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RESEARCH CENTER FOR INDUSTRIAL DEVELOPMENT PROBLEMS of NAS of Ukraine (KHARKIV, UKRAINE)

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Liburkina L. M.

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Formation of the Corporate Strategy of a Joint-Stock Company: A Comparative Analysis of Models
Strokov I. M.

Strokov, Ievgen M. (2026) “Formation of the Corporate Strategy of a Joint-Stock Company: A Comparative Analysis of Models.” Business Inform 9:753–753.

Section: Management and Marketing

Article is written in Ukrainian
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UDC 005.7:334.722.8

Abstract:
The relevance of the problem stems from the fact that in a joint-stock company the separation of ownership and control turns strategy formation from an analytical procedure into a process of institutionally mediated reconciliation of interests, so that the applicability of a particular model of the strategic process is determined not by its theoretical sophistication but by the actual configuration of corporate control; the issue is made more acute by the recent reform of national corporate legislation, European integration requirements for non-financial reporting, and conditions of radical uncertainty under which classical long-range planning models lose their effectiveness. The aim of the article is to carry out a comparative analysis of the models of corporate strategy formation in joint-stock companies and to substantiate the criteria for choosing among them depending on the type of share ownership structure. The methods applied include systemic and comparative analysis for juxtaposing the models against a single set of criteria, the abstract-logical method and scholarly generalisation for formulating theoretical propositions, classification and typologisation for ordering the approaches, institutional analysis for assessing the influence of the legal environment on the architecture of decision-making, and statistical analysis of time series and structural indicators; the empirical basis consists of official data of the National Securities and Stock Market Commission of Ukraine for 2020–2024. The study examines five models of strategy formation – the planning-prescriptive, positioning, resource-based and dynamic capabilities, process-emergent, and stakeholder-adaptive models – against eight criteria covering the nature of the process, the subject of strategic choice, the decision horizon, the source of competitive advantage, the mechanism of interest reconciliation, the performance criterion, sensitivity to uncertainty, and the principal limitation of each approach. As a result of the study, a matrix is constructed that maps these models onto four types of share ownership structure, and it is found that the share of equities in capital market turnover in Ukraine fell from 4.06% in 2022 to 0.40% in 2024, that issuance activity is concentrated in the State sector, and that 76.9% of securities holders’ accounts were opened not at the investor’s initiative but as a result of dematerialisation. It is determined that models of strategy formation do not constitute an evolutionary sequence in which later approaches supersede earlier ones, but rather a set of alternatives with different institutional preconditions for their applicability. It is substantiated that the decisive factor determining the suitability of a model for a joint-stock company is the ownership structure, which defines the actual subject of strategic choice and the dominant strategic risk, and that under highly concentrated ownership and a non-functioning market for corporate control a formally approved strategic plan performs a largely legitimising function, while the actual strategy emerges incrementally. It is proposed that the improvement of the strategic process in Ukrainian joint-stock companies should focus on internal mechanisms – the independence of supervisory boards and their committees, the completeness and regularity of disclosure, and procedural constraints on the extraction of private benefits of control.

Keywords: corporate strategy; models of strategy formation; joint-stock company; corporate control; strategic process.

Tabl.: 3. Bibl.: 35.

Strokov Ievgen M. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Accounting and Finance, National Technical University «Kharkiv Polytechnic Institute» (2 Kyrpychova Str., Kharkіv, 61002, Ukraine)
Email: [email protected]

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