Cite this article as:

Tkachenko I. N., Zlygostev A. A. Stakeholder risk modeling: An econometric analysis experience. Izv. Saratov Univ., Economics. Management. Law, 2021, vol. 21, iss. 3, pp. 271-287. DOI: https://doi.org/10.18500/1994-2540-2021-21-3-271-287

This is an open access article distributed under the terms of Creative Commons Attribution 4.0 International License (CC-BY 4.0).
Heading: 
Management
UDC: 
338.2+338.24.01
Language: 
Russian

Stakeholder risk modeling: An econometric analysis experience

Introduction. The article is devoted to the study of stakeholder risks and the possibilities of their assessment. The methodological framework of the study was formed on the basis of the corporate governance theory and its stakeholder model. Theoretical analysis. On the basis of the the Russian-language and English-language publications’ general review, carried out by the authors, it is concluded that there is no clear generally accepted toolkit for assessing stakeholder risk. Assessment of stakeholder risks was most developed in project approaches. Methods. The authors propose an approach for assessing the stakeholder risks of an organization as a whole based on the search for a balance of interests through modeling the contributions and benefits of stakeholders and the gaps between contributions and benefits. The empirical base of the study was made up of data on flour-grinding and bakery enterprises of the Sverdlovsk region for 2010–2019. The unbalanced dashboard for analysis included 130 observations across 28 companies. Results. The methodology has been tested on the example of a comparative analysis of “more successful” and “less successful” companies in terms of revenue. Econometric models of the stakeholder contribution to revenue have been built. Stakeholder risk maps were built, which made it possible to identify the most influential stakeholders in terms of their contribution to revenue and the most risky ones in terms of the gap level. Conclusions. When assessing stakeholder risks, a broad outlook and a system of various methods for assessing stakeholder risks are required, as well as a willingness to take into account factors that may go beyond the framework of the models. The results and conclusions of the article can become a theoretical platform for further research. Further research on this topic can be related to expanding the understanding of the imbalance of interests by taking into account the subjective assessments of stakeholders and experts. For these purposes, it is necessary to adapt existing corporate surveys to accounting for stakeholder value and stakeholder risks.

Author: 
Tkachenko
Irina
Nikolaevna
Company: 
Ural State University of Economics
62, 8 Marta St., Yekaterinburg 620144, Russia
E-mail: 
tkachenko@usue.ru
Zlygostev
Alexandr
A.
Company: 
Ural State University of Economics
62, 8 Marta St., Yekaterinburg 620144, Russia
E-mail: 
letrus.alex@gmail.com
Key words: 
corporate governance
stakeholders
stakeholder risks
stakeholder contributions and benefits
econometric modeling
DOI: 
https://doi.org/10.18500/1994-2540-2021-21-3-271-287
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Izv. Sarat. Univ. Economics. Management. Law, 2021, vol. 21, iss. 3