SENSITIVE ASPECTS OF CORPORATE SOCIAL RESPONSIBILITY AND THEIR IMPACT ON GLOBAL ECONOMIC DEVELOPMENT

Authors

  • Vsevolod Babyar West Ukrainian National University https://orcid.org/0009-0001-8606-7147
  • Yuriy Tymofiichuk West Ukrainian National University
  • Oleh Kelner West Ukrainian National University
  • Vasyl Bocharov West Ukrainian National University

DOI:

https://doi.org/10.32782/inclusive_economics.6-1

Keywords:

corporate social responsibility (CSR), global economic development, sustainable development, environmental responsibility, social responsibility, economic responsibility, investment climate, socially responsible enterprises, globalization

Abstract

Introduction. The topic of corporate social responsibility (CSR) has become increasingly relevant in recent years, as businesses strive to balance profitability with ethical considerations. In the context of globalization, CSR plays a crucial role in influencing economic development, environmental sustainability, and social welfare. This article examines the modern aspects of CSR and its impact on global economic development, focusing on how companies’ social responsibility can contribute to both business growth and the well-being of society. Purpose. The purpose of this study is to analyze the key aspects of CSR and assess how they influence the global economy. The article aims to identify the main CSR practices adopted by companies and their potential to foster sustainable development on a global scale. Methods. The research employs a qualitative approach, utilizing case studies, existing literature, and analysis of CSR reports from various global companies. The methods also include comparative analysis of CSR initiatives in different industries and regions to identify common trends and challenges. Results. The findings suggest that CSR initiatives are closely linked to improved business performance, enhanced brand reputation, and increased consumer trust. Additionally, CSR contributes to the creation of a more stable investment climate, supports the development of sustainable business models, and helps companies to align their strategies with the goals of sustainable global economic growth. The study also highlights how CSR activities lead to better environmental practices, more inclusive work cultures, and positive social impacts. Conclusion. The research concludes that CSR is a vital tool for companies to enhance their competitiveness and contribute to global economic development. By integrating CSR into corporate strategies, businesses can address societal challenges, promote sustainability, and foster economic growth. It is recommended that companies adopt comprehensive CSR policies, engage with stakeholders, and invest in socially responsible practices to ensure long-term success and sustainability. Furthermore, policymakers should encourage the integration of CSR into regulatory frameworks to enhance its effectiveness in driving global development

References

Глобальний договір ООН. URL: https://unglobalcompact.org/

Ініціатива різноманітності, справедливості та інклюзії. URL: https://www.imd.org/initiatives/dei/imd-diversity-equity-inclusion-initiative/

Кузьменко О.І. Корпоративна соціальна відповідальність як інструмент розвитку підприємства в умовах глобалізації. Фінансовий ринок України. 2020. № 4. С. 88-95.

Рибалка В.І. Вплив корпоративної соціальної відповідальності на глобальну економіку. Науковий вісник економічних наук. № 6(2). 2021. С. 45-51.

Boston Consulting Group. Your Supply Chain Needs a Sustainability Strategy. URL: https://www.bcg.com/publications/2020/supply-chain-needs-sustainability-strategy

Frontiers in Psychology. Corporate Social Responsibility and Employee Engagement: Enabling Employees to Employ More of Their Whole Selves at Work. URL: https://www.frontiersin.org/journals/psychology/articles/10.3389/fpsyg.2016.00796/full

Future of Sustainability Courage to Transform Report-2023. URL: https://www.thefuturescentre.org/wp-content/uploads/2023/09/Future-of-Sustainability-Courage-to-Transform-Report-2023.pdf

General Motors. 2022 Sustainability Report. P. 6-7. URL: https://www.gm.com/commitments/sustainability

Home Depot. ESG Report (2022). P. 9-10. URL: https://corporate.homedepot.com/sites/default/files/2022-08/2022_ESG_Report_FINAL_0.pdf

International Organization for Standardization. ISO 26000, Social Responsibility. URL: https://www.iso.org/iso-26000-social-responsibility.html

Kanji G.K., & Chopra P.K.. Corporate social responsibility in a global economy. Total Quality Management & Business Excellence. 2010. № 21(2). С. 119–143. DOI: https://doi.org/10.1080/14783360903549808

Lyon T.P., Delmas M.A., Maxwell J.W., Bansal P., Chiroleu-Assouline M., Crifo P., Durand R., Gond J.P., King A., Lenox M., & Toffel M. CSR needs CPR: Corporate Sustainability and Politics. California Management Review. 2018. No. 60(4). Р. 5-24.

Singh J., & Ahuja S. Corporate social responsibility and global business: Conceptual framework and practical considerations. Journal of Global Business. 2018. No. 9(2). Р. 45-60. DOI: https://doi.org/10.1007/s11575-018-0335-x

Society for Consumer Psychology. Good Guys Can Finish First: How Brand Reputation Affects Extension Evaluations. URL: https://myscp.onlinelibrary.wiley.com/doi/10.1002/jcpy.1109

Starbucks. 2022 Starbucks Global Environmental and Social Impact Report. P. 6 and P. 32. URL: https://stories.starbucks.com/uploads/2023/06/Starbucks-2022-Global-Environmental-and-Social-Impact-Report.pdf

Weber J., & Wasieleski D. Corporate Social Responsibility ([edition unavailable]). Emerald Publishing Limited. Original work published 2018. URL: https://www.perlego.com/book/580581/corporate-social-responsibility-pdf

World Economic Forum. The business case for sustainability. World Economic Forum. URL: https://www.weforum.org/agenda/2020/01/business-sustainability/

United Nations Global Compact. Available at: https://unglobalcompact.org/

Diversity, Equity, and Inclusion Initiative. Available at: https://www.imd.org/initiatives/dei/imd-diversity-equity-inclusion-initiative/

Kuzmenko O. I. (2020). Corporate social responsibility as a tool for business development in the context of globalization. Financial Market of Ukraine, no. 4, pp. 88-95.

Rybalka V. I. (2021). The impact of corporate social responsibility on the global economy. Scientific Bulletin of Economic Sciences, no. 6(2), pp. 45-51.

Boston Consulting Group. Your Supply Chain Needs a Sustainability Strategy. Available at: https://www.bcg.com/publications/2020/supply-chain-needs-sustainability-strategy

Frontiers in Psychology. Corporate Social Responsibility and Employee Engagement: Enabling Employees to Employ More of Their Whole Selves at Work. Available at: https://www.frontiersin.org/journals/psychology/articles/10.3389/fpsyg.2016.00796/full

Future of Sustainability Courage to Transform Report-2023. Available at: https://www.thefuturescentre.org/wp-content/uploads/2023/09/Future-of-Sustainability-Courage-to-Transform-Report-2023.pdf

General Motors. 2022 Sustainability Report. P. 6-7. Available at: https://www.gm.com/commitments/sustainability

Home Depot. ESG Report (2022). P. 9-10. Available at:: https://corporate.homedepot.com/sites/default/files/2022-08/2022_ESG_Report_FINAL_0.pdf

International Organization for Standardization. ISO 26000, Social Responsibility. Available at:: https://www.iso.org/iso-26000-social-responsibility.html

Kanji G. K., & Chopra P. K. (2010). Corporate social responsibility in a global economy. Total Quality Management & Business Excellence, no. 21(2), pp. 119–143. DOI: https://doi.org/10.1080/14783360903549808

Lyon T. P., Delmas M. A., Maxwell J. W., Bansal P., Chiroleu-Assouline M., Crifo P., Durand R., Gond J. P., King A., Lenox M., & Toffel M. (2018). CSR needs CPR: Corporate Sustainability and Politics. California Management Review, no. 60(4), pp. 5-24.

Singh J., & Ahuja S. (2018). Corporate social responsibility and global business: Conceptual framework and practical considerations. Journal of Global Business, no. 9(2), pp. 45-60. DOI: https://doi.org/10.1007/s11575-018-0335-x

Society for Consumer Psychology. Good Guys Can Finish First: How Brand Reputation Affects Extension Evaluations. Available at: https://myscp.onlinelibrary.wiley.com/doi/10.1002/jcpy.1109

Starbucks. 2022 Starbucks Global Environmental and Social Impact Report. P. 6 and P. 32. Available at: https://stories.starbucks.com/uploads/2023/06/Starbucks-2022-Global-Environmental-and-Social-Impact-Report.pdf

Weber J., & Wasieleski D. (2018). Corporate Social Responsibility ([edition unavailable]). Emerald Publishing Limited. Original work published 2018. Available at: https://www.perlego.com/book/580581/corporate-social-responsibility-pdf

World Economic Forum (2020). The business case for sustainability. World Economic Forum. Available at: https://www.weforum.org/agenda/2020/01/business-sustainability/

Published

2024-12-30