Value distribution to stakeholders: A study on power and strategic importance on the Toronto stock exchange

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Mauricio Mendonça de Araujo
Ronaldo de Oliveira Santos Jhunior
Mariana Torres Uchoa
João Mauricio Gama Boaventura


The different stakeholder groups and their influence on value distribution have received increasing attention from organizations and academia. In the recent stakeholder literature, there has been a theoretical development on value distribution, considering the attributes of strategic importance and power; however, the literature still lacks empirical studies to analyze and understand the relationship. This paper examines the association between stakeholders’ power and strategic importance and the value distribution to them by publicly traded companies on the Toronto Stock Exchange (TSX). To obtain relevant information on companies’ treatment of their stakeholders, we analyzed the content of 104 prospectuses for the TSX IPO process from 2008 to 2019. The results reveal that power and strategic importance are relevant to the distribution of value to stakeholders and that the strategic importance of stakeholders has a more significant influence than their power. Regarding contributions, our study advances previous debates in stakeholder literature in theoretical and practical terms.


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DE ARAUJO, M. M.; JHUNIOR, R. de O. S.; UCHOA, M. T.; BOAVENTURA, J. M. G. Value distribution to stakeholders: A study on power and strategic importance on the Toronto stock exchange. RAE - Revista de Administracao de Empresas , [S. l.], v. 64, n. 4, p. e2023–0116, 2024. DOI: 10.1590/S0034-759020240405. Disponível em: Acesso em: 19 jun. 2024.


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