Corporate social responsibility (CSR) as a factor of the sustainable development of entrepreneurship

Abstract

CSR should be systematic approach integrated into business strategy based on high quality internal and external communication and focused on society beneficial behaviour. Results are seen in long term period, so it is extensively about building relationship with stakeholders. In a changing and challenging environment, corporate scandals (consumption of natural resources, increased pollution, multinational companies' exploitation of child labour, the Enron affair, etc.) force companies to commit socially and environmentally. Corporate social responsibility and its right communication to all stakeholders becomes a game changing advantage. It has influenced society to impose new restrictions on companies to prevent them from engaging in inappropriate behaviour. CSR is being described as a voluntary obligation of firms to behave responsibly, within the scope of their work, to the environment and the society in which they operate. Strong Company Culture and its Good name represents a competitive advantage, leads to sustainability, pressures companies to stay up-to-date and attracts new employees as it opens new business opportunities. The opposite behaviour is no longer accepted from the market. A voluntary responsible behaviour of a firm stands on three pillars: economic, social and environmental. They all should be the content of social responsibility of any firm, however, each of them means a variety of activities from which an enterprise has to choose according to its orientation and to the requirements of the surroundings. A challenge comes when company has to come up with CSR strategy and focus on particular areas. Since there are usually strictly given budgets, firms have to have systems helping them to decide what direction of support and communication to choose. Based on their value chain of a potential NGO projects connection can be found. A current state of CSR implementation in companies in the region will be mapped by using questionnaire survey or personal interviews. The last part of the research will contain a comparative analysis according to specific values of companies and values which are linked to different supportive NGO projects. Finally, conclusions will be specified to build up new decision making system for managers in CSR. © Proceedings of the 14th European Conference on Innovation and Entrepreneurship, ECIE 2019. All rights reserved.