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Corporate Social Responsibility Impact on Financial Performance: a Case for the Metallurgical Industry
(University of Naples "Federico II", 2021) Mints, A. Yu.; Kamyshnykova, E. V.; Zherlitsyn, D. M.; Bukrina, K.; Bessonova, A.; Мінц, О. Ю.; Жерліцин, Д. М.
Assessing the impact of methods of corporate social responsibility management on financial performance is one of the key aspects to implement strategic management into practices. There are contradictory results of this impact’s study in the literature due to the difference in the applied methods of measuring variables, errors in models etc. The available literature is still inconclusive about this aspect, in particular, for the metallurgical industry, which plays a significant role in Ukrainian and world economy. The purpose of the paper is to evaluate the impact of corporate social responsibility on the company financial performance and to determine the financial efficiency of socially responsible initiatives for the metallurgical industry in particular. It proposes methodology for assessing the impact of corporate social responsibility on the corporate financial performance, and it uses data from a socially oriented balanced scorecard. The research methodology includes correlation and regression analysis with panel data techniques based on data from a balanced scorecard for a sample of four dominant market participants in the Ukrainian metallurgy in 2010-2018. Authors assess the level of corporate social responsibility by indicators of four perspectives, such as: internal processes, learning and growth, environmental, and relational perspective that characterizes the level of satisfaction of various stakeholder groups with the company’s activities in the field of corporate social responsibility. The initial data for the analysis have been taken from the financial and non-financial statements and results of expert assessment. The study uses linear and panel regression models with fixed and random effects in order to demonstrate the impact of four independent variables (internal processes, learning and growth, environmental, and relational perspectives) on the financial perspective as a dependent variable. The panel effects made it possible to obtain more accurate model’s parameters compared to simple linear regression model. The empirical finding from the study illustrates a strong and statistically significant relationship between the relational perspective, which is a corporate social responsibility indicator, and the financial perspective in the socially oriented balanced scorecard. This means that the costs of creating and maintaining a positive image of metallurgical companies are fully justified by improving their bottom line. Future research directions compare the effectiveness of statistical methods evaluating the impact of corporate social responsibility on the company financial performance with alternative methods, e.g. data mining techniques, in terms of forecasting accuracy.
Hierarchical Fuzzy Method of Comparing Bank Products with Complex Tariff Packages
(University of Tehran, 2021) Mints, A. Yu.; Zherlitsyn, D. M.; Khadzhynova, O.; Kamyshnykova, E. V.; Kalinin, O.; Мінц, О. Ю.; Жерліцин, Д. М.
The article considers a method for solving an information asymmetry problem that is relevant for the banking sector. The authors compare bank products and services in which tariff packages are consist of different informational components. The principal feature of the proposed method is to focus on obtaining a subjective evaluation of the attractiveness of the Bank’s offers for specific target groups. This makes the proposed method relevant for Central and commercial banks, as well as for consumers of banking products. Since complex tariff packages of different banks contain not only many indicators but also different sets, it is impossible to directly compare them. The proposed method allows solving the main informational problems of traditional methods for comparing banking products. Using the Fuzzy Inference System (FIS) allows a flexible approach to the aggregation of singular indicators of tariff packages and simplifies the expert procedures. To make rules for fuzzy inference, linguistic constructions close to the natural language can be used. This makes it easier to fill the knowledge base. To solve the set tasks, a methodology for constructing hierarchical FIS is used. In comparison with non-hierarchical FIS it can reduce the requirements to the number of rules in fuzzy inference rule base and system implementation time. The experiments with the fuzzy inference system, which implements a corporate credit cards tariff packages comparison of four Ukrainian banks, showed the effectiveness of the proposed approach. The obtained numerical results are adequately interpreted for the highlighted groups of banking product consumers.
Methods of stakeholder prioritisation in the context of stakeholder management
(Vilnius Gediminas Technical University, 2021) Mints, A. Yu. ; Kamyshnykova, E. V.; Мінц, О. Ю.
Purpose – the purpose of this paper is to propose a method for integral assessing the priority level of specif-ic stakeholders in the model of stakeholder management. Research methodology – the paper develops ideas of matrix approach to assessing the priority level of individual stakeholders and proposes a method for obtaining more accurate integral assessment based on analysis of a set of indi-cators, taking into account factors of subjective estimates. Findings – the integral assessment of the priority level of specific external stakeholders improves estimates’ accuracy and provides a practical framework for the development of successful corporate social responsibility strategies. It has been substantiated by the application of the proposed method for prioritising suppliers of a large Ukranian metallurgi-cal company. Research limitations – there are requirements for a linear or quasi-linear nature of the relationship between the numer-ical value of the stakeholder’s priority index and its interpretation on a “better to worse” scale within the framework of the proposed method of evaluation. Practical implications – integral assessments of stakeholder priority obtained from the results of the proposed method can be used as a tool for reasonable comparison, selection of strategic stakeholders and building programs for interac-tion with them. Originality/Value – unlike most existing methods of stakeholder analysis representing a generic list of priority stake-holder groups the method proposed in the paper provides an integral assessment of priority level of specific stakehold-ers from the category of the immediate environment through a system of indicators, taking into account factors of sub-jectivity.
Stakeholders’ rank of reflexion diagnostics in a corporate social responsibility system
(Institute of Society Transformation, 2020) Kamyshnykova, E. V.; Mints, A. Yu.; Schumann, А.; Мінц, О. Ю.
The use of new methods and technologies for managing relations with stakeholders in a corporate social responsibility system, in particular the reflexive approach, forms the basis for increasing the effectiveness of socially responsible management. The category of «rank of reflexion» occupies a significant place in the methodology of reflexive management modelling. Reliable diagnostics of the stakeholders’ rank of reflexion is one of the important areas increasing the efficiency of socially responsible decisions and actions in the process of reflexive management. The purpose of this paper is to substantiate the use of the fuzzy-logic method for diagnostics of the stakeholders’ rank of reflexion and formulate types of reflexive management of corporate social responsibility depending on the rank and level of complexity. The authors substantiate that when applying methods of reflexive management in practice, in the long run, the ambiguity and variability of the stakeholders’ rank of reflexion have to be taken into account. This corresponds to the system’s properties of dynamism (B1), adaptability (B2) and structure (B3). Given that the existing apparatus of reflexive management takes into account mainly one-time influences, the article suggests using the fuzzy diagnostic method to determine the stakeholders’ rank of reflexion. There is a case showing formulation and solution of the problem of determining the stakeholders’ rank of reflexion by using mathematical fuzzy logic. It is proved that the storage of the estimates of the stakeholders’ reaction as fuzzy sets allows considering the conclusion of B3, giving opportunities for further analysis of patterns changing the stakeholder’s rank of reflexion within the conclusions B1 and B2. The results of the study show that the rank of reflexion increasing in the company promotes corporate social responsibility growth through a more effective interaction with the stakeholders. Five types of reflexive management of corporate social responsibility are proposed depending on the rank and complexity level of reflexion, used by the company’s management, namely: defensive, compliance, managerial, strategic, and civil. The use of relevant reflexive influences as implementation tools of corporate social responsibility provides increasing efficiency of interaction with stakeholders. The prospects of the follow-up research on this topic should include the classification of the company’s reflexive influences on the stakeholders.
Метод аналізу рівня пріоритетності стейкхолдерів промислових підприємств
(Класичний приватний університет, 2019) Мінц, О. Ю.; Камишникова, Е. В.; Mints, A. Yu.; Kamyshnykova, E. V.
Пропонований метод передбачає формування інтеграль-ної оцінки рівня пріоритетності стейкхолдера на підставі 11 окремих показників його діяльності, 9 з яких розраховують-ся формальним шляхом і є об’єктивними, а 2 визначаються експертним оцінюванням. Передбачено дії з мінімізації їх суб’єктивності. Визначення рівня пріоритетності стейкхолдерів складається з етапів, які включають розрахунок і нормалізацію окремих показників, що характеризують рівень можливостей стейкхолдерів; формування й нормалізацію окремих оцінок показників, що характеризують рівень інтересу стейкхолдерів; формування інтегральних оцінок пріоритетності стейкхолде-рів. Результати дослідження можуть використовуватися в сис-темі стратегічного менеджменту промислового підприємства. Стейкхолдери з високим пріоритетом потребують особливої уваги підприємства, оскільки можуть справити сильний вплив на його долю.
Імплементація міжнародних стандартів у сфері корпоративної соціальної відповідальності на промислових підприємствах України
(Дніпровський державний аграрно-економічний університет, 2019) Мінц, О. Ю.; Камишникова, Е. В.; Mints, A. Yu.; Kamyshnykova, E. V.
У статті досліджено стан та проблеми імплементації міжнародних стандартів у галузі корпоративної соціальної відповідальності у практику українських суб’єктів промислової діяльності. Охарактеризовано групи міжнародних документів та ініціатив у сфері корпоративної соціальної відповідальності. Сфокусовано увагу на необхідності виділення в окрему групу міжнародних документів, що містять вимоги щодо управління окремими сферами корпоративної соціальної відповідальності. Узагальнено передовий світовий досвід впровадження соціально відповідальних ініціатив у корпоративну практику через дотримання вимог міжнародних стандартів та охарактеризовано особливості їх імплементації суб’єктами бізнесу в Україні. Визначено, що локомотивом на шляху інтеграції соціальних відповідальних політик і практик у корпоративні системи менеджменту в Україні є представники великих промислових підприємств національного походження або міжнародних інтегрованих груп. Установлено головні причини гальмування впровадження міжнародних стандартів у галузі корпоративної соціальної відповідальності в Україні.