Analysis of social responsibility of mining companies in the international market

¹ National University of Pharmacy, Doctor of Economics, Professor, Head of the Department of Management and Public Administration, 61057, 53 Pyshkinskaya street, Kharkiv, Ukraine
² Chernihiv Polytechnic National University, Public Administration and Business Management Department, 14035, Chernihiv, Shevchenko str.,95, Ukraine
³ Chernihiv Polytechnic National University, Doctor of Economics, Professor, Department of Finance, Banking and Insurance, 14035, Chernihiv, Shevchenko str.,95, Ukraine
⁴ Chernihiv Polytechnic National University, Department of Finance, Banking and Insurance, 14035, Chernihiv, Shevchenko str.,95, Ukraine

^* Corresponding author: yakakos74@gmail.com

Abstract

The article proves that the implementation of the principles and use of the tools of corporate social responsibility can increase the reputation of the corporation and its activity in the world market. The purpose of the article is to substantiate and determine the role of corporate social responsibility of the mining and metals companies in ensuring and improving their reputation in the world market. The article substantiates that the low level of corporate governance practice and insufficient part of social contribution to the companies negatively affect formation of corporate social responsibility of the corporations. The article analyzes the indicators of Corporate sustainability and Transparency for 2018-2019 according to the professional rating of the largest Ukrainian mining and metals companies, based on leading international practices. The analysis of indicators made it possible to identify the proportional dependence of the reputation of the corporation on the measures of corporate social responsibility that the latter implements. It is determined on the basis of the study that corporate social responsibility is an effective tool to increase the competitiveness of mining and metals companies.