CORPORATE SOCIAL RESPONSIBILITY – THE KEY TO SUSTAINABLE BUSINESS DEVELOPMENT

Abstract

The concept of corporate social responsibility has evolved significantly and has become an important basis for scientific research and for formulating public policy on economic development in different countries of the world. Under the influence of globalization, businesses are expanding their operations internationally, which leads to increased responsibility to different cultures, social groups and the environment in the conditions of increased competition and changes in consumer behavior. In today's world, corporate social responsibility is not only becoming a widespread trend, but also a requirement for successful business. Growing consumer awareness, increasing environmental and social concerns, and the globalization of the economy make corporate social responsibility strategically important for any company committed to long-term development. Moreover, a socially responsible business has a number of advantages over its competitors.

Corporate social responsibility is an integral part of modern business. The article considers corporate social responsibility of business, examines different views of scholars on the concept of "social responsibility", theoretical and practical aspects of corporate social responsibility, and the impact of corporate social responsibility on modern enterprises. The results of studies on the impact of corporate social responsibility on the life of enterprises are analyzed. The approaches to social responsibility are analyzed and the main reasons for implementing corporate social responsibility practices are formulated. The practices of social responsibility of well-known companies on the example of Nike, McDonald's and Starbucks are studied.The main steps that can be effective for developing a corporate social responsibility strategy for business are formulated.