VALUE DISTRIBUTION TO STAKEHOLDERS: A STUDY ON POWER AND STRATEGIC IMPORTANCE ON THE TORONTO STOCK EXCHANGE/Distribuicao de valor para os stakeholders: Um estudo sobre poder e importancia estrategica na Bolsa de Valores de Toronto/Distribucion de valor a los stakeholders: Un estudio sobre el poder y la importancia estrategica en la Bolsa de Valores de Toronto

• Published in: Revista de administração de emprêsas 2024-07, Vol.64 (4)
• Main Authors: de Araujo, Mauricio Mendonca, de Oliveira Santos Jhunior, Ronaldo, Uchoa, Mariana Torres, Boaventura, Joao Mauricio Gama
• Format: Article
• Language: Portuguese
• Subjects: Publicly held corporations; Securities industry; Stock-exchange; Stocks
• ISSN: 0034-7590
• DOI: 10.1590/S0034-759020240405

The different stakeholder groups and their influence on value distribution have received increasing attention from organizations and academia. In the recent stakeholder literature, there has been a theoretical development on value distribution, considering the attributes of strategic importance and power; however, the literature still lacks empirical studies to analyze and understand the relationship. This paper examines the association between stakeholders' power and strategic importance and the value distribution to them by publicly traded companies on the Toronto Stock Exchange (TSX). To obtain relevant information on companies' treatment of their stakeholders, we analyzed the content of 104 prospectuses for the TSX IPO process from 2008 to 2019. The results reveal that power and strategic importance are relevant to the distribution of value to stakeholders and that the strategic importance of stakeholders has a more significant influence than their power. Regarding contributions, our study advances previous debates in stakeholder literature in theoretical and practical terms. Keywords: stakeholders, value distribution, power, strategic importance, IPO. Os diferentes grupos de stakeholders e sens aspectos de influencia na alocacao de valor vem ganhando crescente demanda por parte das organizacoes e da academia. Na literatura recente de stakeholders, ha um desenvolvimento teorico sobre distribuicao de valor considerando atributos de importancia estrategica e poder; no entonto, a literatura ainda carece de estados empiricos para analisar e compreender a relacao. Este trabalho tem como objetivo verificar a associacao entre poder e importancia estrategica dos stakeholders e a distribuicao de valor a eles por empresas de capital aberto na Bolsa de Valores de Toronto (TSX). Para obter as informacoes relevantes sobre o tratamento dado pelas empresas aos seus stakeholders, analisamos o conteudo de 104 prospectos para o processo de IPO da TSX de 2008 a 2019. Os resultados revelaram que o poder e a importancia estrategica sao relevantes para a distribuicao de valor aos stakeholders e que a importancia estrategica dos stakeholders tem urna influencia mais significativa quando comparada ao s eu poder. Quanto as contribuicoes, o nosso estudo avanca debates anteriores na literatura de stakeholders em termos teoricos e praticos. Palavras-chave: stakeholders, distribuicao de valor, poder, importancia estrategica, IPO. Los diferentes grupos de interes y sus aspectos de