Social responsibility of business and social effects of their activities in the country.

Abstract

Nowadays it is apparent for the serious business makers and not just for big ones, that to gain the strong positions in the national and global economy it is necessary to increase the efficiency and competitiveness through responsible entrepreneurship. This is the reason why at the essence of effective business strategies should be based on the principles of corporate social responsibility (CSR) as the basis of social partnership between all parties. Evaluating the effectiveness of social partnership programs made it apparent that the costs of social programs vary according to business development stage. In general, social involvement of business can be evaluated by: social reporting,social ratings and various social indices based on the impact on the socio-ecological- economic situation. Methods of evaluating the corporate social responsibility enable one to inform the parties about the social development of the company, its contribution to the development of society and its impact on the environment. In turn, the improvement of social sphere corresponds with the long-term interests of business structures, so the commitment to CSR improves the efficiency and viability of the business environment. The article defines the role and importance of corporate social responsibility in the implementation of investment projects and the necessity to determine the social impact of their activities in the form of social effects.