Corporate social responsibility and challenges for corporate sustainability in first part of the 21st century

Abstract

The term corporate sustainability represents a crucial part of the concept of sustainable development. The main goal of the companies, which adopted corporate sustainability practice is to fulfil a sustainable development agenda and brings a balanced approach to economic and social progress and environmental management. The purpose of the article is to highlight the importance and issues of corporate sustainability in the context of awareness and approaches to social responsibility in the Fourth Industrial Revolution. The paper aims to make order in the plurality of definitions of concept «corporate sustainability» and its practical understanding in terms of «corporate social responsibility». It does so through a literature review and the analysis of different attempts of definition. It identifies the main challenges these concepts bring with them.