STAKEHOLDER THEORY: THE EVOLUTION OF APPROACHES AND THE ROLE OF STAKEHOLDERS IN SHAPING THE STRATEGIC ORIENTATION OF THE ORGANIZATION

Abstract

The article explores the evolution of stakeholder theory as a management concept that has transformed from normative-ethical foundations into an institutionalized paradigm of strategic governance. It substantiates the relevance of the stakeholder approach amid global challenges and wartime conditions as a tool for enhancing organizational resilience, legitimacy, and social trust. The study examines historical stages of the theory’s development, emphasizing key conceptual shifts from ethical legitimacy of interests to strategic alignment and institutional frameworks. Special attention is given to stakeholder capitalism, which integrates ESG criteria and broad stakeholder interests into corporate strategy, as reflected in global initiatives such as the Davos Manifesto 2020 and ISO 26000. The article also analyzes resource-based and relational approaches to stakeholder interaction, offering classifications of stakeholder strategies by influence and engagement. Within the Ukrainian context, the paper highlights the role of stakeholder management during wartime as a mechanism for coordination with communities, volunteers, donors, and public institutions. It identifies major institutional and regulatory barriers, including the lack of formal legal definitions and limited implementation of ESG principles beyond large corporations. At the same time, progressive practices are emerging through participatory budgeting, public consultations, and non-financial reporting. The findings suggest that stakeholder governance in Ukraine remains fragmented but is evolving into a strategic governance mechanism, especially in public administration and corporate sustainability agendas. The paper concludes that institutionalizing stakeholder management is critical for inclusive post-crisis recovery and long-term strategic orientation of organizations in the 21st century.