We validate stakeholder theory using a natural experiment in the European payments industry, the Single Euro Payments Area (SEPA), supported by unique primary data. SEPA is an important part of the single European market, on the back of the creation of the single currency in 1999. SEPA created a new environment of competition across Europe by making national borders irrelevant. Interviews with Portuguese experts directly involved in the realization of SEPA make it possible for us to provide a new taxonomy of stakeholders according to their power and role. Our study highlights the association between stakeholder theory and a strategic project at the European level and invites further research on the theoretical underpinnings of large-scale ventures.

我们使用欧洲支付行业的自然实验验证利益相关者理论，即单一欧元支付区 (SEPA)，并得到独特的原始数据的支持。SEPA 是欧洲单一市场的重要组成部分，在 1999 年创建单一货币之后。SEPA 通过让国界变得无关紧要，在欧洲创造了新的竞争环境。对直接参与实现 SEPA 的葡萄牙专家的采访使我们有可能根据其权力和角色提供一种新的利益相关者分类法。我们的研究强调了利益相关者理论与欧洲层面的战略项目之间的关联，并邀请对大型企业的理论基础进行进一步研究。