Stakeholder capitalism as a modern model of corporate social responsibility
-
DOIhttp://dx.doi.org/10.21511/slrtp.13(1).2023.03
-
Article InfoVolume 13 2023, Issue #1, pp. 31-39
- 206 Views
-
42 Downloads
This work is licensed under a
Creative Commons Attribution 4.0 International License
The article reveals the conceptual foundations and importance of the stakeholder model for the successful functioning of modern business organizations, their development, ensuring competitive advantages, strengthening sustainability, brand and image growth. The relevance of this concept is also substantiated for ensuring sustainable social development. The purpose of the study is to examine the practical aspects of stakeholder capitalism as a modern model for implementing social responsibility by business organizations. In the course of scientific research into the essence and scope of expression of the modern stakeholder model of business activities, the author's own idea of the practical value of these processes for business and society as a whole was developed. The key potential benefits for business organizations in establishing an effective dialogue with key stakeholders based on social responsibility are identified. The author's own vision of the substantive essence of an effective model of interaction with stakeholders is developed, which will affect the increase in a company’s capitalization, increased sustainability, and increased investment attractiveness. A list of possible areas and directions of interaction between the company and key stakeholders is presented in a reasoned manner. Proposals have been developed for promising areas for the development of the stakeholder model of capitalism, based on the principles of social responsibility in modern conditions.
- Keywords
-
JEL Classification (Paper profile tab)А13, L14, M14
-
References18
-
Tables1
-
Figures0
-
- Table 1. Лідери індексу сталості українського бізнесу під час війни
-
- Bidenko, S. (2022). Ihnoruvaty viinu nemozhlyvo. Yaku stratehiiu vybyraiut velyki mizhnarodni kompanii? [It is impossible to ignore the war. What strategy do large international companies choose?]. New Voice. (In Ukrainian).
- Budni. (2022). Yak zminylas korporatyvna sotsialna vidpovidalnist kompanii v umovakh viiny? [How did the corporate social responsibility of companies change during the war?]. (In Ukrainian).
- Chotiner, I. (2021). The Whole Foods C.E.O. John Mackey’s “Conscious Capitalism”. The New Yorker.
- Clarkson M. (1995). A Stakeholder Framework for Analyzing and Evaluating Corporate Social Performance. The Academy of Management Review, 20(1), 92–117.
- CSR Ukraine. (n.d.). Indeks ESG prozorosti saitiv ukrainskykh kompanii 2020 [ESG index of transparency of Ukrainian company websites 2020]. (In Ukrainian).
- Deloitte. (n.d.). Global Millennial and Gen Z.
- Dilts, E. (2019). Top U.S. CEOs say companies should put social responsibility above profit. Reuters.
- Dtek. (2022). DTEK doluchyvsia do initsiatyvy Vsesvitnoho ekonomichnoho forumu po stvorenniu pokaznykiv kapitalizmu steikkholderiv [DTEK joined the initiative of the World Economic Forum to create indicators of stakeholder capitalism]. (In Ukrainian).
- Freeman, E. (2012). Strategic Management: A Stakeholder Approach. Boston: Pitman.
- iPress. (2020). Etyka dialohu i dukh kapitalizmu steikkholderiv [The ethics of dialogue and the spirit of stakeholder capitalism]. (In Ukrainian).
- Korrespondent. (n.d.). Maibutnie vzhe tut: biznes u novykh realiiakh [The future is here: business in new realities]. (In Ukrainian).
- Levkovych, A. (2022). Ne spiznytysia na “Ukrainskyi potiah” [Don’t be late for the “Ukrainian train”]. Ekonomichna pravda - Economic truth. (In Ukrainian).
- Netymenko, K. (2022). Ne lyshe donaty na ZSU: yak biznesu stvoriuvaty tsinnist pid chas viiny [Don't Just Donate to the Armed Forces: How Businesses Create Value in Wartime]. Ekonomichna pravda - Economic truth. (In Ukrainian).
- Shevchenko, L. (2019). The social context of doing business in the 21st century: reflection after discussion at the III Kharkiv international legal forum, 2019, September 24–28. Economic Theory and Law, 3(38), 79–94. (In Ukrainian).
- Shvab, K. (2019). Choho my khochemo? Try modeli maibutnoho na vybir [What do we want? Three future models to choose from]. New voice. (In Ukrainian).
- The Page. (2023). Stalist ukrainskoho biznesu pid chas viiny: shcho pokazav “Indeks KSV 2023” [Sustainability of Ukrainian business during the war: what the “CSR Index 2023” showed]. (In Ukrainian).
- Tunberh, H. (2019). Yak vy smiiete rozpovidaty nam kazky? Povna versiia skandalnoi promovy 16-richnoi Hrety Tunberh na samiti OON [How dare you tell us fairy tales? The full version of the scandalous speech of 16-year-old Greta Thunberg at the UN summit]. New voice. (In Ukrainian).
- UNN. (n.d.). Vidpovidalnist pered pratsivnykamy ta partneramy: yak hlobalnym kompaniiam v Ukraini vdaietsia pidtrymuvaty svoi komandy pid chas viiny [Responsibility to employees and partners: how global companies in Ukraine manage to support their teams during war]. (In Ukrainian).