How do companies coordinate their capabilities to create and share value with multiple stakeholders and at the same time guarantee performance? This question is a challenge for the updated the strategic management studies. For this, the theoretical foundation lies in Stakeholder and Resource-Based Theories. The theories have twofold objectives: (a) help companies to identify their stakeholders and their claims, and (b) develop capabilities to attend to them. However, it is the combination of the two theories that allow us to discuss the challenges of coordinating capabilities to manage multiple stakeholders sustainably. The research is an exploratory, qualitative approach. We applied a multiple case theory-building study to deeply investigate companies’ processes of developing capabilities to share value with multiple stakeholders. In-depth interviews with seven companies’ multiple stakeholders (shareholders, suppliers, employees, customers, and community) are the key elements of our study. The results indicate that shared value capability is the coordinated management of the processes of strategic choices for value creation, mapping of stakeholders’ bargaining power, value capture mechanisms and the communication and exchange mechanisms that aim to generate superior performance for the organization and social-environmental benefits for its stakeholders. We contributed to Menghwar and Daood’s (2021) and Muhlbacher and Bobel’s (2019) research by describing how firms develop distinguished capabilities to create share value. The results also emerged a new configuration of the firm’s value chains, contributing to Porter and Kramer’s (2011) forms of shared value strategies where the firm’s activities within its value chain are not a linear sequence model. Unlike, departments are borderless and interconnected and their activities overstep their borders. This research investigated organization in Brazil with a stakeholder-orientation approach, other studies can investigate how shared value capabilities will function in shareholder-oriented companies.
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