English (United Kingdom)Russian (CIS)
Assessing Stakeholders’ Contribution to Enterprise Value: The Case of the Russian Banking Sector


Irina N. TKACHENKO Dr. Sc. (Econ.), Professor, Head of Corporate Economics and Business Administration Dept.

Aleksandr A. ZLYGOSTEV Senior Analyst of Customer Behaviour Studies Dept.


The article looks at the problem of finding an adequate toolkit for assessing stakeholder value and the contribution of certain stakeholder groups to the increment of this value. The methodological basis of the study includes the stakeholder approach and the elements of the concept of corporate governance. The paper reviews the theoretical concepts of assessing stakeholders’ contribution and systematizes the approaches of foreign and Russian authors on the basis of application of monetary and non-monetary estimates. The authors find that there is the prevalence of integrated assessments that use quantitative and qualitative indicators in assessing stakeholder value. The article attempts not only to expand the understanding of the methodological basis for assessing stakeholder value, but also, on the basis of econometric approaches, to develop the practice of assessing stakeholder value in relation to the sphere of large players of the Russian banking sector. The authors examine the contribution of owners, i.e. the main financial stakeholders, and that of one of non-financial stakeholders’ groups, namely companies’ employees. The research results show that in the banking sector the owner exerts the greatest influence on value increment.


Download article

For citation: Tkachenko I.N., Zlygostev A.A. Assessing Stakeholders’ Contribution to Enterprise Value: The Case of the Russian Banking Sector. Upravlenets – The Manager, 2018, vol. 9, no. 4, pp. 40–52. DOI: 10.29141/2218-5003-2018-9-4-5.