Year: 2024 | Month: February | Volume 69 | Issue 1Special
Analysis of the Impact of Corporate Social Responsibility on Profitability
Oleksandra Ovsianiuk-Berdadina
Olena Babchynska
Nataliia Kovshun
Kateryna Salamakha and Vitalii Namarchuk
DOI:10.46852/0424-2513.1.2024.36
Abstract:
The academic paper is devoted to the study of the impact of corporate social responsibility on the financial indicators of business enterprises since the development of social responsibility in business and the analysis of the impact of corporate social responsibility on profitability in the modern world are becoming urgent tasks for determining the directions of development. The focus on achieving social goals and consideration of their impact on the environment becomes significant both for the business and for consumers and society as a whole. In this context, determining the relationship between corporate social responsibility and the financial success of enterprises becomes an important task that requires detailed analysis and the determination of optimal management strategies to achieve qualitative and quantitative indicators. The research is aimed at uncovering effective strategies for combining social goals with ensuring profitability, which can serve as a basis for the development of new approaches to corporate governance and strategies for sustainable business development in the modern global market environment. The academic paper analyzes strategies for implementing the principles of corporate social responsibility at enterprises and their impact on profitability, as well as the main areas in which they can have a positive or negative impact on the financial results of companies. The main attention is paid to the interaction between social and economic aspects of enterprise activity; examples of successful initiatives and their impact on the image and reputation of domestic companies are given. In addition, the factors that can affect the profitability of enterprises in the context of the implementation of corporate social responsibility, such as the cost of initiatives, the involvement of social resources, and the reaction of consumers to socially responsible activities, were determined.
Highlights
- Corporate social responsibility (CSR) is not only a moral and ethical necessity but also a key factor in enhancing competitiveness, increasing profitability, and improving the overall well-being of society and the environment.
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