Journal of Business Ethics

, Volume 49, Issue 3, pp 295–307 | Cite as

A Model of Value Creation: Strategic View

  • Cengiz Haksever
  • Radha Chaganti
  • Ronald G. Cook


Value creation has long been hailed as the major objective of business firms by many management researchers. Some authors state that a firm must create value for its shareholders; some insist that value must be created not just for shareholders but also for all stakeholders. However, most discussions of value creation do not address an important question: "For whom the value is created?" The purpose of this paper is to take a first step to fill this void and propose a model of value creation along three dimensions: financial, nonfinancial, and time. It is hoped that the model will contribute to a better understanding of how strategic and operational decisions of managers may create value for some stakeholders while destroying it for others.

nonfinancial stakeholders time dimensions value along financial value creation 


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Copyright information

© Kluwer Academic Publishers 2004

Authors and Affiliations

  • Cengiz Haksever
    • 1
  • Radha Chaganti
    • 1
  • Ronald G. Cook
    • 1
  1. 1.College of Business AdministrationRider UniversityLawrencevilleU.S.A

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