ANALYSIS OF CURRENT TRENDS OF THE CORPORATE SOCIAL RESPONSIBILITY OF BUSINESS IN UKRAINE IN THE TERMS OF GLOBAL CHALLENGES

Abstract

The article is devoted to the study of current trends in corporate social responsibility (CSR) of business, which were formed as a result of the impact of the Russian full-scale invasion of Ukraine. Global challenges affect factors, which must be considered in creating relevant CSR strategy of business. In the terms of complex and hardly predictable conjuncture of business environment, entrepreneurship is to be taking into consideration CSR factors change. The purpose of the study is to analyse the changes in CSR of business as a reaction to the situation of martial law in Ukraine in order to determine the factors that are important to consider in building an effective CSR strategy for business. The paper analyzes current trends of the corporate social responsibility, which have to be considered in building actual and applicable strategy that meet stakeholders` expectations and build trust for lasting cooperation with them. The following changes in corporate social responsibility of business and factors that are important to consider for building an effective CSR strategy at this time were identified: expanding number of components of reputational integrity, changing the format of non-financial reporting, expanding the range of beneficiaries, ensuring business sustainability, providing a special range of assistance to employees, transparency of business practices, changing the format of communications with stakeholders and expansion of the range of non-financial CSR initiatives. This study used generally accepted scientific methods: the method of systematic analysis – to analyse scientific papers and determine the features of CSR in Ukraine during martial law; graphical method – for visual representation of the obtained results; method of comparison – for comparing data in the course of the study; method of statistical analysis – for analysing statistical relevant data; method of systematisation – for summarising the results of the study. In the terms of today's global challenges, businesses need effective supportive tools for their activity. The article identifies the CSR transformations in Ukraine that took place in the times of global challenges. The results of this study are intended to serve as a tool in building a relevant and effective corporate social responsibility strategy for business during martial law in Ukraine to support the national economy.