Stakeholder Value Research Articles

Metaverse and tourism development: issues and opportunities in stakeholders’ perception

In recent years, understanding how the managers of tourism attractors (such as archaeological parks, museums, seaside resorts, nature reserves, etc...) adopt, refuse, integrate, and benefit from the digital transformation has received growing interest. In addition, consistent case-study literature highlights how adopting technologically advanced tools can generate positive externalities for the territories in which such attractors are located. However, it is still unclear how different tourism stakeholders value including Metaverse tools in their strategies. In this paper, we explore stakeholders’ preferences for embedding metaverse tools in their strategy, and we check for the existence of cluster of preferences. The study applies a recent development of Q-methodology which allows substituting classical q-statements formulation with multi-attribute and multi-level formulations. Data are collected by involving stakeholders from Sicilian territories. The results of this exploratory study demonstrate that the use of the Metaverse tool is influenced by the perception of the stakeholders and confirm the existence of heterogeneous preferences among groups of stakeholders, as expected in a diffusion model of innovation. The dominant point of view considers a full awareness of the metaverse tools and perceives them as slightly worse than the social ones. Some stakeholders do not have adequate knowledge of the Metaverse. We can argue that we are still in a moment of transition in the diffusion of the Metaverse between the phase of persuasion and that of evaluation and decision on the basis of the impact effects of the Metaverse on competitiveness within the tourism sector. The critical mass may not have been reached yet in the adoption rate of Metaverse innovation.

AN EXPLORATION OF HEALTHY AGRICULTURAL PRODUCT DEVELOPMENT STRATEGIES WITHIN INDONESIAN SMALL AND MEDIUM-SIZED ENTERPRISES (SMES)

For the first time, this study aims to comprehensively explore the landscape of innovation and healthy product development within Indonesian Small and medium-sized enterprises (SMEs) in the food and drinks industry. By addressing existing gaps, the paper provides insights into the context-specific factors, the role of healthy product variants, and the interconnected dynamics that drive innovation. The research employs a thorough literature review. The literature review establishes the foundation by identifying gaps and theoretical frameworks, including the Innovation Ecosystem Theory, to guide the analysis. The findings illuminate several key contributions of this research. First, the study crystallizes the specific new product development practices within Indonesian SMEs, addressing the lack of context-specific insights. It highlights the significance of healthy product development within a changing consumer landscape. The analysis reveals diverse strategies, challenges, and successes, emphasizing the role of networking, creative innovation drivers, and the absence of financial constraints. Furthermore, the introduction of a unified framework for innovation provides a holistic understanding that bridges theoretical constructs and practical applications. This study identifies flaws in the current innovation policy, suggesting actionable recommendations for improvement. In conclusion, this paper fills critical gaps in the literature, offering a comprehensive exploration of innovation and healthy product development within Indonesian SMEs in the food and drinks industry. By integrating context-specific insights, addressing gaps, and providing practical value for stakeholders and policymakers, the research significantly advances our understanding of healthy agricultural product development.

Stakeholders sustainable development goals (SDGs) prioritization

AbstractOver a period of time sustainability and sustainable development goals (SDGs) are emerging as central theme and issue of concern for companies and stakeholders across the globe. The challenges are in the preview of regulatory requirements and compliance for environmental, social, and governance issues. The issues are varying from industry to industry and firm to firm as per the requirements and pressure from regulatory bodies, stakeholder groups, peers, and society. This is an inductive research design based exploratory study, revolves around most polluting and socially challenged textiles and clothing industry. The two Indian, global textile giant Birla Cellulose and Arvind Limited used as a case study exemplar for stakeholder value mapping for SDGs prioritization. The companies are considered for the study based on their sustainability reporting, social legacy, brand value, market capitalization, and global reach. Further, the discussions are explored in the preview of existing literature and well‐grounded stakeholder theory.

Informing Program Management Decisions Using Quantitative Set-Based Design

System design is an exercise in sequential decision-making, with the objective of developing resilient and affordable systems. Throughout the design process, engineering and program managers must balance several competing objectives, such as ensuring design feasibility, minimizing cost, schedule, and performance risk, while simultaneously achieving stakeholder value. Thus, engineering and program managers require design and analysis methods enabling complex and multiobjective design decisions under uncertainty. Unfortunately, there exists limited research providing quantitative methodologies specifically enabling program management decisions using quantitative set-based design. We, therefore, present a quantitative set maturation and uncertainty resolution decision methodology using value-focused multiobjective decision models and model-based engineering practices. This methodology assesses and quantifies uncertainty regarding stakeholder value, cost, requirements, and design maturity for each design set. These metrics facilitate the calculation of the program manager value, which when combined with design set feasibility entropy, enable tradeoff analysis informing design maturation and uncertainty resolution prioritization decisions. We develop and demonstrate our methodology using a model-based unmanned aerial vehicle case study implemented in the ModelCenter modeling environment. This methodology provides program managers an efficient, cost effective, and defensible approach to inform system design maturation and uncertainty resolution decisions enabling the development of resilient and affordable systems.

Navigating digital transformation in airports : A disciplined approach to project portfolio selection and execution

Airports are undertaking digital transformation initiatives to achieve operations excellence, improve sustainability and enhance competitiveness. While digital transformation offers many potential benefits for airports, including improved insights, efficiencies, streamlined passenger journeys and new business/ revenue opportunities, there are risks associated with not utilising a disciplined approach when building a digital transformation project portfolio. Just as all airports are not the same, digital transformation initiatives are not ‘one size fits all’. Projects to introduce new systems and deploy new technology under the banner of digital transformation need to be in support of the strategic goals of the airport and in alignment with business and operational objectives. Digital transformation initiatives must also fit within the resource and skills capacity of the airport to successfully perform the work and provide the necessary post-deployment support afterwards. This paper posits that a disciplined and analytical approach to evaluating both the likely effort required for successful execution and the potential impact and value generated can assist airports with the selection and timing of projects, with the aim of avoiding ‘digital disappointment’. It concludes that digital transformation projects selected and sequenced on the basis of objective criteria are most likely to address the business and operational needs of individual airports and generate the most value for airport employees, stakeholders and passengers.

Manajemen Strategis PP. Avia Avian Tbk

Strategic management is a crucial approach for organizations in facing a dynamic changing business environment. PT. Avia Avian Tbk, as a company operating in an industry, faces diverse challenges and opportunities in a rapidly changing environment. This study aims to analyze the strategic management approach implemented by PT. Avia Avian Tbk in facing market and technology changes. This research uses qualitative analysis methods by conducting an in-depth review of the company's documented strategy and interviews with key stakeholders in the company. The results showed that PT. Avia Avian Tbk has adopted a strategic management approach that focuses on [e.g. product differentiation, operational efficiency, new market penetration, or technological innovation]. These strategic steps are geared towards maximizing value for the company's stakeholders, including shareholders, customers, employees, and society. One of the important aspects in the strategic management of PT. Avia Avian Tbk is the use of environmental analysis tools such as PESTEL (Political, Economic, Social, Technology, Environmental, Law) to identify external factors that may affect their business. In addition, the company has also set measurable long and short-term goals, and implemented performance measurement and monitoring mechanisms to ensure the achievement of these goals. Overall, this study provides insight into the strategic management approach applied by PT. Avia Avian Tbk and how the company strives to optimize its business performance in the midst of a changing business environment. The research also provides a foundation for other companies in similar industries to understand best practices in dealing with similar challenges.

Learning from the CO-CREATE project: A protocol for systems thinking across research (STAR).

The CO-CREATE project aimed to work with young people to create, inform, and disseminate obesity-preventive evidence-based policies using a complex systems perspective. This paper draws lessons from this experience and proposes a protocol for embedding systems thinking within a research project. We first draw on existing systems thinking frameworks to analyze how systems thinking was translated across CO-CREATE, including the flow and relationship between the work packages and in the methods used. We then take the lessons from CO-CREATE and the principles of existing systems thinking frameworks-which focus on various points of intervention planning and delivery but not on research projects as a whole-to formulate a protocol for embedding systems thinking across a research project. Key lessons for future planning and delivery of systems-oriented research projects include incorporating "boundary critique" by capturing key stakeholder (adolescent) values and concerns; working to avoid social exclusion; ensuring methodological pluralism to allow for reflection and responsiveness (with methods ranging from group model building, Photovoice, and small group engagement); getting policy recipients to shape key questions by understanding their views on the critical drivers of obesity early on in the project; and providing opportunity for intraproject reflection along the way.

Creating Shared Value in Upstream Oil and Gas Company and Community: A Case Study of CSR Implementation in PT Pertamina EP Tarakan Field

This research examines the practice of Creating Shared Value (CSV) through CSR implementation in upstream oil and gas companies and how it relates to sustainability. In 2020, there was a notable natural decline in energy resources, resulting from the Tarakan Field production performance. This situation presented numerous economic and social challenges, including the responsibility to support the holding company’s commitment to managing energy resilience and contributing to SDGs. The research, which incorporates information from literature analysis, in-depth interviews, and company reports, demonstrates that Tarakan Field’s CSR implementations were a useful strategy for generating shared value for businesses, stakeholders, and communities in alignment with sustainability goals. The research argues for the relationship between CSR implementation and sustainability, as well as the implementation plan and CSV measurement through CSR implementation in Tarakan Field. These concerns are particularly evident in the vague CSV measurement, which rendered it inefficient for the company to fulfill its commitment through unintegrated CSR and operational activities, despite the company’s strategy.

Corporate social responsibility and employee outcomes: considering employee perspectives on the role of business

PurposeThis study aims to investigate how employee perspectives on the role of business, specifically capitalist beliefs, affect the corporate social responsibility (CSR)–reputation–employee behavior relationship.Design/methodology/approachA conceptual model was developed, and to test the model empirically, survey data were collected over two phases from 192 working professionals. Data were analyzed in SAS using Hayes’s PROCESS approach.FindingsResults of this study reveal that the positive employee outcomes (i.e. affective commitment and reduced turnover intentions), resulting from CSR, through perceived employer reputation (i.e. an employee’s perception of how others view their firm), are diminished when employees have strong capitalist beliefs.Research limitations/implicationsBuilding on the signaling and person–organization fit literatures, this study highlights the theoretical and managerial importance of recognizing employees’ ideological differences as well as the value of considering employee perceptions of reputation. Although many stakeholders value social responsibility, not all do, and a firm’s intended outcomes will vary depending on employees’ beliefs.Originality/valueThis study demonstrates that CSR not only affects institutional-level corporate reputation, as previously studied, but also affects employees’ behaviors through “perceived employer reputation”, or employee beliefs about how other stakeholders perceive the firm. Moreover, this study highlights the importance of understanding employee differences, including ideological differences, prior to engaging in certain types of CSR.

Enabling affordances of blockchain in agri-food supply chains: A value-driver framework using Q-methodology

The application of blockchain beyond cryptocurrencies has received increasing attention from industry and scholars alike. Given predicted looming food crises, some of the most impactful deployments of blockchains are likely to concern food supply chains. This study outlined how blockchain adoption can result in positive affordances in the food supply chain. Using Q- methodology, this study explored the current status of the agri-food supply chain and how blockchain technology could be useful in addressing existing challenges. This theorization leads to the proposition of the 3TIC value-driver framework for determining the enabling affordances of blockchain that would increase shared value for stakeholders. First, we propose a framework based on the most promising features of blockchain technology to overcome current challenges in the agri-food industry. Our value-driver framework is driven by the Q-study findings of respondents closely associated with the agri-food supply chain. This framework can provide supply chain stakeholders with a clear perception of blockchain affordances and serve as a guideline for utilizing appropriate features of technology that match organizations’ capabilities, core competencies, goals, and limitations. Therefore, it could assist top-level decision-makers in systematically evaluating parts of the organization to focus on and improve the infrastructure for successful blockchain implementation along the agri-food supply chain. We conclude by noting certain significant challenges that must be carefully addressed to successfully adopt blockchain technology.

Corporate Information Environment and CSP: Transparency, Stakeholder Value, and Shareholder Value

Corporate Information Environment and CSP: Transparency, Stakeholder Value, and Shareholder Value

Leveraging extreme scale analytics, AI and digital twins for maritime digitalization: the VesselAI architecture.

The modern maritime industry is producing data at an unprecedented rate. The capturing and processing of such data is integral to create added value for maritime companies and other maritime stakeholders, but their true potential can only be unlocked by innovative technologies such as extreme-scale analytics, AI, and digital twins, given that existing systems and traditional approaches are unable to effectively collect, store, and process big data. Such innovative systems are not only projected to effectively deal with maritime big data but to also create various tools that can assist maritime companies, in an evolving and complex environment that requires maritime vessels to increase their overall safety and performance and reduce their consumption and emissions. An integral challenge for developing these next-generation maritime applications lies in effectively combining and incorporating the aforementioned innovative technologies in an integrated system. Under this context, the current paper presents the architecture of VesselAI, an EU-funded project that aims to develop, validate, and demonstrate a novel holistic framework based on a combination of the state-of-the-art HPC, Big Data and AI technologies, capable of performing extreme-scale and distributed analytics for fuelling the next-generation digital twins in maritime applications and beyond.

Dynamic capabilities and value co-creation in higher education

ABSTRACT The increased competition and the digital transformation process have produced significant pressure for universities. To support coping efforts, dynamic capabilities (DCs) and value co-creation capabilities (CCs) are essential. However, the relationship between these constructs is not clear in the literature. What is the relationship between DCs and CCs, and how do they contribute to the university’s value generation? This study’s objective is to analyze the relationship between DCs, CCs, and generated value (GV) in higher education. A survey among 360 university employees was analyzed with structural equation modeling. Our results suggest that the DCs precede the CCs and CCs influence the GV for the university. These results contribute to the understanding of the theoretical relationship between DCs, CCs, and GV in higher education. It also contributes to universities, orienting leaders, and managers to create, develop, and exploit university capabilities to generate value for stakeholders.

Bioactive compounds for human and planetary health.

Bioactive compounds found in edible plants and foods are vital for human and planetary health, yet their significance remains underappreciated. These natural bioactives, as part of whole diets, ingredients, or supplements, can modulate multiple aspects of human health and wellness. Recent advancements in omic sciences and computational biology, combined with the development of Precision Nutrition, have contributed to the convergence of nutrition and medicine, as well as more efficient and affordable healthcare solutions that harness the power of food for prevention and therapy. Innovation in this field is crucial to feed a growing global population sustainably and healthily. This requires significant changes in our food system, spanning agriculture, production, distribution and consumption. As we are facing pressing planetary health challenges, investing in bioactive-based solutions is an opportunity to protect biodiversity and the health of our soils, waters, and the atmosphere, while also creating value for consumers, patients, communities, and stakeholders. Such research and innovation targets include alternative proteins, such as cellular agriculture and plant-derived protein; natural extracts that improve shelf-life as natural preservatives; upcycling of agricultural by-products to reduce food waste; and the development of natural alternatives to synthetic fertilizers and pesticides. Translational research and innovation in the field of natural bioactives are currently being developed at two levels, using a systems-oriented approach. First, at the biological level, the interplay between these compounds and the human host and microbiome is being elucidated through omics research, big data and artificial intelligence, to accelerate both discovery and validation. Second, at the ecosystem level, efforts are focused on producing diverse nutrient-rich, flavorful, and resilient, yet high-yield agricultural crops, and educating consumers to make informed choices that benefit both their health and the planet. Adopting a system-oriented perspective helps: unravel the intricate and dynamic relationships between bioactives, nutrition, and sustainability outcomes, harnessing the power of nature to promote human health and wellbeing; foster sustainable agriculture and protect the ecosystem. Interdisciplinary collaboration in this field is needed for a new era of research and development of practical food-based solutions for some of the most pressing challenges humanity and our planet are facing today.

Investigating the Role of the Cultivated Banana Value Chain as a Potential Source of Sustainable Income for Local Communities in Lao PDR

Cultivated bananas have gained attention due to the environmental and social impacts of Cavendish bananas in the northern part of Laos. This study investigated the value chain of cultivated bananas and its implications for sustainable income generation. Basic statistical analysis was used to assess the value added by cultivated bananas, while stakeholder analysis and value chain mapping were used to identify key actors and relationships. The determinant of commercialization is observed through the regression model and the impact of commercialization is investigated through the second stage regression. The study found that the banana value chain in Laos is driven by the export market. Farmers generate the highest profit, but they receive the lowest distribution of value-added. Banana commercialization can significantly increase the income of farmers, but the impact is not equal for all farmers. Bananas are a sustainable income source for households in Laos, and they have the potential to be promoted in high-value markets if the farmers create new products and improve skills of management, marketing, and finance with the support from government policies.

Virtual Learning and Assessment in Rheumatology Fellowship Training: Objective Structured Clinical Examination Revisited.

With the onset of the COVID-19 pandemic, an annual multi-institutional face-to-face rheumatology objective structured clinical examination (ROSCE) was transformed into a virtual format. The educational goals of the virtual ROSCE (vROSCE) were to reproduce the educational value of the previous in-person ROSCE, providing a valuable formative assessment of rheumatology training activities encompassing the 6 Accreditation Council for Graduate Medical Education (ACGME) core competencies for fellows-in-training (FITs). This article describes the novel design, feasibility, and stakeholder value of a vROSCE. Through an established collaboration of 5 rheumatology fellowship training programs, in February 2021, a vROSCE was created and conducted using a Zoom platform. Station development included learning objectives, FIT instructions, faculty proctor instructions, and a checklist by which to provide structured formative feedback. An anonymous, optional web-based survey was sent to FIT participants to evaluate the experience. Twenty-three rheumatology FITs from 5 institutions successfully rotated through 6 stations in the vROSCE. Immediate feedback was given to each FIT using standardized rubrics structured around ACGME core competencies. A total of 65% of FITs (15 of 23) responded to the survey, and 93% of survey respondents agreed or strongly agreed that the vROSCE was a helpful educational activity and identified individualized opportunities for improvement. A vROSCE is an innovative, feasible, valuable, and well-received educational technology tool. The vROSCE enriched rheumatology FITs' education and offered collaborative learning experiences across institutions.

Modelling framework to evaluate societal effects of ecosystem management

The ecosystem effects of different management options can be predicted through models that simulate the ecosystem functioning under different management scenarios. Optimal management strategies are searched by simulating different management (and other, such as climate) scenarios and finding the management measures that produce desirable results. The desirability of results is often defined through the attainment of policy objectives such as good environmental/ecological status. However, this often does not account for societal consequences of the environmental status even though the consequences can be different for different stakeholder groups. In this work we introduce a method to evaluate management alternatives in the light of the experiential value of stakeholder groups, using a case study in the Baltic Sea. We use an Ecopath with Ecosim model to simulate the ecosystem responses to management and climate scenarios, and the results are judged based on objectives defined based on a stakeholder questionnaire on what aspects of the ecosystem they value or detest. The ecosystem responses and the stakeholder values are combined in a Bayesian decision support model to illustrate which management options bring the highest benefits to stakeholders, and whether different stakeholder groups benefit from different management choices. In the case study, the more moderate climate scenario and strict fisheries and nutrient loading management brought the highest benefits to all stakeholders. The method can be used to evaluate and compare the effects of different management alternatives to various stakeholder groups, if their preferences are known.

Engagement and estrangement: a “tale of two cities” for Bristol’s green branding

PurposeDrawing on the service-dominant logic and taking a multi-stakeholder brand value co-creation perspective, this paper aims to investigate whether positioning a place brand around sustainability helps or hinders stakeholders’ ability to co-create value for themselves and the brand.Design/methodology/approachThis paper is based on a case study of Bristol’s city branding following its award of European Green Capital, drawing on 29 in-depth interviews with key informants from multiple stakeholder groups. These interviews are supported by secondary material and field observations.FindingsThe findings evidence a “tale of two cities”. When sustainability is used as a positioning device, tensions are identified across three elements of brand co-creation: brand meanings; extraordinary versus mundane brand performances; and empowerment and disempowerment in branding governance. These tensions create stakeholder experiences of both engagement and estrangement.Research limitations/implicationsThis paper is based on one case study and evaluates face-to-face stakeholder interactions. Future research could access further stakeholders, across multiple cities and also examine their digital engagement.Practical implicationsPositioning a brand as sustainable (i.e. green) requires strong commitment to other ethical principles in practice. Brand practitioners and marketers may benefit from advancing stakeholders’ everyday brand performances to reduce disillusionment.Originality/valueRallying around virtuous associations, i.e. sustainability, does not in itself facilitate the generation of value for stakeholders and the brand, but instead can illuminate power imbalances and tensions in stakeholder interactions that result in a co-destruction of value.

A COMPARATIVE ANALYSIS OF MACHINE LEARNING ALGORITHMS FOR THE PURPOSE OF PREDICTING NORWEGIAN AIR PASSENGER TRAFFIC

This analysis aims to provide an overview of potential machine learning algorithms that may aid the aviation industry in predicting future air passenger traffic flow, which can help increase stakeholder value as well as improve customer experiences. A review and discussion of the aviation industry’s past, current, and future challenges is provided, as well as an overview of machine learning algorithms, neural networks, and learning methods. Further, an overview and discussion of the architecture of the Long Short-Term Memory (LSTM) network, Support Vector Regression Machine (SVRM), and Random Forest (RF) algorithms is provided. The comparative analysis provides an overview and comparison of the performance of the LSTM, SVRM, and RF models based on Mean Squared Error (MSE) and Root Mean Squared Error (RMSE). The dataset used includes the hourly number of passengers from scheduled flights at Oslo Airport Gardermoen for the period of January 1, 2009, to December 31, 2019, including the datetime features such as Time (hour), day, month, and year, as well as the weather features of air temperature and mean wind speed, with a total of 96185 samples. The Long Short-Term Memory model exhibited the highest generalization ability, with a performance evaluation on the testing dataset of 0.00445/0.06667 MSE/RMSE. Additionally, the performance of the SVRM and RF models on the testing dataset is 0.00511/0.07147 and 0.00543/0.07368 MSE/RMSE respectively. In addition to the performance, each of the models’ complexity, stability, and ability to predict the hourly and daily fluctuations of passengers are discussed.

Modelling a corporate network’s stakeholder value created amid CSR policy implementation

The article aims to develop methodological approaches to assessing the stakeholder value of a corporation in the process of implementing the policy of corporate social responsibility (CSR) in the face of unpredictable changes in the external environment. Network theory and the concept of corporate social responsibility constitute the methodological framework of the study. The methods used are narrative, correlation, regression and comparative analysis. The empirical evidence covers the data provided by the Federal State Statistics Service on the Russian regions for 2012–2021, RAEX rankings, and listings of the Moscow Exchange. The authors substantiate their own approach to assessing a corporate network’s stakeholder value created in the process of implementing CSR policy. The proposed method is tested using PAO Norilsk Nickel’s financial statements and the socio-economic development indicators of Krasnoyarsk krai as the corporation’s external environment. The research demonstrates that CSR policy has an effect on Business Environment and Natural Environment stakeholder groups, while the most profound response to CSR activities were observed in Population and Investors stakeholder groups. During the COVID-19 crisis, the ‘Corporation – Population – Corporation’ relationship model through the system of indicators ‘Annual wage – RF region’s unemployment rate – Enterprise net profit’ lost its indicativeness: there was a ‘compression’ of network relationships as a reaction to changing environmental conditions. Among the directions for further research is expanding the composition of the corporate network’s actors.