Abstract

Milton Friedman argued that managers benefit their organization the most when they act for benefit of the shareholders. Ed Freeman and other stakeholder scholars argue back that to ensure long term sustainability, managers not only need to satisfy shareholder demands but they need to consider the impact of their actions on multiple stakeholder groups. Shareholder vs. stakeholder orientation and its importance for long term sustenance is a hotly debated topic. We expand on this debate by investigating value creation modalities in two different types of early stage ventures.

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