Corporate Social Responsibility as a Tool for Smart, Sustainable and Inclusive Growth

Bojana Radovanovic (), Filip Brkovic and Slavica Stevanovic ()
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Bojana Radovanovic: Institute of Economic Sciences
Filip Brkovic: Galenika a.d.
Slavica Stevanovic: Institute of Economic Sciences

Chapter 25 in Serbia and the European Union: Economic Lessons from the New Member States, 2011, vol. 1, pp 396-406 from Institute of Economic Sciences

Abstract: The recently adopted Strategy for the economic and social development of the EU - Europe Strategy 2020, recognizes the concept of the Corporate Social Responsibility (CSR) as one of the tools for the achievement of a smart, sustainable and inclusive growth. Although the integration of CSR concept into business strategies is made on voluntary bases, governments, civil sector, media and academia have an important role in its promotion. The aim of this paper is to analyse the role that CSR plays in the socio-economic development focusing on Serbia. While the Government perceives the importance of CSR for Serbian socio-economic development, it is noticeable that pressure on companies to undertake socially responsible activities made by media, NGOs, consumers and business partners is not remarkable. In addition, the business community still does not have enough CSR initiatives that would be both beneficial to the community and profitable for companies. The paper argues that education on CSR of the managers and the broader public is essential in raising the awareness of the benefits that CSR offer. Consequently, it would lead towards the wider implementation of CSR in Serbia.

Keywords: Europe 2020; Corporate Social Responsibility (CSR); stakeholder theory; Serbia (search for similar items in EconPapers)
Date: 2011
ISBN: 978-971-9344-03-9
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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