SOCIAL RESPONSIBILITY IN THE STRATEGY OF BUSINESS ENTITIES

35 3, XXV, 2022 Business Adminis a ion and Managemen 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 EM_3_2022.indd 35 15.9.2022 13:49:01 36 2022, XXV, 3 Business Adminis a ion and Managemen 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) EM_3_2022.indd 36 15.9.2022 13:49:04 37 3, XXV, 2022 Business Adminis a ion and Managemen 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) EM_3_2022.indd 37 15.9.2022 13:49:06 38 2022, XXV, 3 Business Adminis a ion and Managemen 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. EM_3_2022.indd 38 15.9.2022 13:49:06 39 3, XXV, 2022 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 EM_3_2022.indd 39 15.9.2022 13:49:06 40 2022, XXV, 3 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 41 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. 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