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Cited by 34Corporate Social Responsibility ReportingEconomic Systems and Logistics ManagementBusiness, Education, Mathematics Research

Effect of CSR implementation and crisis events in business on the financial management of SMEs

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Dvorský, Ján, Švihlíková, Ilona, Kozubíková, Ľudmila, Frajtova Michalíková, Katarína, Balcerzak, Adam P.·2023·Technological and Economic Development of Economy
DOI 10.3846/tede.2023.19821
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Abstract

The financial management of a business is an integral part of strategic management. Small and medium-sized enterprises (SMEs) are vulnerable to the presence of crisis events in the business environment. In this context, senior managers and owners need to react promptly to emerging changes in a given business segment. The aim of the article is to quantify the effect of crisis events in business and firm’s CSR implementation in business on the financial performance in the SMEs. The empirical research incorporated 1,090 SMEs in the business environment of four Central European countries. The research hypotheses were evaluated using structural equation modelling. The empirical findings confirmed the positive impact of CSR implementation in the enterprise on its financial management. The research results did not confirm the negative effects of crisis events in business on the financial management. Crisis phenomena have direct effects on the sustainability of the enterprise; the organizational activities of the enterprise; the functioning of the enterprise in the market and the management of the enterprise. The findings are used as a basis for the preparation of strategic projects of national and international policies helping to cope with crisis phenomena in the business environment of the SME segment.

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  • If organisations have sustainable knowledge but cannot use it properly through GIT practices, that knowledge might not offer the same benefits.

    “Also, if organisations have sustainable knowledge but cannot use it properly through GIT practices, that knowledge might not offer the same benefits (Dvorský et al., 2023).”

    From Sustainable entrepreneurship and knowledge management: Role of green information technology in building sustainable entrepreneurial ecosystems (2025) · cites this paper as Dvorský et al., 2023

    The Introduction and Theoretical background discuss sustainability management tools and the implementation of CSR in SMEs, but do not address whether sustainable knowledge loses benefits when organisations cannot use it through GIT practices. Searches for sustainable knowledge, GIT practices, and green information technology found no passage making that connection; page numbers were not available in our copy. (LLM, conf=0.73)

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Authors
Dvorský, J., Švihlíková, I., Kozubíková, Ľ., Frajtova Michalíková, K., & Balcerzak, A. P.
Affiliations
  • University of Žilina (SK)
  • Pan-European University (CZ)
  • Tomas Bata University in Zlín (CZ)
  • Department of Economics, Faculty of Operation and Economics of Transport and Communications, University of Zilina, Zilina, Slovakia
  • University of Warmia and Mazury in Olsztyn (PL)
ORCID
Venue
Technological and Economic Development of Economy
Publisher
Vilnius Gediminas Technical University
Published
2023-09-19
Volume
29
Issue
5
Pages
1496-1519
ISSN
  • 1392-8619 (ISSN-L)
  • 2029-4913
  • 2029-4921
DOI
10.3846/tede.2023.19821
OpenAlex
W4386844995
Cited by
34
References
93
Citations by year
2026: 4 · 2025: 6 · 2024: 18 · 2023: 6
FWCI
7.33
Type
journal article
Language
en
Open access
Licence
cc-by
Locations
  • Technological and Economic Development of Economy (publishedVersion, cc-by)
  • Repository of TBU publications (Univerzita Tomase Bati ze Zline) (submittedVersion, cc-by)
  • DOAJ (DOAJ: Directory of Open Access Journals) (submittedVersion, cc-by-sa)
Topics
  • Social Sciences › Business, Management and Accounting › Strategy and Management › Corporate Social Responsibility Reporting
  • Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Economic Systems and Logistics Management
  • Social Sciences › Business, Management and Accounting › Accounting › Business, Education, Mathematics Research
Keywords
corporate social responsibility, financial management, small and medium-sized enterprises, financial performance, corporate sustainability, Central Europe

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