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Corporate Social Responsibility as a Factor for Long-Term Growth

Author: Andrey B. Ankudinov, Cand. Sc. (Physics & Mathematics), Assistant-Prof. of Organization Finances Dprt; Denis M. Borisov, Jr. lecturer of Organization Finances Dprt.

Abstract: The article suggests the authors’ approach to studying the impact of corporate social responsibility on companies’ financial efficiency from the perspective of the concept of real options. The paper lists the option characteristics for some types of investments into corporate social responsibility. In addition, the article presents the results of testing out the hypotheses on the influence that the investments into corporate social responsibility have on the possibilities for future growth or, in other words, on the value of growth option.

Key words: corporate social responsibility; financial efficiency; possibilities for future growth; real options; value of growth option.