Empirically exploring the veracity of the new stakeholder perspective in strategy: Documenting workforce rents
成果类型：
Article
署名作者：
Neckebrouck, Jeroen; Kryscynski, David
署名单位：
University of Navarra; IESE Business School; Rutgers University System; Rutgers University New Brunswick
刊物名称：
STRATEGIC MANAGEMENT JOURNAL
ISSN/ISSBN：
0143-2095
DOI：
10.1002/smj.3612
发表日期：
2024
页码：
2159-2188
关键词：
Human capital
measuring economic profits
new stakeholder theory
value appropriation
VALUE CREATION
摘要：
Research SummaryWithout compelling empirical proxies for economic profits, we may need to reconsider the decades of empirical research purporting to inform our theories of competitive advantage. The new stakeholder perspective suggests that stakeholders may capture significant shares of the firm's economic profits that should be incorporated into these proxies. In this article, we propose a novel empirical approach to measuring stakeholder rents and then apply our approach to measure workforce rents across the population of all Belgian firms employing workers from 2008 to 2016. Our results demonstrate substantial variance in workforce rents among firms, with some firms allowing most of the economic profits they generate to flow to the workforce. We discuss the implications of our findings in detail and lay out a pathway for future research.Managerial SummaryThis article examines the extent to which companies pay their workforces above (below) what the labor market demands as a way of exploring how much of the company's economic profits go to stakeholders other than shareholders. We demonstrate a wide range of over (under) payments to workforces in a large sample of Belgian firms from 2008 to 2016. One of the important contributions of our paper is developing a method to determine over (under) payments for the workforce, but our method can also be applied to other stakeholders. We hope our work provides an empirical approach for others to explore how stakeholders capture portions of the economic profits that companies create.