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

Based on the idea that the development of complex relationships with stakeholders generates significant benefits for organisations, this article aims to create an original model for assessing corporate social responsibility from the stakeholder theory perspective by building a Stakeholder Satisfaction National Index. Our model identified eight stakeholder groups, defined their expectations and suggested 26 indicators to assess the extent to which these expectations are met by organisations in emerging and developing economies in Central and Eastern Europe. A linear regression model for panel data with fixed/random effects was employed in order to get statistically significant results while investigating the correlation between categories of stakeholders. Results revealed that there is a certain correlation between the National Index of Stakeholder Satisfaction and the Index of Human Development and also allowed a two-dimensional categorisation of emerging and developing economies in Central and Eastern Europe, highlighting their potential to align the global requirements of corporate social responsibility and sustainable development.