CORPORATE SOCIAL RESPONSIBILITY IN RESOURCE-RICH COUNTRIES EFFECTS
ON ECONOMIC GROWTH
Ph.D., Associate Professor Farhad Gamboy oglu Mikayilov
UNEC, Scientific-Research Institute of Economic Studies,
Department of knowledge economy, senior research fellow
Nurana BABAYEVA
Ministry of Economy Economic Reforms Scientific Research Institute, PhD student
ABSTRACT
Currently, the reputation of companies worldwide is determined by the extent to which they adhere to corporate social responsibility. In international practice, corporate social responsibility measures play a greater role in the company's activities and increase the importance of this institution. Corporate social responsibility standards differ according to the legal framework, level of development and public attitudes of each country. Globally, all types of firms, especially large corporations and holdings, are increasingly encouraged to adopt corporate social responsibility (CSR) practices that aim to contribute
to the improvement of society due to the high expectations of their stakeholders (Mensah, Yensu, & Atuilik, 2017). ; Golob &). Podnar, 2019). While working relations in America are based on the principle of individuality, in Europe it is based on collective relations. While social programs implemented through aid programs are preferred in America, business projects and targeted programs are preferred in Europe. Although it has been widely used in Germany for a long time, the concept of corporate social responsibility is still onsidered a foreign term. Discussions on corporate social responsibility mainly focus on human rights, environmental issues and the fight against corruption. In Austria, special
attention is paid to cooperation in solving labor and social problems. The law, passed in 1966, emphasized the importance of the company's service not only for entrepreneurs and employees, but also for the common good. Although the government's interest in social and environmental issues has decreased due to the economic problems associated with the transition to a market economy in the post�communist countries of Central and Eastern Europe, Corporate Social Responsibility is currently being
implemented successfully. Looking at Corporate Social Responsibility (CSR) in the CIS, it should be noted that from the 1990s, economic policy in the post-Soviet countries became more radical. Thus, unlike the Soviet era, companies' interest in CSR, especially in the metallurgical and oil and gas industries in Russia, has increased significantly in recent years. There is no specific law on CSR in Ukraine. Relevant recommendations are provided in the Azerbaijan Corporate Governance Standards to guide Azerbaijani companies in this area. For example, a company must respect the rights and interests
of all its stakeholders, including its creditors, employees, customers, suppliers, local communities and the general public. The company should consider the interests of employees, creditors, customers, suppliers and local communities when making decisions, make these decisions feasible and realistic, and consider how its decisions may affect stakeholders. Such problems are reflected in the report.
Keywords: corporate social responsibility, utilities, social practices, business projects