Social Responsibility of Modern Business as the Function of the Mechanism for Overcoming Crisis Situation in the Company

Abstract

ABSTRACT

Social responsibility is a very important element of modern business where the companies integrate the care about the society in to their business, business strategy and relationships with their owners, employees, consumers, customers, suppliers and wider public. Adherence to ethical principles because of the moral obligation, and not only in order to fulfil the legal obligations, gives the company added value which may contribute to mainten ance of continuous stability of the company and serve as one of the mechanisms for overcoming the crisis in the company at the time of adverse market and economic situations. Such an approach to corporate management has been increasingly contributing to the realization of competitive advantage of the company on the market. This paper explains why the social responsibility in the modern operation of a company is important and how it can help in overcoming the adverse economic situations that may lead to crisis in the company. The conclusions in the paper are based on the carried out study of impact of social responsibility on the corporate image. The aim of this study was to examine the attitudes of the respondents about the importance of the socially responsible operation of the company for its image and purchase intention as well as the impact of various forms of socially responsible business on the corporate image.