PRINCIPLES OF CORPORATE SOCIAL RESPONSIBILITY AS A FACTOR IN SHAPING THE COMPETITIVE ADVANTAGES OF AN ORGANIZATION
Journal Title: Економічні студії - Year 2017, Vol 5, Issue 18
Abstract
The article deals with the concept of corporate social responsibility and establishes approaches to its interpretation, presents its main components. The paper examines the impact of the principles of corporate social responsibility on the competitiveness of the organization. Also considered are the competitive advantages that are formed by the organization as a result of effective implementation of the concept of corporate social responsibility: reducing financial and non-financial risks, as well as increasing resilience to possible crisis situations; increase in employee loyalty, the possibility of attracting and retaining highly qualified specialists and, as a result, improving labor productivity; increasing the likelihood of attracting new customers, forming a stable loyalty of existing customers; the possibility of successful participation in international business communications in connection with the implementation of norms and standards adopted in the practice of developed countries; the growth of the intangible component of the business and, accordingly, the growth of its capitalization; formation of a positive perception of business by investors and financial institutions, increasing its investment attractiveness; formation of sustainable partnership with state, municipal and public institutions, local communities; the possibility of reducing claims from regulators and obtaining tax benefits; creating a positive image and a stable positive business reputation.
Authors and Affiliations
T. A. Kharchenko, K. P. Viedienina
Keywords
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- EP ID EP546171
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