“…As a result, tit-for-tat reciprocity is common in EM relationships (Gächter & Fehr, 1999;Johnson, Dawes, Fowler, McElreath, & Smirnov, 2009;Ostrom et al, 1994). This includes punishing self-interested behavior by behaving so in return, which arises from the negative emotions caused by another's free-riding (Fehr & Gächter, 2000, and this is judged as morally acceptable (Cubitt, Drouvelis, Gächter, & Kabalin, 2011). Unless stakeholders perceive the firm's self-interested behavior as justified punishment for a past transgression on their part, stakeholders no longer will see others as equal partners who seek to balance their contributions to joint value creation over time but, rather, as actors primarily driven by self-interest.…”