Corporate Social Responsibility, the abbreviation CSR is used. It is a term that includes socially responsible activities, commitment to the community and the implementation of community projects.
Socially responsible corporate behavior can be described as activities going beyond not only legal, but also ethical, commercial and societal expectations. CSR can be named as companies’ liability to make decisions and implement policies that are desirable in terms of values and goals of our society. Corporate social responsibility is described as a concept when the company voluntarily assumes responsibility for the well-being and sustainable development of modern society, while expecting to maintain competitiveness and profitability, but they are not two contradictory goals. Furthermore, CSR can be understood as a voluntary commitment of companies to behave in their functioning responsibly towards the environment and society in which they operate.
A characteristic feature of most definitions is their versatility, which largely define the framework and basic principles for all types of enterprises, regardless of their line of business.
Use of CSR in practice: It is a concept which aims to voluntary integrating of social and environmental considerations into everyday business operations and interactions with stakeholders. It affects mainly business ethics, labor and the environment.