The Influence of Stakeholder-Company Relationship on Competitiveness of Company

Abstract

The authors of the article analyze stakeholder-company relationship as factor enhancing competitiveness of companies. The building stakeholder-company relationship is described as a strategic business investment, opens new possibilities for companies and contributes to the attainment of competitiveness of companies. By emphasize the importance of stakeholder-company relationship the article treats of socially responsible policies, which implementation determines the building long-term stakeholders' trust as a basis for strong and enduring stakeholder-company relationship. The paper deals with the development of strategic policies of socially responsible Lithuanian companies. Companies in Lithuania in their relations with the stakeholders focus on realizing policies of transparent business, anti-discrimination and anti-corruption. Researched the impact of stakeholder-company relationship on enhancing competitiveness of company, the authors found that an active development of socially responsible policies positively influences business relationships with stakeholder groups and increases competitiveness of company in the global market.

Effect of macroeconomic business environment on the development of corporate social responsibility in Baltic Countries and Slovakia

“…1-26). Historically, the main objective of business organization was to maximize wealth of its owners (Friedman, 1970), and thus "the aim of socially responsible activities of companies is to maximize the creation of shared value, which means to create returns on investment for company's shareholders at the same time as ensuring benefits for other stakeholders, and to prevent and to mitigate possible adverse impacts which companies may have on society and environment (Navickas & Kontautiene, 2012, pp. 1010-1015.…”

Transitioning to Sustainable Industry, Innovation and Infrastructure

“…One of the main reasons is its usefulness for public relations. Effectively communicating social and ecological efforts, which corporate social responsibility reporting can carry out, is a great tool that works as customers' and stakeholders' "trust extractor" (Sprinkle and Maines 2010;H ąbek and Wolniak 2015;Navickas and Kontautiene 2012;Valackiene and Miceviciene 2011). It is worth noting that the economies of Central and Eastern Europe after the collapse of the Soviet Union first had to overcome the path of systemic transformation.…”

The Initiatives of Corporate Social Responsibility as Sources of Innovations

“…Innovations influence competitiveness directly by price wars and offensive strategies and indirectly through motivation of employees and all factors of company's activity and sometimes through governmental policy. The innovation resulted in a wealth of new products and enviable success in the marketplace (Navickas, Kontautiene 2012). According to Liao and Chuang (2006), those companies that faster become innovative develop their position in the market faster.…”