The role of stakeholder management for the development of Bulgarian credit cooperatives

Ivan Boevsky

Abstract: The use of stakeholder management tools in the field of research has become increasingly popular over the last decade. More and more publications are focusing on its importance and role. In this publication, I also analyze its role in the development of credit cooperatives - a phenomenon on the financial markets in the US, Canada and Western Europe and a little forgotten and neglected in Bulgaria. In this regard, I aim to verify the following hypothesis: “Properly applied stakeholder management plays a significant role in the successful and sustainable development of credit cooperatives in Bulgaria.” In the beginning of my work, I outline the theoretical framework based on the cooperative theory and the stakeholder management theory. Then, I apply the theories in analyzes of two historical periods of credit cooperative’s development: the pre-socialist and the post-socialist. My research provides a clear indication and confirmation of my hypothesis, and I conclude that, at present, credit cooperative managers could draw on the experience of a rich pre-socialist tradition of Bulgarian credit cooperatives and with a concerted effort to apply successful stakeholder management.

Keywords: Bulgaria; credit cooperatives; stakeholder management

Date published: 2020-04-04