Exploring CSR performance as a proxy for competitive ad-vantage across sectors in the Central European countries
DOI:
https://doi.org/10.24136/oc.3247Keywords:
CSR, ESG score, competitiveness, Central European countries, profitability, NACE sectorsAbstract
Research background: Corporate social responsibility (CSR) demonstrates that a business should be interested in broader social issues rather than on merely those impacting profit margins. Thus, enterprises across all sectors need to focus on the pillars of CSR, which can ultimately give them a competitive advantage. Previous research papers have focused mainly on the level of CSR in particular industries or how CSR activities are communicated in these industries.
Purpose of the article: The paper focuses on demonstrating the level of CSR performance in the chosen central European countries in the context of corporate earnings and specifying the impact of the economic sectors on the level of CSR performance, which is mapped by the environmental, social, and governance (ESG) score.
Methods: This study used the ESG score, an indicator of the level of CSR performance, and financial and accounting data of 490 publicly traded enterprises from Central Europe. It also applied correlation analysis, the Kruskal–Wallis test and cluster agglomerative hierarchical clustering.
Findings & value added: The results have proved that the CSR performance of central European enterprises is positively associated with the level of corporate earnings in all NACE sectors. This knowledge broadens the existing literature on this topic. The study also revealed statistically significant differences in the development of the CSR concept across the sectors. Then, cluster agglomerative hierarchical clustering identified the groups of sectors with homogenous approaches to CSR. This provides information on the homogeneity or heterogeneity of CSR performance across different industries, which is useful information not only for investors and other stakeholders, but also for researchers.
Downloads
References
Adamkaite, J., Streimikiene, D., & Rudzioniene, K. (2022). The impact of social responsibility on corporate financial performance in the energy sector: Evidence from Lithuania. Corporate Social Responsibility and Environmental Management, 30(1), 91–104. DOI: https://doi.org/10.1002/csr.2340
View in Google Scholar
Ahmad, N., Ullah, Z., AlDhaen, E., Han, H., & Scholz, M. (2022). A CSR perspective to foster employee creativity in the banking sector: The role of work engagement and psychological safety. Journal of Retailing and Consumer Services, 67, 102968. DOI: https://doi.org/10.1016/j.jretconser.2022.102968
View in Google Scholar
Aleknevičienė, V., & Stralkutė, S. (2023). Impact of corporate social responsibility on cost of debt in Scandinavian public companies. Oeconomia Copernicana, 14(2), 585–608. DOI: https://doi.org/10.24136/oc.2023.016
View in Google Scholar
Alhouti, S., Wright, S. A., & Baker, T. L. (2021). Customers need to relate: The conditional warm glow effect of CSR on negative customer experiences. Journal of Business Research, 124, 240–253. DOI: https://doi.org/10.1016/j.jbusres.2020.11.047
View in Google Scholar
Ali, S. S., & Kaur, P. (2021). Effectiveness of corporate social responsibility (CSR) in implementation of social sustainability in warehousing of developing countries: A hybrid approach. Journal of Cleaner Production, 324, 129154. DOI: https://doi.org/10.1016/j.jclepro.2021.129154
View in Google Scholar
Al-Zyoud, H., & Ordonez-Ponce, E. (2022). COVID-19 and credit unions: CSR approaches to navigating the pandemic. Business and Society Review, 127, 171–192. DOI: https://doi.org/10.1111/basr.12267
View in Google Scholar
Aparicio, J. Kapelko, M., & Ortiz, L. (2023). Enhancing the measurement of firm inefficiency accounting for corporate social responsibility: A dynamic data envelopment analysis fuzzy approach. European Journal of Operational Research, 306(2), 986–997. DOI: https://doi.org/10.1016/j.ejor.2022.09.003
View in Google Scholar
Arimany-Serrat, N., Sabata-Aliberch, A., & de Uribe Salazar, C. (2019). Corporate social responsibility in passenger transport companies. Intangible Capital, 15(2), 143–156. DOI: https://doi.org/10.3926/ic.1356
View in Google Scholar
Balcerzak, A. P., MacGregor, R. K., MacGregor Pelikánová, R., Rogalska, E., & Szostek, D. (2023). The EU regulation of sustainable investment: The end of sustainability trade-offs? Entrepreneurial Business and Economics Review, 11(1), 199–212. DOI: https://doi.org/10.15678/EBER.2023.110111
View in Google Scholar
Bargoni, A., Kliestik, T., Jabeen, F., & Santoro, G. (2023). Family firms’ characteristics and consumer behaviour: An enquiry into millennials’ purchase intention in the online channel. Journal of Business Research, 156, 113462. DOI: https://doi.org/10.1016/j.jbusres.2022.113462
View in Google Scholar
Belas, J. Jr., Zvarikova, K., Marousek, J., & Metzker, Z. (2021b). The perception of significant aspects of personnel risk in the management of SMEs. Ekonomicko-manazerske spektrum, 15(2), 1–12. DOI: https://doi.org/10.26552/ems.2021.2.1-12
View in Google Scholar
Belas, J., Balcerzak, A. P., Dvorsky, J., & Streimikis, J. (2024). Influencing ESG perception in SMEs through CSR, business ethics, and HRM: An empirical study in V4 countries. Amfiteatru Economic, 26(66), 532–549, DOI: https://doi.org/10.24818/EA/2024/66/532
View in Google Scholar
Belas, J., Cera, G., Dvorsky, J., & Cepel, M. (2021a). Corporate social responsibility and sustainability issues of small- and medium-sized enterprises. Corporate Social Responsibility and Environmental Management, 28(2), 721–730. DOI: https://doi.org/10.1002/csr.2083
View in Google Scholar
Ben Fatma, H., & Chouaibi, J. (2021). Corporate governance and CSR disclosure: Evidence from European financial institutions. International Journal of Disclosure and Governance, 18(4), 346–361. DOI: https://doi.org/10.1057/s41310-021-00117-1
View in Google Scholar
Benjamin, S. J., & Biswas, P. K. (2022). Does winning a CSR Award increase firm value? International Journal of Disclosure and Governance, 19(3), 313–329. DOI: https://doi.org/10.1057/s41310-022-00142-8
View in Google Scholar
Bruna, M. G., & Lahouel, B. B. (2021). CSR & financial performance: Facing methodological and modeling issues commentary paper to the eponymous FRL article collection. Finance Research Letters, 44, 102036. DOI: https://doi.org/10.1016/j.frl.2021.102036
View in Google Scholar
Capestro, M., Rizzo, C., Kliestik, T., Peluso, A. M, & Pino, G. (2024). Enabling digital technologies adoption in industrial districts: The key role of trust and knowledge sharing. Technological Forecasting and Social Change, 198, 123003. DOI: https://doi.org/10.1016/j.techfore.2023.123003
View in Google Scholar
Cayon, E., & Gutierrez, J. C. (2021). Sin stocks and ESG scores: Does the nature of your business really matter? Journal of International Studies, 14(3), 114–123. DOI: https://doi.org/10.14254/2071-8330.2021/14-3/7
View in Google Scholar
Cherian J., Umar M., Thu P. A., Nguyen-Trang T., Sial, M. S., & Khuong, N. V. (2019). Does corporate social responsibility affect the financial performance of the manufacturing Sector? Evidence from an Emerging Economy. Sustainability, 11(4), 1182. DOI: https://doi.org/10.3390/su11041182
View in Google Scholar
Chouaibi, S., & Chouaibi, J. (2021). Social and ethical practices and firm value: The moderating effect of green innovation: Evidence from international ESG data. International Journal of Ethics and Systems, 37(3), 442–465. DOI: https://doi.org/10.1108/IJOES-12-2020-0203
View in Google Scholar
Clementino, E., & Perkins, R. (2021). How do companies respond to environmental, social and governance (ESG) ratings? Evidence from Italy. Journal of Business Ethics, 171, 379–397. DOI: https://doi.org/10.1007/s10551-020-04441-4
View in Google Scholar
Coppola, A., Ianuario, S., Romano, S., & Viccaro, M. (2020). Corporate social responsibility in agri-food firms: The relationship between CSR actions and firm's performance. Amis Environmental Science, 7(6), 542–558. DOI: https://doi.org/10.3934/environsci.2020034
View in Google Scholar
Dahlin, P., Ekman, P., Rondell, J., & Pesamaa, O. (2020). Exploring the business logic behind CSR certifications. Journal of Business Research, 112, 521-–530. DOI: https://doi.org/10.1016/j.jbusres.2019.11.046
View in Google Scholar
Daszynska-Zygadlo, K., Slonski, T., & Dziadkowiec, A. (2021). Corporate social performance and financial performance relationship in banks: Sub-industry and cross-cultural perspective. Journal of Business Economics and Management, 22(2), 424–444. DOI: https://doi.org/10.3846/jbem.2020.13892
View in Google Scholar
Daszynska-Zygadlo, K., Słoński, T., & Zawadzki, B. M. (2016). The market value of CSR performance across sectors. Engineering Economics, 27(2), 230-238. DOI: https://doi.org/10.5755/j01.ee.27.2.13480
View in Google Scholar
de Olde, E., & Valentinov, V. (2019). The moral complexity of agriculture: A challenge for corporate social responsibility. Journal of Agricultural and Environmental Ethics, 32, 413–430. DOI: https://doi.org/10.1007/s10806-019-09782-3
View in Google Scholar
Dinno, A., (2015). Nonparametric pairwise multiple comparisons in independent groups using Dunn’s test. Stata Journal, 15(1), 292–300. DOI: https://doi.org/10.1177/1536867X1501500117
View in Google Scholar
Dryglas, D. Lis, A., & Suder, M. (2024). The role of resilience in explaining hotel growth: A fuzzy-set QCA approach. Journal of Entrepreneurship Management and Innovation, 20(3), 5–24. DOI: https://doi.org/10.7341/20242031
View in Google Scholar
Dvorský, J., Švihlíková, I., Kozubíková, L., Frajtova Michalíková, K., & Balcerzak, A. P. (2023). Effect of CSR implementation and crisis events in business on the financial management of SMEs. Technological and Economic Development of Economy, 29(5), 1496–1519. DOI: https://doi.org/10.3846/tede.2023.19821
View in Google Scholar
El Khoury, E. R., Naimy, V., & Iskandar, S. (2021). ESG versus corporate financial performance: Evidence from east asian firms in the industrials sector. Estudios de Economia Aplicada, 39(3), e4457. DOI: https://doi.org/10.25115/eea.v39i3.4457
View in Google Scholar
Fahad, P., & Busru, S. A. (2021). CSR disclosure and firm performance: Evidence from an emerging market. Corporate Governance – The International Journal of Business in Society, 21(4), 553–568. DOI: https://doi.org/10.1108/CG-05-2020-0201
View in Google Scholar
Fahad, P., & Nidheesh, K. B. (2021). Determinants of CSR disclosure: An evidence from India. Journal of Indian Business Research, 13(1), 110–133. DOI: https://doi.org/10.1108/JIBR-06-2018-0171
View in Google Scholar
Feng, M., Wang, X., & Kreuze, J. G. (2017). Corporate social responsibility and firm financial performance. American Journal of Business, 32(3–4), 106–133. DOI: https://doi.org/10.1108/AJB-05-2016-0015
View in Google Scholar
Flammer, C. (2013). Corporate social responsibility and shareholder reaction: The environmental awareness of investors. Academy of Management Journal, 56(3), 758-–781. DOI: https://doi.org/10.5465/amj.2011.0744
View in Google Scholar
Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210–233. DOI: https://doi.org/10.1080/20430795.2015.1118917
View in Google Scholar
Gajdosikova, D., Valaskova, K., & Lazaroiu, G. (2024). The relevance of sectoral clustering in corporate debt policy: The case study of Slovak enterprises. Administrative Sciences, 14(2), 26. DOI: https://doi.org/10.3390/admsci14020026
View in Google Scholar
Gillian, S. L., Koch, A., & Starks, L. T. (2021). Firms and social responsibility: A review of ESG and CSR research in corporate finance. Journal of Corporate Finance, 66, 101889. DOI: https://doi.org/10.1016/j.jcorpfin.2021.101889
View in Google Scholar
Govindan, K. Shaw, M., & Majumdar, A. (2021). Social sustainability tensions in multi-tier supply chain: A systematic literature review towards conceptual framework development. Journal of Cleaner Production, 279, 123075. DOI: https://doi.org/10.1016/j.jclepro.2020.123075
View in Google Scholar
Goyal, P., & Kumar, D. (2017). Modeling the CSR barriers in manufacturing industries. Benchmarking: An International Journal, 24(7), 1871–1890. DOI: https://doi.org/10.1108/BIJ-09-2015-0088
View in Google Scholar
Hamidu, A. A., Haron, M. H., & Amran, A. (2018). Profit motive, stakeholder needs and economic dimension of CSR: Analysis on the moderating role of religiosity. Indonesian Journal of Sustainability Accounting and Management, 2(1), 1–14. DOI: https://doi.org/10.28992/ijsam.v2i1.39
View in Google Scholar
Hermawan, M., & Malyawan, S. (2014). Profitability and corporate social responsibility: Aa analysis of indonesia’s listed company. Asia Pacific Journal of Accounting and Finance, 3(1), 15–31.
View in Google Scholar
Huang, C. F:, Lu, W. H., Lin, T. T., & Wu, E. J. (2017). The current conditions of CSR implementation in construction industry: A lesson from Taiwan. Applied Ecology and Environmental Research, 15(2), 67–80. DOI: https://doi.org/10.15666/aeer/1502_067080
View in Google Scholar
Jaisinghani, D., & Sekhon, A. K. (2022). CSR disclosures and profit persistence: Evidence from India. International Journal of Emerging Markets, 17(3), 705–724. DOI: https://doi.org/10.1108/IJOEM-03-2020-0246
View in Google Scholar
Jansen, L., Cunningham, P., Diehl, S., & Terlutter, R. (2024). Corporate social responsibility in controversial industries: A literature review and research agenda. Corporate Social Responsibility and Environmental Management. DOI: https://doi.org/10.1002/csr.2813
View in Google Scholar
Jenkins, H., & Yakovleva, N. (2006). Corporate social responsibility in the mining industry: Exploring trends in social and environmental disclosure. Journal of Cleaner Production, 14(3-4), 271–284. DOI: https://doi.org/10.1016/j.jclepro.2004.10.004
View in Google Scholar
Joo, S., Miller, E. G., & Fink, J. S. (2019). Consumer evaluations of CSR authenticity: Development and validation of a multidimensional CSR authenticity scale. Journal of Business Research, 98, 236–249. DOI: https://doi.org/10.1016/j.jbusres.2019.01.060
View in Google Scholar
Kalyar, M. N., Ali, F., & Shafique, I. (2021). Green mindfulness and green creativity nexus in hospitality industry: Examining the effects of green process engagement and CSR. International Journal of Contemporary Hospitality Management, 33(8), 2653–2675. DOI: https://doi.org/10.1108/IJCHM-09-2020-1079
View in Google Scholar
Kamaliah, A. (2020). Disclosure of corporate social responsibility (CSR) and its implications on company value as a result of the impact of corporate governance and profitability. International Journal of Law and Management, 62(4), 339–354. DOI: https://doi.org/10.1108/IJLMA-08-2017-0197
View in Google Scholar
Karwowski, M, & Raulinajtys-Grzybek, M. (2021). The application of corporate social responsibility (CSR) actions for mitigation of environmental, social, corporate governance (ESG) and reputational risk in integrated reports. Corporate Social Responsibility and Environmental Management, 28(4), 1270–1284. DOI: https://doi.org/10.1002/csr.2137
View in Google Scholar
Kaul, A., & Lup, J. (2018). An economic case for CSR: The comparative efficiency of for-profit firms in meeting consumer demand for social goods. Strategic Management Journal, 39(6), 1650–1677. DOI: https://doi.org/10.1002/smj.2705
View in Google Scholar
Keong, L. B., Ramakrishnan, S., & Hishan, S. S. (2017). The review of Corporate Social Responsibility (CSR) literature in the new millennium. Advanced Science Letters, 23(9), 9271–9274. DOI: https://doi.org/10.1166/asl.2017.10068
View in Google Scholar
Khan, M. R., Khan, H. U. R., & Ghouri, A. M. (2022). Corporate social responsibility, sustainability governance and sustainable performance: A preliminary insight. Asian Academy of Management Journal, 27(1), 1–28.
View in Google Scholar
Kilian, T., & Hennigs, N. (2014). Corporate social responsibility and environmental reporting in controversial industries. European Business Review, 26(1), 79–101. DOI: https://doi.org/10.1108/EBR-04-2013-0080
View in Google Scholar
Kim, S. I., & Kim, K. T. (2021). The differentiated CSR activities and corporate value. Asian Review of Accounting, 29(1), 19–41. DOI: https://doi.org/10.1108/ARA-05-2020-0067
View in Google Scholar
Kludacz-Alessandri, M., & Cygańska, M. (2021). Corporate social responsibility and financial performance among energy sector companies. Energies, 14(19), 6068. DOI: https://doi.org/10.3390/en14196068
View in Google Scholar
Koseoglu, M. A., Uyar, A., Kilic, M., Kuzey, C., & Karaman, A. S. (2021). Exploring the connections among CSR performance, reporting, and external assurance: Evidence from the hospitality and tourism industry. International Journal of Hospitality Management, 94, 102819. DOI: https://doi.org/10.1016/j.ijhm.2020.102819
View in Google Scholar
Kowalczyk, R., & Kucharska, W. (2020). Corporate social responsibility practices incomes and outcomes: Stakeholders' pressure, culture, employee commitment, corporate reputation, and brand performance. A Polish-German cross-country study. Corporate Social Responsibility and Environmental Management, 27(2), 595–615. DOI: https://doi.org/10.1002/csr.1823
View in Google Scholar
Kowalski, E. (2022). The most (and least) socially responsible industries in Australia. Retrieved from https://www.glowfeed.com/2022/01/28/the-most-and-least-socially-responsible-industries-in-australia/.
View in Google Scholar
Kuzey, C., Uyar, A., Nizaeva, M., & Karaman, A. S. (2021). CSR performance and firm performance in the tourism, healthcare, and financial sectors: Do metrics and CSR committees matter? Journal of Cleaner Production, 319, 128802. DOI: https://doi.org/10.1016/j.jclepro.2021.128802
View in Google Scholar
Long, X., Ge, J., Shu, T., & Liu, C. (2020). Production decision and coordination mechanism of socially responsible closed-loop supply chain. Complexity, 9095215. DOI: https://doi.org/10.1155/2020/9095215
View in Google Scholar
MacGregor Pelikanova, R., MacGregor, R. K., & Cernek, M. (2021). New trends in codes of ethics: Czech business ethics preferences by the dawn of COVID-19. Oeconomia Copernicana, 12(4), 973–1009. DOI: https://doi.org/10.24136/oc.2021.032
View in Google Scholar
Macgregor Pelikanova, R., Nesbitt, T., Balcerzak, A. P., & Oulehla, J. (2024). (In)effective communication about social responsibility? Examining large european businesses in the Czech Republic. Business, Management and Economics Engineering, 22(2), 214–239. DOI: https://doi.org/10.3846/bmee.2024.21414
View in Google Scholar
Mai, N. K., Nguyen, A. K. T., & Nguyen, T. T. (2021). Implementation of corporate social responsibility strategy to enhance firm reputation and competitive advantage. Journal of Competitiveness, 13(4), 96–114. http://dx.doi.org/10.7441/joc.2021.04.06. DOI: https://doi.org/10.7441/joc.2021.04.06
View in Google Scholar
Man, M., Paunescu, C. F., & Bogeanu-Popa, M. M. (2021). Analysis of the influence of financial factors on corporate social responsibility: Evidence from Romania. Polish Journal of Management Studies, 24(1), 202–219. DOI: https://doi.org/10.17512/pjms.2021.24.1.12
View in Google Scholar
Matuszak, L., & Rózanska, E. (2021). Towards 2014/95/EU directive compliance: The case of Poland. Sustainability Accounting Management and Policy Journal, 12(5), 1052–1076. DOI: https://doi.org/10.1108/SAMPJ-02-2020-0042
View in Google Scholar
May, A. Y. C., Hao, G. S., & Carter, S. (2021). Intertwining corporate social responsibility, employee green behavior and environmental sustainability: The mediation effect of organizational trust and organizational identity. Economics, Management, and Financial Markets, 16(2), 32–61. DOI: https://doi.org/10.22381/emfm16220212
View in Google Scholar
Metzker, Z., & Zvarikova, K. (2021). The perception of company employees by SMEs with CSR concept implementation. International Journal of Entrepreneurial Knowledge, 9(1), 81–96. DOI: https://doi.org/10.37335/ijek.v9i1.128
View in Google Scholar
Metzker, Z., Marousek, J., Zvarikova, K., & Hlawiczka, R. (2021). The perception of SMEs bankruptcy concerning CSR implementation. International Journal of Entrepreneurial Knowledge, 9(2), 85–95. DOI: https://doi.org/10.37335/ijek.v9i2.146
View in Google Scholar
Miranda, D., Plaza, A., & Brea, J. A. F. (2016). La investigación de la responsabilidad social empresarial en el sector hotelero. Análisis y revisión de la literatura científica. Turismo Y Sociedad, 18, 137. DOI: https://doi.org/10.18601/01207555.n18.08
View in Google Scholar
Nastisin, L., Gavurova, B., Bacik, R., Svetozarovova, N., & Fedorko, R. (2021). Sustainable performance of players in the global aviation industry in the light of multi-factor analysis of online reputation. International Journal of Entrepreneurial Knowledge, 9(1), 1–9. DOI: https://doi.org/10.37335/ijek.v9i1.130
View in Google Scholar
Nazzaro, C., Stanco, M., & Marotta, G. (2020). The life cycle of corporate social responsibility in agri-Food: Value creation models. Sustainability, 12(4), 1287. DOI: https://doi.org/10.3390/su12041287
View in Google Scholar
Olah, J., Tiron Tudor, A., Pashkus, V., & Alpatov, G. (2021). Preferences of Central European consumers in circular economy. Ekonomicko-manazerske spektrum, 15(2), 99–110. DOI: https://doi.org/10.26552/ems.2021.2.99-110
View in Google Scholar
Olanipekun, A. O., Oshodi, O. S., Darko, A., & Omotayo, T. (2019). The state of corporate social responsibility practice in the construction sector. Smart and Sustainable Built Environment, 9(2), 91–111. DOI: https://doi.org/10.1108/SASBE-11-2018-0056
View in Google Scholar
Olsanova, K., Escobar Ríos, A., Cook, G., Král, P., & Zlatić, Z. (2022). Impact of the awareness of brand-related CSR activities on purchase intention for luxury brands. Social Responsibility Journal, 18(3), 597–618. DOI: https://doi.org/10.1108/SRJ-10-2020-0398
View in Google Scholar
Panait, M., Erokhin, V., Andre, J., & Gao, T. M. (2020). Implication of TNCs in agri-food sector - challenges, constraints and limits - profit or CSR? Strategic Management, 25(4), 33–43. DOI: https://doi.org/10.5937/StraMan2004033P
View in Google Scholar
Pereira-Moliner, J., López-Gamero, M.D., Font, X., Molina-Azorín, J. F., Tarí, J. J., & Pertusa-Ortega, E. M. (2021). Sustainability, competitive advantages and performance in the hotel industry: A Synergistic relationship. Journal of Tourism and Services, 23(12), 132–149. DOI: https://doi.org/10.29036/jots.v12i23.282
View in Google Scholar
Phiri, O., Mantzari, E., & Gleadle, P. (2019). Stakeholder interactions and corporate social responsibility (CSR) practices Evidence from the Zambian copper mining sector. Accounting Auditing & Accountability Journal, 32(1), 26–54. DOI: https://doi.org/10.1108/AAAJ-04-2016-2540
View in Google Scholar
Pons, A., Vintro, C., Rius, J., & Vilaplana, J. (2021). Impact of corporate social responsibility in mining industries. Resources Policy, 72, 102117. DOI: https://doi.org/10.1016/j.resourpol.2021.102117
View in Google Scholar
Ritchie, H., & Roser, M. (2022). CO2 and greenhouse gas emmisions. Retrieved from https://ourworldindata.org/emissions-by-sector.
View in Google Scholar
Rozsa, Z., Belas, J., Khan, K. A., & Zvarikova, K. (2021). Corporate social responsibility and essential factors of personnel risk management in SMEs. Polish Journal of Management Studies, 23(2), 449–463. DOI: https://doi.org/10.17512/pjms.2021.23.2.27
View in Google Scholar
Rüger, M., & Maertens, S. U. (2023). The content scope of airline sustainability reporting according to the GRI standards - an assessment for Europe's five largest airline groups. Administrative Sciences, 13(1), 10. DOI: https://doi.org/10.3390/admsci13010010
View in Google Scholar
Saeed, A., Noreen, U., Azam, A., & Tahir, M. (2021). Does CSR governance improve social sustainability and reduce the carbon footprint: International evidence from the energy sector. Sustainability, 13(7), 3596. DOI: https://doi.org/10.3390/su13073596
View in Google Scholar
Sardanelli, D., Conte, F., Vollero, A., & Saino, A. (2021). CSR signals: Exploring their use in controversial industries. Italian Journal of Marketing, 249–266. DOI: https://doi.org/10.1007/s43039-021-00030-z
View in Google Scholar
Schramm-Klein, H., Morschett, D., & Swoboda, B. (2015). Retailer corporate social responsibility: Shedding light on CSR’s impact on profit of intermediaries in marketing channels. International Journal of Retail & Distribution Management, 43(4/5), 403–431. DOI: https://doi.org/10.1108/IJRDM-04-2014-0041
View in Google Scholar
Schwertner, T., & Sohn, M. (2024). CSR disclosure and investor social preferences: Heterogenous investor responses to media reports on corporate greenwashing. Journal of Accounting & Organizational Change. DOI: https://doi.org/10.1108/JAOC-01-2023-0012
View in Google Scholar
Shahzad, M., Qo, Y., Javed, S. A:, Zafar, A. U., & Rehman, S. U. (2020). Relation of environment sustainability to CSR and green innovation: A case of Pakistani manufacturing industry. Journal of Cleaner Production, 253, 119938. DOI: https://doi.org/10.1016/j.jclepro.2019.119938
View in Google Scholar
Sibisi, N., & Makka, A. (2021). Financial challenges experienced by South African non-profit organisations regarding CSR implementation. Social Responsibility Journal, 18(6), 1089–1105. DOI: https://doi.org/10.1108/SRJ-12-2019-0397
View in Google Scholar
Singal, A. K. (2021). CSR initiatives and practices: Empirical evidence from Indian metal and mining companies. Sage Open, 11(3), 21582440211032674. DOI: https://doi.org/10.1177/21582440211032674
View in Google Scholar
Soana, M. G. (2011). The relationship between corporate social performance and corporate financial performance in the banking sector. Journal of Business Ethics, 104(1), 133–148. DOI: https://doi.org/10.1007/s10551-011-0894-x
View in Google Scholar
Socoliuc M., Cosmulese, C. G., Ciubotariu, M. S., Mihaila, S., Arion, I. D., & Grosu V. (2020). Sustainability reporting as a mixture of CSR and sustainable development. A model for micro-enterprises within the Roman forestry sector. Sustainability, 12(2), 603. DOI: https://doi.org/10.3390/su12020603
View in Google Scholar
Sperkova, R., & Skypalova, R. (2020). Application of management and human resources principles for a new business entity´s entry into the viniculture branch. Scientific Papers of the University of Pardubice – Series D-Faculty of Economics and Administration, 28(1), 1024.
View in Google Scholar
Streimikiene, D., & Ahmed, R. R. (2021). The integration of corporate social responsibility and marketing concepts as a business strategy: evidence from SEM-based multivariate and Toda-Yamamoto causality models. Oeconomia Copernicana, 12(1), 125–157. http://dx.doi.org/10.24136/oc.2021.006. DOI: https://doi.org/10.24136/oc.2021.006
View in Google Scholar
Su, R., Liu, C., & Teng, W. (2020). The heterogeneous effects of CSR dimensions on financial performance – a new approach for CSR measurement. Journal of Business Economics and Management, 21(4), 987–1009. DOI: https://doi.org/10.3846/jbem.2020.12394
View in Google Scholar
Vrabcova, P., & Urbancova, H. (2021). Implementation of voluntary instruments by Czech enterprises to meet sustainability and competitive growth. Journal of Competitiveness, 13(3), 165–184. DOI: https://doi.org/10.7441/joc.2021.03.10
View in Google Scholar
Wang, S. (2014). On the relationship between CSR and profit. Journal of International Business Ethics, 7(1), 51–57.
View in Google Scholar
Weber, O., Diaz, M., & Schwegler, R. (2014). Corporate social responsibility of the financial sector - strengths, weaknesses and the impact on sustainable development. Sustainable Development, 22(5), 321–335. DOI: https://doi.org/10.1002/sd.1543
View in Google Scholar
Weder, F., Koinig, I., & Voci, D. (2019). Antagonistic framing of sustainability by energy suppliers: Dissecting corporate CSR messages in a cross-cultural comparison. Corporate Communications: An International Journal, 24(2), 368–390. DOI: https://doi.org/10.1108/CCIJ-01-2018-0014
View in Google Scholar
Wen, H., Ho, K. C., Gao, J. J., & Yu, L. (2022). The fundamental effects of ESG disclosure quality in boosting the growth of ESG investing. Journal of International Financial Markets Institutions & Money, 81, 101655. DOI: https://doi.org/10.1016/j.intfin.2022.101655
View in Google Scholar
Westerholz, H. K., & Höhler, J. (2022). Corporate social responsibility reporting in the food industry-Comparison of co-operatives and investor-owned dairies. Corporate Social Responsibility and Environmental Management, 29(1), 211–222. DOI: https://doi.org/10.1002/csr.2197
View in Google Scholar
Wozniak, J., & Jurczyk, W. (2020). Social and environmental activities in the Polish mining region in the context of CSR. Resources Policy, 65, 101554. DOI: https://doi.org/10.1016/j.resourpol.2019.101554
View in Google Scholar
Wu, X., Dluhosova, D., & Zmeskal, Z. (2021). Corporate social responsibility and profitability: The moderating role of firm type in Chinese appliance listed companies. Energies, 14(1), 227. DOI: https://doi.org/10.3390/en14010227
View in Google Scholar
Downloads
Published
Issue
Section
License
Copyright (c) 2024 Oeconomia Copernicana
This work is licensed under a Creative Commons Attribution 4.0 International License.
