2024 № 1 Економічні науки

The construction industry plays a vital role in the socio-economic development of any society. At the same time, the industry produces adverse social and environmental effects, which makes the adoption ofcorporate social responsibility (CSR) by construction companies especially relevant. For CSR management and research purposes, the abstract concept of CSR should be described in a structured and specific way, using certain conceptual and methodological frameworks. The goal of this article is to provide a critical review of the CSR frameworks used in academic literature on CSR in the construction industry and in CSR-related standards. We discuss CSR in terms of the industry-specific material topics proposedin the SASB standards. In particular, we show the importance of life cycle analysis for the construction industry,taking into account the nature of its products. We also show that the CSR of construction companies extends to the environmental impact not only of their own production activities but also of their construction products(buildings, infrastructure objects). We demonstrate that the LEED rating and certification system provides a comprehensive framework for such an important aspect of CSR as green building. In the academic and business literature, broad dimensions of CSR are often defined using the corporate sustainability and ESG concepts, and then narrower, specific topics are identified within each for those dimensions. We summarize such specific topics along economic, social, environmental, and governance dimensions. An alternative approach to defining the dimensions of CSR is through identifying the interests of stakeholders. The most common groups of stakeholders of construction companies referred to in the literature are shareholders, employees, customers, local communities, suppliers and partners, government, competitors, environment. CSR in the construction industry is shaped by external factors, which we categorize into mandatory rules, social pressures, the CSR infrastructure, market pressures, and technological factors. We introduce the CSR infrastructure as a separate external factor because of its scope and role in promoting CSR and removing barriers to its adoption. We stress the role of technological innovations and green building practices in the CSR implementation in the construction industry. The internal factors that stimulate or impede the adoption CSR by a construction company include the company’s values, vision, culture, strategies and the leadership. We emphasize the importance for the construction industry to use a holistic approach to CSR, considering the impacts within the entire value chain

2024 № 1 Економічні науки

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