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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
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    References listed on IDEAS

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    1. 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.
    2. 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.
    3. Harris, Jonathan M., 2000. "Basic Principles of Sustainable Development," Working Papers 15600, Tufts University, Global Development and Environment Institute.
    4. Kristel Buysse & Alain Verbeke, 2003. "Proactive environmental strategies: a stakeholder management perspective," Strategic Management Journal, Wiley Blackwell, vol. 24(5), pages 453-470, May.
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    Cited by:

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    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.

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