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Value cycle model: managing value through stakeholder management

In today's highly competitive, complex and dynamic environments, creating value for all stakeholders is not an easy a task. In any value-creating endeavour, management needs to effectively understand the dynamic features of value systems of the firm. The proposition in this paper is that the singular, monistic and short-term oriented shareholder perspective fails to capture the dynamics of value management from the standpoint of all stakeholders, not just shareholders. In this article we provide a new characterisation of stakeholder value in terms of four constructs: interdependency, mixed-tangibility, temporality and commitment-intensity. Based on this characterisation, we propose a new conceptual model – stakeholder value cycle model (SVCM) – for stakeholder value management. This research seeks to improve the understanding of the dynamics of stakeholder values by increasing our knowledge of how the strategic decisions, systemic leverage, resources and the new characteristics of stakeholder value impact value systems of a firm.