Stakeholder strategy research seeks to explain how various stakeholder contexts affect the
ways firms treat their stakeholders and the effects of these choices on overall firm
performance. The dominant logic in this conversation frames a two-step process in which
value is created by a firm before managers can distribute that value among the stakeholders.
The stakeholder's power, or its ability to threaten the firm in some way, is commonly
considered the primary factor in the second step value distribution process. However, we …