Evolution of Corporate Social Responsibility: from commitment to strategy

Анотація

The paper explores the theory of stakeholders, institutional theory, and the theory of the resource-based view as the basis for the study of corporate social responsibility (CSR). A program of alternative CSR initiatives, aligned with core values and business goals, is proposed to enhance the reputation and strengthen the trust of stakeholders. The decisive role of a transparent communication strategy for the effective communication of CSR efforts, promoting trust and involvement, is noted. Based on empirical data, a positive correlation between CSR activities and the reputation of the organization in various industries is substantiated. Compliance with the standards and principles of socially responsible business by business entities provides them with competitive advantages and opportunities to attract additional investment resources. Integration of CSR into the overall business strategy and activities has ensured its alignment with the organizational culture and decision-making processes, maximizing their impact. Involving stakeholders in program development and evaluation increases the effectiveness of CSR initiatives. The importance of continuous monitoring and assessment of the impact of quantitative and qualitative indicators on CSR, which are successful for improvement and continuous improvement, is noted. Finally, the commitment of management and organizational culture provides decisive forces of CSR, which is why senior managers contribute to a key role in creating an ethical and socially responsible environment that improves the organization’s reputation and sustainability. The results of the study can contribute to the development and implementation of more effective CSR strategies that will improve the reputation and trust of stakeholders, which will ensure the long-term success of the business. Developing a regulatory framework and incentives that encourage responsible corporate behavior can contribute to public welfare. Improving the reputation of an organization allows investors to assess the sustainability and ethics of potential investments, which will lead to more informed decision-making and investment responses. Finally, consumers can make more informed purchasing decisions by choosing to support companies with strong CSR practices and a positive reputation, thereby stimulating appropriate business behavior and impact on society.