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Social responsibility is one of the priority tasks of corporate management and one of the urgent problems of the modern economy, in the context of determining the role of social responsibility in the sustainable development of a business organization and the contribution of social investments to sustainable development. The purpose of the article is to assess the current state of development of the institute of social responsibility, the implementation of the policy of social responsibility and transparency of economic activity by Ukrainian businesses, the study of factors that become obstacles to the introduction of the institute of social responsibility in Ukraine. This publication highlights the aspects of transformational changes, the globalization of economic relations, the role of sustainable organizational development, and their impact on the formation of socially responsible business standards. An attempt was made to give a systematic presentation of the main advantages of transparency in reporting on economic activity. The results of modern rating systems of enterprises in the context of social responsibility in Ukraine were analyzed. Problems hindering the development of social responsibility of business in Ukraine are identified and outlined. The scientific research concludes that the active implementation of the policy of social responsibility in the formation of the Ukrainian business strategy should become one of the tools for ensuring the prerequisites for competitive advantages, strengthening the image of companies by strengthening the loyalty of employees, the trust of regular and potential customers, partners, local communities and the opportunity to attract “green†financing.
Kuzmak et al. (Sun,) studied this question.