| Rethinking the stakeholder approach to corporate governance amid the coronavirus crisis: From commitment declaration to applied models |
|
Аuthors: Irina N. Tkachenko, Dr. Sc. (Econ.), Head of Economic Theory and Corporate Governance Dept. Ural State University of Economics Abstract: The article modifies the way of applying the stakeholder approach to corporate governance amid the global coronavirus crisis. The study clarifies and systematizes the views of a wide range of researchers who have developed their own approaches to studying the topical problems of implementing the stakeholder model of corporate governance under crisis. The theory of corporate governance and its stakeholder model constitute the methodological basis of the study. The methods of generalization, grouping, systematization and content analysis are used. The information base includes 85 studies published from 1980 to 2021 and indexed in the international and local databases, as well as fundamental scientific works reflecting the basic provisions of the scientific review article. The current research presents the evolution of views on the development of the stakeholder model, while focusing on the practical aspects of its application. The concept of shared value creation and its progress in numerous studies is seen as an extension of stakeholder theory and an attempt to transform capitalism according to the principles of “stakeholder capitalism”. The findings of the given scientific review can serve as a theoretical platform for further examination of the stakeholder model of corporate governance in the context of new paradigm declaration concentrated on creating value for stakeholders and the real implementation of responsible business behavior in the context of a pandemic and post-pandemic economy. Keywords: corporate governance; stakeholder approach; shared value; stakeholder capitalism; COVID-19 crisis. |
