Economic Analysis: Theory and Practice

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Investigating company risks within the framework of the stakeholder approach to analysis

Vol. 17, Iss. 6, JUNE 2018

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Received: 12 April 2018

Received in revised form: 19 April 2018

Accepted: 27 April 2018

Available online: 30 June 2018


JEL Classification: G30, G32

Pages: 1051–1072

Kogdenko V.G. National Research Nuclear University MEPhI, Moscow, Russian Federation

ORCID id: not available

Importance The article studies the problems related to development of company risk analysis based on the stakeholder approach.
Objectives The purpose is to identify the risk profile of a company, taking into account its key stakeholders and the economic sector it operates in, to develop analytical tools for risk assessment, and to provide a rationale for risk management techniques.
Methods The stakeholder concept, the theory of the economy's sectoral structure serve as a methodological framework for proposals on analysis development. The methodology considers the provisions of the International Integrated Reporting Framework.
Results The paper presents a methodology to analyze company risks based on the stakeholder approach. It includes three stages. The first stage implies identification of company risk profile, taking into account key stakeholders and specific company risks regardless of the sector of the economy; the second stage – assessment of these risks' impact on reporting indicators; the third stage – description of risk indicators and justification of risk management methods. Based on the review of public reports of the largest Russian companies, I offer indicators for risk assessment and unveil typical approaches of companies to risk management.
Conclusions The developed algorithms enable to link the risks of a company with its sectoral affiliation and identify the most significant ones. The article may be useful for specialists of financial services involved in financial decision making based on the stakeholder approach.

Keywords: stakeholder approach, risk classification, risk analysis, risk management


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