Measuring value creation and appropriation in firms: The VCA model

• 成果类型: Article
• 署名作者: Lieberman, Marvin B.; Garcia-Castro, Roberto; Balasubramanian, Natarajan
• 署名单位: University of California System; University of California Los Angeles; University of Navarra; Syracuse University
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.2565
• 发表日期: 2017
• 页码: 1193-1211
• 关键词: VALUE CREATION; value appropriation; Stakeholders; PRODUCTIVITY; VCA model

摘要

Research summary: Using a productivity technique (VCA model), we estimate the economic value created by a firm and appropriated by its stakeholders in two specific empirical contexts. In the first application, we use publicly available data from the U.S. airline industry to illustrate how the VCA model can be used with multiple stakeholder groups. In the second application, we provide estimates for three global automobile companies (GM, Toyota and Nissan), showing how the model can be reformulated using value added. In both industries we find substantial heterogeneity among firms in the creation and distribution of value. We discuss strengths and limitations of the VCA model and implications for strategic management research.Managerial summary: Firms create value not only for shareholders, but also for other stakeholders, including employees, customers and suppliers. This article applies a method to quantify the new economic value created by a firm over an interval of time; the method also reveals the distribution of that value among the stakeholders. The proposed method gives managers some means to assess changes in the economic value created and distributed. We find that the creation and distribution of value has varied greatly among major U.S. airlines and global automakers in recent decades. Moreover, returns to shareholders typically accounted for only a small proportion of firms' total value creation and often had little relation to broader changes in the magnitude and distribution of value. Copyright (c) 2016 John Wiley & Sons, Ltd.