Social responsibility and modern business during the global crisis: Threat or opportunity for the GUAM member countries

Abstract

The article aims to substantiate the relationship between the components of corporate social responsibility in business (CSR) during the economic integration of the GUAM member countries on the principles of sustainable development. We used the questioning to determine the structural elements of CSR of the GUAM member countries and econometrically analyzed the level of development of CSR for each country. The GUAM countries' hierarchical structure of CSR business was established using the Granger causality test and the graph method. This study proves that in times of crisis, along with economic responsibility, a fundamental role is played by national responsibility in ensuring justice, equality, and peace (for Georgia, Azerbaijan, and Moldova). And in the conditions of a full-scale war (in the example of Ukraine), national responsibility, responsibility in ensuring justice and equality, and peace are more significant than economic responsibility. The conclusions obtained are practical and may help develop strategies for effective economic cooperation between countries within the framework of GUAM.

Keywords

• GUAM
• CSR
• business
• sustainable development
• economic cooperation