Stakeholder Concept Research Articles

Stakeholders in Building Conflict Resolution Networks in Islamic Educational Institutions

Background. The objective of this research is to discuss the concept and identification of stakeholders, emphasizing the need for a holistic understanding of the various parties involved in the educational process, such as principals, teachers, parents, the government, and the community. The involvement of stakeholders in building conflict resolution networks is a primary focus, considering the complexity of global challenges and educational dynamics. Purpose. To discuss the concept and identification of stakeholders, emphasizing the need for a holistic understanding of the various parties involved in the educational process. Method. The method used in this research is a literature review through stakeholder analysis, which identifies power, legitimacy, and urgency to help determine who or what is truly considered in decision-making. Results. The first research result shows a variety of approaches and strategies for addressing conflicts, both in Islamic boarding schools (pesantren), Islamic educational institutions, and at the national level. There is an awareness of the role of Islam and religious values in conflict resolution, as well as the importance of pluralism and multicultural education. Leaders of Islamic educational institutions are considered to have a key role in conflict resolution. Conclusion. Secondly, the stakeholders involved in the context of conflict resolution research in pesantren and Islamic educational institutions include various parties who have interests and roles in conflict resolution efforts and educational development.

Natural processes and natureculture – A relational understanding of nature amongst local stakeholders in Swiss parks

ABSTRACT Various scholars have criticized that formal Western thinking was dichotomous and substantialist, leading to an alienation from nature and to its exploitation in industrialized societies. Critics argue that a relational turn towards a more holistic, process-based and relational approach to address the world would be an important step to overcome these problems. Such a relational turn involves a shift towards more flexible and inclusive concepts. We analyse ‘nature’ concepts of local stakeholders in Swiss nature parks to examine whether they contain any relational elements. Indeed, we found that all stakeholders interviewed see themselves as part of nature. Many reported how they experience nature in active processes and see nature as a collaborator and partner. Moreover, they do not strictly separate between natural and cultural elements in their environment. We conclude that a relational turn in environmental policy in Western countries could build on these relational elements in nature concepts of the local population.

Becoming knowledgeable stakeholders: Enacting political and epistemic authority in a Swedish strategic urban planning project

Strategic urban planning has long been promoted as an important approach to transitioning to sustainable communities. However, previous literature on the Nordic context has critiqued strategic activities because they often take place outside of statutory planning procedures and therefore present legitimacy deficiencies. While the inclusion of both stakeholders and diverse expertise has been recognised as important in strategic planning, previous planning literature has focused either on the role of politics or knowledge in planning, but not as much on the relationship between the two. This paper aims to deepen our understanding of how political and epistemic authority affect the legitimacy of strategic planning by exploring how participants in an informal strategic planning process enact authority. By applying a theoretical framework of stakeholderness and boundary work, the paper shows how the balance between political and epistemic authority is important when legitimizing strategic planning processes. The paper concludes by suggesting the concept of knowledgeable stakeholders to describe actors’ enactment of political and epistemic authority. This paper argues for a need to repoliticise participation in strategic planning by illuminating the interrelatedness of politics and expertise, to which the concept of knowledgeable stakeholders can contribute.

Enable Effective Digital Engineering Information Exchange using Digital Viewpoint Model (DVM) Framework

AbstractThe objective of the Digital Viewpoint Model (DVM) framework is to characterize the content and relationships involved in the exchange of digital artifacts and its curation for stakeholder use and consumption. The DVM Framework structures the characterizations in four inter‐related ontological concepts — Stakeholder, Digital View, Digital Artifact and Process. The Stakeholder concept focuses on the definition of stakeholder needs in terms of perspectives. The Digital View concept focuses on the construction of views that relate inter‐disciplinary data that conforms to stakeholder needs and constraints. The Digital Artifact concept focuses on ensuring the quality and trustworthiness of data being used to construct the digital views. The Process concepts provide a construct to define necessary work activities to extract data to use. Applications of the DVM Framework are described in form of use cases to demonstrate its utility in facilitating effective digital engineering information exchange.

Reimagining the language of engagement in a post-stakeholder world

Language matters in shaping perceptions and guiding behaviour. The term stakeholder is widely used, yet little attention is paid to the possibility that its use may inadvertently perpetuate colonial narratives and reinforce systemic inequities. In this article, we critically examine the limitations of the stakeholder concept and its ambiguity, normativity, and exclusionary implications. We emphasise the importance of using language that gives a voice to marginalised groups, promotes inclusion and equity, and fosters meaningful and reflexive participation in decision-making processes. In critiquing the use of the term and calling for alternative practices, we aim to contribute to the decolonisation of research norms and the creation of more inclusive and equitable societies. Therefore, rather than advocating a single alternative term, we suggest a focus on the people, places, and species affected by decisions, interventions, projects, and issues.

Can Renewed Tensions of Tourist Areas Be Resolved? The Key Issue of Stakeholders’ Alignment

Tensions in tourist areas (over-visiting, waste management, traffic jams, conflicts of use, etc.) raise fundamental questions about sustainable development, the distribution of wealth, social justice, cultural identity and inclusion. Paradoxically, few decisions are taken to resolve these tensions, despite the dissatisfaction of all tourism stakeholders. The aim of this study is to help resolve the tensions in tourism areas by identifying a global method for aligning stakeholders. We conducted 72 interviews with all the tourism stakeholders in two very different tourist areas (Brittany and Bali) and used the concepts of sustainable tourism, stakeholders and strategic alignment. The results show that (1) the stakeholders, whether in favour of tourism development or not, all agree on the need to resolve the tensions in the tourist areas; (2) the obstacles and levers of the stakeholders play a decisive role in their commitment to collectively resolving the tensions in the tourist areas; (3) the existing data on tourist numbers are the subject of debate among the stakeholders and slow down the commitment to concrete action. Our conclusions are encouraging, since tensions in tourist areas constitute a problem like any other, which makes it possible to envisage a global methodology for aligning stakeholders. However, the subject of tourist numbers remains a stumbling block in the project to resolve tourism tensions in these areas. Three avenues of research are proposed to help overcome this dead end: integrating the notion of perceived value into measures of tourist numbers in tourist areas, mobilising participatory science to increase the potential of measures of tourist numbers, and adapting the technological acceptance model to tourist numbers.

ЭТИКА И МОРАЛЬ В СОВРЕМЕННОМ БИЗНЕСЕ: ЦЕЛЬ БИЗНЕСА И ЕГО ОТВЕТСТВЕННОСТЬ

In the second article of his series, the author examines the profound changes that have occurred over the past few decades in what business is and the evolution of views on what the purpose of companies is. If in the past it was generally accepted that a company should pursue the interests of its shareholders, now the dominant concept has become the concept of stakeholders, which include, in addition to shareholders, everyone who comes into contact with the results of the organization's activities. The author cites as an example one of the first attempts to implement such an approach, which was undertaken more than 100 years ago by Henry Ford, and outlines the consequences of the subsequent court decision for law enforcement practice in the United States. The author raises a number of pressing questions that, in his opinion, remain contradictory and unresolved in the application of the stakeholder concept in practice, despite its practically uncontested general acceptance. The article also discusses the practical implementation of the stakeholder concept in the form of formulating sustainable development policies at national and intergovernmental levels, including the so-called ESG principles, analyzing each component of these principles (ecology, social responsibility and corporate governance), and also provides positive and negative examples of such implementation by specific companies. The author concludes that despite the ubiquity of statements and declarations about business responsibility, they very often do not correspond to reality. Despite this, the author believes that the implementation of ESG principles remains an important priority for companies, including because compliance with ESG in modern conditions becomes necessary when receiving corporate financing.

ЭТИКА И МОРАЛЬ В СОВРЕМЕННОМ БИЗНЕСЕ: ЦЕЛЬ БИЗНЕСА И ЕГО ОТВЕТСТВЕННОСТЬ

In the second article of his series, the author examines the profound changes that have occurred over the past few decades in what business is and the evolution of views on what the purpose of companies is. If in the past it was generally accepted that a company should pursue the interests of its shareholders, now the dominant concept has become the concept of stakeholders, which include, in addition to shareholders, everyone who comes into contact with the results of the organization's activities. The author cites as an example one of the first attempts to implement such an approach, which was undertaken more than 100 years ago by Henry Ford, and outlines the consequences of the subsequent court decision for law enforcement practice in the United States. The author raises a number of pressing questions that, in his opinion, remain contradictory and unresolved in the application of the stakeholder concept in practice, despite its practically uncontested general acceptance. The article also discusses the practical implementation of the stakeholder concept in the form of formulating sustainable development policies at national and intergovernmental levels, including the so-called ESG principles, analyzing each component of these principles (ecology, social responsibility and corporate governance), and also provides positive and negative examples of such implementation by specific companies. The author concludes that despite the ubiquity of statements and declarations about business responsibility, they very often do not correspond to reality. Despite this, the author believes that the implementation of ESG principles remains an important priority for companies, including because compliance with ESG in modern conditions becomes necessary when receiving corporate financing.

ПОДХОДЫ К ОЦЕНКЕ ВЗАИМОДЕЙСТВИЯ УЧАСТНИКОВ РЕГИОНАЛЬНОЙ ИННОВАЦИОННОЙ СИСТЕМЫ

The network interaction of the subjects participating in the regional innovation is associated with organizational problems in connection with the formation of a complex system of links between the subjects of the innovation system. The article provides approaches to assessing the interaction of subjects, highlights the key element of the assessment. It is proposed to evaluate the interaction of RIS participants comprehensively, taking into account the main properties of network-centric interaction of subjects of the regional innovation system, which is influenced by the environment of the region. The proposed set of approaches makes it possible to reasonably develop methodological tools for implementing organizational measures of interaction moderation based on the innovation policy of the subject of the Russian Federation. It is proposed to use the integrated approaches of the concept of stakeholders, systems theory, organization theory, and communication theory.

Identifying policy options to regulate high potency cannabis: A multiple stakeholder concept mapping study in Washington State, USA

BackgroundCannabis legalization in some U.S.A. states has catapulted the mass production of concentrates, with tetrahydrocannabinol (THC) concentrations ranging from 50-90%. A major public health concern is that these products will increase cannabis-related harms such as use disorders, psychotic symptoms, and accidental poisonings. This paper describes and contextualizes the results of a study requested by the WA State Legislature to understand perspectives of WA stakeholders on the topic. MethodsConcept Mapping (CM), a mixed-methods research approach that supports people-centered policy decisions was utilized. The goal of the study was to explore stakeholders’ concern levels and support of policies to address the availability of high THC cannabis products. For analysis purposes, stakeholders were categorized into three groups: community, professionals, and cannabis advocates. ResultsCM generated an inventory of policy ideas for regulating high-potency cannabis from a variety of stakeholders. Notably, stakeholders from community and professional groups supported environmental policy changes such as such as taxation, increasing minimum age for high concentration cannabis products, and advertising prohibition. Meanwhile, cannabis advocates (mostly industry actors) opposed taxation per THC content, proposed lowering taxes, and supported policies with low population impact such as educating parents, teachers, and youth. ConclusionSupport for regulating high concentration THC products varied by stakeholder group. Consistent with how other health compromising industries have historically acted, cannabis industry stakeholders rejected regulation of their products. Future studies should explore non-cannabis industry stakeholders’ willingness to work towards minimizing the influence of the cannabis industry in policy development processes to assure public health regulations prevail.

Pharmacovigilance in Saudi Arabia: A Narrative Review on Adverse Drug Reaction Reporting

Adverse drug reaction (ADR) reporting is an important aspect of pharmacovigilance (PV) in ensuring drug safety during the post-marketing surveillance phase. Currently, the National Pharmacovigilance Center (NPC) established by the Saudi Food and Drug Authority (SFDA) is the regulatory authority receiving ADR reports in Saudi Arabia. Spontaneous ADR reports from healthcare professionals and the public are received by the NPC through an electronic platform known as the Saudi Vigilance System. Signal analysis of the received ADR reports aids the decision-making initiatives related to the reported drugs. Stakeholders’ contribution to ADR reporting, and implementation of effective electronic platforms are important factors affecting the national PV performance. The concept of stakeholders reporting on ADR is relatively new in Saudi Arabia, especially to the public. In this narrative review the national studies describing the stakeholders’ knowledge, perception and barriers toward ADR reporting, and the incidence of ADR reporting by healthcare institutions in Saudi Arabia were evaluated. The findings indicate that more efforts are needed by the SFDA to educate stakeholders about the importance of ADR reporting. The study recommends ADR electronic systems integration between the SFDA and healthcare institutions to improve the frequency and quality of ADR reports, and regular feedback on decisions made about ADR reports should be provided by the SFDA to stakeholders to improve their awareness of the importance of ADR reporting and enhance their contribution to PV and ADR reporting process.

“Let the Water Speak” Using Fictional Writing to Revisit Stakeholder Theories and Give a Voice to Invisibilized Stakeholders

Understanding the dynamic relationships of the entities that have the most impact on an organization—or that the organization impacts the most—is at the core of stakeholder management approaches. In this article, we present an experiential exercise that provides a creative practical, low-overhead, discussion-oriented classroom activity to engage in a critical examination of the concept of stakeholders. This exercise is especially effective for the stakeholders usually invisibilized. Rather than relying on presenting stakeholder theory, this exercise uses fictional writing as a way for students to give a voice to water, a most often invisibilized stakeholder on an academic campus. The activity encourages reflection on the perception we hold toward certain stakeholders and aims to raise awareness toward the underrepresentation of some of them despite the centrality of their contribution to the organization. The exercise also enables students to grasp that there are limits when trying to speak on behalf of someone or something that structurally does not have a voice. This exercise can be used at the graduate level. Recommendations for adapting the exercise to the large classes are included.

Application of the theory of stakeholders in assessing the investment attractiveness of corporate structures

Purpose of the article is to describe the authors' proposal on the use of the concept of stakeholders in assessing the investment attractiveness of corporate structures, an alternative to traditional fundamental investment analysis.Methods: the basis of the research is the expansion of ideas about the factors affecting the investment attractiveness of the corporate structure on the basis of multi-subject assessments, in accordance with the theory of stakeholders.Results: currently, the investment attractiveness of a large corporate structure is formed under the influence of a variety of financial and nonfinancial factors that depend on actions or judgments broadcast (via the media, the Internet or other modern means of communication), not only by investors, but also by other interested parties. The approach proposed by the authors to assessing investment attractiveness differs in that it is based on the need to meet the information needs of various groups of stakeholders, not just investors. To achieve this goal, two interrelated tasks have been solved in the work. Firstly, the impact of factors influenced by stakeholders on the indicators of investment attractiveness is considered. Secondly, the assessment of investment attractiveness is carried out on the basis of information about the company's solution of environmental, social and other modern tasks.Conclusions And Relevance: the approach considered in the article, which involves the use of the theory of stakeholders to study the factors that influence investment attractiveness, has practical importance for corporate structures. The authors' calculations made on the basis of open information from one of the largest Russian oil and gas companies, PJSC Lukoil, confirm the hypothesis about the correctness of using the theory of stakeholders as another approach to assessing the investment attractiveness of the company. The calculations illustrate the significant closeness of the relationship between indicators traditionally used in assessing investment attractiveness and non-financial indicators that reflect the information needs of not only investors, but also other stakeholders (employees, customers, suppliers, financial institutions, the media, environmentalists, trade unions, etc.).

MODERN ROLE OF STAKEHOLDERS IN UKRAINIAN LAND AND ENVIRONMENTAL MANAGEMENT

Aim of the study: The development of land relations in Ukraine on the way to European integration requires the identification of all interested parties involved in the management of land resources and nature use. Since all existing directions of land use, as one of the main components of natural resources, can have an impact on the current state of the environment, land management is considered as a component of general environmental management. Material and methods: The identification of stakeholders can be carried out in the following stages: analysis of the interests of interested parties in land management and environmental management; analysis of powers and interests of subjects of land management; analysis of rights and responsibilities of stakeholders in matters of sustainable land use and environmental protection. Based on the generally accepted understanding of the concept of stakeholders, they include not only those natural and legal persons who have a basic interest in land use issues, but also those whose activities can potentially affect the process of land and environmental management itself and its results for society. Results and conclusions: Six main groups of stakeholders have been identified, which in our opinion have the greatest interest and influence on land and environmental management, have the greatest interest and leverage in Ukraine, namely Executive Authorities, Local Self-Government Bodies, Land Owners, Land Users, Investors, Non-Governmental Organizations and Population. The stakeholders included in each of the main groups are defined, their powers, legal rights are outlined, and the main manifestations of the economic, environmental and social interests of these groups of stakeholders are defined.

Environmental and Social Performance of the Banking Industry in Bangladesh: Effect of Stakeholders’ Pressure and Green Practice Adoption

The concepts of Stakeholders’ Pressure (SP), Environmental Performance (EP), and Corporate Social Performance (CSP) are well established in the business of progressive firms. However, firms are yet to examine the effects of Stakeholders’ Pressure (SP) on environmental performance (EP) and Corporate Social Performance (CSP) by connecting the missing linkage of Green Practice Adoption (GPA). The present study explored the association between Stakeholders’ Pressure (SP), Environmental Performance (EP), and Corporate Social Performance (CSP) through the mediating effect of Green Practice Adoption (GPA). The study’s objective was to determine the factors to propose a model for the environmental and social performance of the banking industry in the Bangladesh context. The study assessed the hypotheses using partial least squares-based structural equation modeling with data from 540 line managers from 30 private commercial banks. The results indicate that SP significantly improves EP, CSP, and GPA. On the other hand, GPA showed a substantial accepted effect on EP and CSP. Furthermore, mediation analysis showed that GPA mediates the relationship between SP with EP and CSP. This research fills the gap in the domain of the Environmental and Social Performance of the Banking Industry in Bangladesh. From this study, the academicians may get fresh antecedents of the environmental performance management approach. Thus, the study’s outcomes may give valuable insights to policymakers and managers and provide them with practical evidence to proactively implement SP in firms because such practices positively impact EP and CSP through the mediation of GPA. This result may improve operational efficiency and provide firms with a superior reputation.

Circularity as a Climate Change Mitigation Strategy in the Building Sector: The Stakeholder’s Involvement in the Interconnected Life Cycle Phases

There is an evident relationship between climate change and the building sector through reciprocal environmental impacts. The circular economy is fitted into this relationship as a mitigation strategy in the building sector, thanks to its nature of life cycle perspective consideration, support for stakeholder collaboration, and the ideology of waste minimization, reduction of natural resource consumption, and greenhouse gas emissions. This article aims to conduct two subsequential systematic literature reviews to evaluate the status in the scientific literature about the circular economy as a climate change mitigation strategy in the building sector and to find the place taken in the scientific literature about the stakeholder’s involvement toward circularity transition in the abovementioned link. As a result of the methodological approach, publicly available and reliable publications have been identified and analyzed based on the publication year and territory. The results indicate an increasing scientific literature contribution about the context, but the stakeholder concept is considerably taken less place; thus, it is a gap in the scientific literature. The stakeholder focal point, which the innovativeness of this article lays down, needs more attention in academic research, thus in the sector with the strengthening collaboration and mutual awareness among stakeholders.

Corporate environmental reporting in the China context: The interplay of stakeholder salience, socialist ideology and state power

Research considers that the increase in corporate environmental reporting over the past decades has been a response to stakeholder demand and pressure within and beyond the boundaries of business operations. Recent empirical studies have begun to extrapolate the stakeholder concept and rationale into developing countries when explaining their growing reporting practices. However, how this global trend is played out in the particular institutional developing country context remains unanswered. This research addresses the issue by employing a case study of a leading mining company in China. The study finds that corporate managers do understand the importance of stakeholder communication and engagement. Such importance has been framed into national social obligations within the socialist ideology long embedded and more recently reinforced in the minds of managers. It reveals an imprinting process of ideological prioritisation through which imprinted socialist philosophies and values are entrenched in perceived stakeholder salience and responsibility for environmental reporting. This process is decoupled from delivering procedural compliance via accountability reporting because of the dominance of State power and national collective interests over individual rights. This study suggests that socially and politically embedded philosophies and ideology ingrained in a country can create another layer of criteria when managers interpret and determine the salience of individual stakeholders and make reporting decisions. It highlights that the extent to which the salience of stakeholders is understood and responded to in the environmental reporting process is conditioned by the structure and operation of a country's political and social system.

APPLICATION OF THE FUZZY SET METHOD FOR THE SELECTION OF ENTERPRISE SUSTAINABLE DEVELOPMENT PROJECTS CONSIDERING STAKEHOLDERS’ OPINIONS

Purpose. The purpose of this study is to improve the theoretical and methodological foundations of sustainable development management introduced into an enterprise environment for achieving SDG 2030 by creating scientific proofs of the best choice among sustainable development projects taking into account the stakeholders’ opinions and applying fuzzy set method. Design/methodology/approach. In the article, the authors used the literature review method in order to support the idea of topicality of sustainable development of enterprises and reveal the high relevance of the study of sustainable development project choice by means of fuzzy logic method. To achieve the goal, the article used general scientific methods that ensured the integrity of the research, in particular: methods of theoretical generalization and abstraction – for systematization of scientific results and formulation of conclusions; structural analysis, grouping and combination of features of the investigated objects – to identify groups of stakeholders of the sustainable development of the enterprise. A special method of fuzzy sets was used to adapt the vague and subjective judgments of stakeholders on the value of sustainable development projects to the process of managerial decision-making regarding the selection of sustainable development projects. Findings. The sustainable development of the enterprise is limited or does not meet the global goals of sustainable development until 2030, if the opinion of a wide range of stakeholders is not taken into account during the implementation of social and environmental projects. Sustainable development concept of the balanced stakeholders’ interests rather than social, economic and environmental areas is discussed. Projects for the sustainable development of the enterprise are to be selected on the basis of the information obtained from external and internal participants in relation to the enterprise who act in socio-economic environment. The information base regarding the opinion of stakeholders on the value of a sustainable development project for them can be shaped as fuzzy variables, giving respondents the option to express subjective, ambiguous, evaluative judgments instead of unambiguous and formalized ones, which will increase the quality of decisionmaking on the selection of sustainable development projects implemented by an enterprise. Practical implications. The study provides managers of an enterprise with the tools of making choice among sustainable development projects that is guided not only by managerial views on the enterprise profitability but also external stakeholders’ vague and subjective judgments on sustainable development project value. The paper opens the concept of stakeholders involved into decision-making that can be used by an enterprise for enhancing its image as one with corporate social responsibility excellence. Originality/value. This study highlights the case that is an evidence of the presence of an alternative stakeholders’ opinion causing the problem of choosing sustainable development projects of the enterprise. The research outlines three types of stakeholders, whose judgments should be taken into account when choosing projects for the sustainable development of an enterprise. A universal indicator of a sustainable development project implemented by an enterprise, in relation to which an information base of evaluative judgments of stakeholders should be formed, is determined. The study proposes fuzzy variables for the selection of enterprise sustainable development projects based on fuzzy logic.

Facilitators and barriers to implementing an acute geriatric community hospital in the Netherlands: a qualitative study.

there is a trend across Europe to enable more care at the community level. The Acute Geriatric Community Hospital (AGCH) in the Netherlands in an acute geriatric unit situated in a skilled nursing facility (SNF). It provides hospital-level care for older adults with acute medical conditions. The aim of this study is to identify barriers and facilitators associated with implementing the AGCH in a SNF. semi-structured interviews (n = 42) were carried out with clinical and administrative personnel at the AGCH and university hospital and stakeholders from the partnering care organisations and health insurance company. Data were analysed using thematic analysis. facilitators to implementing the AGCH concept were enthusiasm for the AGCH concept, organising preparatory sessions, starting with low-complex patients, good team leadership and ongoing education of the AGCH team. Other facilitators included strong collaboration between stakeholders, commitment to shared investment costs and involvement of regulators.Barriers to implementation were providing hospital care in an SNF, financing AGCH care, difficulties selecting patients at the emergency department, lack of protocols and guidelines, electronic health records unsuited for hospital care, department layout on two different floors and complex shared business operations. Furthermore, transfer of acute care to the community care meant that some care was not reimbursed. the AGCH concept was valued by all stakeholders. The main facilitators included the perceived value of the AGCH concept and enthusiasm of stakeholders. Structural financing is an obstacle to the expansion and continuation of this care model.

ПРОБЛЕМИ РОЗВИТКУ СПІВПРАЦІ УКРАЇНСЬКИХ ПІДПРИЄМСТВ ЗІ СТЕЙКХОЛДЕРАМИ У КОНТЕКСТІ ПІДВИЩЕННЯ ЕФЕКТИВНОСТІ ЗОВНІШНЬОЕКОНОМІЧНОЇ ДІЯЛЬНОСТІ

Today, every modern enterprise or organization works in a constantly changing environment. These changes can have both positive consequences, contributing to the increase of competitive advantages and sustainable development of enterprises, and negative consequences, such as: a decrease in the competitive position in the market and a negative impact on the stability of economic activity. Organization of effective interaction and cooperation between various stakeholders is the most rational approach to take into account the numerous problems and challenges of the external environment by each player, be it an enterprise, organization or non-profit sector. Among key resources, such as financial, material and informational, relationships are an important strategic resource. The use of relationships is a valuable strategic resource that contributes to active development, the formation of new competitive advantages, and the strengthening of both internal and external image. In 1963, the concept of "stakeholders" was introduced by Stanford Research University, and the concept of stakeholders was developed and developed by Edward Freeman. In his 1984 work, "Strategic Management: The Role of Stakeholders," Freeman defined stakeholders as individuals, groups, or organizations that have significant influence on, or are influenced by, decisions made by the firm. Stakeholder theory includes the concept that management of an organization should take into account the interests of all groups or individuals involved in it. One of the significant steps in the progress of stakeholder theory is the development of the Accountability Stakeholder Engagement Standard, which is a significant achievement in this area. The development of cooperation with interested parties (stakeholders) is considered an important aspect of increasing the efficiency of foreign economic activity, and it is also a systematic process that includes the following points: definition of stakeholders; analysis of stakeholder needs; communication and engagement; establishment of mutual benefit; defining roles and responsibilities; development of mutual trust; training and adaptation; measurement of results.