Corporate social responsibility as a tool of interaction with the external environment during the economic crisis

Abstract

The purpose of the article is to determine the impact nature of the corporate social responsibility (hereinafter – CSR) policy on the company’s position during the crisis. The subject of the study is CSR as a tool of interaction with the external environment. Based on the theoretical analysis of the scientific literature, the paper identifies the interrelation of social responsibility and the business interaction strategy with the macro- and microenvironment, using the analogy method, the features of such interrelation in the conditions of economic instability, in which the business was due to the spread of Covid-19 are considered. The authors have developed recommendations for the successful implementation of this policy, taking into account all the limitations of the company’s crisis situation, which makes it possible to use this research in business practice and subsequent scientific activity. The prospects for this study may be the description of modified tools of CSR implementation, taking into account the modern development of technologies and the deepening of its impact on economic relations. As a result of the work done, a conclusion was obtained about the predominance of positive effects from the implementation of this strategy in a situation of increased resource constraints.