THE UNIVERSITY'S VALUE IN THE CONTEXT OF THE STAKEHOLDERS' ANALYSIS

Purpose of the article The success of the effective University's management will depend upon the commitment and participation of all University stakeholders. Given the effective management of university necessarily requires the correct identification of who stakeholders are, this article seeks to identify and classify the main stakeholders of the university assessing their value provided for the university. Methodology/methods This research was conducted in two phases. The first phase consisted the literature review for identifying main stakeholder analysis and its implementation to higher education sector. The second phase consisted a quantitative methodology, based upon survey, for determining the university's stakeholders created value for the University. Scientific aim The scientific aim is to make a contribution to the value research field of Universities in the contex of stakeholders. Findings The first finding of the article reveals that the concept of stakeholders is critical and difficult to implement everywhere and to everything. The second finding founds students, the teaching and research staff and employers identified as the main stakeholders. The third finding reveals that these university's stakeholders create value for the University, which can be expressed in four dimensions, reflecting economic, functional, social and emotional aspects. These findings allow to identify University's opportunities, benefits and barriers, which can influence the University's management. Conclusions The article shows the complexity of problems in managing higher educational organizations in context of dynamics and its relation to the environment. The quantitative nature of this research represents one of the main research limitations. Another limitation relating to these results is that they derive only from one Lithuanian state university. But studies comparing different higher education institutions stakeholders' created value to the University might prove a highly fruitful approach for future researchs.