Journal of Modern Science (Jul 2023)
Corporate social responsibility as a requirement for a sustainable approach to contemporary economics
Abstract
Objectives The purpose of the article is to theoretically analyze the role and importance of corporate social responsibility in the process of creating an inclusive and integrative role for economics and business in the economy. Material and methods Induction was used as the main research method. The research methods used in this work are comparative analysis, functional analysis and the dynamic research method. Results More than 80% of Fortune 500 companies have special tabs on their websites dedicated to CSR, international studies show that about 80% of the world's largest corporations publish special reports on social responsibility, there is also a growing number of financial reports that include data on costs and profits resulting from CSR, virtually every stock exchange in the world has an index of socially responsible companies. Conclusions Corporate social responsibility is a management philosophy according to which a company takes responsibility for the impact it has on its customers, employees, suppliers and the environment. It pursues its business goals, but with attention to relations with the environment and with respect for the environment. The bank's observations show that CSR is becoming an increasingly important aspect of business for corporate banking clients, who see it not only as a way to reduce negative environmental impact, but also as part of building its positive image in the eyes of its employees, customers and potential investors. In Poland, this trend has been around for more than a dozen years and is still gaining strongly in popularity. It has also ceased to be treated as a form of marketing and more and more companies are incorporating it into their strategy, as confirmed by the cyclically published report "Responsible Business in Poland. Good practices" of the Responsible Business Forum.
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