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Stakeholder risk research tools in the light of companies’ sustainable development

Author

Listed:
  • Irina N. Tkachenko

    (Ural State University of Economics, Ekaterinburg, Russia)

  • Aleksandr A. Zlygostev

    (Ural Bank for Reconstruction and Development, Ekaterinburg, Russia)

Abstract

Despite very extensive research on the issues of the stakeholder approach, so far there is no general understanding of the risks borne by company’s stakeholders and no applied tools developed to address specific problems of recognising and analysing them. The paper aims to study stakeholder risks, evaluate them, model stakeholder risk networks, develop tools for determining the loyalty (satisfaction) of stakeholders, and establish risk priorities for stakeholders. The research methodology rests on the stakeholder approach, corporate governance theory and graph theory. The paper applies comparative and content analysis, methods of modeling, prioritisation and visualisation of graphs. Based on Rebecca Yang’s method modified by the authors, the study models stakeholder risk networks. Due to the modification, the method is able to take into account the factor of balance of stakeholders’ interests. The method is tested on a business project of a particular company. The research results include specifying the mutual influence of risks in the network, determining key categories of risks and the most influential stakeholders, rating risks using analysis metrics and graphs, and developing a scheme for implementing the proposed tools in the management system. The theoretical and practical significance of the study lies in introducing the factor of balance (imbalance) of interests in modelling of stakeholder risk networks, as well as in providing recommendations on the use of these tools for sustainable development.

Suggested Citation

  • Irina N. Tkachenko & Aleksandr A. Zlygostev, 2022. "Stakeholder risk research tools in the light of companies’ sustainable development," Journal of New Economy, Ural State University of Economics, vol. 23(1), pages 109-130, April.
    • Handle: RePEc:url:izvest:v:23:y:2022:i:1:p:109-130
    DOI: 10.29141/2658-5081-2022-23-1-6
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    References listed on IDEAS

    as
    1. Irina N. Tkachenko & Irina V. Pervukhina & Aleksandr A. Zlygostev, 2020. "Modeling the contribution and benefits of company stakeholders," Upravlenets, Ural State University of Economics, vol. 11(2), pages 2-15, April.
    2. Maria Aluchna & Samuel O. Idowu & Irina Tkachenko, 2020. "Exploring the Issue of Corporate Governance in Central Europe and Russia: An Introduction," CSR, Sustainability, Ethics & Governance, in: Maria Aluchna & Samuel O. Idowu & Irina Tkachenko (ed.), Corporate Governance in Central Europe and Russia, chapter 0, pages 1-8, Springer.
    3. Ronald K. Mitchell & Harry J. Van Buren III & Michelle Greenwood & R. Edward Freeman, 2015. "Stakeholder Inclusion and Accounting for Stakeholders," Journal of Management Studies, Wiley Blackwell, vol. 52(7), pages 851-877, November.
    4. Irina Tkachenko & Irina Pervukhina, 2020. "Stakeholder Value Assessment: Attaining Company-Stakeholder Relationship Synergy," CSR, Sustainability, Ethics & Governance, in: Maria Aluchna & Samuel O. Idowu & Irina Tkachenko (ed.), Corporate Governance in Central Europe and Russia, chapter 0, pages 89-105, Springer.
    5. Josefina Fernández-Guadaño & Jesús H. Sarria-Pedroza, 2018. "Impact of Corporate Social Responsibility on Value Creation from a Stakeholder Perspective," Sustainability, MDPI, vol. 10(6), pages 1-10, June.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    sustainable development; stakeholder network; balance of interests; stakeholder risks; business development; corporate governance;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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