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The Role of Social Responsibility in Company Strategy

In: Proceedings of the ENTRENOVA - ENTerprise REsearch InNOVAtion Conference, Hybrid Conference, Opatija, Croatia, 17-18 June 2022

Author

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  • Barić, Andrija

Abstract

Social responsibility is an irreplaceable concept in the modern global economic network. As the concept of social responsibility "matured" in business and science, an increasing number of investors have recognized the benefits of conducting socially and environmentally conscious business and are encouraging the management and other stakeholder groups to implement socially responsible activities to achieve strategic goals. Strategic implementation of socially responsible activities opens up the space for creating a market position that competitors can hardly reach. They would have to successfully imitate the whole spectrum, not just a single socially responsible activity. This paper aims to discuss the relationship between the implementation of social responsibility and company strategy in light of previous research. Sustainable competitive advantage and a positive business result stem from a quality strategy adhered to by all organizational levels in the company. A good link between corporate strategy and the concept of social responsibility is a prerequisite for achieving long-term business sustainability in the global economic network. Based on the above, social responsibility is considered an important strategic element.

Suggested Citation

  • Barić, Andrija, 2022. "The Role of Social Responsibility in Company Strategy," Proceedings of the ENTRENOVA - ENTerprise REsearch InNOVAtion Conference (2022), Hybrid Conference, Opatija, Croatia, in: Proceedings of the ENTRENOVA - ENTerprise REsearch InNOVAtion Conference, Hybrid Conference, Opatija, Croatia, 17-18 June 2022, pages 390-405, IRENET - Society for Advancing Innovation and Research in Economy, Zagreb.
    • Handle: RePEc:zbw:entr22:268341
    DOI: 10.54820/entrenova-2022-0033
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    More about this item

    Keywords

    corporate social responsibility; company strategy; stakeholders; differentiation; identity;
    All these keywords.

    JEL classification:

    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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