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JOURNAL OF LEADERSHIP, ACCOUNTABILITY AND ETHICS
The Relationship Between Stakeholder Communication in Mission
Statements and Shareholder Value
Author(s): Joseph Peyrefitte
Citation: Joseph Peyrefitte, (2012) "The Relationship Between Stakeholder Communication in Mission
Statements and Shareholder Value," Journal of Leadership, Accountability and Ethics, Vol. 9, Iss. 3, pp. 28 - 40
Article Type: Research paper
Publisher: North American Business Press
Abstract:
Which stakeholders are addressed in mission statements, and what is conveyed to them? Is stakeholder
communication related to shareholder value? These questions were explored in a computer-aided textual
analysis of 352 Fortune 500 firm mission statements. The missions were classified according to their
attentiveness to five primary stakeholders, and attentiveness was compared to shareholder value as
operationalized by market value-added (MVA). MVA was associated with employee and shareholder
attentiveness across the sample, and with societal and customer stakeholders in two of ten industry
sectors, suggesting that stakeholder communication may be related to competitive advantage and
shareholder value through stakeholder trust.
