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Selection of important company stakeholders: theory and practice

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Category: Economy

Last Updated on Wednesday, 19 March 2014 20:45

Published on Tuesday, 26 February 2013 20:11

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Authors:

I.B. Oleksiv, Cand. Sci. (Econ.), Associate Professor, Lviv Polytechnic National University, Doctorate, Lviv, Ukraine

Abstract:

Purpose. To analyze current theoretical and practical approaches to influential stakeholder selection of the company. To develop principles of company influential stakeholder selection and to identify methods that can be used for selection of such socio-economic actors.

Methodology. Comparison, analysis and synthesis methods are applied in the research. In addition, cluster analysis, multifactor regression, cognitive maps and Analytic Hierarchy Process are used to evaluate stakeholder influence on company activity.

Findings. Basing on the literature review the principles of company stakeholder selection are identified in the article. Analysis of statistical, econometric and expert methods permitted to identify the following methods that can be used for stakeholder selection: cognitive maps, regression model which includes key financial indicator of the company in the capacity of dependant variable and independent variables representing stakeholder interests, regression model with dummy-variables representing stakeholder interests, classification based on application of cluster analysis, method based on brain storming. As the result of conducted analysis for influential stakeholder selection the method based on application of Analytic Hierarchy Process was proposed. The method permits to combine quantitative evaluations and subjective thoughts of experts about stakeholder influence on company activity.

Originality. The main result of the research is selection of the method applicable for company stakeholder selection basing on the pros and cons analysis of prior identified instruments.

Practical value. The results of the research can be used in facilitation of management process and in particular processes of evaluation and planning of company activity. 

References:

1.   Freeman, R.E. (1984), Strategic Management: A Stakeholder Approach, Boston et al.: Pitman.

2.   Donaldson, T. and Preston, L. (1995), “The stakeholder theory of the corporation: concepts, evidence and implications”, The Academy of Management Review, no.1., pp. 65–91.

3.   Kaplan, R.S. and Norton, D.P. (1996), The Balanced Scorecard: Translating Strategy into Action, Boston: Harvard Business School, 618 p.

4.   Олексів І.Б. Принципи відбору груп впливу для прийняття стратегічних управлінських рішень / Олексів І.Б., Жовтанецька О.М. // Вісник Національного університету “Львівська політехніка” “Менеджмент та підприємництво в Україні: етапистановлення і проблеми розвитку”. – Львів, 2006. – №575. – С. 28–34.

Oleksiv, I.B. and Zhovtanetska, O.M. (2006), “Principles of stakeholder selection for making strategic decisions”, Bulletin of Lviv Polytechnic State University Management and Enterprising in Ukraine: Stages of Establishing and Problems of Development, no.575, pp. 28–34.

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7.   Suwignjo, P., Bititci, U.S. and Carrie, A.S. (2000), “Quantitative models for performance measurement system”, International Journal of Production Economics, no.64, pp. 231–241.

8.   Многомерный статистический анализ в економике / Л.А. Сошникова, В.Н. Тамашевич, Г. Уебе, М. Шефер; Под ред. проф. В.Н. Тамашевича – М.: ЮНИТИ-ДАНА, 1999. – 598 с.

Soshnikova, L.A., Tamashevich, V.N., Uebe, G. andShefer, M. (1999), Mnogomerny i statisticheskiy analiz v ekonomike [Multivariate Statistical Analysis in Economics], YUNITI-DANA, Moscow, Russia.

9.   Vos, J.F. and Achterkamp, M.C. (2006), “Stakeholder identification in innovation projects: Going beyond classification”, European Journal of Innovation Management, no.9, pp. 161–178.

10. Mountinho, L. (1993), “The use of the Analytic Hierarchy Process (AHP) in goal setting and goal assessment”, Journal of Professional Service Marketing, no.8:2., pp. 97–114.

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