Corporate social responsibility as a factor in increasing the efficiency of modern business

Abstract

This article has shown the importance of corporate social responsibility to improve efficiency and the process of its formation in Western countries in the XX century. The author substantiates the main theoretical and methodological principles that define the essence and content of corporate social responsibility as a factor of economic development. The social responsibility of business is the achievement of high financial results of corporation with compliance of ethical values and respect for people and the environment. The directions, approaches and structure of socially responsible business were defined here. It is indicated that activities to ensure the corporate social responsibility is defined as the pragmatic direction of development business that provides high efficiency of operation of companies and risk management in countries with market economy. The significance of preparation of social reports and conduct social audit was emphasized.