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

Yuliya Y. Medvedeva, Roman S. Luchaninov, Natalia V. Poluyanova, Svetlana V. Semenova and Ekaterina A. Alekseeva
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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

Economies, 2022, vol. 10, issue 5, 1-12

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.

Keywords: sustainable development; greening; stakeholders; reporting; relationships; industrial enterprises (search for similar items in EconPapers)
JEL-codes: E F I J O Q (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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