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10.15240/ ul/001/2022-3-003
SOCIAL RESPONSIBILITY IN THE STRATEGY
OF BUSINESS ENTITIES
E a Fuchso á1
1 Jan E angelis a Pu kyně Uni e si y in Ús í nad Labem, Facul y o Social and Economic S udies, Depa men
Economics and Managemen , Czech Republic, ORCID: 0000-0002-3501-6630, [email p o ec ed].
Abs ac : Social esponsibili y is a common pa o co po a e p ac ice and an es ablished opic o
scien i ic esea ch. Fo eign s udies ha e epea edly concluded ha he consis en in eg a ion o
social esponsibili y in o co po a e s a egy and s a egic managemen o all dimensions o CSR
s eng hen co po a e g ow h, b ing compe i i e ad an ages, and con ibu e o he sus ainable
de elopmen o socie y. The aim o he pape is o ind ou whe he e en in he Czech Republic
business en i ies wi h a s a egic concep o CSR achie e be e economic esul s compa ed o
hose whose app oach o social esponsibili y is a he in ui i e and unsys ema ic. Also, i seeks
o answe he ques ion o whe he , wi h di e en co po a e s a egies, i is desi able o ocus
on di e en CSR ac i i ies ha would suppo co po a e g ow h. A su ey o he dimensions o
s a egic CSR and basic economic cha ac e is ics was ca ied ou on a se o mo e han 400 Czech
companies engaged in CSR. Da a we e p ocessed by me hods o clus e analysis, ac o analysis
and mul inomial logis ic eg ession. The esul s show ha he e is a link be ween a mo e ad anced
(i.e., s a egic) concep o CSR and achie ing economic p ospe i y. I was also ound ha companies
wi h di e en co po a e s a egies should ca e ully conside he bene i s o indi idual CSR ac i i ies.
All h ee s a egies ha e shown posi i e e ec s esul ing om ac i i ies aimed a employees and
he local communi y. The di e en ia ion s a egy has shown he bene i s o cul i a ing a ma ke
en i onmen and he highes quali y s a egy o human igh s p o ec ion. On he o he hand, wi h
he lowes p ice s a egy, addi ional CSR ac i i y does no mean an economic ad an age. The
conclusions con ibu e o he cla i ica ion o he links be ween s a egic CSR and co po a e g ow h
in he Czech business en i onmen and con ibu e speci ic knowledge ha can be implemen ed
by companies i hey wan o s eng hen he posi i e e ec s o hei socially esponsible ac i i ies.
Keywo ds: S a egic co po a e social esponsibili y, economic g ow h, di e en ia ion s a egies,
s a egies o he highes quali y, lowes p iced s a egy.
JEL Classi ica ion: M14, L10.
APA S yle Ci a ion: Fuchso á, E. (2022). Social Responsibili y in he S a egy o Business
En i ies. E&M Economics and Managemen , 25(3), 35–52. h ps://doi.o g/10.15240/
ul/001/2022-3-003
In oduc ion
The concep o CSR has been g adually
c ea ed on he concep o co po a e al uism,
and i s exis ence is suppo ed by he conclusion
o se e al p o essional s udies on he posi i e
link be ween social esponsibili y and inancial
pe o mance. The b oade app oach o his
issue also akes indi ec links in o accoun .
The mos common ou comes a e ha his
ela ionship is mo e laye ed, and posi i e
e ec s p e ail. A he same ime, o he ,
no less impo an bene i s a e highligh ed,
especially ha o s eng hening he company’s
epu a ion, educing ( ansac ion) cos s and
isks, s eng hening he s a egic compe i i e
ad an age and, las , bu no leas , c ea ing
condi ions o he syne gy o in o ma ion and
alues ha bene i e e yone (Ca oll, 2015).
S a egic Co po a e Social Responsibili y
(SCSR) has been in mains eam CSR heo y
since he beginning o he new millennium,
bu he i s signs o such an app oach o
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CSR can be ound as ea ly as he 1990s
(Bu ke & Logsdon, 1996). Fo eign s udies
ha e epea edly concluded ha he consis en
in eg a ion o social esponsibili y in o co po a e
s a egy and in o s a egic managemen o all
dimensions o CSR s eng hens co po a e
g ow h, b ings compe i i e ad an ages, and
con ibu es o he sus ainable de elopmen
o socie y. The aim o he pape is o ind ou
whe he e en in he Czech Republic business
en i ies wi h a s a egic concep o CSR achie e
be e economic esul s compa ed o hose
whose app oach o social esponsibili y is a he
in ui i e and unsys ema ic. A he same ime, i
seeks o answe he ques ion o whe he , wi h
di e en co po a e s a egies, i is desi able
o ocus on di e en CSR ac i i ies ha would
suppo co po a e g ow h.
1. Theo e ical Backg ound
1.1 S a egic CSR
As he concep o CSR was being buil , (o en
obus ) o mal sys ems o social esponsibili y
managemen began o be c ea ed, and
a en ion was hus ans e ed o i s s a egic
a ionaliza ion (Ca oll, 2015). The combina ion
o he concep o social esponsibili y and
s a egic managemen does no occu simply
by p oclaiming he bene i s o a s a egic
app oach o c ea ing he posi i e bene i s o
CSR. I was also necessa y o align he pilla s
o s a egic managemen wi h he indi idual
ea u es o social esponsibili y. Bu ke and
Logsdon (1996) s a e ha no all CSR ac i i ies
in e sec wi h s a egic managemen . On he
con a y, a numbe o socially esponsible
ac i i ies emain ‘non-s a egic’, ye hey ha e
a ecognizable bene i o bo h he o ganiza ion
and he add essees o hese p og ams.
Signi ican dimensions o CSR a e
subsequen ly assigned o he basic elemen s
o s a egic managemen which ha e been
iden i ied by he mos ci ed s udies and a e
gene ally accep ed by he p o essional public
as he de ini ions o s a egy (see Fig. 1). A se
o hese aspec s was published al eady in 1996
(Bu ke & Logsdon, 1996) and widely adop ed
o e he nex wo decades (Bocque e al.,
2012; Ma inez-Conesa e al., 2016).
The CSR cen ali y dimension de e mines
he ex en o which socially esponsible ac i i ies
a e linked o he company’s co e business and
s a egy (Anso , 1965). A he le el o social
esponsibili y, speci ici y is unde s ood as
a compe i i e ad an age by which a company
can ge in o a mo e ad an ageous posi ion
compa ed o he compe i ion by being able o
ob ain signi ican esou ces. P oac i i y e e s
o a way o ac ing ha is hough ul, includes
a wide ange o in luences in decision-making
and, a he same ime, akes in o accoun
isk assessmen , i.e., he opposi e o ad hoc
decision-making acco ding o he cu en
si ua ion and as a pa o s a egic planning. I
Fig. 1: S a egic CSR
Sou ce: own based on Bu ke and Logsdom (1996), and Bocque e al. (2012)
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e e s o he ime dimension o he CSR s a egy,
as s a egic social esponsibili y is no sho -
e m. Volun a ism, o he ex en o which an
o ganiza ion is willing o ake ac ion beyond he
obliga ions se by he egula o (e.g., in he ield
o he en i onmen ), how i includes s akeholde
in e es s in decision-making and how i is
associa ed wi h business p ocesses hemsel es
(Zeng e al., 2012). The las ea u e o s a egic
CSR is isibili y, again unde s ood in a b oade
sense as a ecognizable bene i o he company
in e ms o s eng hening i s epu a ion and
imp o ing economic esul s. He e, oo, he e is
a clea pa allel o o he esea ch, some o which
has al eady been men ioned (Rashid e al.,
2013; Soppe e al., 2011).
The model p oposed o ul ill he goal o he
pape is based on he indings o he s udies
abo e (Bocque e al., 2012; Bu ke & Logsdon,
1996) and adap ed o he condi ions o co po a e
p ac ice in he Czech Republic. Indica o s we e
assigned o he indi idual s a egic dimensions,
which con i m/ e u e whe he he su eyed
company mee s he condi ions in he gi en
a ea. The dimension o cen ali y is ul illed i he
company has o mula ed i s CSR in a speci ic
documen (o his documen is pa o ano he ,
such as a co po a e s a egy p oclama ion) and
i i e alua es socially esponsible ac i i ies a
egula in e als (e.g., in an annual epo ). The
exis ence o hese o mal (w i en) documen s
is essen ial o bo h sub-indica o s. Compe i i e
ad an age means ha he company manages o
s eng hen i s esou ces h ough CSR, namely,
o gain new cus ome s, s eng hen i s epu a ion,
o s eng hen i s compe i i eness. The answe
‘yes’ may mean no only he exis ence o
me ics, bu also he managemen ’s belie in he
exis ence o a speci ic ad an age. P oac i i y
is achie ed i he o ganiza ion can indica e ha
i is c ea ing a CSR plan and sys ema ically
managing he CSR agenda. The in ol emen o
s akeholde s o he ac ha he company knows
abou i s key in e es g oups and includes hei
expec a ions in decision-making is he con en o
he olun a ism dimension. The las dimension o
isibili y ocuses on he communica ion s a egy,
which is clea in e ms o he con en and o m o
communica ion.
Assuming ha he ul ima e measu e o he
s a egic bene i s o CSR is he alue i c ea es
o he i m (Bu ke & Logsdon, 1996), hen ha
alue needs o be measu ed. The pape is
based on he assump ion ha compe i i eness
is a basic and necessa y p e equisi e o
co po a e g ow h, so he ollowing sec ion
examines how indi idual CSR componen s
con ibu e o he p ospe i y o businesses in
companies wi h di e en deg ees o s a egic
unde s anding o he concep o CSR.
Fig. 1: Model o SCSR and g ow h
Sou ce: own based on S oian and Gilman (2017)
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The de elopmen o he company is
in luenced by a numbe o ac o s, and he
chosen model (see Fig. 2) p ima ily moni o s
how indi idual CSR ac i i ies can s eng hen
he company’s g ow h. The assump ion is ha
he company implemen s om one o all i e
ypes o socially esponsible ac i i ies. O he
possible in luences in he model play he ole
o con ol a iables. The size o a company can
ha e a majo impac on i s g ow h because
a smalle company may be in a s age o apid
de elopmen as i has no ye eached i s
po en ial. Fo his eason, he size o smalle
o ganiza ions was aken in o accoun . A simila
eason is wi h he ac o o he company’s age
when i can be expec ed ha a he young
companies would g ow as e a he beginning.
Gi en he size o he sample o companies
examined, i was no app op ia e o b eak
down he s uc u e o he indus y in which hey
ope a e, so only a simple di ision in o se ices
and manu ac u ing companies was chosen.
The las h ee ca ego ies a e he ypes o basic
s a egies ha occu mos o en. Fo hei main
p oduc (se ice), companies decided which
s a egy o choose, so hey could no lis mo e
han one.
1.2 Hypo heses
The aim o he pape is o ind ou whe he
business en i ies in he Czech Republic, which
a e conside ed and/o conside hemsel es
socially esponsible, implemen he concep o
CSR h ough a s a egic app oach. A he same
ime, he pape ies o e i y whe he a s a egic
g asp o CSR con ibu es o he company’s
g ow h and wha ypes o socially esponsible
asse s i is app op ia e o ocus on in a ious
company s a egies so as o s eng hen he
g ow h.
Po e and K ame (2006) supplemen ed
he s a egic concep by dis inguishing
be ween p oac i e and eac i e CSR and a
he same ime desc ibed he di e en e ec s
o hese app oaches. Acco ding o he au ho s,
a company wi h esponsi e CSR “...ac s as
a good co po a e ci izen, adap s o he e ol ing
socie al in e es s o s akeholde s and mi iga es
he cu en o expec ed ad e se e ec s o i s
business ac i i ies…” In o he wo ds, such
a company s i es o implemen p o en
‘bes p ac ices’, which ce ainly con ibu e o
con inuous imp o emen , bu so o en he e
is a disconnec ion om he o e all co po a e
s a egy. Legi imacy is no comp omised, bu
ensions o e en con lic s wi h he ‘in e nal
logic o pe o mance’ may a ise (Fiss & Zajac,
2017). I esul s om he assump ion (abo e)
ha alue c ea ion is condi ional on he
alignmen o he a ious s a egic dimensions
o CSR, and s a egic CSR should be able o link
socially esponsible cos s wi h po en ial e u ns,
such as e enue g ow h o s eng hening
compe i i eness (McWilliams & Siegel, 2001).
The e o e, p oac i e CSR p o iles, o companies
wi h a highe deg ee o s a egic CSR, ha e
a be e chance o co po a e g ow h han hose
wi h esponsi e social esponsibili y, e en
when hey a e no doing well; hey only pa ially
educe hei CSR ac i i ies because hey expec
ha i would pay o o do so in he longe e m
(Ha egan e al., 2018). In his case, hey do no
iew he esou ces spen on CSR ac i i ies as
cos s bu conside hem in es men s.
Consis en implemen a ion o social
esponsibili y can gene a e excellen esul s
h ough su icien esou ce alloca ion and
changes in business s uc u e. Such CSR
helps companies achie e and main ain social
legi imacy, hus con ibu ing o a be e business
en i onmen and a highe inancial e u n on
capi al (Wang & Sa kis, 2017). Companies
wi h a consis en concep ual app oach o social
esponsibili y achie e be e o e all inancial
pe o mance and g ow h. They achie e a highe
e u n on asse s and highe p e- ax p o i s and
sales (Amee & O hman, 2012).
Co po a e g ow h is a synonym o
p ospe i y, so i is sui able o measu ing he
success o CSR implemen a ion. I is gene a ed
in a ious ways, mos o en by economies o
scale, achie ing he minimum le el o e iciency
and manage ial (owne ship) goals. G ow h can
be exp essed h ough he indica o o g ow h
in e enue, p o i , numbe o cus ome s o
employees (Soukupo á, 2003), and, las bu
no leas , he de elopmen o he sales end
(Amee & O hman, 2012; OECD, 2017), which
is he app oach used in he pape .
I can he e o e be assumed ha :
H1: Companies wi h a highe deg ee o
s a egic CSR concep achie e highe g ow h
han companies wi h esponsi e CSR.
While:
H2: Fi ms wi h a lowe deg ee o s a egic
CSR concep achie e lowe g ow h han i ms
wi h p oac i e CSR.
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Business Adminis a ion and Managemen
Howe e , despi e he alignmen o all
dimensions o s a egic CSR (Bocque e al.,
2012; Bu ke & Logsdon, 1996), he e ec s may
be di e en depending on he o e all co po a e
s a egy. The cos leade ship and di e en ia ion
s a egies (Po e , 1980) a e supplemen ed
by he quali y-d i en s a egy in he pape .
This is due o he expansion o ISO quali y
s anda ds and in esponse o a numbe o
s udies ha conside he quali y-d i en s a egy
o be equi alen o gene ic s a egies (S oian &
Gilman, 2017).
Companies wi h di e en ia ion s a egy
(STRDIF) can also di e en ia e hemsel es
om he compe i ion h ough hei social
esponsibili y (Medina-Munoz & Medina-
Munoz, 2001). The pu pose o di e en ia ion
is o achie e he g ea es possible di e ence
be ween cus ome s’ pe cei ed added alue
and he cos s ha a e incu ed o c ea e i .
The amoun o cos s depends on he ype o
CSR ac i i ies, so companies should choose
he ac i i ies ha con ibu e mos o he alue
o consume s compa ed o he p ice (Li e
al., 2019). I hey do so, hey can ely on he
dispe sed pe cep ion o cus ome s, who o en
de i e an o e all posi i e a i ude owa ds he
company om he posi i e pe cep ion o pa ial
CSR ac i i y. This is easies o companies
p oducing p oduc s ha a e in hemsel es
conside ed o be socially bene icial (Soppe e
al., 2011). En i onmen al ac i i ies inc ease he
company’s epu a ion in he communi y, which
is bene icial because i is o en also a ma ke in
which co po a e p oduc s a e o e ed (Hammann
e al., 2009); he company and i s p oduc a e
pe cei ed as speci ic, and he demand g ows
(B anco & Rod igues, 2006; Po e , 1998)
because he loyal y o exis ing cus ome s
inc eases, and new cus ome s a e success ully
eached. This inc eases in ellec ual capi al and
s eng hens supplie -cus ome ela ionships,
he low o in o ma ion be ween companies and
co po a e g ow h. A simila bene i o in es ing
in he local communi y o he company’s
economic esul s was demons a ed in a s udy
ocused on he Aus alian ma ke (Sila & Cek,
2017).
In es ing in employees wi hin he amewo k
o CSR con ibu es o imp o ing he quali y
o he wo k o ce, which is mo e esponsi e o
he company’s s a egy and con ibu es o he
g ow h o he e ec s o his s a egy (B anco
& Rod igues, 2006). Quali y ec ui men and
subsequen de elopmen is a ac i e o
po en ial employees (Jenkins, 2004). A be e
wo k o ce also b ings inno a ions ha again
di e en ia e p oduc s and se ices om he
compe i ion and hus b ings a compe i i e
ad an age (Semuel & Siagian, 2017) in ul illing
he di e en ia ion s a egy. Cus ome s a e
o en also employees o ano he company,
so hey will app ecia e i he company ea s
i s employees ai ly and p o ides hem wi h
sa e and suppo i e wo king condi ions and
en i onmen s (Li e al., 2019).
The o e o en i onmen ally iendly
p oduc s is app ecia ed especially by
en i onmen ally conscious cus ome s (Pe ini
e al., 2007) o ecologically o ien ed companies.
As a esul o implemen ing en i onmen al
s anda ds such as ISO 14001, a company can
achie e p emium p ices and en e new ma ke s
(B anco & Rod igues, 2006), hus assuming
he compe i i e ad an age o he di e en ia ion
s a egy and hus inc easing i s alue (Medina-
Munoz & Medina-Munoz, 2001). Engaging in
en i onmen al CSR ac i i ies s imula es he
company o inno a e, which will b ing u he
possible ma ke di e en ia ion and g ow h in he
u u e. These companies also had a spillo e
e ec in he o m o changes in co po a e
cul u e in he o m o inc eased o ganiza ional
commi men s o o he s akeholde s, employee
quali ica ions and epu a ion, which again
s eng hen he company’s compe i i eness and
g ow h wi h a di e en ia ion s a egy. A holis ic
app oach o sus ainabili y in p oduc ion and
sales can be a sou ce o u he inno a ion wi h
he con ibu ion o a sui able business model
(F ança e al., 2017).
CSR ac i i ies ha con ibu e o he
p o ec ion o human igh s include ai wages,
he absence o any disc imina ion in he
wo kplace and in business ela ions, o , o
ins ance, he igh o clean d inking wa e , which
is a p oblem in many less de eloped coun ies
whe e companies ha e hei p oduc ion acili ies
(BIS, 2018). Especially in coun ies wi h lowe
legal p o ec ion o employees and hei heal h,
i is app op ia e o p e en possible abuse o
hese lowe s anda ds by in oducing company
s anda ds ha ensu e decen condi ions o
wo ke s. This makes he p oduc a ac i e
o cus ome s who a e awa e o human igh s
and a e e en willing o pay ex a o complying
wi h hese s anda ds. A he same ime, i has
been shown ha cus ome s who a e willing o
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Business Adminis a ion and Managemen
pay a highe p ice pe cei e he i esponsible
beha io o companies nega i ely and a e
able o boyco he company e ec i ely in he
e en o human igh s iola ions (C uz, 2017).
Fi ms ha a e willing and able o ensu e ai
wage condi ions o all hei employees and
a non-disc imina o y wo k en i onmen a e in
sea ch o job seeke s, especially young and
highly quali ied people who ha e he po en ial
o con ibu e o u u e inno a ion, which again
con ibu es o s eng hening di e en ia ion
s a egies (B anco & Rod igues, 2006).
The ollowing hypo hesis is o mula ed om
he abo e:
H3: Companies ha pu sue a di e en ia ion
s a egy a e mo e likely o g ow as e i
hey implemen CSR ac i i ies ela ed o he
communi y, he wo k o ce, en i onmen al
p o ec ion and human igh s.
I a newly es ablished company wan s o
d aw a en ion o i sel h ough i s CSR ac i i ies,
i should ne e p io i ize CSR o e he quali y
o i s p oduc s in i s p omo ion. I his condi ion
is me , hen, o example, he suppo o local
associa ions is an e ec i e ool (Robinson &
Wood, 2018).
Quali y ec ui men and he o e all
de elopmen o human esou ces con ibu e
o inc easing p oduc quali y, hus con ibu ing
o s eng hening he quali y-d i en s a egy
and hus con ibu ing o he company’s own
g ow h (B anco & Rod igues, 2006). A quali y
p oduc o se ice canno be c ea ed i quali y
esou ces, including human esou ces, a e no
a ailable o i s p oduc ion. The e o e, in es ing
in employees is a ca ego ical impe a i e in he
pu sui o high quali y (Sch imme e al., 2019).
Fo a quali y-d i en s a egy o be
success ul, i is necessa y o align he quali y
s anda ds o he p oduc wi h cus ome
expec a ions, which a e la gely based on
knowledge o and expe ience in he ele an
ma ke (Mish a & Sua , 2010; Rashid e al.,
2013). Fai and p omp a e -sales se ice is
equally impo an . I he cus ome conside s
he opics ha o m he co e o co po a e
social esponsibili y ele an , and a he same
ime a high-quali y p oduc is a ailable a an
adequa e p ice, hen a posi i e link be ween
co po a e CSR and cus ome beha io g ows
(Bha acha ya & Sen, 2004). Resea ch also
shows ha he success o a p oduc ha has
been ma ke ed as a highe quali y p oduc
depends on ne wo k ex e nali ies in addi ion
o he cos o changing consume beha io . I
is he e o e in he company’s in e es o c ea e
good links wi h p oduce s o complemen a y
echnologies, e c. (Molina-Cas illo e al., 2011;
U bina i e al., 2018). Simila ly, a alue-added
se ice, which is a complemen o he p oduc
o e ed, can play an impo an ole in cus ome
decision-making, especially in a si ua ion whe e
hey choose be ween many subs i u es (Dou e
al., 2016).
Highe p oduc quali y can ake he o m o
highe en i onmen al sa e y, which will inc ease
cus ome in e es and sales (Waddock &
G a es, 1997). Main aining good ela ionships
wi h s akeholde s, especially in a eas such as
employee de elopmen and mo i a ion, a good
wo k en i onmen and ela ionships wi h
cus ome s, supplie s and he local communi y
con ibu e o s eng hening b and alue (Wang
& Sengup a, 2016).
The e o e, he ollowing hypo hesis can be
o mula ed as ollows:
H4: Companies ha ollow a quali y-
d i en s a egy a e mo e likely o g ow as e
i hey implemen CSR ac i i ies ela ed o he
communi y, he wo k o ce, he ma ke and
en i onmen al p o ec ion.
The local communi y is an impo an
s akeholde o SMEs (Jennings, 2009), he
ela ionship o he en i onmen is a ea u e o
i s oo s in social ies and local ela ionships,
and he company can bene i om a o able
( ax) legisla ion as well as he educ ion o
local egula ions, which educe i s compliance
cos s (Waddock & G a es, 1997). Suppo ing
he local communi y, philan h opy and
employee olun ee ing inc ease social capi al
as well as cus ome and employee loyal y,
hus con ibu ing o sales g ow h. An e ec i e
ela ionship wi h he local communi y wo ks like
an ad e isemen in he nea es ma ke s (Pe ini
& Minoja, 2008), which again con ibu es o
sales g ow h and cos educ ion, hus achie ing
p ice compe i i eness and co po a e g ow h.
In es ing in he local communi y inc eases he
company’s epu a ion which hus becomes
mo e a ac i e o new employees and inc eases
he loyal y o exis ing employees (B anco &
Rod igues, 2006), educes ec ui men and
e aining cos s, and inc eases p oduc i i y
(Hammann e al., 2009). These ac i i ies also
gene a e a sus ainable cos ad an age, which
EM_3_2022.indd 40 15.9.2022 13:49:07
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3, XXV, 2022
Business Adminis a ion and Managemen
is an addi ional sou ce o co po a e g ow h
(Waddock & G a es, 1997), p oduc i i y and
e iciency g ow h (B anco & Rod igues, 2006).
The e is a consensus ha , al hough he suppo
o he local communi y means spending ce ain
esou ces o he company, he esul ing
bene icial e ec ou weighs hese cos s. Las ,
bu no leas , new o ms o business wi hin
a sha ed economy s ongly emphasize he
communi y, which is c ucial o success and he
c ea ion o a o dable p oduc s (Laukkanen &
Tu a, 2020).
Socially bene icial ac i i ies a ge ed a
employees a e key because hey a e an
impo an asse o he company and a e
a sou ce o compe i i e ad an age (Po e ,
1998). Quali y ec ui men and human esou ce
de elopmen s a egies a e a p e equisi e
o ensu ing capable employees who ul ill
co po a e s a egies (B anco & Rod igues,
2006; Po e & K ame , 2006) and inc ease
compe i i e ad an age and co po a e g ow h.
E ec i e human esou ce managemen educes
cos s and boos s p oduc i i y (Soma ia, 2000).
This educ ion o cos s means ha mo e
esou ces emain o u he business g ow h.
P og ams o employees can ake many o ms,
such as c ea ing a co po a e cul u e o us ,
ools o econciling pe sonal and wo k li e (so-
called wo k-li e balance) and lexible wo king
condi ions. These suppo ac i i ies con ibu e
o inc easing employee mo i a ion, wo k e hic
and esponsibili y (B anco & Rod igues, 2006),
educing u no e and absen eeism (Vi aliano,
2010), while also educing he cos o ec ui ing
and aining new employees (B anco &
Rod igues, 2006). As wi h ac i i ies o he local
communi y, hese a e associa ed wi h cos s,
bu e en he e i can be s a ed ha e enues
exceed cos s and, in he longe e m, lead o
a educ ion in o al cos s (S oian & Gilman,
2017).
The a ea o CSR ocused on en i onmen al
p o ec ion also con ibu es o p oduc i i y
g ow h. Making en i onmen al commi men s
beyond exis ing legisla ion educes he cos s
ha would o he wise ha e o be incu ed in
implemen ing ex pos measu es (Howa d-
G en ille & Ho man, 2003). I can also be
s a ed ha hese measu es con ibu e o
cos educ ion, as hey con ibu e o g ea e
e iciency and economy in he use o exis ing
(e.g., ene gy) esou ces and as hey educe
was e (B anco & Rod igues, 2006). I hese
ac i i ies a e in he o m o specialized know-
how, hey also lead o cos cu s (S oian &
Gilman, 2017).
Con e sely, bo h ma ke ing ac i i ies
and he p o ec ion o human igh s inc ease
co po a e cos s because i is usually necessa y
o in ol e addi ional human and inancial
esou ces (Medina-Munoz & Medina-Munoz,
2001), hus unde mining he p ice (cos )
ad an age as a d i e o g ow h.
Based on hese indings, he las hypo hesis
can be o mula ed as ollows:
H5: Companies ha pu sue a cos leade ship
s a egy a e mo e likely o g ow as e i
hey implemen CSR ac i i ies ela ed o he
communi y, he wo k o ce and en i onmen al
p o ec ion.
2. Resea ch Me hodology
2.1 Resea ch Se and Va iables
The basic g oup consis s o companies in
he Czech Republic ha a e demons ably
dedica ed o social esponsibili y and/o a leas
conside hemsel es socially esponsible. The
ollowing c i e ia we e chosen o inclusion in
he esea ch, and a leas one o hem had o
be me :
 he company has ecei ed an awa d o
social esponsibili y in he pas ;
 he company is pa o a pla o m ha
suppo s CSR;
 he company publicly decla es i s social
esponsibili y.
In u he da a p ocessing, he su eyed
companies we e di ided in o wo size ca ego ies,
i.e., small o ganiza ions wi h less han 100
employees and la ge ones wi h 100 o mo e
employees. This di ision was chosen based
on he li e a u e which s a es ha al hough
smalle companies a e equen adop e s o
a s a egic app oach o managemen , due o
ewe employees, hey end o ha e a simple
o ganiza ional s uc u e (especially in e ms
o o mula ing ision, s a egy and goals),
managemen unc ions a e cen alized,
and he e a e no sys ema ic managemen
p ocedu es (Henssen e al., 2014).
Da a on indi idual companies we e ob ained
om open sou ces and a ques ionnai e
su ey, and i i was possible o ob ain speci ic
in o ma ion om bo h sou ces, he public sou ce
was p e e ed. Da a collec ion ook place in wo
s ages. The i s one ook place om Decembe
2018 o July 2019; in he second phase he
EM_3_2022.indd 41 15.9.2022 13:49:07
42 2022, XXV, 3
Business Adminis a ion and Managemen
snowball me hod was used, and companies ha
had al eady p o ided hei da a we e asked o
ecommend o he en i ies sui able o esea ch
pu poses. In his way, o he companies we e
included in he esea ch se in he pe iod om
Decembe 2019 o Feb ua y 2020, un il a o al
o 404 companies we e eached, o which da a
we e a ailable o all inpu a iables.
The indi idual dimensions o s a egic
social esponsibili y a e desc ibed in he pape
h ough a iables (see Fig. 1). Addi ional
a iables (p esen ed in Fig. 2) we e c ea ed o
examine he links be ween co po a e s a egy,
company g ow h and CSR ac i i ies. The g ow h
o he company in his sense eplaces he
g ow h o sales, while hei g ow h (dec ease)
is calcula ed based on he a e age o he h ee-
yea pe iod (2015–2017) and based on he
s anda d OECD me hodology (2017).
2.2 Me hod
The da a o nine a iables (DOC, ANR, PLAN,
AGENDA, STAKE, COMPLAN, CLIENT,
IMAGE, COMPE) ha oge he de e mine
whe he CSR is s a egic i s needed o be
checked wi h Pea son’s co ela ion coe icien s
o sui abili y o ex apola ion ac o analysis.
Fu he mo e, i was necessa y o de e mine he
measu e o sampling adequacy based on he
Kaise -Meye -Olkin (KMO) measu e and he
Ba le sphe ical es and o e i y he alues
o communali ies. Then, he ac o analysis
i sel was pe o med wi h he PCA me hod,
and he main componen s we e iden i ied,
which explained a signi ican sha e o he
o al a iance o he explained quan i ies. The
calcula ion o ac o loads using he o a ion o
ac o s using he Oblimin me hod cla i ied he
a ilia ion o a iables wi h he esul ing ac o s.
The ou pu s o he ac o analysis se ed
as inpu da a o he non-hie a chical clus e
analysis. In de e mining he numbe o
esul ing clus e s, he s a is ical accu acy o he
classi ica ion was aken in o accoun (measu ed
by he a io wi hin he clus e and he numbe
o companies in indi idual clus e s). The basic
cha ac e is ics o he gene a ed clus e s we e
pe o med on he bases o he alues o he
a iances o he inpu a iables.
Pa ame ic es s we e used o e i y
hypo heses ega ding he link be ween he
s a egic concep o CSR and co po a e
g ow h. A T- es was used o e u e he same
ep esen a ion o g owing companies in g oups
wi h di e en le els o CSR and subsequen ly
he Mann-Whi ey es was used o de e mine
whe he a highe deg ee o s a egic concep
o social esponsibili y con ibu es o co po a e
p ospe i y.
In he second pa , he in luence o
indi idual CSR ac i i ies (COMM, WORK,
ENVI, MARKET, HURI) wi h di e en company
s a egies (STRDIF, STRQ, STRPRICE) o
company g ow h (GROWTH) was in es iga ed
using mul inomial logis ics eg ession (MNLR).
The calcula ion also included he con ol
a iables o he company’s exis ence on he
ma ke (AGE), size (SIZES, SIZEM) and i s main
economic ac i i y (INDU, SERVI). Fo each o
he h ee co po a e s a egies, he MNLR was
p epa ed sepa a ely, and he esul s we e
ela ed o he e e ence alue o companies
wi h apid sales g ow h. P io o pe o ming
he MNLR, i was e i ied by a mul icollinea i y
es whe he he indi idual a iables we e no
oo closely co ela ed and he e o e unsui able
o he calcula ion. Fo each model, he alue
o R2 (Nagelke ke’s pseudo R2) is gi en, which
signals he elling alue o he model. Exposed
coe icien s (ExB) exp ess he odd a io, and
he signi icance alues o indi idual p edic o s
de e mine which esul s a e s a is ically
signi ican . Fu he mo e, he da a on he sha e
o answe s ha we e e alua ed as co ec
(sui able o he esul ing model) a e eco ded.
The highe he pe cen age o hese sa is ac o y
answe s, he mo e accu a e he p edic ions o
he model a e.
3. Resea ch Resul s
3.1 S a egic CSR and Co po a e
G ow h
Using ac o analysis, he inpu da a we e
educed, and a new a iable was c ea ed,
which ep esen s he co ela ion ela ionships
be ween he inpu a iables. The co ela ion
ela ionships be ween he indi idual a iables
a e in he ecommended ange o 0.3–0.8;
only o he COMPLAN-CLIENT and COMPE-
CLIENT pai s is he alue o Pea son’s
co ela ion coe icien lowe (0.166 and 0.196,
espec i ely), which indica es ha he e is no
only one la en ac o be ween he a iables,
bu maybe mo e.
Ano he condi ion o e i ying he alidi y o
he da a is he size o he deg ee o adequacy
o he selec ion (KMO). The da a used wi h
a alue o 0.858 mee he c i e ion >0.5, esp.
EM_3_2022.indd 42 15.9.2022 13:49:07
43
3, XXV, 2022
Business Adminis a ion and Managemen
>0.7 (Rabušic e al., 2019), and he Ba le
sphe ici y es also p o ed o be s a is ically
signi ican (p < 0.001), so he da a used a e
sui able o subsequen ac o analysis.
The las condi ion is he assessmen o
communali ies o he sha e o a iance o he
a iable, which is cla i ied by all ex ac ed
ac o s. The alues a e also in an ideal band
o >0.5, excep o COMPE (0.455), bu his
de ia ion is su icien . A i s , all a iables we e
included in he s udy, bu i was in his s ep ha
STAKE was excluded because i s alue was
signi ican ly lowe (0.337). This may no be so
su p ising, as he s akeholde analysis me hod
i sel has been c i icized o i s complexi y and
ambigui y o ou pu s (Eske od & La sen, 2017),
and ecen esea ch does no show ha i is
mo e popula in co po a e p ac ice (Mazu is,
2018).
The p incipal componen s me hod (PCA)
was chosen o he ac o analysis i sel .
The eigen alue size >1 is shown by he i s
wo componen s, which oge he ep esen
mo e han 70% o he deple ed sca e . E en
ega ding he accep able ep esen a ion o
esidues (<50%), i was app op ia e o s ick o
he wo- ac o esul .
To de e mine which a iables belonged
o which ac o , i was necessa y o pe o m
he calcula ion o ac o loads. A e he i s
classi ica ion, i u ned ou ha some a iables
all in o bo h ac o s, and i was he e o e
necessa y o o a e he ac o s using he Oblimin
me hod. E en hen, he a iables IMAGE and
AGENDA emained in bo h componen s and
we e he e o e excluded om u he analysis.
A simila esul was ob ained by he s udy o
Boque e al. (2012), whe e he po olio o
ac i i ies also eached he highes alues, and
among he subjec i ely pe cei ed bene i s, he
s eng hening o he company’s image was
highes .
Subsequen ly, i u ned ou ha he a iables
PLAN, ANR, COMPLAN, DOC and COMPE
play a decisi e ole in a highe deg ee o
s a egic g asp o he CSR concep . The highe
he o e all sco e o hese a iables achie ed by
he company, he mo e i s social esponsibili y
can be conside ed s a egic.
A e inding simila (la en ) a iables
h ough ac o analysis, i was necessa y o ind
simila CSR p o iles in he su eyed companies.
This was done by a non-hie a chical clus e
analysis, which di ided he indi idual
companies in o app op ia e clus e s. Due o he
esul ing numbe o ac o s and signi icance
alues, wo clus e s we e also selec ed. The e
was a ela i ely e en ep esen a ion o he
companies in bo h clus e s.
The e a e highe alues in he i s clus e
o all moni o ed a iables, excep o he
a iable CLIENT (see Tab. 1), so we can
say ha companies in his g oup a e mo e
demons ably socially esponsible and ha hei
CSR shows a highe le el o s a egic app oach.
Tab. 1 shows ha companies wi h a s a egic
app oach o CSR mo e o en ha e a documen
whe e hey epo on social esponsibili y, plan
Clus e DOC ANR PLAN COMPLAN CLIENT COMPE
1
Mean 1.82 1.54 1.63 1.35 1.00 1.57
N207 207 207 207 207 207
S . de . * * ** ** *** **
2
Mean 1.01 1.00 1.00 1.00 1.43 1.01
N197 197 197 197 197 197
S . de . *** *** *** *** *** **
To al
F es (sig.) ** *** *** *** ** **
Mean 1.43 1.28 1.32 1.18 1.22 1.30
N404 404 404 404 404 404
Sou ce: own
Tab. 1: CSR clus e s
EM_3_2022.indd 43 15.9.2022 13:49:08
50 2022, XXV, 3
Business Adminis a ion and Managemen
companies ha s a egically app oach co po a e
social esponsibili y achie e be e economic
esul s, and a he same ime, whe he wi h
di e en co po a e s a egies i is app op ia e o
choose a di e en mix o CSR ac i i ies in o de
o s eng hen co po a e g ow h.
A sample o mo e han ou hund ed Czech
companies wi h a his o y o social esponsibili y
showed ha he e is a link be ween a mo e
ad anced, i.e., s a egic, app oach o CSR
and achie ing economic p ospe i y. The same
sample showed ha companies whose concep
o CSR is a he in ui i e and less sys ema ic
a e hus losing possible use o he po en ial
o social esponsibili y o gain a compe i i e
ad an age. Fu he mo e, i u ned ou ha
companies wi h di e en co po a e s a egies
should ca e ully conside he bene i s o
indi idual CSR ac i i ies. All h ee s a egies
ha e shown posi i e e ec s on ac i i ies aimed
a employees and he local communi y. The
di e en ia ion s a egy has shown he bene i s
o e o s o cul i a e a ma ke en i onmen , and
he s a egy o he highes quali y showed he
bene i o human igh s p o ec ion. Con e sely,
wi h he lowes p ice s a egy, he success o
which is linked o cos minimiza ion, addi ional
ac i i y does no mean an economic ad an age.
Pe haps su p isingly, he posi i e impac o
olun a y en i onmen al p o ec ion has no
been demons a ed. I canno be concluded
ha he companies should gi e up highe
en i onmen al commi men s. Such an app oach
could lead o a educ ion in he company’s
compe i i eness because all s akeholde s
ha e high expec a ions, and hey au oma ically
expec his ac i i y om companies.
The p esen ed pape has he ambi ion o
shed some ligh on he complex ela ionships
be ween social esponsibili y, co po a e s a egy
and co po a e g ow h. One can ag ee wi h
Ca oll ha he d i ing o ce behind he concep
o social esponsibili y is he widesp ead
accep ance o he idea ha companies a e
no exclusi ely o p o i (Ca oll, 2015).
The esul s canno be seen as he inal and
comple e answe o he ques ions ou lined. Fo
a close and mo e de ailed unde s anding o he
b oade opic in he con ex o Czech business,
a sys ema ic and longe - e m app oach o he
collec ion o ele an da a and subsequen
analyses would be needed in he u u e.
A en ion could be ocused on he po en ial o
social inno a ion, social en ep eneu ship and
changes in co po a e social esponsibili y due
o he e osion o he wel a e s a e.
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