Maite Ruíz-Roqueñi

Ontological Stakeholder View: An Innovative Proposition

This article describes a theoretical way of understanding business enterprise, for what it is used the stakeholder theory as a theory of the firm. Thus, the purpose of this article is to show an innovative perspective called ontological perspective of stakeholders that relies on a phenomenological model where the subjective perspective of agents is the key, from a purely monetarist model to an economic, social and emotional value creation model, and from a deductive model of stakeholder interests to an inductive model. The main contributions are: add a new perspective to the different classifications made of stakeholder theory, avoid monetarist reductionism under the concept of value in a way that the manager takes into account all interconnected interests of stakeholders, and finally prioritize interests map instead of roles map without accepting the assumption that the role involves joint and no conflicting interests.

Process Model Analysis and Calculation: Spoly

This chapter develops the process of calculating the monetary value of social value based on the “Polyhedral Model”, which consists of six steps. In step one the process begins with the identification of the working team and the setting of the timetable. Step two involves work on the strategic and management documents of the organization, ending with the preparation of a consensus-based stakeholder map. Step three focuses on identifying the value variables perceived by stakeholders, mainly through phenomenological interviews, and ends with the preparation of the Value Variables Matrix (VVM) for the organization. Step four identifies the outputs generated by the organization for each value variable and seeks potential proxies which, after a process of fuzzy calculation, enable reference values to be identified for the respective outputs. Step five entails the quantification of the calculations as per the “Polyhedral Model”, making it possible to see the value generated for each stakeholder, the shared value and the consolidated value in numerical and graphic forms. The sixth and final step is a review of the whole process and the proposal of improvements for the next calculation cycle, which generally coincides with the next financial year.

Literature Review: Previous Methodologies

This chapter classifies and analyzes the main methods currently in use for quantifying the social value generated by organizations. As an aid in classification, they are grouped under five main headings: Impact Analysis, Assessment of externalities, Monetary Valuation, Management Improvements, and Rating Systems. An in-depth analysis is then conducted of the techniques of monetary valuation, and specifically of its common basis in the form of cost-benefit analysis. Two main groups are distinguished: one centered on the reduction of inputs and the other on the maximizing of outputs. In the latter a distinction is drawn between those that refer to past outputs (trading) and to future outputs (investment). Part two examines the differences between SROI as a method for analyzing return on investment and the synchronous methods of monetization of value. The essential difference is that the former operates on a set of years in which returns on investment take place and the latter focuses on the data for a past period, normally the financial year. An in-depth examination is also made of the limitations of using SROI to quantify social value generated in the past.

Main Problem in Displaying the Social Value Generated by Organizations

The main problem is that we only look systematically at the financial value created or destroyed by firms, since conventional accounting is only concerned with reflecting value for shareholders. We do not currently have instruments that provide us with an intersubjective view of the value generated or subtracted by organizations for their stakeholders as a whole; that value is not just financial but also social, environmental and emotional at least. Any proposed solution must be based on a new discourse of business as a community of stakeholders who share resources and risks to generate value, and must therefore distribute the resulting value among themselves in a balanced fashion. To that end it is necessary to develop social accounting for stakeholders and to properly standardize it so that progress can be made towards a comprehensive, intersubjective framework or value generated and distributed.

Background: Social Role of Companies and Success Indicators

The basic function of any organization, i.e. that which legitimizes it socially, is to create value for society as a whole; however concern for the economic and financial factors involved in all trading activities has resulted in the development of accounting focused on these instrumental issues. The successful development of this accounting has led to results concerned with the actual purpose of organizations being relegated or overshadowed. This chapter analyses the different theories that make economic results a good indicator or social value: transaction cost theory, contract theory, agency theory, etc. These are contrasted with a system-based outlook taken from stakeholder theory, seen as a more suitable paradigm for understanding the inherent nature of organizations and their consequent function in society. Finally, the main indicators being developed are reviewed in an attempt to visualize the social value generated fundamentally by companies.

Polyhedral Model: Social Value Model for Stakeholders

Based on the previous analysis of the different methods for quantifying social value and the fours prior assumptions established above—Action Research, Stakeholder Theory, the phenomenological perspective and fuzzy logic—a comprehensive, holistic model is developed that we call the “Polyhedral Model”. This model makes it possible to identify and then quantify the distribution of value between the various stakeholders of an organization. The consolidation of the value generated for the full set of stakeholders reflects the overall value generated by the organization. This model differs from the conventional conflict-of-interest-based approach normally associated with income distribution in that it introduces a holistic concept of value that includes at least financial value, so-called social value and emotional value, though we have been unable to draw up a model for quantifying this last type. Stakeholders do not oppose one another or necessarily converge fully in terms of perceived value; rather there is some degree of value shared between some or all stakeholders, and some degree of specific value for individual stakeholders. The more closely aligned the interests of stakeholders are, the greater the shared value and therefore the joint appropriation of value become. The less closely aligned they are, the more conflict there will be for the specific appropriation of value.

A Model for Implementing Non-specific Competencies (NSCs) in Degree Studies, Defined Using a Delphi Study in Spanish Universities

This work discusses the difficulties currently being faced by Spanish universities in adapting their education system to the development of the competency-based curriculum introduced by the EHEA, especially with regard to the introduction of non-specific competencies (NSCs).