Corporate social responsibility development in Ukraine

UDC 338.43:005.35

A.V. Burkovskaya, Candidate of Economics, Associate professor of Finance and Credit Department,
T. I. Lunkina, Candidate of Economics, Associate professor of Finance and Credit Department,
Mykolayiv National Agrarian University

In recent years in most countries there was intensification of research on social responsibility in general and corporate social responsibility in particular.
Corporate social responsibility is a responsibility of business to society, which is manifested in the performance of enterprises’ obligations. This practice is widely used by foreign entrepreneurs in their activities, and in Ukraine unfortunately, it is still not widely available. Domestic entrepreneurs in corporate social responsibility sometimes understand charity, taxation, social programs and so on. A global experience objectively demonstrates the existence of a common standard, which provides a three-pronged approach to defining the essence of corporate social responsibility. Therefore, in our view, corporate social responsibility in Ukraine should provide simultaneous implementation of measures in the following fields: economic activity, environment of companies and social performance of companies.
During the study it was found that a feature of business in modern conditions is the need to invest financial resources in intangible assets. Business operating is considered by community not only as the largest economic indicators, but also as the ethical standard. The dominant are those companies which guarantee transparency, environmental friendliness and quality of activities dealing with employees, partners and society in general.
The world experience had proved that social programs (their development must comply with current legislation of the country) affect the capitalization of companies. After all, if a business entity is socially responsible, it is competitive and attractive to investors. As a result, the free access to more capital becomes possible, which is a significant competitive advantage for any company. If a business entity is not socially oriented, it’s not business. We believe that when a person earns enough he should help others. That is why corporate social responsibility, in our opinion, is one of the operating levers of real competition.
The social orientation of business development in Ukraine should be intended to subordinate the production to consumer interests, applying new technologies to use the funds within the country, creating jobs, diversifying and enriching the work’s content and accelerating its motivation in order to provide the appropriate level of remuneration, increase accountability and discipline of workers  with equal opportunities to realize their intellectual and creative abilities in the conditions of appropriate working quality, welfare and recreation. After solving social issues there is another important task for modern enterprises such as profit and growth of companies.

Keywords: corporate social responsibility, business, social investment, social activities, social (benefits) package

Corporate social responsibility development in Ukraine

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