CORPORATE SOCIAL RESPONSIBILITY AS A REQUIREMENT FOR A SUSTAINABLE APPROACH TO CONTEMPORARY ECONOMICS
CORPORATE SOCIAL RESPONSIBILITY AS A REQUIREMENT FOR A SUSTAINABLE APPROACH TO CONTEMPORARY ECONOMICS

Summary/Abstract: Corporate social responsibility is a concept that allows organizing economic life both at the level of the organization and at the level of the state taking into account the broader interests of the social environment of a contemporary enterprise and stimulating inclusive growth in the quality of economic relations. Entrepreneurs are aware that they are expected not only to generate profits, but also to fairly shape relations with the entire socio-economic environment. CSR can be defined as a concept through which companies voluntarily take into account social and environmental interests at the stage of strategy building, as well as relations with various stakeholder groups. Being responsible does not just mean meeting all formal and legal requirements, but in addition to increased investment in human resources, environmental protection and stakeholder relations, i.e. voluntary involvement. Thus, social responsibility is a process by which companies manage their relationships with a variety of stakeholders who can have a real impact on their business success and, consequently, on the quality of economic relations in micro and macro terms. Thus, it should be treated as an investment and not as a cost, as in the case of quality management. Organizational systems operating in modern companies increasingly take into account psychosocial capital management strategies. This is because it has a decisive impact on the growth of the company’s value (which should not be equated only with book value). Stakeholders are a company’s capital, as important as financial capital (money, financial instruments, investments), technical capital (technical infrastructure) and natural capital (nature).

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