Formation of the economic potential of business on the basis of a socially responsible approach
DOI:
https://doi.org/10.35774/visnyk2025.02.009Keywords:
economic potential, social responsibility, business, corporate social responsibility, entrepreneurship, reputational capital, strategy, sustainable developmentAbstract
Introduction. A significant factor in ensuring the long-term effectiveness of business entities is social responsibility, which acts as a strategic resource that contributes to the growth of economic potential. Social responsibility is often considered as an opportunity to achieve competitive advantages in the market, which makes the need for research in this area urgent.
The purpose of the study is to substantiate the theoretical and methodological aspects of the formation of an economic mechanism based on a socially responsible approach.
Methods. The work uses the following methods: generalization, comparison, synthesis, analysis, monographic and historical methods.
Results. The study indicates that economic potential reflects the ability of an enterprise to ensure effective operations, make investments, innovative development, implement production functions, expand sales markets, and strengthen competitive positions. A socially responsible approach to the formation of the economic potential of a business involves its development taking into account not only financial benefits, but also the long- term interests of society, the environment, and each person. It has been proven that social responsibility is a practical tool for strategic development. Applying a socially responsible approach allows enterprises not only to survive, but also to actively develop. This is especially relevant for Ukrainian companies that, in times of war, simultaneously perform economic, humanitarian, and defense functions.
Prospects. We consider it appropriate to focus on the development of social, environmentally-oriented entrepreneurship, scaling up the provision of services in the direction of increasing the social responsibility of business.
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