Management of relations with enterprise stakeholders based on value approach

  • Received November 6, 2020;
    Accepted January 11, 2021;
    Published January 20, 2021
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  • Article Info
    Volume 19 2021, Issue #1, pp. 24-38
  • Cited by
    5 articles

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This work is licensed under a Creative Commons Attribution 4.0 International License

Significant transformations in economic relations and increased competition have posed enterprises with extremely complex tasks in the field of corporate governance. Mainly it concerns the systems of corporate governance, in which the principles of vertical organization are losing relevance, and the effectiveness of management largely depends on the balance of interests of participants (stakeholders) who can actively influence the production and commercial policy of the enterprise to distribute its resources in their favor.
The study aims to develop proposals to ensure the effective interaction of the enterprise with stakeholders, based on establishing an optimal balance of material (value) interests, allowing achieving a reduction of risks that threaten the development of the enterprise.
Thus, it was proposed to determine the total value of the commercial results of the enterprise, taking into account the real contribution, which is provided by the relations with one or another stakeholder. A similar approach is implemented to determine the share of the value of the corresponding stakeholder, which is ensured by its relationship with this enterprise. In addition to the value of the enterprise itself, the proposed models explicitly determine the value benefits of stakeholders and disclose a list of the main controlling factors: the volumes of resources supplied and consumed by the parties, their relative values, the structure of resource flows, etc.
As an example, using the developed recommendations, the circle of the most influential stakeholders of the Ukrainian enterprise – PJSC KhTP – was studied. This approach allows an industrial enterprise to rank stakeholders by value, to analyze the dynamics of the structure and parameters of material and financial resources flows of the enterprise and its stakeholders.

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    • Figure 1. Algorithm of enterprise value management based on stakeholder approach
    • Figure 2. Factors of industrial enterprise value formation in interaction with stakeholders
    • Figure 3. Value-based approach to stakeholder ranking based on hierarchy analysis
    • Figure 4. The economic essence of the category “enterprise value” in the framework of the stakeholder approach
    • Table 1. Factors of influence on the rank of a stakeholder and methods of their assessment
    • Table 2. Primary expert-analytical assessments of stakeholder ranking of PJSC KhTP
    • Table 3. Stakeholder ranking of PJSC KhTP by hierarchy analysis method
    • Conceptualization
      Petro Pererva, Tetiana Kobielieva, Nаdеzhdа Tkасhovа
    • Funding acquisition
      Petro Pererva
    • Investigation
      Petro Pererva, Tetiana Kobielieva, Maxim Tkachov
    • Methodology
      Petro Pererva, Maxim Tkachov
    • Supervision
      Petro Pererva, Tetiana Kobielieva
    • Validation
      Petro Pererva, Tetiana Kobielieva
    • Writing – original draft
      Petro Pererva, Maxim Tkachov
    • Writing – review & editing
      Petro Pererva
    • Formal Analysis
      Tetiana Kobielieva, Nаdеzhdа Tkасhovа
    • Resources
      Tetiana Kobielieva, Maxim Tkachov, Tetiana Diachenko
    • Software
      Nаdеzhdа Tkасhovа, Maxim Tkachov
    • Visualization
      Nаdеzhdа Tkасhovа, Tetiana Diachenko
    • Data curation
      Maxim Tkachov, Tetiana Diachenko
    • Project administration
      Tetiana Diachenko