The role of CSR actions in ensuring business sustainability

Abstract

We live in an increasingly complex world, a world in which involvement in social life is necessary for any company that wants to achieve not only financial success but also the respect of the society in which it operates. Specialized literature and events in recent decades show that, against the backdrop of economic globalization, the development of companies based solely on sales volume and profitability is limiting, sometimes even impossible. This has led to the international recognition of the concept of sustainable development, a very important term for the rapidly evolving business world. The term sustainability is often confused with other business terms, with some authors using the expression corporate social responsibility to emphasize a company's obligations to society in general. Corporate social responsibility (CSR) has been discussed by researchers for many decades and is an element of great importance for academia and even more so for companies operating globally. Thus, the main objective of this paper is to study empirical studies on the importance of social responsibility actions for both companies and consumers, for the general public, which demonstrate the need for companies to publish information about their sustainable activities. Social responsibility actions bring major benefits to the companies that implement them, particularly in terms of reputation and increased customer recognition for actions that help improve consumers' lives. CZU: 005.35; JEL: M41, M48