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Rethinking the stakeholder approach to corporate governance amid the coronavirus crisis: From commitment declaration to applied models

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  • Irina N. Tkachenko

    (Ural State University of Economics, Ekaterinburg, Russia)

Abstract

The article modifies the way of applying the stakeholder approach to corporate governance amid the global coronavirus crisis. The study clarifies and systematizes the views of a wide range of researchers who have developed their own approaches to studying the topical problems of implementing the stakeholder model of corporate governance under crisis. The theory of corporate governance and its stakeholder model constitute the methodological basis of the study. The methods of generalization, grouping, systematization and content analysis are used. The information base includes 85 studies published from 1980 to 2021 and indexed in the international and local databases, as well as fundamental scientific works reflecting the basic provisions of the scientific review article. The current research presents the evolution of views on the development of the stakeholder model, while focusing on the practical aspects of its application. The concept of shared value creation and its progress in numerous studies is seen as an extension of stakeholder theory and an attempt to transform capitalism according to the principles of “stakeholder capitalism”. The findings of the given scientific review can serve as a theoretical platform for further examination of the stakeholder model of corporate governance in the context of new paradigm declaration concentrated on creating value for stakeholders and the real implementation of responsible business behavior in the context of a pandemic and post-pandemic economy.

Suggested Citation

  • Irina N. Tkachenko, 2021. "Rethinking the stakeholder approach to corporate governance amid the coronavirus crisis: From commitment declaration to applied models," Upravlenets, Ural State University of Economics, vol. 12(2), pages 2-16, April.
    • Handle: RePEc:url:upravl:v:12:y:2021:i:2:p:2-16
    DOI: 10.29141/2218-5003-2021-12-2-1
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    References listed on IDEAS

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    1. Irina N. TKACHENKO & Aleksandr A. ZLYGOSTEV, 2018. "Assessing Stakeholders’ Contribution to Enterprise Value: The Case of the Russian Banking Sector," Upravlenets, Ural State University of Economics, vol. 9(4), pages 40-52, August.
    2. Krzysztof Dembek & Prakash Singh & Vikram Bhakoo, 2016. "Literature Review of Shared Value: A Theoretical Concept or a Management Buzzword?," Journal of Business Ethics, Springer, vol. 137(2), pages 231-267, August.
    3. I. Tkachenko N. & B. Bataeva S. & И. Ткаченко Н. & Б. Батаева С., 2020. "Зарубежные и российские исследования практики обратного выкупа акций: взгляд с позиции корпоративного управления // Foreign and Russian Studies of Share Buyback Practices: A View from the Corporate Go," Управленческие науки // Management Science, ФГОБУВО Финансовый университет при Правительстве Российской Федерации // Financial University under The Government of Russian Federation, vol. 10(4), pages 37-51.
    4. Bae, Kee-Hong & El Ghoul, Sadok & Gong, Zhaoran (Jason) & Guedhami, Omrane, 2021. "Does CSR matter in times of crisis? Evidence from the COVID-19 pandemic," Journal of Corporate Finance, Elsevier, vol. 67(C).
    5. Yevgeniya V. NEKHODA & Natalia A. REDCHIKOVA & Natalia A. TYULENEVA, 2018. "Business Models of Companies: From Profit to Sustainable Development and Value Creation," Upravlenets, Ural State University of Economics, vol. 9(4), pages 9-19, August.
    6. Ya. M. Mirkin, 2020. "Transformation of the Economic and Financial Structures of the World: the Impact of Growing Shocks of Catastrophes," Outlines of global transformations: politics, economics, law, Center for Crisis Society Studies, vol. 13(4).
    7. Irina Tkachenko, 2018. "On the Way to «Conscious» Capitalism: From Marx to Modernity," Economy of region, Centre for Economic Security, Institute of Economics of Ural Branch of Russian Academy of Sciences, vol. 1(3), pages 725-739.
    8. 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.
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    Cited by:

    1. Tkachenko, I., 2023. "Features of the stakeholder model of public governance," Journal of the New Economic Association, New Economic Association, vol. 61(4), pages 241-246.
    2. Bela S. Bataeva & Nikita A. Karpov, 2023. "Impact of corporate governance factors on ESG disclosure by Russian public companies," Upravlenets, Ural State University of Economics, vol. 14(3), pages 30-43, July.

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    More about this item

    Keywords

    corporate governance; stakeholder approach; shared value; stakeholder capitalism; COVID-19 crisis;
    All these keywords.

    JEL classification:

    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • 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
    • Y30 - Miscellaneous Categories - - Book Reviews - - - Book Reviews

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