CSR PRACTICE OF SMES IN DEVELOPING ECONOMIES:THE CASE OF AZERBAIJAN

Abstract

At the beginning of the 21st century overwhelming majority [if not all] of companies and organizations in post-soviet countries including Azerbaijan were not fully aware of the essence of corporate social responsibility (CSR) - one of the most important factors required for the sustainable development and successfulness of modern business activity. However, for several years, the question of social responsibility of businesses became crucial in this geography and the concept of CSR has been increasingly moved to the forefront. The main purpose of this research work is to study the current state of CSR practice in modern Azerbaijan with a particular focus on the CSR activity of small and medium-sized enterprises. In this study, we tried to shed light on the current CSR practice of SMEs in Azerbaijan against the backdrop of their constantly growing importance for the country by highlighting the way SMEs use CSR strategy and policy and the shortcomings in this field. The article also highlights government support for sustainable development, the way government can influence and encourage businesses to become more socially responsible.
The benefits of CSR and its close interrelation with long-term success and sustainability are also among the issues discussed in this research paper.