Corporate Social Responsibility: A New Business Philosophy

Abstract

Changing the paradigm of business philosophy encourages a rethinking of the business activity of enterprises and expands their responsibilities limits. The chapter examines the key prerequisites for the formation of the corporate social responsibility concept. The essence of the concept and its multidimensional level are defined. It examines the differentiation between corporate social responsibility and corporate social sustainability. The characteristics of the main indices and standards which are used in the practice of socially responsible business are mentioned. The necessity of the creation and publication of non-financial reports is highlighted.