This article goes back to first principles to develop a stakeholder resource-based theory grounded in a team production view of the firm. First, the firm is conceptualized as a governance structure to facilitate stakeholder cooperation in team production and innovation. Second, value creation, value appropriation, rent, and profit are defined in ways that explicitly acknowledge the collective and dynamic nature of value creation. The resulting framework is used to explain how economic profit and stakeholder payments emerge in the interplay of value creation and appropriation. One fundamental insight is that above normal returns to shareholders result from their (privileged) position in governance structures, as opposed to a competitive market logic. Implications for resource-based theory and the notion of shareholder primacy are discussed.

中文翻译：

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价值、租金和利润：基于利益相关者资源的理论

本文回到第一原则，以开发基于公司团队生产观点的利益相关者资源基础理论。首先，公司被概念化为一种治理结构，以促进利益相关者在团队生产和创新方面的合作。其次，价值创造、价值分配、租金和利润的定义方式明确承认价值创造的集体性和动态性。由此产生的框架用于解释经济利润和利益相关者支付如何在价值创造和分配的相互作用中出现。一个基本的见解是，高于正常水平的股东回报源于他们在治理结构中的（特权）地位，而不是竞争性市场逻辑。讨论了资源基础理论和股东至上概念的含义。