PRINCIPLES OF CORPORATE SOCIAL RESPONSIBILITY AND THEIR IMPACT ON BUSINESS DEVELOPMENT

Keywords: corporate social responsibility (CSR), principles of corporate social responsibility; international initiatives; international standards, benefits.

Abstract

In today’s world, the social responsibility of business is important in the relationship between business and its stakeholders. Enterprises compete for sustainable development and corporate social responsibility (CSR) ratings. The CSR is an indicator of the real involvement of enterprises in solving the social and economic problems of society. This includes the organization’s compliance with the law, moral standards and obligations to a wide range of Stakeholders. Ukraine’s accession to global initiatives, particularly the United Nations Global Compact, had led to the introduction of the principles of corporate social responsibility in the activities of Ukrainian enterprises, which already had some positive results. High corporate social responsibility creates a positive image of a firm or enterprise. Research suggests that, in turn, the CSR brings benefits to the company: it helps to expand the client base, strengthens partnerships, facilitates access to credit, facilitates insurance, Makes interaction with government structures more constructive, it enables firms to attract and retain highly qualified professionals, strengthening their ranking positions in the domestic and international markets. The article sets out the essential features and content of the principles of corporate social responsibility development.  The study showed that the principles of corporate social responsibility are in a process of continuous development. It is proposed to include the principle of good business practice and financial transparency in Ukrainian enterprises.

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Published
2020-07-09
How to Cite
Urusova , Z. P. (2020). PRINCIPLES OF CORPORATE SOCIAL RESPONSIBILITY AND THEIR IMPACT ON BUSINESS DEVELOPMENT. Bulletin of Zaporizhzhia National University. Economic Sciences, (2 (46), 133-137. Retrieved from http://journalsofznu.zp.ua/index.php/economics/article/view/378
Section
Labour economics, personnel management and marketing