Participative management style in SMEs: Influence of CSR factors. Empirical evidence from the Visegrad Group
Vol. 17, No 3, 2024
Jaroslav Belás, Jr.
Alexander Dubček University in Trenčín, Faculty of Social and Economic Relations, Slovakia jaroslav.belas@tnuni.sk ORCID 0000-0003-1796-8598 |
Participative management style in SMEs: Influence of CSR factors. Empirical evidence from the Visegrad Group |
Zora Petráková
Slovak University of Technology in Bratislava, Faculty of Civil Engineering, Institute of Civil Engineering, Slovakia zora.petrakova@stuba.sk ORCID 0000-0002-1398-9415 Justas Streimikis
Lithuanian Centre for Social Sciences, Institute of Economics and Rural Development, Lithuania justas.streimikis@gmail.com ORCID 0000-0003-2619-3229 Kristína Kozová
Alexander Dubček University in Trenčín, Faculty of Social and Economic Relations, Slovakia kristina.kozova@tnuni.sk ORCID 0009-0008-4296-7654
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Abstract. The aim of this study was to define significant corporate social responsibility (CSR) factors that determine the use of participative management style in SMEs and quantify this influence. In order to achieve this objective, a questionnaire survey was conducted on a sample of 1,398 SMEs across V4 countries. The data was collected through computer-assisted web interviewing by MNFORCE, a well-known market research firm. The empirical research was conducted in June 2022. The fundamental relationships and interconnections between CSR and the use of a participatory management approach were substantiated through the application of regression analysis. The research results demonstrated that a portion of these CSR factors significantly affects the application of participative leadership in SMEs. The strongest impact is observed for entrepreneurs' belief that CSR makes it possible to acquire satisfied, loyal, and motivated employees. The second most significant factor determining the application of participative leadership style was factor X3 (the average value of the correlation coefficient was 0.208). The potential opportunity to gain competitive advantage through the implementation of CSR also motivates entrepreneurs to apply participative leadership in SMEs; as the third most significant factor, it had an average correlation coefficient of 0.199. Finally, entrepreneurs' belief that implementing CSR has an impact on improving firm performance also proved motivating for SMEs. This study has significant practical implications. The results should motivate managers to implement essential attributes of the CSR concept, especially concerning their own employees. Managers should also recognize the importance of assessing and implementing appropriate HRM policies regarding skills, motivation, and opportunities for their employees in order to enhance business performance. |
Received: October, 2023 1st Revision: July, 2024 Accepted: September, 2024 |
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DOI: 10.14254/2071-8330.2024/17-3/7
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JEL Classification: M14, L26, J53 |
Keywords: corporate social responsibility, participative management style, SMEs |