Developing a set of norms and rules for corporate interactions: a public demand in the context of globalization
Journal Title: Visnyk Ternopilskoho natsionalnoho ekonomichnoho universytetu - Year 2016, Vol 3, Issue
Abstract
The article examines issues of developing an institutional environment for corporate interactions in the context of globalization, geo-economic challenges and the emergence of new stage of socially-oriented business practice. It also emphasizes a stabilizing effect of business socialization on the society. The author considers a set of approaches for implementing CSR with regard to the latest trends and strategic corporate values aimed at achieving a balance between social activities and an increase in corporate assets, modification in TNC behaviour on the international markets under competitive conditions, diversification of management for enhancing corporate competitiveness and its reputation in the light of development and realization of investment resources, vertical and horizontal coordination of CSR in the process of cooperation. As well as that, the features of implementing CSR practices into economic activities of domestic entities are outlined. The paper turns attention to the transformation of approaches for models of corporate interactions in accordance with the standards and tendencies of post-industrial world economy. The author highlights international practices of creating an institutional environment for TNC with regard to CSR for the purpose of diversifying dominant areas of corporate interactions in the state regulatory policy. A number of approaches to CSR in international institutions, national governments and global companies are analyzed in terms of establishing the conditions for interactions between international entities. Several layers of corporate governance, which in the context of globalization constitute the foundation of corporate policy, are described. A comparative analysis of approaches to CSR is undertaken in regards to a public demand for respect of law, environmental protection, production modernization and life safety. It is stated that under conditions of economic socialization, there are several creative ways of meeting the public demand: diversification of social services and entities providing them, standardization of the quality and more targeted focus of social needs. It is stressed that the concept of CSR should be reconsidered towards a broader term which could be applied to other carriers of globalization, such as a state, international and national organizations.
Authors and Affiliations
Vitalii Kryvous
Keywords
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