IDEAS home Printed from https://ideas.repec.org/a/gam/jecomi/v10y2022i5p116-d817054.html
   My bibliography  Save this article

The Stakeholders’ Role in the Corporate Strategy Creation for the Sustainable Development of Russian Industrial Enterprises

Author

Listed:
  • Yuliya Y. Medvedeva

    (Department of Marketing and Engineering Economics, Don State Technical University, 1 Gagarin Square, 344000 Rostov-on-Don, Russia)

  • Roman S. Luchaninov

    (Department of Management and Marketing, Belgorod State University, 85 Pobedy St., 308015 Belgorod, Russia)

  • Natalia V. Poluyanova

    (Laboratory of Spatial Development, Belgorod State University, 85 Pobedy St., 308015 Belgorod, Russia)

  • Svetlana V. Semenova

    (Department of Management and Marketing, Belgorod State University, 85 Pobedy St., 308015 Belgorod, Russia)

  • Ekaterina A. Alekseeva

    (Institute of Industrial Management, Economics and Trade, Peter the Great St. Petersburg Polytechnic University, 29 Polytechnicheskaya, 195251 Saint Petersburg, Russia)

Abstract

The purpose of this study is to determine the interests of stakeholders and their influence on the strategic guidelines for the sustainable development of industrial enterprises in the Russian fuel and energy complex. Environmental safety is one of the components of the corporate strategy implementation for the sustainable development of industrial enterprises. The significance of this component is determined not so much by the regulatory institutional impact as by the transformation of economic agents’ behavior in the market: consumers, partners, investors, competitors who are stakeholders. This study defines the composition of stakeholders for Russian industrial enterprises leading in the field of sustainable development based on the results of ESG-ratings. It also identifies their priority interests and the sustainable development goals of industrial companies. Based on the analysis of open reports on the sustainable development of Russian industrial enterprises, the article identifies the key goals of sustainable development for stakeholders of Russian industrial enterprises in the fuel and energy complex. An analysis of the mechanism for organizing interaction with stakeholders shows that for most stakeholder groups, interaction is implemented through the non-financial reporting of companies. The study concludes that a proactive approach will enable companies to identify sustainable development issues with the greatest long-term potential, and thus to create a system of preventive strategic action.

Suggested Citation

  • Yuliya Y. Medvedeva & Roman S. Luchaninov & Natalia V. Poluyanova & Svetlana V. Semenova & Ekaterina A. Alekseeva, 2022. "The Stakeholders’ Role in the Corporate Strategy Creation for the Sustainable Development of Russian Industrial Enterprises," Economies, MDPI, vol. 10(5), pages 1-12, May.
    • Handle: RePEc:gam:jecomi:v:10:y:2022:i:5:p:116-:d:817054
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2227-7099/10/5/116/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2227-7099/10/5/116/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Kristel Buysse & Alain Verbeke, 2003. "Proactive environmental strategies: a stakeholder management perspective," Strategic Management Journal, Wiley Blackwell, vol. 24(5), pages 453-470, May.
    2. Gerard Farias & Christine Farias & Isabella Krysa & Joel Harmon, 2020. "Sustainability Mindsets for Strategic Management: Lifting the Yoke of the Neo-Classical Economic Perspective," Sustainability, MDPI, vol. 12(17), pages 1-14, August.
    3. Olga Chkalova & Marina Efremova & Vladimir Lezhnin & Anna Polukhina & Marina Sheresheva, 2019. "Innovative mechanism for local tourism system management: a case study," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 6(4), pages 2052-2067, June.
    4. Harris, Jonathan M., 2000. "Basic Principles of Sustainable Development," Working Papers 15600, Tufts University, Global Development and Environment Institute.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Tomasz Zema & Adam Sulich, 2022. "Models of Electricity Price Forecasting: Bibliometric Research," Energies, MDPI, vol. 15(15), pages 1-18, August.
    2. Abdullah F. Alnaim & Nadia Abdelhamid Abdelmegeed Abdelwahed & Bahadur Ali Soomro, 2022. "Environmental Challenges and Green Innovation Strategy: A Vigorous Development of Greener Dynamics," Sustainability, MDPI, vol. 14(15), pages 1-18, August.
    3. Vitaly Kaftan & Wadim Kandalov & Igor Molodtsov & Anna Sherstobitova & Wadim Strielkowski, 2023. "Socio-Economic Stability and Sustainable Development in the Post-COVID Era: Lessons for the Business and Economic Leaders," Sustainability, MDPI, vol. 15(4), pages 1-18, February.
    4. Adam Sulich & Letycja Sołoducho-Pelc, 2022. "Changes in Energy Sector Strategies: A Literature Review," Energies, MDPI, vol. 15(19), pages 1-26, September.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Adam Sulich & Letycja Sołoducho-Pelc, 2021. "Renewable Energy Producers’ Strategies in the Visegrád Group Countries," Energies, MDPI, vol. 14(11), pages 1-21, May.
    2. Chin‐jung Luan & Chengli Tien & Pei‐hua Wu, 2013. "Strategizing Environmental Policy and Compliance for Firm Economic Sustainability: Evidence from Taiwanese Electronics Firms," Business Strategy and the Environment, Wiley Blackwell, vol. 22(8), pages 517-546, December.
    3. Franck Brulhart & Sandrine Gherra & Bertrand V. Quelin, 2019. "Do Stakeholder Orientation and Environmental Proactivity Impact Firm Profitability?," Journal of Business Ethics, Springer, vol. 158(1), pages 25-46, August.
    4. Natalie Slawinski & Jonatan Pinkse & Timo Busch & Subhabrata Bobby Banerjeed, 2014. "The role of short-termism and uncertainty in organizational inaction on climate change: multilevel framework," Working Papers hal-00961226, HAL.
    5. Isin Ceti̇n, 2017. "Accounting Requirements And Records On Bank Subscribed Capital Compliance With European Directives," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 1, pages 52-68, February.
    6. Robert P. Ormrod & Annika C. Müller, 2022. "The Impact of Corporate Political Activity on Corporate Reputation Amongst Industry Stakeholders," Corporate Reputation Review, Palgrave Macmillan, vol. 25(3), pages 226-238, August.
    7. Boubaker, Sabri & Liu, Pei-Zhi & Ren, Yi-Shuai & Ma, Chao-Qun, 2024. "Do anti-corruption campaigns affect corporate environmental responsibility? Evidence from China," International Review of Financial Analysis, Elsevier, vol. 91(C).
    8. Moses Nyakuwanika & Huibrecht Margaretha van der Poll & John Andrew van der Poll, 2021. "A Conceptual Framework for Greener Goldmining through Environmental Management Accounting Practices (EMAPs): The Case of Zimbabwe," Sustainability, MDPI, vol. 13(18), pages 1-26, September.
    9. Yuanyuan Zhang & Zhe Ouyang, 2021. "Doing well by doing good: How corporate environmental responsibility influences corporate financial performance," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 28(1), pages 54-63, January.
    10. Francesco Di Maddaloni & Roya Derakhshan, 2019. "A Leap from Negative to Positive Bond. A Step towards Project Sustainability," Administrative Sciences, MDPI, vol. 9(2), pages 1-19, June.
    11. Fabien Martinez, 2014. "Corporate strategy and the environment: towards a four-dimensional compatibility model for fostering green management decisions," Post-Print hal-02887618, HAL.
    12. Aguayo, Francisco & Gallagher, Kevin P., 2005. "Economic reform, energy, and development: the case of Mexican manufacturing," Energy Policy, Elsevier, vol. 33(7), pages 829-837, May.
    13. Wei Zhang & Xiuli Zhong & Xue Li, 2024. "The impact of degree of internationalization of MNEs on green innovation performance: The moderating role of absorptive capacity and global dynamic management capability," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(1), pages 659-675, January.
    14. Andrea Lučić, 2020. "Measuring Sustainable Marketing Orientation—Scale Development Process," Sustainability, MDPI, vol. 12(5), pages 1-22, February.
    15. Hannah Charlotte Joos, 2019. "Influences on managerial perceptions of stakeholder salience: two decades of research in review," Management Review Quarterly, Springer, vol. 69(1), pages 3-37, February.
    16. Christopher Groening & Vamsi K. Kanuri, 2018. "Investor Reactions to Concurrent Positive and Negative Stakeholder News," Journal of Business Ethics, Springer, vol. 149(4), pages 833-856, June.
    17. Zhiwei Yan & Xuerong Peng & Seoki Lee & Leibao Zhang, 2023. "How do multiple cognitions shape corporate proactive environmental strategies? The joint effects of environmental awareness and entrepreneurial orientation," Asian Business & Management, Palgrave Macmillan, vol. 22(4), pages 1592-1617, September.
    18. Ehsan Namdar Joyami & Nour Mohammad Yaghoubi & Seyed AliGholi Rowshan, 2024. "Quality Management and Environmental Management: Role of Knowledge Transfer and Organizational Innovation in Knowledge-Based Firms," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(2), pages 8457-8494, June.
    19. Swiatkiewicz Olgierd, 2017. "Linking Csr To Strategy: A Practical View," Foundations of Management, Sciendo, vol. 9(1), pages 299-316, October.
    20. Shuang Ren & Guiyao Tang & Susan Jackson, 2018. "Green human resource management research in emergence: A review and future directions," Asia Pacific Journal of Management, Springer, vol. 35(3), pages 769-803, September.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jecomi:v:10:y:2022:i:5:p:116-:d:817054. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.