A central concern in strategy research is understanding how organizations create value and how that value is distributed among stakeholders. These issues matter because they directly shape firm performance. In this paper, we examine how exogenous shocks to a firm’s value creation capacity affect the value captured by different stakeholder groups. The exogenous nature of these shocks ensures that no specific stakeholder group can be held responsible for the changes in value creation, enabling a clearer assessment of how appropriation dynamics unfold. We focus on stakeholders that materially contribute to firm operations, including employees, suppliers, shareholders, creditors, and energy providers. Our empirical setting is the mining industry, where we have detailed data on the world’s largest copper mines. Our results indicate different patterns of value appropriation for the different stakeholder groups. Results also show that the sensitivity of each stakeholder group to external value creation shocks is asymmetric for positive and negative shocks.
