Effect of macroeconomic business environment on the development of corporate social responsibility in Baltic Countries and Slovakia


  • Emilia Krajnakova Alexander Dubcek University of Trencin
  • Valentinas Navickas Kaunas University of Technology
  • Rima Kontautiene Kaunas University of Technology




corporate social responsibility, macroeconomic business environment, economic recession, Baltic countries, Slovakia


Research background: Fluctuations in economic activity forced companies to change the traditional methods of organization and management and to search for new tools, knowledge, resources and competences in order to strengthen their positions. This has particularly intensified debates on corporate social responsibility (CSR) not only between business people, but also between pieces of research,  industry leaders and government representatives. The ongoing global ecologic crisis quickened discussions about how the alternation of macroeconomic business environment influences the development of CSR.

Purpose of the article: The aim of this paper is to investigate how the changes in macroeconomic business environment influence the development of socially responsible activities in Baltic Countries and Slovakia.

Methods: A statistical analysis of secondary data was used in order to reanalyse the data for the purpose of gaining new insights. The objectives of statistical analysis in this paper were twofold: firstly, to identify the challenges in macroeconomic business environment; secondly, to explore the development of socially responsible activities in different countries. The research period covered the years 2006?2016. The choice of this period is determined by data availability.

Findings & Value added: The authors found that economic conditions may diversely affect the development of different dimensions of CSR. Even in unfavourable macroeconomic conditions companies continue to be involved in socially responsible actions because of long-run CSR benefits. The analysis is useful at an international level because it justified the development of socially responsible businesses in Estonia, Latvia, Lithuania and Slovakia, and has provided an opportunity to assess the tendencies of CSR development during the different period of economic cycle.


Download data is not yet available.


Alves, I. M. (2009). Green spin everywhere: how greenwashing reveals the limits of the CSR paradigm. Journal of Global Change and Governance, 2(1).

Becherer, R. C., & Helms, M. M. (2014). Green goals in organizations: do small businesses engage in environmentally friendly strategies. Journal of Small Business Strategy, 24(1).

Bernatonyte, D., Vilke, R., & Keizeriene, E. (2009). Economic crisis impact direc-tions concerning corporate social responsibility in Lithuanian SMEs. Economics and Management, 14.

Campbell, J. L. (2007). Why would corporations behave in socially responsible ways? An institutional theory of corporate social responsibility. Academy of Management Review, 32(3).

Chih, H.-L., Chih, H.-H., & Chen, T.-Y. (2010). On the determinants of corporate social responsibility: international evidence on the financial industry. Journal of Business Ethics, 93(1). doi: 10.1007/s10551-009-0186-x.

Cormier, D., Magnan, M., & Velthoven, B. V. (2005). Environmental disclosure quality in large German companies: economic incentives, public pressures or institutional conditions? European Accounting Review, 14(1). doi: 10.1080/0963818042000339617.

Dagiliene, L., Leitoniene, S., & Grencikova, A. (2014). Increasing business trans-parency by corporate social reporting: development and problems in Lithuania. Engineering Economics, 25(1). doi: 10.5755/j01.ee.25.1.2356.

Dedina, J., & Dedinova, K. (2013). The development of the corporate social re-sponsibility in companies in the Czech and Austria during last decade. Re-trieved from http://www.toknowpress.net/ISBN/978-961-6914-02-4/papers/ ML13-229.pdf (11.08.2017).

European Commission (2011). Communication from the commission to the Euro-pean Parliament, the Council, the European Economic and Social Committee and the Committee of Regions: A renewed EU strategy 2011-14 for corporate social responsibility. COM (2011): 681 final Brussels, 25.10.2011. Retrieved from: http://www.europarl.europa.eu/meetdocs/2009_2014/documents/com/ com _ com (2011)0681_/com _ com (2011)0681_en.pdf, (11.08.2017).

European Commission (2010). Communication from the Commission, Europe 2020: a strategy for smart, sustainable and inclusive growth. COM (2010): 2020 final Brussels, 3.3.2010. Retrieved from https://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=COM:2010:2020:FIN:EN:PDF, (11.08.2017).

Eurostat (2017). Statistics database. Retrieved from: http://ec.europa.eu/eurostat /tgm/table.do?tab=table&init=1&language=en&pcode=tec00115&plugin=1, (10.12.2017).

Friedman, M. (1970). The social responsibility of business is to increase its profits. Retrieved from http://umich.edu/~thecore/doc/Friedman.pdf, (10.12.2017).

Frolova, I., & Lapina, I. (2015). Integration of CSR principles in quality manage-ment. International Journal of Quality and Service Sciences, 7(2/3). doi: 10.1108/IJQSS-03-2015-0033.

Garcia-Sanchez, I.-M., Cuadrado-Ballesteros, B., & Frias-Aceituno, J. V. (2016). Impact of the institutional macro context on the voluntary disclosure of CSR information. Long Range Planning, 49(1). doi: 10.1016/j.lrp.2015.02.004.

Ghassim, B. (2018). Sustainability-oriented innovation in the minerals industry: an empirical study on the effect of non-geographical proximity dimensions. Sus-tainability, 10(1). doi: 10.3390/su10010282.

Hopkins, M.; Roche, J., & Hopkins, I. (2008). Turbulent times: CRS now needed more than ever before. Retrieved from: http://mhcinternational.com/index.php? option=com_content&view=article&catid=77&id=95, (11.08.2017).

Hys, K., & Hawrysz, L. (2013). CSR in Poland as an important foundation of modern society contemporary social contexts of corporate social responsibility in Poland. Management Study. 1(1).

ISO Survey (2017). Retrieved from: http://isotc.iso.org/livelink/livelink?func= ll&objId=18808772&objAction=browse&viewType=1 (10.12.2017).

Janssen, C., Sen, S., & Bhattacharya, C. B. (2015). Corporate crises in the age of corporate social responsibility. Business Horizons, 58. doi: 10.1016/j.bushor. 2014.11.002.

Jove-Llopis, E., & Segarra-Blasco, A. (2018). Eco-efficiency actions and firm growth in European SMEs. Sustainability, 10(1). doi: 10.3390/su10010281.

Kovaliov, R., Subonyte, J., & Simanaviciene, T. (2010). The influence of macroe-conomic environment of business to CSR in Lithuania. Economics and Man-agement, 15.

Kowalska, K. (2016). Network organizations and corporate social responsibility. Oeconomia Copernicana, 7(4). doi: 10.12775/OeC.2016.036.

Kozubikova, L., Vojtovic, S., Rahman, A., & Smrcka, L. (2016). The role of entre-preneur’s gender, age and firm’s age in autonomy. The case study from the Czech Republic. Economic & Sociology, 9(2).

Navickas, V., & Kontautiene, R. (2012). The influence of stakeholder-company relationship on competitiveness of company. Economics and Management, 17(3).

Navickas, V., & Kontautiene, R. (2013). The initiatives of corporate social respon-sibility as sources of innovations. Business: Theory and Practice, 14(1). doi: 10.3846/btp.2013.03.

Navickas, V., & Kontautiene, R. (2013). The interaction between corporate social responsibility and competitiveness during the economic downturn. Economics and Management, 18(1).

Porter, M. E., & Kramer, M. R. (2006). Strategy and society: the link between competitive advantage and corporate social responsibility. Harvard Business Review. Retrieved from https://www.sharedvalue.org/sites/default/files/resou rce-files/Strategy_and_Society.pdf, (11.08.2018).

Reinhardt, F. L., Stavins, R. N., & Vietor, R. H. K. (2008). Corporate social re-sponsibility through an economic lens. Review of Environmental Economics and Policy, 2(2). doi: 10.1093/reep/ren008.

Smith, A. D. (2010). Growth of corporate social responsibility as a sustainable business strategy in difficult financial times. International Journal of Sustaina-ble Economy, 2(1). doi: 10.1504/IJSE.2010.029941.

Strugatch, W. (2011). Turning values into valuation: can corporate social responsi-bility survive hard times and emerge intact? Journal of Management Develop-ment, 30(1).

Szczuka, M. (2015). Social dimension of sustainability in CSR standards. Procedia Manufacturing, 3. doi: 10.1016/j.promfg.2015.07.587.

Vojtovic, S. (2016). Managerial decision making process in the times of economic volatility. In 1st international conference contemporary issues in theory and practice of management location. Czestochawa.

Worthington, I., & Britton, C. (2006). The business environment. London: Prentice Hall.




How to Cite

Krajnakova, E., Navickas, V., & Kontautiene, R. (2018). Effect of macroeconomic business environment on the development of corporate social responsibility in Baltic Countries and Slovakia. Oeconomia Copernicana, 9(3), 477–492. https://doi.org/10.24136/oc.2018.024