The article aims to develop methodological approaches to assessing the stakeholder value of a corporation in the process of implementing the policy of corporate social responsibility (CSR) in the face of unpredictable changes in the external environment. Network theory and the concept of corporate social responsibility constitute the methodological framework of the study. The methods used are narrative, correlation, regression and comparative analysis. The empirical evidence covers the data provided by the Federal State Statistics Service on the Russian regions for 2012–2021, RAEX rankings, and listings of the Moscow Exchange. The authors substantiate their own approach to assessing a corporate network’s stakeholder value created in the process of implementing CSR policy. The proposed method is tested using PAO Norilsk Nickel’s financial statements and the socio-economic development indicators of Krasnoyarsk krai as the corporation’s external environment. The research demonstrates that CSR policy has an effect on Business Environment and Natural Environment stakeholder groups, while the most profound response to CSR activities were observed in Population and Investors stakeholder groups. During the COVID-19 crisis, the ‘Corporation – Population – Corporation’ relationship model through the system of indicators ‘Annual wage – RF region’s unemployment rate – Enterprise net profit’ lost its indicativeness: there was a ‘compression’ of network relationships as a reaction to changing environmental conditions. Among the directions for further research is expanding the composition of the corporate network’s actors.
The article reviews the theory and methodology and searches for relevant tools for modeling stakeholder contribution and benefits. The methodological framework comprises the stakeholder approach, the concept of sustainable growth and shared values. The study presents two econometric models of stakeholder value contribution and a mathematical model of stakeholder benefits. The models are built on panel data of several Russian banks. The authors look upon banks as constituents of the financial infrastructure essential for the existence of integrated business structures. Our findings show that the most appropriate proxy indicator for modeling monetary stakeholder value is sales revenue. We conclude that, for practical use, it is necessary to explore the relationships between different models and possible ways of their integration and develop a methodology for their evaluation and comparison. Further research should be related to the choice of factors affecting the model, the validity of the choice, the analysis of the regression model in order to infer the stakeholder contribution. To achieve technological breakthroughs, it is important to study value assessment procedures for stakeholders in the conditions of innovative and technological transformation of new forms of business organization, including network-based models, smart industries and ecosystems.
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