Janka Grofčíková – Department of Finance and Accounting, Faculty of Economics, Matej Bel University in Banská Bystrica,
Tajovského 10, 975 90 Banská Bystrica, Slovakia

Katarína Izáková – Department of Finance and Accounting, Faculty of Economics, Matej Bel University in Banská Bystrica,
Tajovského 10, 975 90 Banská Bystrica, Slovakia

Dagmar Škvareninová – Department of Finance and Accounting, Faculty of Economics, Matej Bel University in Banská Bystrica,
Tajovského 10, 975 90 Banská Bystrica, Slovakia

DOI: https://doi.org/10.31410/ERAZ.S.P.2019.47

5th International Conference – ERAZ 2019 – KNOWLEDGE BASED SUSTAINABLE DEVELOPMENT, Budapest – Hungary, May 23, 2019, SELECTED PAPERS

Published by: Association of Economists and Managers of the Balkans – Belgrade, Serbia
Conference partners: Faculty of Economics and Business, Mediterranean University, Montenegro; University of National and World Economy – Sofia, Bulgaria; Faculty of Commercial and Business Studies – Celje, Slovenia; Faculty of Applied Management, Economics and Finance – Belgrade, Serbia;

ISBN 978-86-80194-21-9, ISSN 2683-5568, DOI: https://doi.org/10.31410/ERAZ.S.P.2019


Corporate governance (CG) creates important signals that the company sends to its surroundings.
It affects the performance of the company and consequently the satisfaction of owners and
employees, the trust of creditors, clients and all other interest groups. There are several ways to gain
their trust and satisfaction. One of them is to present information on financial support for activities of
corporate social responsibility (CSR). The application of CSR in practice is all the more important in
companies providing insurance services, which are often referred to in the literature as trust-based
products. There is little attention paid to the research of corporate governance in relation to CSR in
insurance companies. Therefore, in our paper, we examine the impact of selected determinants of corporate
governance on CSR information disclosure in insurance companies based in Slovakia. We use
the basic methods of regression and correlation analysis to quantify this relationship. The selection
of explanatory determinants of CG is carried out in accordance with the assumption of stakeholders’
theory of management. The goal is to find out which set of variables will better explain the impact of
corporate governance on CSR reporting. We test the financial and non-financial determinants of CG
separately for each party. We are looking for the best model for explaining the influence these parties
have on reporting of CSR information.

Key words

Corporate governance, corporate social responsibility, insurance companies.


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