165681 20260113234334.0 doi 10.1007/s11205-021-02671-1 sideral 124170 ART-2021-124170 eng Serrano-Cinca, C. Universidad de Zaragoza (orcid)0000-0003-2596-9638 Managing for Stakeholders Using Multiple-Criteria Decision-Making Techniques 2021 Managing for shareholders means maximising the market value of a company by increasing their returns. Managing for stakeholders means simultaneously creating value for multiple parties, such as employees, government, suppliers, customers, the environment and even society as a whole, which requires a multiple-criteria decision-making approach. This paper develops social indicators to measure the value that a company has distributed to stakeholders since the foundation of the company, and then calculates its relative efficiency using data envelopment analysis (DEA). The accumulated value of the investments made by the shareholders, the subsidies received and the loans borrowed are proposed as inputs. The accumulated value of taxes paid by the company, personnel payments, interest payments to creditors, and purchases from suppliers are proposed as outputs. All values are adjusted for the time value of money at the valuation date. We chose a weighted DEA model because not all stakeholders are worth the same, obtaining the weights from the preferences of social investment experts using a multi-attribute decision-making technique. A practical case is presented, obtaining the relative efficiency of a sample of companies in creating value for five years since their foundation. We found a positive relationship between efficiency in generating value for shareholders and efficiency in generating value for some non-shareholders, although the results are sensitive to the outputs chosen. The proposed method is useful for social investors when they invest or for public administrations when they provide subsidy to entrepreneurs. Access copy available to the general public Unrestricted info:eu-repo/grantAgreement/ES/DGA-FEDER/S38-17R info:eu-repo/grantAgreement/ES/MCINN/RTI2018-093483-B-I00 info:eu-repo/semantics/openAccess All rights reserved http://www.europeana.eu/rights/rr-f/ 2.935 2021 SOCIOLOGY 45 / 150 = 0.3 2021 Q2 T1 SOCIAL SCIENCES, INTERDISCIPLINARY 30 / 112 = 0.268 2021 Q2 T1 0.907 2021 Arts and Humanities (miscellaneous) 2021 Q1 Social Sciences (miscellaneous) 2021 Q1 Developmental and Educational Psychology 2021 Q1 4.7 2021 info:eu-repo/semantics/article info:eu-repo/semantics/acceptedVersion Fuertes-Callén, Y. Universidad de Zaragoza (orcid)0000-0002-6468-0944 Cuellar-Fernández, B. Universidad de Zaragoza (orcid)0000-0002-5557-0380 4002 230 Universidad de Zaragoza Dpto. Contabilidad y Finanzas Área Economía Finan. y Contab. 157 (2021), 581–601 Soc. indic. res. Social Indicators Research 0303-8300 917079 http://zaguan.unizar.es/record/165681/files/texto_completo.pdf Postprint 1507740 http://zaguan.unizar.es/record/165681/files/texto_completo.jpg?subformat=icon icon Postprint oai:zaguan.unizar.es:165681 articulos driver 2026-01-13-22:05:48 ARTICLE