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Abstract:
This article delivers a full insight into social model of corporate social responsibility (CSR) based on stakeholders' theory and wider concept of corporate sustainability. The social model of CSR is oriented towards corporate sustainability issues including sustainable performance and development of enterprise with super goal that is searching for a strategic equilibrium between financial performance, social development and environmental sustainability.
The article will point out the importance and relevance of social model of CSR as it is suitable for enterprises in today's global business and indicate its implementation as corporate top priority. The article also presents challenges in implementation of social model of CSR in enterprises of developing countries, following steps that enterprises of developed countries have been through. Using extensive theoretical analysis and in-depth empirical synthesis of previous researches' findings as selected methodology of study, the article investigates sustainably viable solutions and recommendations to enhance social responsibility and sustainability awareness and business practices in contemporary business and economy.
Keywords: social responsibility; sustainability issues; stakeholders theory; social model of CSR.
JEL Classification: M16.
Introduction
Social responsibility is a field of research which investigates processes and solutions that guarantee a strategic balance between economic growth and social development at both macro level (international, regional, national, local) and micro level (level of enterprises) (Zdravkovic and Radukic 2012, Placier 2013, Rajnoha and Lesníkova 2016, Czubala 2016).Corporate social responsibility (CSR, the micro level, level of enterprises) is a field of research aiming at defining what the essence of a socially responsible business is and what business has to do to become socially responsible (Nguyen 2015). Generally, CSR is a continuous commitment of the enterprise towards sustainability issues that is to contribute to the economic development while enhancing quality of life of labor force as well as of the local community, society and for the benefit of environment (Rajnoha and Lesníkova 2016). World Commission on Environment and Development defines sustainability or sustainable development as development that meets present needs without compromising the ability of future generations to meet their own needs (WCED 1987).
Alike CSR, the concept of sustainability has also been analyzed in many academic studies at both macroscopic level and microscopic level (corporate sustainability or corporate sustainable development). The idea of sustainability or sustainable development is...