Financial and economic aspects of corporate social responsibility

V.V Ilyashenko,I Tkachenko

doi:10.1051/shsconf/20208907002

Abstract

The article shows the importance of corporate social responsibility (CSR) in ensuring sustainable development of the country. The types of CSR and its features in various states are considered. The author describes the economy of the Russian Federation and its impact on the system of corporate social responsibility in the country. The high profitability of resource-extractive industries and their use of the country’s national wealth defines their special role in CSR not only towards their employees through wages and the allocation of social benefits from profit, but also to the society. It is shown that the established country’s political system significantly influences the possibility of implementing a system of corporate social responsibility. The author characterizes the significant regulatory and stimulating role of the state in social development through taxation and the structure of government spending. When assessing the financial conditions of CSR, the author analyses the impact of capital outflow on its development. Corporate social responsibility also includes the responsibility of organizations to the environment. The author provides a rating assessment of Russian oil and gas, mining and metallurgical companies openness in terms of environmental responsibility.

Highlights

Corporate social responsibility (CSR) is an integral part of the modern economy and a prerequisite for sustainable development
It is obvious that the CSR concepts of European countries, Japan and China are most suitable for Russia as a European-Asian country
We can draw the following conclusions, based on the research conducted in the work: - When analyzing corporate social responsibility, it is necessary to take into account its features, which are determined by the degree of organizations independence when implementing their responsibility to society

Summary

Introduction

Corporate social responsibility (CSR) is an integral part of the modern economy and a prerequisite for sustainable development. It has its own characteristics in different countries, on which the combination of private and public interests and the degree of the state's regulatory role in this process depend. The implementation of CSR largely depends on the financial and economic conditions existing in a given state, and it is fully applicable to the Russian Federation. When characterizing corporate social responsibility, it is necessary to take into account the profitability of organizations, distribution of profits, taxation of the country, the structure and dynamics of government spending, capital movement, costs of implementing environmental programs and other economic indicators

Materials and methods

Results and discussion

Conclusion