IDEAS home Printed from https://ideas.repec.org/a/gam/jjrfmx/v16y2023i9p385-d1227470.html
   My bibliography  Save this article

Interplay between CSR and the Digitalisation of Bulgarian Financial Enterprises: HRM Approach and Pandemic Evidence

Author

Listed:
  • Andrey Zahariev

    (Department of Finance and Credit, Tsenov Academy of Economics, 5250 Svishtov, Bulgaria)

  • Petya Ivanova

    (Department of Tourism Economics and Management, Tsenov Academy of Economics, 5250 Svishtov, Bulgaria)

  • Galina Zaharieva

    (Department of International Economic Relations, Tsenov Academy of Economics, 5250 Svishtov, Bulgaria)

  • Krasimira Slaveva

    (Department of Statistics and Applied Mathematics, Tsenov Academy of Economics, 5250 Svishtov, Bulgaria)

  • Margarita Mihaylova

    (Department of Foreign Language Teaching, Tsenov Academy of Economics, 5250 Svishtov, Bulgaria)

  • Tanya Todorova

    (Department of General Economic Theory, Tsenov Academy of Economics, 5250 Svishtov, Bulgaria)

Abstract

The study presents the economic, managerial, and societal perspectives on corporate social responsibility (CSR) as a basis for adding value to enterprises. It investigates the interplay between the digitalisation of activities and the management of Bulgarian financial enterprises, with a focus on HRM and CSR initiatives in a pandemic situation. The study tests the hypothesis that, in pandemic conditions, the CSR of Bulgarian financial enterprises is positively correlated with the digitalisation of general and human resource management. To assess the level of engagement of financial enterprises with CSR causes during the pandemic, the study employs a methodology comprising descriptive statistics and ordinal regression. The main conclusion, based on a nationally representative survey of Bulgarian financial enterprises, is that banks and insurers that heavily invest in digitalisation have demonstrated a higher level of commitment to CSR causes during the COVID-19 pandemic, while conservative and less digitally advanced financial enterprises have had limited CSR activity. By adopting fintech and insurtech solutions directed towards societal needs, market demands, and customer satisfaction, financial enterprises increase their efficiency. Our analysis confirms the interplay between the digitalisation of financial enterprises and support for CSR causes.

Suggested Citation

  • Andrey Zahariev & Petya Ivanova & Galina Zaharieva & Krasimira Slaveva & Margarita Mihaylova & Tanya Todorova, 2023. "Interplay between CSR and the Digitalisation of Bulgarian Financial Enterprises: HRM Approach and Pandemic Evidence," JRFM, MDPI, vol. 16(9), pages 1-18, August.
    • Handle: RePEc:gam:jjrfmx:v:16:y:2023:i:9:p:385-:d:1227470
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/1911-8074/16/9/385/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/1911-8074/16/9/385/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Cowan, Kirsten & Guzman, Francisco, 2020. "How CSR reputation, sustainability signals, and country-of-origin sustainability reputation contribute to corporate brand performance: An exploratory study," Journal of Business Research, Elsevier, vol. 117(C), pages 683-693.
    2. Frank Li & Tao Li & Dylan Minor, 2016. "CEO power, corporate social responsibility, and firm value: a test of agency theory," International Journal of Managerial Finance, Emerald Group Publishing Limited, vol. 12(5), pages 611-628, October.
    3. Frank Li & Tao Li & Dylan Minor, 2016. "CEO power, corporate social responsibility, and firm value: a test of agency theory," International Journal of Managerial Finance, Emerald Group Publishing Limited, vol. 12(5), pages 611-628, October.
    4. Lentner, Csaba & Szegedi, Krisztina & Tatay, Tibor, 2015. "Corporate Social Responsibility in the Banking Sector," Public Finance Quarterly, Corvinus University of Budapest, vol. 60(1), pages 95-103.
    5. Clara Gallego-Sosa & Milagros Gutiérrez-Fernández & Yakira Fernández-Torres & María Teresa Nevado-Gil, 2021. "Corporate Social Responsibility in the European Banking Sector: Commitment to the 2030 Agenda and Its Relationship with Gender Diversity," Sustainability, MDPI, vol. 13(4), pages 1-23, February.
    6. Harsha Sarvaiya & Gabriel Eweje & Jim Arrowsmith, 2018. "The Roles of HRM in CSR: Strategic Partnership or Operational Support?," Journal of Business Ethics, Springer, vol. 153(3), pages 825-837, December.
    7. Frank Li & Tao Li & Dylan Minor, 2016. "CEO power, corporate social responsibility, and firm value: a test of agency theory," International Journal of Managerial Finance, Emerald Group Publishing Limited, vol. 12(5), pages 611-628, October.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Zhao, Haifeng & Khaliq, Nosherwan, 2024. "In quest of perceived risk determinants affecting intention to use fintech: Moderating effects of situational factors," Technological Forecasting and Social Change, Elsevier, vol. 207(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Ruixi Long & Shuyang Jia, 2023. "Foreground or background my social responsibility: impact of the trade war on the readability of corporate social responsibility disclosures," Information Technology and Management, Springer, vol. 24(1), pages 79-97, March.
    2. Meiryani Meiryani & Shi-Ming Huang & Dezie Leonarda Warganegara & Moch Doddy Ariefianto & Vaeren Teresa & Helda Oktavianie, 2023. "The Effect of Industrial Type, Environmental Performance and Leverage on Carbon Emission Disclosure: Evidence from Indonesian LQ45 Companies," International Journal of Energy Economics and Policy, Econjournals, vol. 13(4), pages 622-633, July.
    3. Ali Uyar & Mehmet Ali Koseoglu & Cemil Kuzey & Abdullah S Karaman, 2023. "Does firm strategy influence corporate social responsibility and firm performance? Evidence from the tourism industry," Tourism Economics, , vol. 29(5), pages 1272-1301, August.
    4. Zhe Li & Ping Wang, 2023. "Cross‐border mergers and acquisitions and corporate social responsibility: Evidence from Chinese listed firms," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 50(1-2), pages 335-376, January.
    5. Siew Peng Lee, 2023. "Board monitoring effectiveness and corporate sustainability performance: do legal system and CEO non-duality matter?," Review of Managerial Science, Springer, vol. 17(4), pages 1243-1267, May.
    6. Lin Liao & Yukun Pan & Daifei (Troy) Yao, 2023. "Capital market liberalisation and voluntary corporate social responsibility disclosure: Evidence from a quasi‐natural experiment in China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(2), pages 2677-2715, June.
    7. Zhe Ji & Radouane Abdoune, 2023. "Corporate Social Responsibility Disclosure and Performance in China: Does the Background of Foreign Women Directors Matter?," Sustainability, MDPI, vol. 15(13), pages 1-23, June.
    8. Chiu, Sana (Shih-chi) & Hoskisson, Robert E. & Tony Kong, Dejun & Li, Andrew & Shao, Ping, 2023. "Predicting primary and secondary stakeholder engagement: A CEO motivation-means contingency model," Journal of Business Research, Elsevier, vol. 160(C).
    9. Habiba Al-Shaer & Khaldoon Albitar & Jia Liu, 2023. "CEO power and CSR-linked compensation for corporate environmental responsibility: UK evidence," Review of Quantitative Finance and Accounting, Springer, vol. 60(3), pages 1025-1063, April.
    10. Vicky Ching Gu, 2023. "How independent should a board be? Examine the corporate social responsibility performance in the US healthcare sector," Service Business, Springer;Pan-Pacific Business Association, vol. 17(3), pages 695-721, September.
    11. Ying Zhang & Yuting Guo & Aiman Nurdazym, 2023. "How do female CEOs affect corporate environmental policies?," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(1), pages 459-472, January.
    12. Xu, Shen & Yin, Bichao & Lou, Chunjie, 2022. "Minority shareholder activism and corporate social responsibility," Economic Modelling, Elsevier, vol. 116(C).
    13. Young Mok Choi & Kunsu Park, 2019. "Foreign Ownership, Agency Costs, and Long-Term Firm Growth: Evidence from Korea," Sustainability, MDPI, vol. 11(6), pages 1-17, March.
    14. Inmaculada Buendía-Martínez & Inmaculada Carrasco Monteagudo, 2020. "The Role of CSR on Social Entrepreneurship: An International Analysis," Sustainability, MDPI, vol. 12(17), pages 1-22, August.
    15. Ali Uyar & Cemil Kuzey & Merve Kilic & Abdullah S. Karaman, 2021. "Board structure, financial performance, corporate social responsibility performance, CSR committee, and CEO duality: Disentangling the connection in healthcare," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 28(6), pages 1730-1748, November.
    16. Sebastian Hoffmann, 2019. "The Euro in Historical Comparison to the Ruble and the Influence of Overconfidence," European Journal of Marketing and Economics Articles, Revistia Research and Publishing, vol. 2, ejme_v2_i.
    17. Rasa Kanapickiene & Renatas Spicas, 2019. "Credit Risk Assessment Model for Small and Micro-Enterprises: The Case of Lithuania," Risks, MDPI, vol. 7(2), pages 1-23, June.
    18. Felipe Hernández-Perlines & Manuel Alejandro Ibarra Cisneros, 2018. "The Role of Environment in Sustainable Entrepreneurial Orientation. The Case of Family Firms," Sustainability, MDPI, vol. 10(6), pages 1-16, June.
    19. repec:eme:majpps:maj-05-2019-2288 is not listed on IDEAS
    20. Boubaker, Sabri & Chebbi, Kaouther & Grira, Jocelyn, 2020. "Top management inside debt and corporate social responsibility? Evidence from the US," The Quarterly Review of Economics and Finance, Elsevier, vol. 78(C), pages 98-115.
    21. María Luisa Pajuelo Moreno & Teresa Duarte-Atoche, 2019. "Relationship between Sustainable Disclosure and Performance—An Extension of Ullmann’s Model," Sustainability, MDPI, vol. 11(16), pages 1-33, August.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jjrfmx:v:16:y:2023:i:9:p:385-:d:1227470. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.