Getting stakeholders right

This paper examines the mismatch between theoretical expectations and actual stakeholder priorities in the adaptive reuse of tangible cultural heritage. Drawing on modern stakeholder theory, highlighting value distribution and reciprocity, the study adopts a contextual case study approach focusing on Slovenia. Combining desk research and expert focus groups, it maps the perceived importance of economic, social, cultural, and environmental values in the context of adaptive reuse of cultural heritage. This was followed by two focus-group workshops with heritage stakeholders to elicit their importance and attribute preferences across those four dimensions. The qualitative analysis reveals discrepancies in value perceptions. The findings challenge common equal-weight multicriteria decision models and underscore the critical role of social value in fostering positive reciprocity and sustainable funding for tangible cultural heritage projects. This study demonstrates that aligning policies and financing models with stakeholder-perceived value requires the adoption of distributional analyses, including participatory cost–benefit assessments, multi-stakeholder decision processes, and impact measurement tools. By foregrounding stakeholder-driven value distributions, this study contributes a novel theoretical lens and practical guidance for more inclusive, resilient governance of tangible cultural heritage.