Abstract
In the modern world corporate social responsibility is becoming a new business philosophy, according to which companies focus their activities not only on making profits, but also on achieving public welfare and maintaining environmental stability. The focus is on everything – development paths and reputation, payment of taxes and financial stability, lobbyism and corrupt relations, environmental impact projects and climate change, education and philanthropy, public projects and social initiatives. The authors argue that businesses with corporate social responsibility initiatives can gain a competitive advantage in foreign markets at the expense of public image or reputation and generate higher profits. That is why corporate social responsibility of business should be considered as the main condition for the formation of sustainable development strategy of international entrepreneurship. The article reveals the essence of corporate social responsibility and its influence on the activity of enterprise, defines the peculiarities of realization of corporate social responsibility by Ukrainian enterprises and obstacles on the way of corporate social responsibility of business to ensure the development of its international business activity. Conditions, in which the corporate social responsibility of business in Ukraine was formed in the new conditions of economic management and development of its internationalization are considered separately. Despite the prevalence of socially responsible business, there are real obstacles to the implementation of corporate social responsibility in the enterprise: the lack of awareness of stakeholders; lack of financial resources; lack of value of its reputation; lack of social audit; lack of interest of senior management. Ways of implementing and supporting corporate social responsibility of business to ensure sustainable development in international business activities are substantiated. Presented recommendations on state regulation of corporate social responsibility of business at the present stage of its development in Ukraine and in international entrepreneurial activity
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