The importance of corporate social responsibility for companies: The developing market study

Abstract

The purpose of this paper is to determine whether and to what extent companies in Kosovo practice the concept of corporate social responsibility (CSR) in their operations and what are their benefits from the application of this concept. This paper uses primary data obtained through a survey of managers of 40 companies in Kosovo. To prove that the practice of the concept of CSR is of great importance for all aspects of the operation of companies, a cross-tabular analysis of certain questions was performed, where the simple linear regression and the coefficient of correlation were calculated. Based on the obtained results it can be concluded that the largest percentage of the analyzed companies in Kosovo (87.50%) practice the concept of CSR in their operations. Managers in Kosovo introduce the concept of CSR for a variety of reasons. However, they agree with the fact that practicing this method leads to better long-term financial performance, greater market share, competitive advantage, better reputation of the company, increase of the working climate in the company, the productivity and motivation of employees, their loyalty, and contributes to retaining high-quality staff.

Prospects of development of the strategic policy of corporate social responsibility and sustainable business in Azerbaijan

“…The scholar describes in detail the activities of the company in many areas: regional development (performing specific projects in the field of culture and sports, training of youth, allocation of funds for scholarships), ecology (this activity is especially important for the company, as it deals with oil and gas operations, which adversely affect the environment; SOCAR performs various plans related to environmental safety, in particular, “waste management plan,” “associated gas management plan,” “plan for prevention of possible emergencies,” “biovariety protection strategy,” “spill prevention and elimination plan”), management. Although the company's activities are quite specific, some of the techniques it applies can be used for businesses whose activities are not related to the energy sector (Branger et al, 2020; Nimani et al, 2022). Yusifov and Namazov (2023) believe that the growing interest in SD is due to long‐term economic and social trends, global risks and challenges, and the search for new models of growth and socio‐economic development.…”

Informal township businesses and socio-economic challenges: a case of South Africa.

“…Although businesses have no obligation to sacrifice their profits/earnings by donating to charity programs, what businesses often do is create value for society with an intent of improving their earnings. Nimani et al (2022) explains why social responsibility may be important to businesses. According to Nimani et al (2022), businesses with social responsibility programs can build their brands in the eyes of society.…”

“…Nimani et al (2022) explains why social responsibility may be important to businesses. According to Nimani et al (2022), businesses with social responsibility programs can build their brands in the eyes of society. In a sector like the informal business sector where competition is high, businesses that implement social responsibility initiatives can improve their customer retention and build loyalty with their customers.…”