Sustainable Development of Economic Entities: Key Objectives, Stages, and Stakeholder Interests

Abstract

The chapter is devoted to studying the tendencies of sustainable development of economic entities and key performance indicators with account of inconsistency of economic relations. The authors considered the stakeholder approach to the issues of sustainable development of an economic entity as one of the priority approaches nowadays, that is, time of turbulence and variability. The objectives are defined and the requirements, corresponding to sustainable development of domestic entities of the real sector of economy, are formulated in the chapter. The authors gave definition of the stakeholder approach from the point of view of development sustainability of a business entity, and advantages of its implementation are designated. Undoubtedly, when forming economic relations, the ambiguity of methodology of sustainable development of business entities takes place. The theory of stakeholders and the concept of sustainable development of economic entities, which are aimed at studying business, is the basis of methodology of sustainable development. They also reflect applied activities on information support and purposeful justification of managerial impacts on activity of business entities. One thing is indisputable: the stakeholder approach of sustainable development of an economic entity should be considered as systematic activities on interaction with interested parties; it allows business entities to manage project and social risks and to get competitive advantages. Highlights Development sustainability of economic entities in the modern global universe: stakeholder approach. The model of strategy implementation in the field of sustainable development. The system of key performance indicators (KPI) in the field of sustainable development.