Stakeholder Capital Theory
Co-creation, capital formation and collaborative governance
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BOOKS
Books
Follow the research through connected chapters.
Blockchain — The Underlying Technology of Stakeholder Capital Theory
From institutional technology to verifiable governance for co-creation
THINK TANK
Think Tank
Research and ideas with complete articles available.
Complexity, Simplicity, Ease, Diagram: A Method for Business Logic Design
Complex business problems need to be mapped in full before their structure can be distilled, their logic tested, and their relationships made visible. “Mapping the complexity, simplifying the complexity, making it easy, and turning it into a diagram” is a path from experience to method and from method to practice.
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Papers
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The Influence Mechanism of Stakeholder Fairness Perception on Voluntary Contribution Behavior
Sustained firm growth depends on employees and teams continuing to contribute knowledge, collaboration, innovation, and relationship maintenance beyond formal duties. Prior research shows that organizational justice predicts organizational citizenship behavior, yet most studies still treat employees primarily as internal subordinates. Fewer studies explain, from the standpoint of participants in a cooperative scheme, why people keep making hard-to-price voluntary contributions after current compensation has already been paid. This paper links Phillips’s principle of stakeholder fairness with the literatures on organizational justice, social exchange, and organizational trust, and proposes a mechanism of stakeholder fairness perception → trust → voluntary contribution behavior.
Value Distribution When Stakeholder Power and Strategic Contribution Diverge
Joint improvement projects often produce two facts at once. One party holds stronger bargaining power, exit threats, or veto rights over rules. The other has delivered more of the realized technical, cost-reducing, or coordinative contribution. When the ranking by power diverges from the ranking supported by contribution evidence, incremental surplus is easily allocated by power rather than by contribution. Stakeholder research has already compared power and strategic importance as predictors of value distribution and has found that strategic importance can outweigh power.[1] Supply-chain experiments show that fairness concerns block full extraction by the powerful party.[2] What remains unspecified is whether, once mismatch is present, verifiable contribution records and independent review can change allocation choices.
From Stakeholder Feedback to Strategic Action
Growing manufacturers rarely lack feedback channels. Employees can report a product-quality defect through teams, inspection, and internal systems; customers can report the same defect through complaints, returns, reviews, and after-sales files. Firms therefore accumulate remarks without being able to show which remark changed a standard, a budget, or a cross-functional process. Voice and issue-selling research explains why people speak and how middle managers place problems on agendas.[1][2] Quality-management work describes how complaints are classified. The remaining gap is how, for the same quality issue arriving from internal and external sources, evidential standing, organizational translation, agenda authority, and resource handover connect or break—and why channel volume does not guarantee conversion.
Intertemporal Conflict and Willingness to Continue Stakeholder Cooperation
Joint improvement often asks a supplier to advance tooling, trials, and on-site costs and to share cost-reduction or volume gains only later. Delay raises waiting and exposure and can weaken willingness to continue. Buyers therefore offer compensation promises against present input. Williamson showed that specific investment needs credible commitment;[1] reciprocity and network studies show that long cooperation can organize knowledge sharing.[2][3] What remains is whether, when stated returns and risk notes are held comparable, the verifiability and enforceability of a promise can ease the damage of delay—and whether the supplier’s liquidity constraint swamps that easing.
From Shareholder Primacy to the Stakeholder Corporation
Shareholder primacy treats the firm as a nexus of contracts and puts shareholder wealth first. This paper proposes a stakeholder governance framework for an economy reshaped by AI, financialization, and the reorganization of globalization.
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Blog
Observations from the field and reflections on life.
The New yutengfei.com Is Now Live in Thailand
The redesigned yutengfei.com officially went live in Thailand on September 29, 2026.
Rainbound in Bangkok: Boats Outside, and a Boat Button for Bolt
The road outside became a little canal. I added a boat to a Bolt screenshot—a small joke to get through the rain that had kept us at home.
A Day in Ha Long Bay Between Site Visits | With a Travel Guide
On June 19, 2026, in a break between venue site visits in Vietnam, we spent a day in Ha Long Bay. A travel guide is included at the end.
Launching the New Finance Business School with Genovasi University College
On May 12, 2026, we jointly established and inaugurated the New Finance Business School with Genovasi University College in Malaysia. This is a record of the occasion, and of my hopes for financial education, industry practice, and sustained collaboration.
Meeting Ines Yong: The Real Energy Behind Digital Assets
On April 28, 2026, I met Ines Yong, co-founder and CEO of GEN. The encounter brought my thinking about digital assets back to tangible equipment, day-to-day operations, and the people working together behind them.
A Conversation with Professor Guo Xiangang: From Management Thought to Digital Securities
On April 11, 2026, I took a photograph with Professor Guo Xiangang and shared some thoughts on securities tokenization. Seen through the questions that guide my research, the essentials remain the same: how we understand people, how contributions inform the allocation of benefits, and how institutions support innovation.
A Closed-Loop Strategy, Forged in Practice
After a strategic planning assignment, the project itself was not my greatest takeaway. What remained was a reusable structural design: how a business generates its own cash, how capital accommodates accumulation, and how an economic model makes allocation explicit.
yuclan.com Is Live: An Online Home for the Yu Clan
On March 19, 2026, yuclan.com, the Yu Clan website, went live: a place to explore the Yu surname's origins, genealogies, biographies and family memories.
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Meditation
Reflections drawn from everyday experience. Original texts are in Chinese.
Origin & Values
Exploring the foundations of life, value judgments, the laws of Heaven, the human way, and truth.
Vocation & Choice
Exploring ways of living, mission, dreams, goals, choices, and the present.
Mind & Practice
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Life & Body
Exploring life and death, impermanence, hardship, bodily states, and worldly experience.
Relationships & Character
Exploring human nature, family, love, gratitude, trust, loyalty, discernment, and cooperation.
Cognition & Learning
Exploring logic, causality, wisdom, traditional culture, learning, education, and maxims.
Action & Getting Things Done
Exploring action, work, growth, persistence, success, failure, and long-term practice.
Career & Wealth
Exploring enterprise building, organizational management, money, capital, investment, value, and marketing.
Expression & Creation
Exploring expression, communication, public speaking, innovation, courses, and content production.
Contribution & Legacy
Exploring helping others, universal responsibility, education, contribution, words, and alliances.
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