Corporate social responsibility in emerging and developing economies in Central and Eastern Europe – a measurement model from the stakeholder theory perspective

Figures & data

Figure 1. Categories of stakeholders.

Source: Authors’ own creation.

Table 1. Indicators for evaluating various expectations of stakeholders.

Stakeholder category	Stakeholder expectations	Indicators for assessing how stakeholder expectations were met
Investors (Sub-index 1)	Maximise benefits Business development •Investors’ rights	Effectiveness of corporate governance Confidence in the management’s professionalism Investor protection Protection of the interests of minority investors
Employees (Sub-index 2)	Job security Workplace health and safety Fair salary / benefits Professional development opportunities Authority	Hiring and firing practices Linking wage to labour productivity Cooperation in the employee–employer relationship The scale of investment in staff development
Consumers (Sub-index 3)	Variety, quality and safety of products Complete and accurate information Just prices	Customer focus Consumer sophistication Extent of marketing Intensity of local competition
Suppliers (Sub-index 4)	Partnership with suppliers Selection and analysis of supplier	Index of responsible management of logistics channels
Creditors (Sub-index 5)	Recover funds Collect interests and commissions	Legal protection of rights of providers and beneficiaries of financial services
State (Sub-index 6)	Tax collection Fairness in relations with the state Social inclusion Highly competitive business environment Business contribution to the development of the national economy	Development of clusters Participation of women in the labour market Employment rate Use of new technologies in companies The presence of illegal payments and bribes in business Nature of competitive advantage
Natural environment (Sub-index 7)	Control of air, water and soil pollution Preservation of energy and natural resources	Index of environmental performance
Local community(Sub-index 8)	Urban development Support for education, arts and culture Ethical behaviour Human development	Overall quality of infrastructure Quality of education system Average life expectancy Ethical behaviour of organisations Gross domestic product

Source: Authors’ own creation.

Table 2. Top emerging and developing economies in Central and Eastern Europe according to corporate social responsibility performance based on stakeholder theory.

State/Acronym	Year	Investors Subindex	Employees Subindex	Consumers Subindex	Suppliers Subindex	Creditors Subindex	Government Subindex	Environment Subindex	Local Community Subindex	SSNI
Latvia	2012	0.74	0.79	0.65	0.90	1	0.73	1	0.54	0.79
	2011	0.64	0.70	0.63	0.88	1	0.76	1	0.49	0.77
	2010	0.61	0.70	0.57	0.68	1	0.64	1	0.60	0.73
	2009	0.70	0.71	0.53	0.67	1	0.70	1	0.54	0.73
Albania	2012	0.91	0.95	0.70	0.73	0.83	0.41	0.88	0.83	0.78
	2011	0.96	1	0.80	0.99	1	0.53	0.88	0.91	0.88
	2010	0.81	0.94	0.60	0.68	1	0.47	0.88	0.89	0.79
	2009	0.72	0.87	0.29	0.44	1	0.47	0.90	0.48	0.65
Poland	2012	0.72	0.57	0.80	0.91	0.83	0.69	0.82	0.74	0.76
	2011	0.73	0.48	0.80	1	1	0.68	0.82	0.64	0.77
	2010	0.82	0.57	0.86	1	1	0.72	0.82	0.77	0.82
	2009	0.8	0.56	0.92	1	0.80	0.70	0.82	0.75	0.79
Lithuania	2012	0.83	0.64	0.78	0.98	0.17	0.77	0.87	0.69	0.71
	2011	0.73	0.55	0.74	0.97	0.20	0.76	0.87	0.57	0.68
	2010	0.76	0.68	0.71	0.94	0.20	0.82	0.87	0.64	0.7
	2009	0.73	0.79	0.70	0.92	0.20	0.80	0.87	0.58	0.7
Turkey	2012	0.71	0.65	0.96	1	0	0.59	0.32	0.59	0.60
	2011	0.59	0.42	0.88	0.97	0	0.53	0.32	0.45	0.52
	2010	0.55	0.49	0.85	0.84	0	0.53	0.32	0.46	0.51
	2009	0.46	0.52	0.71	0.75	0	0.55	0.31	0.56	0.48
Hungary	2012	0.50	0.49	0.57	0.63	0.50	0.65	0.65	0.46	0.56
	2011	0.62	0.53	0.66	0.67	0.60	0.64	0.65	0.46	0.6
	2010	0.58	0.64	0.62	0.62	0.60	0.59	0.65	0.61	0.61
	2009	0.66	0.58	0.50	0.61	0.60	0.61	0.65	0.55	0.59
Bulgaria	2012	0.44	0.55	0.49	0.50	0.67	0.54	0.62	0.19	0.50
	2011	0.44	0.46	0.50	0.51	0.80	0.45	0.62	0.23	0.5
	2010	0.40	0.43	0.44	0.38	0.80	0.40	0.62	0.37	0.48
	2009	0.44	0.40	0.42	0.43	0.80	0.50	0.62	0.37	0.5
Croatia	2012	0.27	0.10	0.38	0.53	0.33	0.62	0.83	0.60	0.46
	2011	0.19	0.15	0.39	0.57	0.40	0.62	0.83	0.62	0.47
	2010	0.21	0.14	0.35	0.48	0.40	0.52	0.84	0.71	0.46
	2009	0.37	0.28	0.43	0.60	0.40	0.56	0.84	0.77	0.53
Romania	2012	0.40	0.21	0.41	0.33	0.83	0.49	0.41	0.05	0.39
	2011	0.57	0.38	0.49	0.50	0.80	0.47	0.41	0.18	0.47
	2010	0.70	0.53	0.58	0.56	0.80	0.53	0.41	0.37	0.56
	2009	0.76	0.61	0.58	0.64	0.80	0.55	0.41	0.38	0.59
Macedonia	2012	0.47	0.40	0.29	0.26	0.50	0.35	0.37	0.38	0.38
	2011	0.44	0.52	0.40	0.39	0.60	0.45	0.37	0.44	0.45
	2010	0.48	0.60	0.41	0.45	0.60	0.41	0.38	0.70	0.5
	2009	0.40	0.52	0.26	0.43	0.60	0.31	0.37	0.58	0.43
Bosnia and Herzegovina	2012	0.52	0.47	0.32	0.25	0.17	0.26	0.10	0.15	0.28
	2011	0.31	0.26	0.37	0.18	0.20	0.40	0.10	0.28	0.26
	2010	0.16	0.36	0.17	0	0.20	0.28	0.10	0.17	0.18
	2009	0.08	0.48	0	0	0.20	0.22	0.13	0.20	0.16
Serbia	2012	0.10	0.09	0	0	0.67	0.20	0.35	0.09	0.19
	2011	0.10	0.14	0	0	0.80	0.14	0.35	0.16	0.21
	2010	0.13	0.23	0.01	0.07	0.80	0.21	0.35	0.33	0.27
	2009	0.30	0.37	0.13	0.26	0.60	0.28	0.35	0.41	0.34

Source: Authors’ own creation.

Table 3. Results: linear regression model for panel data.

Endogenous variable	Hausman test probability	Regression model	Exogenous variables with high impact on endogenous variable	t-Statistic	Sub-index Probability according to the regression model	Coefficient	R-squared	F-statistic	Durbin-Watson stat
Investors Sub-index	0.7958	REM	Sub-index Employees	4.4458	0.0001	0.442243	0.805811	23.71209	1.762888
			Sub-index Consumers	2.7163	0.0097	0.493023
Employees Sub-index	0.0247	FEM	Sub-index Investors	2.3003	0.0288	0.402845	0.947784	29.24336	2.257176
			Sub-index Local Community	3.4233	0.0019	0.404642
Consumers Sub-index	0.1192	REM	Sub-index Investors	3.0432	0.0041	0.341831	0.869579	38.09990	2.219581
			Sub-index Employees	−2.285211	0.0.277	−0.205141
			Sub-index Suppliers	5.72165	0.0000	0.591980
			Sub-index Environment	−2.106402	0.0415	−0.218426
Suppliers Sub-index	0.3925	REM	Sub-index Consumers	5.688189	0.0000	0.724154	0.904979	54.42303	2.120014
Creditors Sub-index	0.1555	REM	–	–	–	–	0.151284	1.018575	1.656506
Government Sub-index	0.7122	REM	Sub-index Environment	3.768049	0.0005	0.376245	0.641348	10.21839	1.893670
Environment Sub-index	0.0000	FEM	–	–	–	–	0.999792	7730.952	2.699004
Local Community Sub-index	0.3106	REM	Sub-index Employees	2.697853	0.0102	0.468174	0.494130	5.581672	1.907783

Source: Authors' own creation.

Table 4. SSNI and HDI correlation matrix.

	SSNI	HDI
SSNI	1	0.427393
HDI	0.427393	1

Source: Authors' own creation.

Figure 2. Two-dimensional ranking of emerging and developing economies in Central and Eastern Europe.

Source: Authors’ own creation.