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SMART GOVERNENCE OF IMPLMENTING THE STREATEGY OF CORPORATE SOCIAL RESPONSIBILITY FOR A SUSTAINABLE REGIONAL DEVELOPMENT
Abstract
The topicality of this study: The corporate social responsibility (CSR) became a particularly topical issue in the field of entrepreneurship since Latvia has joined the European Union in 2004, as well as for Bulgaria as the country joining the EU. All business companies are asked to undertake the strategy of social responsibility and to adopt the principles of social responsibility. In the context of this study, a sustainability strategy is adjusted to the specific economic, social, environmental and cultural factors of the business environment in Latvia and Bulgaria, with the respect to the international criteria of integration of corporate social responsibility in the enterprise [6] [7]. The case study highlights the factors of success that can become the bases for the most efficient ways of incorporating the strategy of social responsibility. The aim of the study is to explore the process of implementing the strategy of corporate responsibility in one of the leading state enterprises of Latvia. The methodology of the study: The study presents the case study in one of the leading state enterprises in Latvia and presents data gained from the interviews with 20 experts from the diverse levels of management about the process of incorporating the strategy in praxis. The study highlights the factors of success and obstacles of integrating such a strategy for sustainable regional development. It was concluded that implementing the strategy of a corporate social responsibility requires a sustainable mind-set and whole institutional approach with the involvement of all stakeholders. It was discovered that education plays the major role in transforming the conscience of employers towards incorporating the strategy of a corporate social responsibility.
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References9
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Number of times cited according to Crossref: 8
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