Corporate Social Responsibility – A New Way Of Business Strategy

Abstract

The much fiercer competition in globalised markets demands that economic entities adapt quickly and appropriately as new conditions arise. One way to meet the new conditions, challenges and opportunities is through corporate social responsibility, with emphasis on a shift away from the short-term to long-term goals and from max imising to optimising profits, the latter having three dimensions (economic, environmental and social). Socially responsible companies take into consideration the needs of their internal as well as external settings and contribute to sustainable development. Transparent and responsible behaviour reflects the pressure of the society and is becoming a competitive advantage. The article deals with the role of corporate social responsibility in global conditions. It informs about the current situation of CSR in the Czech Republic. It is only focused on selected issues of CSR and its specific features and its prospects in the Czech Republic. It is also apparent that socially responsible behaviour is gradually making headway and becoming part of corporate strategy, instead of being merely a marketing tool. For small and medium-sized companies, which operate regionally and are easily monitored, socially responsible conduct presents a natural course of action to ensure survival.