Corporate social responsibility of business as a factor of regional development

• Published in: Entrepreneurship and Sustainability Issues 2020-03, Vol.7 (3), p.2170-2180
• Main Authors: Voronkova, Olga Yu, Melnik, Margarita V., Nikitochkina, Yulia V., Tchuykova, Nadezhda M., Davidyants, Alla A., Titova, Svetlana V.
• Format: Article
• Language: English
• Subjects: Area planning & development; Business community; Social responsibility
• ISSN: 2345-0282; 2345-0282
• DOI: 10.9770/jesi.2020.7.3(47)

The business community plays an essential role in ensuring sustainable regional development. This is due both to the powerful financial potential of business, which is particularly important with limited state budgetary resources, and to the high scientific and technical potential of companies, which is essential for maintaining their international competitiveness. The contribution of business to social development and sustainable regional development will depend, first, on the growth in traditional activities and the creation of new projects, and second, on the modernization of existing industries for reducing the negative impact on the region's environment and population. In recent decades, the concept of social responsibility of business, that is, its responsibility to the population or society has been developed by the most conscious and forward-looking part of the Russian business community, which has initiated impressive voluntary activity in this field. This relates essentially to large private or state-owned businesses. The business community is actively engaged with interested business and social groups, implementing contemporary international standards of socially oriented and environmental management, publishing social reports, including in the field of sustainable regional development.