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Corporate Social Responsibility as a Driver of Sustainable Development in the EU
Varlamova M. L., Sarkisian L. G.

Varlamova, Mariia L., and Sarkisian, Larysa G. (2024) “Corporate Social Responsibility as a Driver of Sustainable Development in the EU.” Business Inform 12:42–48.
https://doi.org/10.32983/2222-4459-2024-12-42-48

Section: International Economic Relations

UDC 339.92

Abstract:
The aim of the study: to analyze the role of corporate social responsibility (CSR) in promoting sustainable development in the European Union (EU), considering legislative initiatives, the dissemination of reporting standards, and the experience of companies implementing ESG practices. Global initiatives encouraging the adoption of CSR and reporting on sustainable development principles are examined. Specifically, the UN Global Compact, the Global Reporting Initiative, the ISO standard on social responsibility, and the Principles for Responsible Investment are characterized. The study identifies significant growth in CSR reporting among the largest companies and establishes that Europe is one of the leading regions in implementing socially responsible activities. The EU's experience in forming legislative initiatives for CSR reporting is analyzed. An analysis of global trends reveals that European companies dominate the international ranking of the top 100 ESG companies, accounting for 35% of all positions. The analysis of leading companies based on their level of ESG practice implementation substantiates that CSR in the EU serves as an effective tool for achieving sustainable development, fostering a resilient economy, and strengthening social cohesion. Future research may focus on analyzing the impact of CSR implementation on the financial performance of companies across various economic sectors, exploring the motivation of small and medium-sized enterprises to comply with ESG standards, and studying the effectiveness of government programs supporting non-financial reporting.

Keywords: corporate social responsibility, sustainable development, EU, ESG, European business.

Fig.: 4. Tabl.: 1. Bibl.: 11.

Varlamova Mariia L. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of International Economic Relations, Vasyl’ Stus Donetsk National University (21 600-richchia Str., Vinnytsia, 21021, Ukraine)
Email: [email protected]
Sarkisian Larysa G. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of World Economy, State University of Trade and Economics (19 Kіoto Str., Kyiv, 02156, Ukraine)
Email: [email protected]

List of references in article

“Corporate Social Responsibility“. UNIDO. https://www.unido.org/our-focus-advancing-economic-competitiveness-competitive-trade-capacities-and-corporate-responsibility-corporate-social-responsibility-market-integration/what-csr
“Corporate sustainability and responsibility“. European Commission. https://single-market-economy.ec.europa.eu/industry/sustainability/corporate-sustainability-and-responsibility_en#what-is-corporate-social-responsibility
UN Global Compact. https://unglobalcompact.org/
Global Reporting Initiative (GRI). https://www.globalreporting.org/about-gri/mission-history/
“Big shifts, small steps. Survey of Sustainability Reporting 2022“. KPMG. October 2022. https://assets.kpmg.com/content/dam/kpmg/se/pdf/komm/2022/Global-Survey-of-Sustainability-Reporting-2022.pdf
“ISO 26000. Social responsibility“. https://www.iso.org/iso-26000-social-responsibility.html
“Principles for Responsible Investment“. https://www.unpri.org/
“Dyrektyva YeS pro korporatyvnu zvitnist zi staloho rozvytku (CSRD). Yak nova Dyrektyva transformuie landshaft zvitnosti ESG ta yak biznesu vykonaty novi vymohy“ [EU Corporate Sustainability Reporting Directive (CSRD). How the New Directive Will Transform the ESG Reporting Landscape and How Businesses Will Meet the New Requirements]. https://kpmg.com/ua/uk/home/insights/2023/03/get-ready-for-a-new-level-of-esg-reporting.html
“Environmental, Social, and Governance Performance of EU Companies“. European Environment Agency. https://www.eea.europa.eu/en/analysis/publications/europes-circular-economy-in-facts/environmental-social-and-governance-esg-performance-of-eu-companies?activeTab=265e2bee-7de3-46e8-b6ee-76005f3f434f
“Top 100 ESG Companies“. https://www.esgbook.com/insights/esg-insights/esg-book-top-100/
Giannarakis, G. “Determinants of corporate social responsibility disclosures: The case of the US companies“. International Journal of Information Systems and Change Management, vol. 6, no. 3 (2013): 205-221. DOI: https://doi.org/10.1504/IJISCM.2013.058325

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