**5. Closure**

The chapter "Corporate Social Responsibility Theories" from the book The Oxford Handbook of Corporate Social Responsibility highlights on the weak and strong points of the four CSR theories – 1. Corporate Social Performance, 2. Shareholder Value, 3. A Stakeholder Theory, 4. Corporate Citizenship. The last one is the most used, the key concept is participation in society, going beyond fulfilling legal duties as occurs with state citizenship, to actively contributing to the good of society or the world as a whole, as in the case of "global corporate citizenship [91]". This theory recovers the position of the company in society and suggests that the company stands shoulder to shoulder with citizens who together form a community supported by government responsibility. It expands the functionalist vision that would reduce business to an economic purpose. Moreover, it has a global scope. Critics argue that the concept is too diffuse, and it is difficult to define global standards for corporate citizenship. Nonetheless, a growing number of companies, particularly transnational firms, are adopting this approach [91]". We defined that the integrity of CSR and digital financial services is to achieve such a state that management of (preferably not only) digital financial services is implemented compliant with CSR concept, thereby forming complete, compact and trustworthy system of digital financial services generating "CSR-quality financial service product" beneficial to the society. The enhancement of CSR concept by complements and deviations with its CSR-quality product which we defined, offers a room for other research focusing which criteria must be identified and tested for products of the variety of industry sectors.

Digitalisation contributes to innovation of e.g. accounting and financial services. Technological innovations in this sphere are visible in implementing electronic smart invoicing, e-reporting to the tax authorities on VAT payments, etc. but users must obtain the trust to new digital technology and have to master how to use them.

The producers via blockchainization may persuade the consumers informing them in the campaign on positive product characteristics thereby winning their support that it is worthwhile paying even more if this brings benefits to the environment or people, i.e. to society, in general. However, successful innovation and digital transformation of operations may be utilized to accomplish more efficient and effective way of production. If the effort of the manufacturers will be aimed at finding new and more economically efficient production, then it will be a natural choice for an educated and solvent consumer to prefer certified products if this also be reflected in the product price and product quality.

Shareholders/management and executive controlling units should understand not only benefits and the advantages of technologies introduced but moreover, also the potential threats of their abuse or shortcomings linked to them in order that those responsible should be prepared to cope with them and contributed to their augmentation if needed.

Finance environment cannot function without incorporating CSR concept management, there are many initiatives to monitor environmental or social issues that affect economic area, for instance the issuance of the first Global Reporting Initiative (GRI) guidelines in 2000 (GRI, 2015), and the initiation and expansion of services offered by accounting firms regarding climate change and sustainability services. Many companies strive to develop tools and measurement for assessing this activity in the companies. The area of social and environmental accounting (SEA) encompasses various branches of research- management accounting research for social and environmental issues; accounting for sustainable development; accounting for human rights and biodiversity; social accountability; relations between corporate social performance (CSP), corporate social disclosure (CSD), and corporate financial

performance (CFP), the blockchain implementation in the area of accounting and finance services. CSR concept management may assist nowadays if implemented properly, another area for research, because the uncertainty or fear that is present in economic confidence indicators adds volatility into the market [92], fear may be a bad advisor and may discontinue CSR activity for a limited time. It was observed that the unstable confidence indicators were further damaged in 2020. Reporting ended for the UK early in 2021, however the EU demonstrated a rebound of confidence during 2020, followed by a substantial increase in confidence in 2021, after the UK exited the EU, with consumer and services confidence indicator showing the largest percentage change in 2021. The EU financial markets experienced similar volatility as a result of COVID-19, with increased co-movement in times of uncertainty [93].

Blockchain technology can assist in identifying and correcting contract violations, redundancies, and bottlenecks in the flow of goods. This ease of tracking and identification also improves Corporate Social Responsibility. Blockchain can be incorporated in a business' CSR efforts as it can create a record of transaction and production history. This can serve as proof of a company's utilization of humanely sourced raw materials or products. It also provides an opportunity for consumers to be well-informed on a corporation's business practices and sustainability within their products, allowing them to make knowledgeable decisions on where to spend their money. Increased consumer awareness would also encourage companies to sustainably source their materials and ensure social responsibility throughout all steps of the supply chain.

Businesses and Government with the assistance CSR concept management shall form well- being for the people in the country not only in the digital era.

#### **Acknowledgements**

This research study was realised within the project ERASMUS + ERASMUS MUNDUS and Jean Monet Activities: With the support of ERASMUS + Programme of the European Union "Business in the European Economic Area - the Present and Future of EU Integration" (600433-EPP-1-2018-1-SK-EPPJMO-MODULE). Financed from European Union resources.
