SOCIAL FOCUS OF BUSINESS: THEORETICAL AND PRACTICAL ASPECTS

Olena Nazarenko, Olena Popadynets, Natalia Reshetniak

Abstract


The article deals with the reasons for the necessity of social responsibility of  business in the conditions of the global economic crisis. The nature and  characteristics of social responsibility of enterprises are analyzed, existing theories  of social responsibility and its international standards being examined. Social  responsibility and social focus of business are defined as the activity which is  advantageous for business itself being an effective factor in the success of the  manufacturer. The reasons for this are given in the article. The social orientation of  the producer and his commitment to the interests of stakeholders (third parties) affect  the indicators of capitalization, gross income revenue, profitability, investments and  reputation. Taking into account the world's leading experience, a list of public policy  measures is proposed that can promote the growth of social activity of Ukrainian  producers, including large corporations, in order to overcome inequality and social  strain in society.

Keywords: corporate social responsibility, social responsibility theories, stakeholders, social function of business.

 


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