CORPORATE SOCIAL RESPONSIBILITY PRACTICES: THE EXAMPLES OF LATVIA AND UKRAINE

Abstract

Corporate social responsibility (CSR) as a good business practice and an organized movement develops and gains increasing support not only among entrepreneurs and businesspersons but also among consumers choosing goods and services from reputable enterprises that implement generally accepted business ethics in their daily operation. The problem of CSR has become urgent in the context of ensuring economic and sustainable business development. Increasing attention is paid to raising the competitiveness and efficiency of business through the principles of CSR. The latest research on reputation and CSR in Latvia shows that there are few entrepreneurs, national institutions and members of the public in Latvia who understand the basics of CSR and support the manifestations thereof. In Ukraine, CSR practices of companies are also at the initial stage of their development, they are carried out epidemically, and only large companies have sustainable development strategies and publish non-financial reports. The aim of the research is to assess CSR practices in Ukraine and Latvia. General scientific research methods were used in the given research, namely: the monographic and descriptive methods and comparative analysis. The results of the research revealed that socially responsible entrepreneurship related to the principles of sustainable development, i.e. meeting current needs without compromising the needs of future generations. Sustainable development is characterized by three interrelated dimensions: environmental, economic and social, through which socially responsible entrepreneurship could be assessed.