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<p>While shareholder primacy views emphasize the maximization of shareholder value, stakeholder theory (STHT) conceptualizes business as a process of joint value creation across multiple stakeholder groups. Yet, empirical evidence on how managers interpret and represent stakeholder relationships in practice, particularly whether stakeholder interests are framed as competing or mutually reinforcing, remains limited. We analyze management narratives in 10-K reports to examine how firms discuss the satisfaction of key stakeholder groups. Using data-driven causal structure estimation via the LiNGAM method, we uncover a hierarchical structure of reported stakeholder satisfaction that flows from external to internal stakeholders, with all relationships exhibiting positive interdependencies. Our results challenge the assumption that stakeholder interests are inherently conflicting and suggest that managers frame stakeholder relationships as mutually reinforcing, with shareholder outcomes emerging as a consequence of broader stakeholder engagement rather than as a primary objective. By providing empirical evidence on how managerial discourse communicates positive stakeholder interdependence rather than trade-offs, our study helps bridge normative stakeholder theory with observable corporate practice.</p>

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Stakeholder Satisfaction Interdependencies in 10-K Reports

  • 期刊论文

  • 发表日期：

    2026年2月10日

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  • Yishan Luo,
  • Morgan R. Frank,
  • Sandro Claudio Lera

摘要

While shareholder primacy views emphasize the maximization of shareholder value, stakeholder theory (STHT) conceptualizes business as a process of joint value creation across multiple stakeholder groups. Yet, empirical evidence on how managers interpret and represent stakeholder relationships in practice, particularly whether stakeholder interests are framed as competing or mutually reinforcing, remains limited. We analyze management narratives in 10-K reports to examine how firms discuss the satisfaction of key stakeholder groups. Using data-driven causal structure estimation via the LiNGAM method, we uncover a hierarchical structure of reported stakeholder satisfaction that flows from external to internal stakeholders, with all relationships exhibiting positive interdependencies. Our results challenge the assumption that stakeholder interests are inherently conflicting and suggest that managers frame stakeholder relationships as mutually reinforcing, with shareholder outcomes emerging as a consequence of broader stakeholder engagement rather than as a primary objective. By providing empirical evidence on how managerial discourse communicates positive stakeholder interdependence rather than trade-offs, our study helps bridge normative stakeholder theory with observable corporate practice.