Resumo

Stakeholder-oriented management understands that decisions promoting long-term and sustainable value creation must balance stakeholders' interests in order to meet their needs. Considering the context of value creation, Harrison and Bosse (2013) recommend empirically examining the influence of power and strategic importance of stakeholders in the firm's value distribution. Power is interpreted as stakeholders' ability to negotiate their interests (Etzioni, 1964). Strategic importance is understood as the ability of stakeholders to make a positive contribution to the process.

How value is distributed may occur depending on various elements: power and strategic importance. In addition, the sector in which the company is established, may also impact such distribution. The study had two main objectives: The First was to study, through the U.S. IPO prospectuses, the phenomenon of value distribution to stakeholders and the relationship between the power and strategic importance of these parts. Moreover, the second was to understand the behavior in different sectors of value distribution to stakeholders and the relationship between power and strategic importance.

The study has two Hypothesis. First: Power and strategic importance influence the value distribution to stakeholders in United States-listed companies. Second: Strategic importance has a more significant impact on the distribution of value in publicly traded companies in the United States than power. Moreover, to do an exploratory analysis about sector, the study seek to understand about differences between sectors, where the distribution of values can be different. Based on this, it is important to understand how the different sectors behave in relation to the distribution of value?

775 IPO prospectuses from publicly traded American companies were analyzed for this purpose between 2003 and 2019. The guidelines for the categorization of SEC are applied to study the phenomenon of value distribution to stakeholders in listed US companies. The dependent and independent variables were gathered from IPO prospectuses. The initial stage in creating a database for quantitative analysis will be a qualitative phase involving content analysis. And to test the hypotheses it was used four regressions of ordinary least squares.

Based on the results of models 2 and 3, where one independent variable demonstrated statistical significance and influenced the variable value. And with model 4, where the variables strategic importance and power have positive and significant coefficients in the same model. The findings support H1. And considering the analyzes by stakeholder groups where the coeficiente of strategic importance was higher for all groups compared to power, where the biggest differences were for community and suppliers. We confirm H2 where strategic importance has more than influence to create value.

The empirical evidence is consistent with other research on similar frameworks. Moreover, they are consistent with the literature on value creation through stakeholder engagement. It is important to note that by distributing value to stakeholders, companies seek to strengthen relationships by engaging their stakeholders in positive cycles of value creation (Mitchell, Lee & Agle, 2017). To optimize overall value creation, it is argued that strategically important stakeholders should be prioritized when distributing value to stakeholders, and the powerful should not be neglected.

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