Stakeholder Theory and Value Creation Models in Brazilian Firms

ABSTRACT Objective: The purpose of this study is to understand how top Brazilian firms think about and communicate value creation to their stakeholders. Design/methodology/approach: We use qualitative content analysis methodology to analyze the sustainability or annual integrated reports of the top 25 Brazilian firms by sales revenue. Findings: Based on our analysis, these firms were classified into three main types of stakeholder value creation models: narrow, broad, or transitioning from narrow to broad. We find that many of the firms in our sample are in a transition state between nar...