Formation of Corporate Security Based on the Criterion of Social Responsibility of Business
Year: 2025
Type: article
Abstract: In the theory of corporate governance, it is a widely recognized fact that a company adhering to the principles of corporate and social responsibility has a higher level of security for investment, development of partnerships, public trust, and consumer loyalty to its products. For investors, high international ratings of a company in compliance with ESG principles and standards serve as an indicator for the development of partnership relations, providing an additional advantage in establishing the position of a strategically important partner. The voluntary social commitments undertaken by companies create a positive image for society, employees, consumers, and enhance their competitive positions in international markets. This serves as a criterion that the company is responsible in matters of occupational safety for its employees, environmental protection, support for biodiversity, and so on. Conversely, the absence of such an ecological and social image significantly complicates business operations and creates certain risks in the formation of corporate security. Therefore, there has been a considerable increase in the interest of international companies in assessing the level of compliance of their activities with ESG criteria. The article proposes using the European Foundation for Quality Management (EFQM) excellence model to evaluate the levels of sociality, ecological sustainability, and quality of corporate governance. A system of criteria and indicators has been developed for this purpose, along with recommendations for establishing an expert commission to conduct the assessment. The results of the evaluation will enable the formation of a comprehensive set of organizational measures aimed at establishing corporate security based on the principles of social and ecological responsibility.
Source: Business Inform
Authors: Vasyl I. Otenko, Artem O. Vizhunov, Andrii V. Ustymenko
Language: English
Subfield: Strategy and Management
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W4408852083