PAPERS 60 December 2017/January 2018 ■ Project Management Journal Project Management Journal, Vol. 48, No. 6, 60–75 © 2017 by the Project Management Institute Published online at www.pmi.org/PMJ INTRODUCTION M egaprojects have been growing in scale and frequency globally (Flyvbjerg, 2014; Gellert & Lynch, 2003); therefore it is important to understand issues that accompany this particular project type. Winch (2017) argues that “considerable effort needs to be put into extending project stakeholder management theory for megaprojects both empirically and theoretically” (p. 14) and he points to more gaps in the literature, which, among these, include (1) the link between megaprojects and society, in other words, society as an important stakeholder of megaprojects; and (2) future generations as another important stakeholder due to the long- term impact of most megaprojects. Chang, Chih, Chew, and Pisarski (2013) state that the key to megaproject success is found in the value created and captured during and post projects, both for the funding organization as well as for the stakeholders. Project success needs to be considered as an ongoing and long-term (emergent) process of value creation in contrast to the traditional output measures of cost, time, quality, or financial value returns. Shenhar and Dvir (2007) agree, as they state that value created for end users and other stakeholders needs to be addressed. Researchers (e.g., Ika, 2009; Fahri, Biesenthal, Pollack, & Sankaran, 2015) emphasize that many project success criteria (e.g., satisfac- tion of clients, end users, and other stakeholders, as well as the strategic objectives of the client organization) can only be understood a long time after the project has been finalized. Acknowledging that megaprojects can impact a society years and decades after project completion, Sato and Chagas (2014) suggest that the measurement of project success should incorporate “[1] the time between the initial idea of the project and the time when success is being assessed and [2] the stakeholders [should be allowed to] apply whatever success criteria that are relevant for them in terms of utility at that moment in time” (p. 633). The first part of their suggestion is in line with Fahri et al. (2015) who state that research about measurements of the long-term impacts and outcomes are scant, and they therefore suggest a project close-out phase (i.e., the stage when project outputs have been delivered) is added when assessing project impact (e.g., on the environment and the community). The second part of the suggestion is in line with Oliomogbe and Smith’s (2012) statement that research on project stakeholder value should reveal ‘[the] understanding [of] how stakeholders value different things’ (p. 617). In order to address the gaps and suggestions identified above, we aim to identify ways to understand, classify, and express megaproject stake- holder value, while simultaneously acknowledging that different types of stakeholders may relate to different kinds of values; in other words, they Stakeholder Value Constructs in Megaprojects: A Long-Term Assessment Case Study Pernille Eskerod, Webster Vienna Private University, Vienna, Austria Karyne Ang, University of Technology, Sydney (UTS), Australia ABSTRACT ■ By definition, megaprojects consume numer- ous resources and impact numerous peo- ple, even across generations; it is therefore important that they bring considerable value to their initiators and other stakeholders. Based on stakeholder value construct frame- works identified in the literature and a single case study of the construction and operations of an over 50-year-old American highway bridge, we identify ways to understand, clas- sify, and express megaproject stakeholder value.The research links different stakeholder types to types of value constructs. Knowing which types of value constructs matter to different stakeholder types could potentially help project representatives communicate more efficiently and effectively. KEYWORDS: megaproject; stakeholder; value constructs; value opportunities; benefits