Advocates of the shareholder value approach argue that, by delivering consistent and sustainable improvements in shareholder value, a business will benefit several stakeholder groups. The performance of a business such as the Stagecoach Group plc, which is committed to maximising shareholder value, may be used to support their arguments. Key elements of the income statement for the Stagecoach Group for the year to 30 April 2015 are set out below.

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Fill out the right-hand column below to show how advocates of the shareholder value approach might seek to identify the stakeholder groups that benefit from the business’s operations.

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Revenue Operating costs Finance costs Taxation Profit for the year m 3204.4 3,002.7 44.8 31.1 153.9 Stakeholders that benefit