| Economics | Socium | Environment |
|---|---|---|
Environmental Economics and Sustainable Development, 2021, 10 (29): 30-38
DOI: 10.37100/2616-7689.2021.10(29).4
UDC 336 : 330.15
JEL CLASSIFICATION: B 52, G 02, G 18, G 28, G 38, Q 58
Igor Bystryakov
Dr. Sci. (Econ.), Professor,
Deputy Director for Scientific Work of the Public Institution
«Institute of Environmental Economics and Sustainable Development of the
National Academy of Sciences of Ukraine»;
ORCID: https://orcid.org/0000-0001-6482-7099
Dmitry Klynovyi
PhD (Econ.), Senior Researcher,
Senior Researcher, Leading Researcher of the Department of
oSustainable Development Methodology of the Public Institution
“Institute of Environmental Economics and Sustainable Development of the
National Academy of Sciences of Ukraine”;
ORCID: https://orcid.org/0000-0002-3034-8097
HARMONIZATION OF STAKEHOLDER INTERESTS IN THE SYSTEM OF SUSTAINABLE FINANCE
Abstract: The aim of the article is to outline theoretical and methodological approaches to harmonizing the interests of stakeholders in the system of sustainable finance on a platform approach to the organization of stakeholder interaction as partners in the process of ensuring sustainable management. It is established that the organization of sustainable management concerns the formation of financial relations in the interests of the maximum number of stakeholders, which will contribute to the homeostatic development of the economic system. The place and role of the financial component in harmonizing the interests of stakeholders are determined. Stakeholders in the financial relations of sustainable management are considered as a system set of groups and individuals from the internal and external environment of economic entities that provide homeostasis of the economic system through optimal distribution and use of financial resources in the process of interaction. A matrix of differentiation of stakeholders is constructed according to the importance of participation in the management process and the degree of their interest in decision-making. Passive and active hosts and users have been identified, among whom it is necessary to establish interaction to transfer as many participants as possible to the categories of active hosts and users and apply platform technological innovations for this purpose. It is determined that the stakeholders-hosts should act as agents of the territorial business ecosystem, forming the trend of sustainable management through collaborative interaction with each other. It was found that in the future it is necessary to create a full-fledged system of sustainable finance, in which in addition to the existing components of responsible investment and banking, sustainable insurance and stock markets, it is necessary to develop a sustainable public sector financial system, including sustainable fiscal and budgetary pension system and sovereign financing of sustainable development. The formation of the logistic cycle of sustainable economic reproduction due to the action of regulatory, stabilization, inclusive and other mechanisms of the system of sustainable finance is shown.
Key words: sustainable finance, stakeholders, balance of interests, sustainable management.
Language version: Ukrainian
References
1. Hatsenko, L.V. (2016). Teoriya zatsikavlenykh storin (steykkholderiv): istoriya rozvytku ta problemni pytannya dlya podalʹshykh doslidzhenʹ [Theory of interested parties (stakeholders): history of development and problematic issues for further research]. Vodnyy transport, 1, 156–160 [in Ukrainian].
2. Bulatov, A. (2013). Edvard Friman. Lyudi. Kto prodvinul teoriyu zainteresovannykh storon? [Edward Freeman. People. Who promoted stakeholder theory?]. Lyudi, biografii, istorii, fakty, fotografii [in Russian].
3. Freeman, R.E. (1984). Strategic Management: A Stakeholder Approach. Boston: Pitman [in English].
4. D’Anselmi, P. (2011). Values and Stakeholders in an Era of Social Responsibility. New York: Free Press [in English].
5. Post, J.E., Preston, L.E. & Sachs, S. (2002). Redefining the Corporation: Stakeholder Management and Organizational Wealth. Stanford: Stanford Business Books [in English].
6. Donaldson, Т. & Preston, L. (1995). The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications. Academy of Management Review, 1, 65-91. DOI: 10.5465/amr.1995.9503271992 [in English].
7. Matos, P. (2020). ESG-pryntsypy ta vidpovidalʹne instytutsiyne investuvannya u sviti: Krytychnyy ohlyad doslidzhenʹ [ESG-principles and responsible institutional investment in the world: A critical review of research]. Lʹviv: Vydavnytstvo Lʹvivsʹkoyi politekhniky [in Ukrainian].
8. Brandenburger, A.M. & Nalebuff, В.М. (1996). Coopetition. New York: Doubleday [in English].
9. Khvesyk, M.A. (ed). (2020). Formuvannya prostorovoyi systemy upravlinnya pryrodno-resursnymy aktyvamy [Formation of a spatial management system of natural resource assets]. Kyiv: Public Institution «Institute of Environmental Economics and Sustainable Development of the National Academy of Sciences of Ukraine» [in Ukrainian].
Article publication date: 2021
Date of online version: 2021
DOI: 10.37100/2616-7689.2021.10(29).4
UDC 336 : 330.15
JEL CLASSIFICATION: B 52, G 02, G 18, G 28, G 38, Q 58
Igor Bystryakov
Dr. Sci. (Econ.), Professor,
Deputy Director for Scientific Work of the Public Institution
«Institute of Environmental Economics and Sustainable Development of the
National Academy of Sciences of Ukraine»;
ORCID: https://orcid.org/0000-0001-6482-7099
Dmitry Klynovyi
PhD (Econ.), Senior Researcher,
Senior Researcher, Leading Researcher of the Department of
oSustainable Development Methodology of the Public Institution
“Institute of Environmental Economics and Sustainable Development of the
National Academy of Sciences of Ukraine”;
ORCID: https://orcid.org/0000-0002-3034-8097
HARMONIZATION OF STAKEHOLDER INTERESTS IN THE SYSTEM OF SUSTAINABLE FINANCE
Abstract: The aim of the article is to outline theoretical and methodological approaches to harmonizing the interests of stakeholders in the system of sustainable finance on a platform approach to the organization of stakeholder interaction as partners in the process of ensuring sustainable management. It is established that the organization of sustainable management concerns the formation of financial relations in the interests of the maximum number of stakeholders, which will contribute to the homeostatic development of the economic system. The place and role of the financial component in harmonizing the interests of stakeholders are determined. Stakeholders in the financial relations of sustainable management are considered as a system set of groups and individuals from the internal and external environment of economic entities that provide homeostasis of the economic system through optimal distribution and use of financial resources in the process of interaction. A matrix of differentiation of stakeholders is constructed according to the importance of participation in the management process and the degree of their interest in decision-making. Passive and active hosts and users have been identified, among whom it is necessary to establish interaction to transfer as many participants as possible to the categories of active hosts and users and apply platform technological innovations for this purpose. It is determined that the stakeholders-hosts should act as agents of the territorial business ecosystem, forming the trend of sustainable management through collaborative interaction with each other. It was found that in the future it is necessary to create a full-fledged system of sustainable finance, in which in addition to the existing components of responsible investment and banking, sustainable insurance and stock markets, it is necessary to develop a sustainable public sector financial system, including sustainable fiscal and budgetary pension system and sovereign financing of sustainable development. The formation of the logistic cycle of sustainable economic reproduction due to the action of regulatory, stabilization, inclusive and other mechanisms of the system of sustainable finance is shown.
Key words: sustainable finance, stakeholders, balance of interests, sustainable management.
Language version: Ukrainian
References
1. Hatsenko, L.V. (2016). Teoriya zatsikavlenykh storin (steykkholderiv): istoriya rozvytku ta problemni pytannya dlya podalʹshykh doslidzhenʹ [Theory of interested parties (stakeholders): history of development and problematic issues for further research]. Vodnyy transport, 1, 156–160 [in Ukrainian].
2. Bulatov, A. (2013). Edvard Friman. Lyudi. Kto prodvinul teoriyu zainteresovannykh storon? [Edward Freeman. People. Who promoted stakeholder theory?]. Lyudi, biografii, istorii, fakty, fotografii [in Russian].
3. Freeman, R.E. (1984). Strategic Management: A Stakeholder Approach. Boston: Pitman [in English].
4. D’Anselmi, P. (2011). Values and Stakeholders in an Era of Social Responsibility. New York: Free Press [in English].
5. Post, J.E., Preston, L.E. & Sachs, S. (2002). Redefining the Corporation: Stakeholder Management and Organizational Wealth. Stanford: Stanford Business Books [in English].
6. Donaldson, Т. & Preston, L. (1995). The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications. Academy of Management Review, 1, 65-91. DOI: 10.5465/amr.1995.9503271992 [in English].
7. Matos, P. (2020). ESG-pryntsypy ta vidpovidalʹne instytutsiyne investuvannya u sviti: Krytychnyy ohlyad doslidzhenʹ [ESG-principles and responsible institutional investment in the world: A critical review of research]. Lʹviv: Vydavnytstvo Lʹvivsʹkoyi politekhniky [in Ukrainian].
8. Brandenburger, A.M. & Nalebuff, В.М. (1996). Coopetition. New York: Doubleday [in English].
9. Khvesyk, M.A. (ed). (2020). Formuvannya prostorovoyi systemy upravlinnya pryrodno-resursnymy aktyvamy [Formation of a spatial management system of natural resource assets]. Kyiv: Public Institution «Institute of Environmental Economics and Sustainable Development of the National Academy of Sciences of Ukraine» [in Ukrainian].
Article publication date: 2021
Date of online version: 2021