Corporate Social Responsibility – Assessment of Facilitating and Impeding Factors for Small and Medium-sized Enterprises in Latvia

Small and medium-sized enterprises (SMEs) make up for ~99% of all companies in both Latvia the European Union (EU), they are a significant contributor to national economies should not be disregarded when discussing corporate social responsibility (CSR). SMEs smaller-scale versions corporations differ greatly terms managerial structure, revenues, resource availability allocation, market reach, product service lines, as well available manpower. Given that CSR strategy often necessitates additional investment, many might anticipate it increase bottom line, however, large part consumers willing pay more goods services from socially responsible company, can facilitate higher employee attraction retention rates. This sets aim this study, analyse initiatives deployment, facilitating impeding factors Latvia, country is considered transition process economy. To classify important factors, analysis generalisation multiple academic sources were used. Analysis regulatory framework, fundamental planning documents, international CSR, ESG other indices, collateral examination empirical research EU member states was carried out identify possible development issues Latvia. The study shows while awareness increasing implementation by limited, there need guidance support promote practices. identifies several such policy-regulatory support, pressure, ethical considerations, lack resources, limited knowledge, perceived low relevance business, excessively bureaucratic approach public sector. highlights importance private NGO stakeholder engagement with sector collaboration promotion practices among Policymakers, business executives, stakeholders interested encouraging could benefit findings study.