CORPORATE SOCIAL RESPONSIBILITY AS A FACTOR OF SUSTAINABLE DEVELOPMENT OF REGIONAL ENTERPRISES

Abstract

The content of corporate social responsibility (CSR) is defined as a factor of sustainable development. It is proved that the main obstacle to sustainable social and economic development of Ukraine is the lack of social responsibility on the part of the government, business and civil society, and the further development of domestic business entities of all ownership forms depends on the implementation of corporate social responsibility. The article notices that business management based on the principles of sustainable development not only helps improve the reputation and reduce the risks, but also increase the company's value in long-term prospects.The necessity of companies’ activities towards building clear and effective relations with regional and local authorities, civil society is grounded. It is proved that every company, which plans a long and successful activity in the market, should understand strategic importance of this activity for their business stability.Basic levels of implementing the concept of corporate social responsibility are highlighted. It is proved that voluntary disclosure allows companies to demonstrate their commitment to the concept of CSR and sustainable development, be transparent to the public and to provide meaningful information within the corporate environmental, social and ethical performance. The basic advantages of CSR report and sustainable development, taking into account stakeholders views, identifying and warning non-financial risks and forming a positive business reputation, further improving internal processes in organization etc. are outlined.Based on summarizing statements of leading scientists, it is proposed a set of effective tools and methods of supporting business social responsibility that state authorities must implement, namely holding social forums in regions and inviting businesses to participate in them; implementing special programs and social investment through involvement of business financing; participating local authorities representatives in business events; organizing special events for social partnership development involving all their parties.