SENSITIVE ASPECTS OF CORPORATE SOCIAL RESPONSIBILITY AND THEIR IMPACT ON GLOBAL ECONOMIC DEVELOPMENT
DOI:
https://doi.org/10.32782/inclusive_economics.6-1Keywords:
corporate social responsibility (CSR), global economic development, sustainable development, environmental responsibility, social responsibility, economic responsibility, investment climate, socially responsible enterprises, globalizationAbstract
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
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