ПРОЯВ СОЦІАЛЬНО ВІДПОВІДАЛЬНОЇ ПОВЕДІНКИ СУБ’ЄКТАМИ ГОСПОДАРЮВАННЯ УКРАЇНИ В ПЕРІОД КРИЗ ОСТАННІХ РОКІВ

PurposeThe association between ethical leadership and employees’ ethical behaviors is well-established. But can ethical leadership go beyond this and drive employees’ corporate social responsibility (CSR) engagement? The purpose of this study is to examine the association between ethical leadership and employees’ perception of their engagement in CSR activities while exploring the mediating role of person–organization fit.Design/methodology/approachUsing a quantitative research design, data were collected via self-administered questionnaires from 142 employees of multi-national companies in Malaysia. This study used partial-least squares structural equation modeling to test and validate the research model and hypotheses posited.FindingsThe results reveal that ethical leadership has a positive impact on employees’ CSR engagement, mediated through person–organization fit. Moreover, analyses were carried out to assess the predictive performance of the proposed model. Our results confirmed the predictive capability of the proposed model.Research limitations/implicationsThis study has provided a better understanding of employees’ CSR engagement, which is a crucial factor for effectiveness of CSR implementation in any organization. Finding evidence on the positive role of ethical leadership in driving employees’ CSR engagement extends both the leadership and CSR literature and offers new avenues for future research studies.Practical implicationsThis study has shown that ethical leadership can stimulate employees’ CSR engagement through creating a better person–organization fit. This understanding can help managers in finding ways for more effective involvement of employees in a company’s CSR activities and creating a better working environment.Social implicationsOrganizations can find better ways to involve employees in CSR activities through having ethical leaders who lead by example and champion social causes. Although ethical leadership will benefit society, it will also help employees experience a better fit between their values and those of the organization.Originality/valueDespite extensive research on CSR, its drivers and outcomes, there is still limited knowledge on the role of leaders in driving employees’ CSR engagement. Findings from an emerging economy (i.e. Malaysia) will offer fresh insights into the growing CSR and leadership literature.

The legal basis for corporate social responsibility, especially for transnational corporations, is rooted in international law and the domestic laws of some countries. It outlines voluntary measures by companies towards society and their stakeholders in general. In international law, the position of corporate social responsibility focuses more on the fulfillment of social responsibilities by transnational companies and foreign investors. Many developing countries lack comprehensive legal frameworks that mandate CSR practices. This can lead to inconsistent application of CSR principles and a lack of accountability for businesses. It is part of soft law related to businesses customary rules with procedural aspects. It derived from the laws produced by international organizations such as the United Nations, the International Labour Organization, and the Organization for Economic Cooperation and Development. Also it is made of common practice among companies. In domestic law, the institution of social responsibility includes specific regulations regarding the responsibilities of national and multinational companies. On the other hand, corporate social responsibility serves as a bridge between economic international law and human rights law and has a direct relationship with human rights norms, especially the progressive realization of economic and social rights, contributing to sustainable development and the right to development of nations. Due to the limited public resources of governments, especially in developing countries, it seems that corporate social responsibility can be a suitable source for financing and implementing development projects that are not inherently economically justifiable. This research, in a descriptive-analytical manner, focuses on the role of legal corporate social responsibility in international and domestic law, as well as the positive impact of fulfilling corporate social responsibility on the realization of economic, social, and cultural rights in developing countries. This research aims to provide recommendations and identify the role and legal basis of corporate social responsibility, as well as to determine its role in economic development and the realization of the second generation of human rights in developing countries. In this article, descriptive-analytical approach was used which is a research methodology that combines two key components: descriptive research and analytical research.

Aims: The aim of the study was to assess the role of corporate social responsibility (CSR) in promoting growth and sustainability in the Kenyan hospitality industry.
 Research Design: A quantitative descriptive research design was used. This was achieved by administering a fully structured survey questionnaire to 37 participants selected through a purposive convenient sampling method.
 Place and Duration of Study: The study was carried out on the Kenyan hospitality industry within four months, from February to May 2021
 Findings: The study findings show that the majority of the companies asserted that CSR activities are primarily important in enhancing the organization's brand image to the prospective and general public as a whole, improving risk management strategies and compliance with ethical business practices. However, other additional benefits of organizations' engagement in CSR include reduced employee turnover, improved organizational culture, improved financial performance, and better legal compliance.

The state plays a major role in corporate social responsibility (CSR) in emerging and transitional economies and often influences firms through political connection, and hence knowing how firms respond to the state’s CSR initiatives can inform policy making and has important implication on the sustainability of society and environment. However, existent studies show conflicting results on politically connected firms’ CSR participation. We examine the relationship between political endorsement and firms’ engagement in different types of CSR simultaneously. Using a representative sample of more than 1,000 private firms in the early 2000s, we find that politically endorsed firms engage more in philanthropic donation, but less in environmental practices, which impose higher costs and constraints than philanthropy. This is consistent with our explanation that they attempt to maintain legitimacy and discretion through selective engagement in CSR. Our study contributes to research on CSR in transitional economies by reconciling conflicting findings about the CSR engagement of politically connected firms, provides a new lens to illuminate firms’ strategic response in CSR, and has important policy implications.

Intangible assets are becoming increasingly important to firms. However, the question of how firms can realize the full potential of intangible assets remains. We propose that corporate social responsibility (CSR) can help a company create value from intangible assets for two reasons. First, firms invest in CSR to increase employee loyalty, which in turn help retain knowledge workers. Second, firms engage in CSR activities to increase employees’ organizational identification, and to promote collaboration across units, which is crucial for the integration and alignment of intangible assets with other intangible assets and tangible assets. Moreover, we propose that institutional development may weaken the positive relationship between intangible assets and engagement in CSR, whereas product diversification may strengthen the relationship. Data analyses based on a sample of 4788 Chinese entrepreneurial firms provides support toward our main arguments. This study highlights a novel idea that firms may use CSR practices to realize the potential of their intangible assets. This study has important managerial implications as well.

PurposeBased on the principal–agent and stakeholder theories, this study aims to put forward an intermediary model to verify the intermediary role of corporate social responsibility (CSR) in executive equity incentives and corporate innovation performance to improve corporate innovation performance.Design/methodology/approachThe 2012–2018 A-share listed companies’ disclosure of executive equity incentives data was used as the research sample. This study used CSR as an intermediary to explore the relationship between executive equity incentives and corporate innovation performance. A verification analysis was carried out.FindingsThe research results show that: a positive correlation exists between executive equity incentives and corporate innovation performance, and executives’ reasonable equity incentives can promote the growth of corporate innovation performance. A positive correlation exists between executive equity incentives and CSR. Implementing equity incentives for executives can stimulate their motivation to assume CSR. A positive correlation exists between CSR and corporate innovation performance. The more a company fulfills its social responsibility, the more it can promote the improvement of corporate innovation performance. CSR plays a mediating role between executive equity incentives and corporate innovation performance. CSR promotes executive equity incentives’ impact on corporate innovation performance and exerts a “complete mediating effect” between the two.Research limitations/implicationsThe number of samples and the time span of samples can be expanded in the future. This research has tested the mediating effect of CSR, but other mediating variables may play a role in the process of executive equity incentives in promoting corporate innovation performance. Further research should be conducted to explore the mediating effect of financing constraints and media attention on corporate innovation performance. This study only verifies the influence of equity incentives on CSR and innovation performance of senior executives. In the future, other incentive methods should be explored, such as salary incentives.Practical implicationsForeign research on equity incentives has matured, but the experience of foreign countries cannot necessarily produce the expected effect in China. More than ten years have passed since the China A-share market began implementing equity incentives on December 31, 2005. As of December 31, 2017, about one-third of enterprises in the high-tech industry that had introduced equity incentives had stopped implementing the policy. Data from 2012 to 2018 were selected to analyze the relationship between executive equity incentives, CSR and corporate innovation performance to explore the influence mechanism of equity incentives. This study provides a comprehensive theoretical framework to examine the interaction among executive equity incentives, CSR and corporate innovation performance. Because most previous studies have focused on the relationship between executive equity incentives, CSR and corporate innovation performance, they are rarely been used as an intermediary variable to explore the impact of executive equity incentives on corporate innovation performance. This study explores the impact of executive equity incentives on corporate innovation performance under the influence of CSR. Moreover, this study explores the mediating role of CSR in corporate governance, which provides a new perspective for CSR research and verifies relevant literature on the mediating effect model.Social implicationsResearch countermeasures and suggestions: the research results are significant for enterprises implementing executive equity incentives, fulfilling CSR, enhancing corporate reputation, improving corporate innovation performance and ultimately obtaining market competitiveness. Therefore, the following suggestions are proposed: establish and improve the executive equity incentive mechanism and strengthen the promotion effect of executive equity incentives in CSR and corporate innovation performance. Strengthen the awareness of enterprises to actively fulfill CSR and give full play to the role of CSR in promoting corporate innovation performance. Improve the profitability of enterprises and focus on the promotion effect of enterprise profitability on corporate innovation performance.Originality/valueThis study focuses on executive equity incentives and introduces CSR as an intermediary variable to explore the influence path of executive equity incentives on corporate innovation performance. Based on the research results, this study takes targeted measures to improve corporate innovation performance and maintain its healthy growth of corporate innovation performance. This is significant in enhancing enterprises’ core competitiveness and promoting the enterprise economy’s sustainable development. Meanwhile, the enterprise has significant reference value in actively fulfilling its CSR and realizing its stable and healthy development.

PurposeThe purpose of this paper is to systematise the current state of research on the association between companies’ corporate social responsibility (CSR) engagement and financial analysts’ company assessment. Additionally, it aims to identify fruitful directions for future research that contribute to a further exploration of the link between CSR and financial analysts.Design/methodology/approachThis study reviews and synthesises existing research on CSR and financial analysts. Based on the research question, “What is the relationship between CSR engagement and financial analysts’ metrics?,” the authors conduct a systematic literature review. The authors search three major databases and use an extensive search term to ensure exhaustive coverage of the field. The paper then systemises the current state of research and identifies knowledge gaps and potential directions for future research.FindingsThe review of existing research shows that several studies confirm a positive link between CSR performance and analyst coverage, suggesting that external monitoring through analysts incentivises companies to enhance their CSR engagement. Further, results indicate that a company’s involvement in “sin” industries is linked to lower analyst coverage. Besides, a higher level of CSR disclosure is positively associated with analyst forecast accuracy, thus indicating that the provision of CSR-related information is linked to an enhanced information environment. High levels of CSR performance are associated with more positive recommendations from analysts. However, recent surveys and interview studies on analysts’ perceptions of CSR fail to uniformly support an increasing interest in CSR.Research limitations/implicationsFor a better understanding of the link between CSR engagement and financial analysts, two fruitful directions for future research are observed. First, future research designs should clearly differentiate between CSR disclosure and CSR performance and take account of interdependencies between them. Second, studies should address behavioural insights into how analysts process information and the influence of individual analyst characteristics on the link between CSR engagement and an analyst’s assessment of a company.Originality/valueThis study is the first to review the literature on the relationship between CSR and financial analysts. The association between CSR and financial analysts is particularly interesting given the pivotal role financial analysts play as information intermediaries in financial markets. This study delivers an in-depth understanding of existing studies and their theoretical underpinnings. Based on the existing literature, this paper develops innovative directions for future research.

This study examines factors that explain corporate social responsibility (CSR) engagement in Chinese firms. Contrary to the developed markets, the Chinese government plays a determinant role in CSR engagement of Chinese firms. For the state-owned firms, several results are noted. First, a firm’s CSR engagement appears to serve the government interest rather than the various stakeholders. Second, managers will overinvest in CSR for political reasons or private reputation building. The behavior supports the overinvestment hypothesis. Third, a state-owned enterprises firm with more earnings management will likely reduce CSR engagement. SOEs that have CSR engagements tend to have higher research and technical development expenditures and lower financial performance. For non-state-owned firms, the CSR engagements appear to mitigate conflicts among stakeholders and associate with higher firms’ value, supporting the conflict-resolution hypothesis. Our results find that firms of a larger size are more likely to participate in more CSR engagement for both SOEs and non-SOEs.

PurposeThis study aims to guide firms in emerging markets on whether corporate social responsibility (CSR) engagement facilitates their access to debt with the moderation of asset structure and firm performance. Considering the moderating effect analysis, this study explores the substitutive or complementary effect of these two contingencies on CSR-oriented firms in accessing debt financing.Design/methodology/approachDrawing on data collected for 16 emerging markets between 2008 and 2019, this study runs country–industry–year fixed-effects regression.FindingsThis study finds that CSR performance and reporting facilitate access to debt in emerging markets. However, CSR performance does not have an inverted U-shaped influence on firms’ access to debt financing. The moderation analysis of this study shows that asset tangibility has a negative moderating effect on the link between CSR engagements (i.e. both CSR performance and reporting) and access to debt, confirming a substitutive relationship between asset tangibility and CSR engagements in accessing debt. In contrast, firm performance is positively moderating the nexus between CSR engagement proxies and access to debt, which confirms a complementary type of relationship between firm performance and CSR engagements in accessing debt.Practical implicationsThe empirical evidence of this study implies that creditors critically consider CSR engagements of firms in the loan-granting decision process. Similarly, the inverted U-shaped relationship between CSR and access to debt implies that there is an optimal level of CSR engagement creditors might consider in their decision. Likewise, the moderating effects analysis highlights that asset tangibility and firm performance are two conditions under which CSR performance and reporting are linked to access to debt.Originality/valueEmerging countries are a different set of countries than developed ones; they have high growth rates and hence need financing, have a weaker institutional environment and have weaker stakeholder power. These particularities motivated the authors to conduct a separate study focusing on CSR and debt financing links drawing on a wide range of emerging countries. Thus, this study adds to the ongoing debate by examining the conditions under which CSR-oriented firms can access debt financing in emerging economies.

PurposeThis study aims to explore the role of corporate social responsibility (CSR) on the likelihood of financial distress for a sample of 139 Pakistan Stock Exchange (PSX) listed firms throughout 2008–2019.Design/methodology/approachThe dynamic generalized method of moments (GMM) estimator is used to examine the impact of CSR on financial distress. The investment in CSR is measured through a multidimensional financial approach which comprises the sum of the contribution made by the company in the form of charitable donation, employees’ welfare and research and development, while the Altman Z-score is used as an indicator of financial distress. The higher the Z-score, the lower will be the probability of financial distress.FindingsThe authors find a significant positive impact of CSR on financial distress in GMM model. This finding is consistent with the shareholder view and over-investment hypothesis of CSR as management makes an investment in CSR to get personal benefits, which resultantly leads the firm toward financial distress state. Further, this positive relationship remains present for firms having strong involvement in foreign business through exports.Research limitations/implicationsLike other studies, the present study is not free from limitations. First, financial firms are skipped from the sample, although literature witnesses a lot of studies highlight the financial firms’ commitment to achieving CSR goals. Second, financial distress occurs in different stages, and this study fails to establish a linkage between CSR engagement at different stages of financial distress. In the future, researchers can make valuable addition by covering these missing links in present studies.Practical implicationsFindings suggest several practical implications. For policymakers, they should encourage firms to adopt more socially responsible behavior as it not only prevents them from distress but also comes with better investment behavior, minimize bankruptcies and make economies more strong and stable. Second, results suggest corporate managers emphasize socially responsible behavior as its benefits are beyond the “societal benefits” as it lessens financial distress through lower cost of debt, lesser financial constraints and reduced cost of information asymmetry, and it minimizes the cost of capital. Lastly, investors make risk premium assessments related to future earnings by determining the likelihood of financial distress in the future.Originality/valueThe study extends the body of existing literature on CSR and the likelihood of financial distress in Pakistan, which is according to the best knowledge of the authors, not yet studied before. The results suggest that policymakers may pay special attention to the quality of CSR while predicting corporate financial distress.

Research summary : Building on economic geography and institutional theory, we develop and test theory relating geographic variables to the strength of corporate social responsibility ( CSR ) engagement and the cost of equity capital. For a large sample of U.S. firms over the period 1998–2009, we find strong and robust evidence that firms located in areas characterized by high levels of local CSR density score higher in CSR engagement. In addition, firms located close to major cities and financial centers exhibit higher CSR engagement compared to firms located in more remote areas. Moreover, the effect of CSR engagement on reducing equity financing costs is even greater for firms in high CSR density areas than for firms in low CSR density areas . Managerial summary : Does the location of CSR engagement by firms affect the strength of CSR engagement by their neighbors? Does the geography of engagement have an impact on financial performance? Our findings show that a firm's CSR engagement increases in areas where there is dense CSR engagement and when it is located near large cities. In these areas, norms, values, and knowledge related to CSR are transmitted to firms through face‐to‐face meetings and frequent social interactions with groups such as peers, labor unions, news media, universities, and community organizations, which tend to be concentrated in large cities. Our findings further highlight that CSR engagement reduces equity financing costs for firms in areas where CSR is widely practiced . Copyright © 2015 John Wiley & Sons, Ltd.

This chapter presents the results of a study designed to provide insights into Corporate Social Responsibility (CSR) engagement in Small and Medium Tourism Enterprises (SMTEs). The study sought to determine CSR engagement in relation to owner-managers’ characteristics, the types of CSR practices SMTEs engage in, their motivations for doing so and the factors that affect their CSR engagement. The chapter begins with a review of literature relevant to this study, along with an overview of the methodology employed. Following this, key findings are presented. These suggest that whether an SMTE is owner-managed or not has the largest influence on a firm’s CSR engagement including: the motivations and benefits sought; the use of resources for CSR; types of CSR practices; and the overall formality and organisation of the CSR approach. Additionally, a ‘Fluid Model of SMTE Engagement in CSR’ is presented that depicts three types of CSR engagement by SMTEs: reactive, proactive, and active, along with the factors that potentially affect CSR engagement. The chapter concludes with a reflection on the study’s relationship to CSR 2.0.

This study was conducted to explore the relationship between Corporate Social Responsibility (CSR) Engagement and Employee Job Satisfaction in Schools of Kampala District, Uganda. CSR refers to an organization’s commitment to contribute positively to society through ethical practices, environmental sustainability, and community engagement. The study assessed the relationship between (i) frequency of CSR engagement and employees’ job satisfaction and (ii) type of CSR activity and employees’ job satisfaction. A descriptive and correlational research design was used to collect data from 50 teachers purposively selected from 6 secondary schools Kampala. SPSS software was used to analyse the data. The study findings showed a strong positive correlation between CSR engagement and employee job satisfaction (r = 0.65, p < 0.01). In addition, the regression analysis conducted showed community outreach as the predictive power of CSR engagement on job satisfaction (R² = 0.45, p < 0.01). It is therefore concluded that CSR engagement has a statistically significant relationship with job satisfaction. Employers are therefore urged to promote CSR activities in their institutions, align CSR with employees’ values, encourage employee involvement in CSR and recognise employees that actively engage in CSR.

This paper studies the role of corporate social responsibility (CSR) performance on corporate financial performance during the COVID-19 by examining a sample of Chinese listed firms. Based on the PSM-DID methodology, we find that the pandemic-induced decline in stock returns is stronger with more CSR engagement. The results remain robust even after the dynamic effect test and placebo test. It means CSR performance does not improve Chinese corporate immunity to the pandemic. This inadequate response of CSR could be due to the “relatively few good things effect”. Furthermore, our study indicates that increasing awareness of responsible investment and improving the quality of CSR disclosure could facilitate CSR engagement in China.

This study examined the impact of Corporate Social Responsibility (CSR) engagement and implementation on business resilience among sustainable resort hotels in Palawan, Philippines. Using a descriptive-correlational method, the study analyzed the demographic profile of resorts: type, location, size, and years in operation, and assessed the extent of CSR practices and resilience based on respondents’ ratings. Findings revealed a high level of CSR engagement, particularly in environmental, economic, ethical, and social dimensions, with economic and environmental responsibilities rated highest. Among the CSR implementation factors, communication, embeddedness, awareness, and evaluation, communication emerged as the most practiced. Business resilience, assessed in terms of preparedness, adaptability, and recovery, was rated highest in recovery. Multivariate Analysis of Variance revealed that ethical CSR engagement varied significantly by years in operation, while CSR embeddedness and preparedness varied by location. Recovery also varied based on years in operation. Regression analysis showed that environmental, ethical, and economic CSR significantly predicted all three resilience components, while social CSR related strongly to recovery. CSR communication and embeddedness also positively influenced resilience. Mediation analysis indicated that CSR implementation partially mediated the relationship between CSR engagement and resilience, with communication as the strongest mediator. The study underscores the need for tailored CSR and resilience strategies based on resort characteristics. Strengthening environmental, ethical, and economic CSR efforts and improving CSR communication and embeddedness can significantly enhance resort resilience and sustainability. A proposed framework serves as a strategic guide for aligning CSR initiatives with resilience planning, aiming to enhance the long-term sustainability of resort hotels. Keywords: Business Management; Corporate Social Responsibility; Business Resilience; Sustainable Tourism, MANOVA, Multiple Regression; Resorts Hotel, Palawan, Philippines