1、A new value systemWhy a multi-stakeholder view of value creation can lead to sustainable,long-term value for everyoneGREG DICKINSON,JASON GIRZADAS,AND JENNIFER STEINMANNAs business leaders,we know the actions of our enterprises can have a profound impact on the worlds economic,social,and environment

2、al outcomes.We know we have collectively contributed to where the world currently stands on each of these fronts and that the choices we make going forward can substantially influence the trajectory of the world for generations to come.We now have a pivotal opportunity to help lead the world toward

3、a better and more sustainable future,and it is encouraging to see growing CEO consensus on the need for business to address the interests of a broader set of stakeholders.The challenge now is to begin to shift our organizations toward the thinking and actions that align with our intentions.We have l

4、ong defined enterprise value primarily through a shareholder lens,and it can be argued that,for decades,this focus has been instrumental in generating economic growth and prosperity.Still,an intense shareholder focus has not been without consequences and has not been enough.It has provided an incomp

5、lete view of our impacts on our broader set of stakeholders,and it has not properly accounted for essential resources that do not come from shareholderssuch as habitable climates,stable societies,and public infrastructure.The challenge for leaders now is to shift toward a multi-stakeholder view of v

6、alue creation that considers the value equation for each stakeholder group and focuses organizations on generating adequate and equitable returns for each.This paper is intended to help leaders by providing an initial framework for considering value creation from multiple stakeholders perspectives a