Corporate Social Responsibility: Problems and Potential for Development on the Regional Level

Nowadays company management must focus not only on economic but also environmental and social development. Implementing corporate social responsibility principles means development and application of reasonable company management strategy, monitoring company activities and corporate social reporting; however, this policy brings no shortterm benefit and quality results need at least five years to be achieved. Meanwhile, implementing corporate social responsibility has its difficulties. Company management has to spend a lot of time and effort and top managers need to distract from relevant and urgent matters. The analysis of opinions of various stakeholder groups on corporate social responsibility revealed that regional and local authorities expect business to implement CSR principles without providing any support for social initiatives. But despite lack of regional state policy on CSR implementation, several companies in the Republic of Kalmykia demonstrate socially responsible behavior thus having a positive impact on regional socioeconomic development.