Value creation is not only the key issue of competitive advantage but also the main theme discussed in the stakeholder management literature. For example, Freeman and Liedtka (1997) suggest a new perspective of the firm as creating value for stakeholders, termed stakeholder capitalism, emphasising that value creation, instead of value capture, must be the priority of the organization. Freeman and McVea (2001) suggest that creating value for multiple stakeholders provides opportunities that inspire change and innovation. McVea and Freeman (2005) argue that a stakeholder approach offers a “unique and neglected contribution to decision-making processes, particularly in innovative and entrepreneurial fields” (p. 59). From the stakeholder view, Lado et al.’s (1997) taxonomy could be a good foundation for integrating different perspectives on competitive advantage. As sources of competitive advantage are manifold, a firm can be regarded as a value-based network (Wheeler et al., 2003) and can enhance its capacity to generate value by formulating a set of good and reliable relationships with its multiple stakeholders, through valued resources as well as activity drivers. In brief, stakeholder management is quite compatible with competitive advantage in relation to value creation. However, the relationship between stakeholder management and the source of competitive advantage still merit further exploration.