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Corporate Social Responsibility for Innovation and Economic Performance Improvement: Evidence from Belarus as an Emerging Economy

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  • Siarheu Manzhynski

    (Belarusian State Technological University)

Abstract

Corporate social responsibility (CSR) could be an essential driver for innovation and high economic performance in a long-run perspective. First movers can exploit the business opportunities and gain a comparative advantage. But at the same time implementation of strategies and practices based on CSR requires additional costs and distraction from core activities. To what extent can efforts in building up of a social responsible company pay off these costs and benefit? What role does staff’s perception of CSR significance play in firms and corporations for innovation and economic performance improvement? In developed markets the business case for CSR has been found to be relevant both from a theoretical and practical perspective. Emerging economies have many additional economic challenges and where so far many executives perceive CSR requirements to be a burden and extra costs. Based on survey and structural equation modelling methods the relationships between the dimensions of CSR and innovation and economic performances in Belarus as an emerging economy was examined. A total of 310 CEO and managers of industrial companies in Belarus were served as respondents in this study. Main results show a strong link between CSR dimensions and innovation and economic performances. In accordance with that based on survey results and empirical analysis the main obstacles that hinder CRS orientation in Belarus were identified: weak awareness among key stakeholders regarding the potential benefits of and incentives for responsible business; the absence or failure of social and governance factors in strategic and operative plans; and uncertainty over how future economic policy can contribute to CRS. Experience from developed countries shows that a possible way to achieve high innovative activities for Belarus and other emerging countries is to promote social responsibility combined with regulatory measures. The essential benefits and measures of this transformation are also considered in the paper.

Suggested Citation

  • Siarheu Manzhynski, 2014. "Corporate Social Responsibility for Innovation and Economic Performance Improvement: Evidence from Belarus as an Emerging Economy," Working Papers 2014/32, Maastricht School of Management.
    • Handle: RePEc:msm:wpaper:2014/32
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    References listed on IDEAS

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    Keywords

    Corporate social responsibility; structural equation modelling; regulation;
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