Corporate social responsibility of business as a factor of regional development

Olga Voronkova, Margarita V. Melnik, Yulia V. Nikitochkina, Nadezhda M. Tchuykova, Alla A. Davidyants and Svetlana V. Titova
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Margarita V. Melnik: Financial University under the Government of the Russian Federation, Russian Federation
Yulia V. Nikitochkina: Financial University under the Government of the Russian Federation, Russian Federation
Nadezhda M. Tchuykova: Plekhanov Russian University of Economics, Russian Federation
Alla A. Davidyants: I.M. Sechenov First Moscow State Medical University, Russian Federation
Svetlana V. Titova: Kazan Innovative University named after V.G. Timiryasov, Russian Federation

Entrepreneurship and Sustainability Issues, 2020, vol. 7, issue 3, 2170-2180

Abstract: 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.

Keywords: sustainable development; business entities; social responsibility; regional development (search for similar items in EconPapers)
JEL-codes: I30 J59 Q01 (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:ssi:jouesi:v:7:y:2020:i:3:p:2170-2180

DOI: 10.9770/jesi.2020.7.3(47)

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