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1 ECONTECHMOD : An International Quarterly Journal on Economics of Technology and Modelling Processes

1 2012

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Method for Selection of Company Stakeholders

Oleksiv I., Shpak N.

ECONTECHMOD : An International Quarterly Journal on Economics of Technology and Modelling Processes

2012

Vol. 1, No 3

65–-74

At the moment the problem of dealing with external environment is an important issue of effective corporate strategic management in the enterprise. One of the factors of company interaction with external environment is company stakeholders. At the moment the theoretical basis of stakeholder analysis is researched insufficiently. The current research pursued the two goals: to show on which stage of strategic management process stakeholder analysis influences corporate activity and to provide effective theoretical and practical ground for the selection of stakeholders. In order to achieve the first goal the main aspects of stakeholder theory are reviewed in the paper. The place of stakeholder analysis in strategic management process is identified. It is argued that the interests of the most influential stakeholders should be considered in corporate goals, strategy and the strategic decision making process due to the “strategic necessity”. The latter means that consideration of the stakeholder influence leads to the increase of corporate performance effectiveness and fi nancial stability. The second objective is achieved through the review of possible techniques that could be used for stakeholder selection. The most appropriate for such purpose techniques are identifi ed by the analysis of their advantageous and disadvantageous. As the result of the review it is proposed to conduct the stakeholder selection basing on application of the Analytic Hierarchy Process (AHP). The example of application of such method for stakeholder selection is presented in the article.