Abstract
In the current literature, stakeholder value is not a solved theme, despite central inside stakeholder theory, and the evaluation process for stakeholders still raises many questions. Considering the growing demand for corporate sustainability and its role in the debate of the grand challenges of management, the present study looks to investigate how corporate sustainability reflects on stakeholder value. To unpack this issue, the link between stakeholder theory and prospect theory proposes an immersion into the discussion about stakeholder value by promoting an extension of prospect theory to stakeholder management from a new path to stakeholder value analysis besides integrating the corporate sustainability scope through an empirical study. The goal is to analyze the antecedents and consequences of changing the reference point in the stakeholder judgment process through an empirical study, considering corporate sustainability strategies. An experiment will involve stakeholders from the electricity sector to understand the judgment of value process by exposing the sample to different situations of corporate sustainability strategy. The expected findings can contribute to the theory by unpacking stakeholder value from a new perspective, addressed from the behavioral economics and decision-making views. In addition, the result will add to the reference point topic, which is considered a keystone for the prospect theory and still has some issues to be resolved. The paper also offers contributions to the managerial field by providing resources to managers to better understand the process of stakeholders' judgment and then promote better stakeholder engagement and commitment to corporate sustainability strategies.