From Corporate Social Responsibility to Corporate Sustainability: Features of Financing Sustainable Development

• Main Author: Vasylchuk Irуna P.
• Format: Article
• Language: English
• Published: PH "INZHEK" 2018-03-01
• Series: Problemi Ekonomiki
• Subjects: sustainable development; corporate social responsibility; periodization; social enterprises; corporate models of sustainable development; financing
• Online Access: http://www.problecon.com/export_pdf/problems-of-economy-2018-1_0-pages-243_250.pdf

The theoretical basis of the concepts of corporate social responsibility and sustainable development are studied. It is revealed that scientists mainly distinguish two main stages in the evolution of the concept of corporate social responsibility. There argued the expediency of singling out the third stage of the development of the concept (version CSR 2.0), which is characterized by the integration of the theoretical and practical foundations of the concepts of CSR and sustainable development as well as by their implementation into activities of corporations. The presence of the necessary prerequisites for singling out the new stage in the evolution of these concepts (version CSR 3.0), which is based on the provisions of the collaborative theory and provides for the cooperation of social enterprises and sustainable corporations in achieving the goals of sustainable development, is revealed, its expediency is justified. The determinant of the stage is the use of opportunities for sustainable development, the dominant is the social orientation, and its content is characterized by the slogan “doing common good to do common well”. Using generalization, there identified the features of the established models of sustainable development of corporations by key aspects (goals, principles, methods). On this basis, the features of approaches to financing sustainable development at the macro and micro levels are determined, and the principles for financing the activities of corporations in the new conditions are defined. It is concluded that achieving sustainability requires an effective system of financing corporate measures aimed at sustainable development, for the creation of which in Ukraine it is necessary to use the experience of “best practices” at the national, local and corporate levels.