Interplay between CSR and the Digitalisation of Bulgarian Financial Enterprises: HRM Approach and Pandemic Evidence

Andrey Zahariev (), Petya Ivanova, Galina Zaharieva, Krasimira Slaveva, Margarita Mihaylova and Tanya Todorova
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Andrey Zahariev: Department of Finance and Credit, Tsenov Academy of Economics, 5250 Svishtov, Bulgaria
Petya Ivanova: Department of Tourism Economics and Management, Tsenov Academy of Economics, 5250 Svishtov, Bulgaria
Galina Zaharieva: Department of International Economic Relations, Tsenov Academy of Economics, 5250 Svishtov, Bulgaria
Krasimira Slaveva: Department of Statistics and Applied Mathematics, Tsenov Academy of Economics, 5250 Svishtov, Bulgaria
Margarita Mihaylova: Department of Foreign Language Teaching, Tsenov Academy of Economics, 5250 Svishtov, Bulgaria
Tanya Todorova: Department of General Economic Theory, Tsenov Academy of Economics, 5250 Svishtov, Bulgaria

JRFM, 2023, vol. 16, issue 9, 1-18

Abstract: The study presents the economic, managerial, and societal perspectives on corporate social responsibility (CSR) as a basis for adding value to enterprises. It investigates the interplay between the digitalisation of activities and the management of Bulgarian financial enterprises, with a focus on HRM and CSR initiatives in a pandemic situation. The study tests the hypothesis that, in pandemic conditions, the CSR of Bulgarian financial enterprises is positively correlated with the digitalisation of general and human resource management. To assess the level of engagement of financial enterprises with CSR causes during the pandemic, the study employs a methodology comprising descriptive statistics and ordinal regression. The main conclusion, based on a nationally representative survey of Bulgarian financial enterprises, is that banks and insurers that heavily invest in digitalisation have demonstrated a higher level of commitment to CSR causes during the COVID-19 pandemic, while conservative and less digitally advanced financial enterprises have had limited CSR activity. By adopting fintech and insurtech solutions directed towards societal needs, market demands, and customer satisfaction, financial enterprises increase their efficiency. Our analysis confirms the interplay between the digitalisation of financial enterprises and support for CSR causes.

Keywords: external CSR; internal CSR; financial enterprises digitalisation; COVID-19; HRM digitalisation; ordinal regression (search for similar items in EconPapers)
JEL-codes: C E F2 F3 G (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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