20.500.12556/RUL-148215 The role of stakeholder heterogeneity in the corporate social responsibility - corporate financial performance relationship Uloga heterogenosti dionika na povezanost društveno odgovornoga poslovanja i financijske performanse Empirical evidence on the relationship between corporate social responsibility (CSR) and corporate financial performance (CFP) remains contentious in terms of both its direction and causality. The presented study explores the intervening roles of stakeholder heterogeneity and the time dimension in the CSR-CFP relationship. We posit that there is a positive relationship between CSR activities towards market stakeholders (employees, customers, competitors) and future CFP and a negative relationship between CSR activities towards non-market stakeholders (NGOs, society, natural environment) and future CFP. A conceptual model is analysed using a sample of 115 Croatian companies. Countering expectations, a positive relationship is observed for all stakeholder groups considered (market and non-market), showing that CSR is a coherent construct regardless of the stakeholder group being studied. The key managerial implication is that socially responsible action is also in a company's economic interest. Empirijska istraživanja povezanosti između društveno odgovornoga poslovanja (DOP) i financijske performanse poduzeća i dalje ostaju nejasna, u smislu smjera povezanosti te uzročnosti. U ovom radu prezentirano je istraživanje uloge heterogenosti dionika i vremenske dimenzije u analizi povezanosti DOP-a i financijske performanse poduzeća. Pretpostavljeno je da postoji pozitivna veza između DOP aktivnosti prema tržišnim dionicima (zaposlenici, potrošači, konkurenti) i buduće financijske performanse te negativna veza između DOP aktivnosti prema netržišnim dionicima (nevladine organizacije, društvo, prirodni okoliš) i buduće financijske performanse. Prezentiran konceptualni model analiziran je na uzorku od 115 hrvatskih poduzeća. Suprotno očekivanjima, detektirana je pozitivna veza za sve uključene grupe dionika (tržišne i netržišne), što dokazuje da je DOP koherentan konstrukt bez obzira na to koja se grupa dionika razmatrala. Ključna menadžerska implikacija rada odnosi se na to da su društveno odgovorne aktivnosti i u ekonomskom interesu poduzeća. organization stakeholders social responsibility corporate social responsibility financial performance stakeholder pressures PLS-SEM Croatia društveno odgovorno poslovanje financijska performansa dionici pritisak dionika PLS-SEM Hrvatska true false true Angleški jezik Hrvaški jezik Članek v reviji 2023-08-02 12:42:23 2023-08-02 12:50:16 2023-08-03 03:34:23 0000-00-00 00:00:00 2023 0 0 Str. 115-136 iss. 1 Vol. 32 2023 0000-00-00 Zaloznikova Objavljeno NiDoloceno 0000-00-00 0000-00-00 0000-00-00 378.4 1330-0288 10.5559/di.32.1.06 147623171 The_Role_of_Stakeholder_Heterogeneity_in_the_Corporate_Social_Responsibility_–_Corporate_Financial_Performance_Relationship.pdf The_Role_of_Stakeholder_Heterogeneity_in_the_Corporate_Social_Responsibility_–_Corporate_Financial_Performance_Relationship.pdf 1 E54A98AD6FC46BF8B7CC2C718B12902A 0ad0f14c73e5e8f0135820e017225a09559cade7455380b70591514e330250de 2a0ee8a1-3122-11ee-aeaf-00155dcfd717 https://repozitorij.uni-lj.si/Dokument.php?lang=slv&id=172247 https://hrcak.srce.hr/clanak/428517 0 32a60ff8-3122-11ee-aeaf-00155dcfd717 https://repozitorij.uni-lj.si/Dokument.php?lang=slv&id=172248 Ekonomska fakulteta 0 0 0