IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v11y2019i2p504-d199020.html

Millennials’ Awareness and Approach to Social Responsibility and Investment—Case Study of the Czech Republic

Author

Listed:
  • Sylvie Formánková

    (Department of Management, Faculty of Business and Economics, Mendel University in Brno, 613 00 Brno, Czech Republic)

  • Oldřich Trenz

    (Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, 631 00 Brno, Czech Republic)

  • Oldřich Faldík

    (Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, 631 00 Brno, Czech Republic)

  • Jan Kolomazník

    (Department of Informatics, Faculty of Business and Economics, Mendel University in Brno, 631 00 Brno, Czech Republic)

  • Jitka Sládková

    (Department of Economics and Management, Sting Academy, 637 00 Brno, Czech Republic)

Abstract

We live in a new era with contradictory views on society, industries, and the whole world. Raising consumerism is compensated by raising the responsibility of the new generation, the so-called Millennials. The paper deals with the awareness of Millennials of corporate social responsibility (CSR), and their attitude to sustainable and responsible investment (SRI). The research is focused specifically on students of economically oriented higher education institutions (HEI), studying in the Czech Republic. For the purpose of general awareness of the term CSR, a sample of 1073 HEI students from different institutions was analyzed and evaluated. For the evaluation of their attitude to SRI, 213 respondents from Mendel University in Brno were interviewed. The research brought surprising results—bachelor’s degree students have a better awareness of the term than master’s degree students. This surprising fact can be explained by the fact that CSR courses have been incorporated into studies in recent years. Another important finding from the second research is that 57% of respondents are willing to sacrifice part of their return in the case of an investment in socially responsible instruments. This fact can be used for the design of an investment strategy offered by investment institutions.

Suggested Citation

  • Sylvie Formánková & Oldřich Trenz & Oldřich Faldík & Jan Kolomazník & Jitka Sládková, 2019. "Millennials’ Awareness and Approach to Social Responsibility and Investment—Case Study of the Czech Republic," Sustainability, MDPI, vol. 11(2), pages 1-17, January.
    • Handle: RePEc:gam:jsusta:v:11:y:2019:i:2:p:504-:d:199020
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/11/2/504/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/11/2/504/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Pactwa, Katarzyna & Woźniak, Justyna, 2017. "Environmental reporting policy of the mining industry leaders in Poland," Resources Policy, Elsevier, vol. 53(C), pages 201-207.
    2. Paz Méndez-Rodrı́guez & Laura Galguera & Mila Bravo & Karen Benson & Robert Faff & Blanca Pérez-Gladish, 2015. "Profiling Ethical Investors," International Series in Operations Research & Management Science, in: Enrique Ballestero & Blanca Pérez-Gladish & Ana Garcia-Bernabeu (ed.), Socially Responsible Investment, edition 127, chapter 0, pages 23-52, Springer.
    3. Włodzimierz Sroka & Richard Szántó, 2018. "Corporate Social Responsibility and Business Ethics in Controversial Sectors: Analysis of Research Results," Journal of Entrepreneurship, Management and Innovation, Fundacja Upowszechniająca Wiedzę i Naukę "Cognitione", vol. 14(3), pages 111-126.
    4. Justyna Woźniak & Katarzyna Pactwa, 2018. "Responsible Mining—The Impact of the Mining Industry in Poland on the Quality of Atmospheric Air," Sustainability, MDPI, vol. 10(4), pages 1-16, April.
    5. Dongho Yoo & Jieun Lee, 2018. "The Effects of Corporate Social Responsibility (CSR) Fit and CSR Consistency on Company Evaluation: The Role of CSR Support," Sustainability, MDPI, vol. 10(8), pages 1-16, August.
    6. Justyna Woźniak & Katarzyna Pactwa, 2017. "Environmental Activity of Mining Industry Leaders in Poland in Line with the Principles of Sustainable Development," Sustainability, MDPI, vol. 9(11), pages 1-13, November.
    7. Guillermina Tormo-Carbó & Elies Seguí-Mas & Víctor Oltra, 2018. "Business Ethics as a Sustainability Challenge: Higher Education Implications," Sustainability, MDPI, vol. 10(8), pages 1-17, August.
    8. Samuel Nana Yaw Simpson & Eunice Kafui Aprim, 2018. "Do corporate social responsibility practices of firms attract prospective employees? Perception of university students from a developing country," International Journal of Corporate Social Responsibility, Springer, vol. 3(1), pages 1-11, December.
    9. Bauer, Rob & Koedijk, Kees & Otten, Roger, 2005. "International evidence on ethical mutual fund performance and investment style," Journal of Banking & Finance, Elsevier, vol. 29(7), pages 1751-1767, July.
    10. Hana Mohelska & Marcela Sokolova, 2017. "Innovative Culture of the Organization and Its Role in the Concept of Corporate Social Responsibility ? Czech Republic Case Study," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 19(46), pages 853-853, August.
    11. Alessandro Bonadonna & Chiara Giachino & Elisa Truant, 2017. "Sustainability and Mountain Tourism: The Millennial’s Perspective," Sustainability, MDPI, vol. 9(7), pages 1-15, July.
    12. Eglė Stonkutė & Jolita Vveinhardt & Włodzimierz Sroka, 2018. "Training the CSR Sensitive Mind-Set: The Integration of CSR into the Training of Business Administration Professionals," Sustainability, MDPI, vol. 10(3), pages 1-14, March.
    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. Pablo Ruiz-Palomino & Ricardo Martínez-Cañas & Pedro Jiménez-Estévez, 2019. "Are Corporate Social Responsibility Courses Effective? A Longitudinal and Gender-Based Analysis in Undergraduate Students," Sustainability, MDPI, vol. 11(21), pages 1-17, October.
    2. Seongwook Ha, 2020. "Millennials’ Sleep and Unethical Behavior: Testing the Relationship between Sleep and Academic Dishonesty of Millennials in a Korean University," Sustainability, MDPI, vol. 12(9), pages 1-12, May.
    3. Pradeep Kumar Dadabada, 2025. "Analyzing the Impact of ESG Integration and FinTech Innovations on Green Finance: A Comparative Case Studies Approach," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 16(2), pages 7959-7978, June.
    4. Patricia Vázquez-Villegas & Patricia Caratozzolo & Vianney Lara-Prieto & Jorge Membrillo-Hernández, 2023. "A Review on the Advances in Socially Oriented Education," Sustainability, MDPI, vol. 15(23), pages 1-15, November.

    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. Pactwa, Katarzyna & Woźniak, Justyna & Strempski, Andrzej, 2021. "Sustainable mining – Challenge of Polish mines," Resources Policy, Elsevier, vol. 74(C).
    2. Csaba FOGARASSY & Éva NEUBAUER & Hasan MANSUR & Anita TANGL & Judit OLÁH & József POPP, 2018. "The Main Transition Management Issues And The Effects Of Environmental Accounting On Financial Performance– With Focus On Cement Industry," REVISTA ADMINISTRATIE SI MANAGEMENT PUBLIC, Faculty of Administration and Public Management, Academy of Economic Studies, Bucharest, Romania, vol. 2018(31), pages 52-66, December.
    3. HYK Vasyl & VYSOCHAN Oleh & VYSOCHAN Olha, 2022. "Integrated Reporting Of Mining Enterprises: Bibliometric Analysis," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 17(3), pages 90-99, December.
    4. Woźniak, Justyna, 2022. "Corporate vs. Corporate foundation as a support tool in the area of social responsibility strategy – Polish mining case," Resources Policy, Elsevier, vol. 77(C).
    5. Margareta Nadanyiova & Lubica Gajanova & Jana Majerova, 2020. "Green Marketing as a Part of the Socially Responsible Brand’s Communication from the Aspect of Generational Stratification," Sustainability, MDPI, vol. 12(17), pages 1-19, August.
    6. Tomasz Gigol, 2020. "Influence of Authentic Leadership on Unethical Pro-Organizational Behavior: The Intermediate Role of Work Engagement," Sustainability, MDPI, vol. 12(3), pages 1-14, February.
    7. Justyna Woźniak & Katarzyna Pactwa, 2018. "Responsible Mining—The Impact of the Mining Industry in Poland on the Quality of Atmospheric Air," Sustainability, MDPI, vol. 10(4), pages 1-16, April.
    8. Anna Krizanova & George Lăzăroiu & Lubica Gajanova & Jana Kliestikova & Margareta Nadanyiova & Dominika Moravcikova, 2019. "The Effectiveness of Marketing Communication and Importance of Its Evaluation in an Online Environment," Sustainability, MDPI, vol. 11(24), pages 1-19, December.
    9. Armenia ANDRONICEANU & Manuela TVARONAVICIENE, 2019. "Developing A Holistic System For Social Assistance Services Based On Effective And Sustainable Partnerships," REVISTA ADMINISTRATIE SI MANAGEMENT PUBLIC, Faculty of Administration and Public Management, Academy of Economic Studies, Bucharest, Romania, vol. 2019(33), pages 103-118, December.
    10. Sehar Zulfiqar & Rabeea Sadaf & József Popp & Jolita Vveinhardt & Domicián Máté, 2019. "An Examination of Corporate Social Responsibility and Employee Behavior: The Case of Pakistan," Sustainability, MDPI, vol. 11(13), pages 1-15, June.
    11. Scholtens, Bert, 2008. "A note on the interaction between corporate social responsibility and financial performance," Ecological Economics, Elsevier, vol. 68(1-2), pages 46-55, December.
    12. Attila Banyai & Tibor Tatay & Gergo Thalmeiner & Laszlo Pataki, 2025. "Evaluating the Risk-Return Profile of a Portfolio of ESG and Traditional Assets Using a Hybrid Optimisation Model," Virtual Economics, The London Academy of Science and Business, vol. 8(1), pages 16-39, March.
    13. Onur Kemal Tosun, 2017. "Is corporate social responsibility sufficient enough to explain the investment by socially responsible funds?," Review of Quantitative Finance and Accounting, Springer, vol. 49(3), pages 697-726, October.
    14. Andreas G. F. Hoepner & Lisa Schopohl, 2020. "State Pension Funds and Corporate Social Responsibility: Do Beneficiaries’ Political Values Influence Funds’ Investment Decisions?," Journal of Business Ethics, Springer, vol. 165(3), pages 489-516, September.
    15. Marli Gonan Božac & Katarina Kostelić & Morena Paulišić & Charles G. Smith, 2021. "Business Ethics Decision-Making: Examining Partial Reflective Awareness," Sustainability, MDPI, vol. 13(5), pages 1-27, March.
    16. Shunsuke Managi & Tatsuyoshi Okimoto & Akimi Matsuda, 2012. "Do socially responsible investment indexes outperform conventional indexes?," Applied Financial Economics, Taylor & Francis Journals, vol. 22(18), pages 1511-1527, September.
    17. Anthony Piscitelli, 2023. "Classifying responsible investors: Identifying clusters of Ontario investors," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 94(4), pages 1133-1144, December.
    18. Costanza Torricelli & Beatrice Bertelli, 2022. "ESG screening strategies and portfolio performance: how do they fare in periods of financial distress?," Centro Studi di Banca e Finanza (CEFIN) (Center for Studies in Banking and Finance) 0087, Universita di Modena e Reggio Emilia, Dipartimento di Economia "Marco Biagi".
    19. Céline Louche & Daniel Arenas & Katinka Cranenburgh, 2012. "From Preaching to Investing: Attitudes of Religious Organisations Towards Responsible Investment," Journal of Business Ethics, Springer, vol. 110(3), pages 301-320, October.
    20. Sebastian Lobe & Christian Walkshäusl, 2016. "Vice versus virtue investing around the world," Review of Managerial Science, Springer, vol. 10(2), pages 303-344, March.

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    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:jsusta:v:11:y:2019:i:2:p:504-:d:199020. 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.