João Maurício Gama Boaventura
• Grantee: João Maurício Gama Boaventura
• Host Institution: Faculdade de Economia, Administração, Contabilidade e Atuária (FEA). Universidade de São Paulo (USP). São Paulo , SP, Brazil
• Associated scholarship(s): 23/05925-4 - VALUE DISTRIBUTION TO STAKEHOLDERS AND FIRM PERFORMANCE, BP.TT

Abstract

The stakeholder theory has developed over the past three decades and its impact on business daily is increasingly present. Recent evidences of this impact are the Davos 2020 Manifesto, proposed, by Klaus Schwab, in which the universal purpose of companies must be the value creation for all stakeholders (World Economic Forum, 2020), and the Statement of the Purpose of the Firm, by the CEO Roundtable in 2019, which redefines the company's purpose for serving all stakeholders and not only shareholders (CEO Roundtable, 2019). Despite the notorious advance of this theory, there are still obscure points, lacking theses and empirical evidence. Recently, Freeman (2017) delimited the limits of this theory, pointing out the absence of a clear procedure for the distribution of value to stakeholders. This discussion is linked to the strategic importance of the stakeholder for the creation of value, as addressed by Garcia-Castro and Aguilera (2015), Tantalo and Priem (2016) and Yin and Jamali (2016). This theoretical gap guides this research, which aims to develop a theoretical model of fair value distribution among stakeholders that influence firm performance and test it. The research will also have a multi-country approach (Brazil, USA, Mexico, Canada, England, Hong Kong and Australia), which will allow the study of Institutional, Country and capital market influences in this relationship. Data collection will take place through content analysis in the prospectuses for IPOs, from 2003 to 2020, in the following stock exchanges: B3, NYSE, NASDAQ, LSE, BMV, ASX, TSX e SEHK. Data analysis will employ a quantitative method, using multivariate statistical techniques. (AU)