RuEn

Journal section "Sectoral economic studies"

Creating Competitive Strategies of Industrial Enterprises from the Standpoint of Corporate Social Responsibility

Romanova O.A., Berg D.B., Matveeva Y.A.

Volume 10, Issue 6, 2017

Romanova O.A., Berg D.B., Matveeva Y.A. Creating Competitive Strategies of Industrial Enterprises from the Standpoint of Corporate Social Responsibility. Economic and Social Changes: Facts, Trends, Forecast, 2017, vol. 10, no. 6, pp. 138-152. DOI: 10.15838/esc.2017.6.54.9

DOI: 10.15838/esc.2017.6.54.9

Abstract   |   Authors   |   References
The relevance of the research lies in the development and strengthening of the institutions of the civil society amid globalization of the world economy, which determines the necessity of domestic business meeting the requirements of international standards and raises the issue of ensuring competitiveness of industrial enterprises to a qualitatively new level in terms of corporate social responsibility. The purpose for the research is to assess competitive strategies of companies in fuel and energy complex (hereinafter – FEC companies) in the framework of the new techno-economic paradigm with the growing importance of corporate social responsibility. Based on comparative analysis of the traditional theory of competitiveness of an enterprise and competitiveness in the framework of the concept “Industry 4.0”, it has been revealed that the global level of competition involves consideration of the company’s activities in the context of its socio-environmental environment focused on forming long-term competitive advantages. This became the rationale for creating the authors’ model of the impact 0f corporate social responsibility on company’s competitiveness, which indicates the influence of corporate social responsibility in five key options, providing additional opportunities for increasing company competitiveness. The authors present a modified method of identifying company’s competitive strategies in the aspect of importance of funding corporate social responsibility. The results of identification strategies of competitive behavior FEC companies have demonstrated that the integration of corporate social responsibility into company’s strategic management reinforces the importance of socially responsible business in the process of competition. The use of the author’s method of identifying competitive strategies helps identify the company’s strengths and weaknesses and, in contrast to the previously existing methods, consider the opportunities for financing corporate social responsibility with the purpose of forming competitive advantages for industrial enterprises. The research results can be used by regional and municipal authorities and business leaders when designing documents on strategic development, implementing modern concepts of social responsibility; by investors for assessing investment attractiveness of companies; and by educational institutions at various levels for implementing academic disciplines in the field of complex socio-economic analysis of enterprise activity. The promising area of further research is the development of a mechanism of providing competitiveness of enterprises with respect to corporate social responsibility in the framework of a new techno-economic paradigm

Keywords

investment, competitive advantages, corporate social responsibility, enterprise competitiveness, socially responsible activity, competitive behavior strategy, non-financial assets

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