Purpose – The purpose of this paper is to investigate the changing role of stakeholders in value creation since the inception of literature on stakeholders and sustainability from 1984 and 1987, respectively until 2015. To understand interrelationships among key terms of stakeholder and sustainability literature. Design/methodology/approach – The paper explores the changing role of stakeholders as a source of value creation through extensive literature review by adopting text mining approach. VantagePoint is the tool used to facilitate text mining literature of sustainability and stakeholder and related literature from 1984 to 2015. Findings – This paper reveals that the major trends in firm’s approach towards stakeholders has changed over the years from demonstration of compliance in 1984-1994, safeguarding of reputation from 1994 to 2004, to finally co-creating value with stakeholders from the period of 2004-2014. Research limitations/implications – There have been extensive literature reviews done on stakeholder and sustainability literature, but only few have studied the integration of stakeholder and sustainability literature. This paper has used a novel approach, i.e. VantagePoint software to analyse the sustainability and stakeholder literature. Originality/value – The changing role of stakeholders as a value creator have provided new research avenues in value creation process. The emerging challenge that firms now face is to co-create sustainable value by engaging both internal and external stakeholders.
Creating value is the most imperative motive of an organization. To address the future sustainability challenges, organizations need to create value in a way which takes care of not only the environmental and social needs of the growing population but also the economic ones. Sustainable Value (SV) creation is the key for addressing such needs, and it can be enhanced by stakeholder engagement affected through a range of dialogues. This paper presents a 4x4 grid as a prescriptive tool for practising managers. By assessing the organization's current level of engagement and corresponding level of stakeholders' value obtained, managers can choose the more enabling dialogue to attain progressive levels of SV achieved by implementing the four sustainability strategies. However, to maximize the possible benefits of co-creation with stakeholders and to simultaneously minimize the risks, managers need to choose the projects carefully and cautiously. Theoretically, this paper serves as a base for encouraging further research on co-creating enhanced SV.
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