SOCIO-PHILOSOPHICAL ANALYSIS OF THE IMPACT OF CORPORATE VALUES ON THE SUSTAINABILITY OF THE DEVELOPMENT OF RUSSIAN COMPANIES
The article analyzes the impact of corporate values on the sustainable development of the company. It explains the change of priorities in the activities of corporations from achieving profit at any cost to «universal gain», namely, maintaining a balance between the desire for profit and social resp...
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| Format: | Article |
| Language: | English |
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National Research Tomsk Polytechnic University
2023-09-01
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| Series: | Векторы благополучия: экономика и социум |
| Subjects: | |
| Online Access: | https://jwt.su/journal/article/view/1609/1230 |
| _version_ | 1797662936354783232 |
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| author | Elena G. Prokaeva |
| author_facet | Elena G. Prokaeva |
| author_sort | Elena G. Prokaeva |
| collection | DOAJ |
| description | The article analyzes the impact of corporate values on the sustainable development of the company. It explains the change of priorities in the activities of corporations from achieving profit at any cost to «universal gain», namely, maintaining a balance between the desire for profit and social responsibility. The value orientations laid down in the basis of strong corporate culture help, if necessary, to change the strategy and move to a new stage of development. It is also possible to observe the consolidation of new instrumental values after successfully experienced crises. The relevance of the study is justified by the need for Russian companies to master the model of long-term sustainable development, since the analysis of the experience of successful business representatives can help others to identify the value bases of their own activities and find new opportunities for their development. Purpose: to show the importance of corporate values for the sustainable and long-term development of companies; to focus on the possibility of forming moral capital on the basis of a strong organizational culture while following a development model based on the harmonization of economic and moral interests; to present the approach of social philosophy as combining different views on working with values in order to improve the mechanisms for implementing corporate values in activities. Methods: comparative analysis, content analysis, synthesis, theoretical generalization based on empirical material. The article examines large Russian corporations from the banking, telecommunications and construction sectors for declared corporate values. The amendments to the corporate governance code of a large Russian construction corporation for the period of its existence are considered. Results. In the telecommunications and banking sector, awareness, open declaration and degree of elaboration of channels for the implementation of corporate values is higher than that of representatives from the construction industry. There is a desire for sustainable development: almost all large corporations adhere to the principles of ESG (Environmental, Social, and Corporate Governance). Russian companies have great potential for high-quality work with corporate values as the basis for creating strong organizational culture. There is a problem of discrepancy between declared values and actual activities, which means that there is a need to develop technologies and methods for implementing corporate values in practice. Conclusions. Companies that consciously work with corporate values, which are adhered to by both employees and management, and owners are more stable during periods of turbulence and consistent in development. In addition, the coincidence of the real values of the company with the real values of society helps the organization to maintain stability. Since value changes and transformations of corporate culture are long-term, multi-year processes, it is optimal to constantly monitor the moral and ethical climate and value orientations in order to maintain a unified spirit, team cohesion and development in a single direction, as well as to prevent violations of the law and social norms. Values are also a guideline of what is due, what the corporation strives for, what serves as its ideal, what leads it to goals. The value field that business representatives form, especially large and successful ones, affects society as a whole, their leaders often serve as role models. Regardless of whether the manager pays attention to working with the company's values or not, they exist and affect the activity. At a certain stage in the development of the structure, when personal contact of the leader with each employee is impossible, values form and preserve the unity and integrity of the organization. For its part, society should not lower the bar of moral requirements for corporations. The high survival rate of socially responsible enterprises will contribute to a kind of selection that strengthens solidarity ethics in general. |
| first_indexed | 2024-03-11T19:07:19Z |
| format | Article |
| id | doaj.art-856623de8817474c99df6ba0627cd831 |
| institution | Directory Open Access Journal |
| issn | 2658-4956 |
| language | English |
| last_indexed | 2024-03-11T19:07:19Z |
| publishDate | 2023-09-01 |
| publisher | National Research Tomsk Polytechnic University |
| record_format | Article |
| series | Векторы благополучия: экономика и социум |
| spelling | doaj.art-856623de8817474c99df6ba0627cd8312023-10-10T05:02:20ZengNational Research Tomsk Polytechnic UniversityВекторы благополучия: экономика и социум2658-49562023-09-0150317819110.18799/26584956/2023/3/1609SOCIO-PHILOSOPHICAL ANALYSIS OF THE IMPACT OF CORPORATE VALUES ON THE SUSTAINABILITY OF THE DEVELOPMENT OF RUSSIAN COMPANIESElena G. Prokaeva0Novosibirsk State University of Economics and ManagementThe article analyzes the impact of corporate values on the sustainable development of the company. It explains the change of priorities in the activities of corporations from achieving profit at any cost to «universal gain», namely, maintaining a balance between the desire for profit and social responsibility. The value orientations laid down in the basis of strong corporate culture help, if necessary, to change the strategy and move to a new stage of development. It is also possible to observe the consolidation of new instrumental values after successfully experienced crises. The relevance of the study is justified by the need for Russian companies to master the model of long-term sustainable development, since the analysis of the experience of successful business representatives can help others to identify the value bases of their own activities and find new opportunities for their development. Purpose: to show the importance of corporate values for the sustainable and long-term development of companies; to focus on the possibility of forming moral capital on the basis of a strong organizational culture while following a development model based on the harmonization of economic and moral interests; to present the approach of social philosophy as combining different views on working with values in order to improve the mechanisms for implementing corporate values in activities. Methods: comparative analysis, content analysis, synthesis, theoretical generalization based on empirical material. The article examines large Russian corporations from the banking, telecommunications and construction sectors for declared corporate values. The amendments to the corporate governance code of a large Russian construction corporation for the period of its existence are considered. Results. In the telecommunications and banking sector, awareness, open declaration and degree of elaboration of channels for the implementation of corporate values is higher than that of representatives from the construction industry. There is a desire for sustainable development: almost all large corporations adhere to the principles of ESG (Environmental, Social, and Corporate Governance). Russian companies have great potential for high-quality work with corporate values as the basis for creating strong organizational culture. There is a problem of discrepancy between declared values and actual activities, which means that there is a need to develop technologies and methods for implementing corporate values in practice. Conclusions. Companies that consciously work with corporate values, which are adhered to by both employees and management, and owners are more stable during periods of turbulence and consistent in development. In addition, the coincidence of the real values of the company with the real values of society helps the organization to maintain stability. Since value changes and transformations of corporate culture are long-term, multi-year processes, it is optimal to constantly monitor the moral and ethical climate and value orientations in order to maintain a unified spirit, team cohesion and development in a single direction, as well as to prevent violations of the law and social norms. Values are also a guideline of what is due, what the corporation strives for, what serves as its ideal, what leads it to goals. The value field that business representatives form, especially large and successful ones, affects society as a whole, their leaders often serve as role models. Regardless of whether the manager pays attention to working with the company's values or not, they exist and affect the activity. At a certain stage in the development of the structure, when personal contact of the leader with each employee is impossible, values form and preserve the unity and integrity of the organization. For its part, society should not lower the bar of moral requirements for corporations. The high survival rate of socially responsible enterprises will contribute to a kind of selection that strengthens solidarity ethics in general.https://jwt.su/journal/article/view/1609/1230corporate valuescorporate culturesocial responsibilityrational capitalismmoral capitalsustainable development |
| spellingShingle | Elena G. Prokaeva SOCIO-PHILOSOPHICAL ANALYSIS OF THE IMPACT OF CORPORATE VALUES ON THE SUSTAINABILITY OF THE DEVELOPMENT OF RUSSIAN COMPANIES Векторы благополучия: экономика и социум corporate values corporate culture social responsibility rational capitalism moral capital sustainable development |
| title | SOCIO-PHILOSOPHICAL ANALYSIS OF THE IMPACT OF CORPORATE VALUES ON THE SUSTAINABILITY OF THE DEVELOPMENT OF RUSSIAN COMPANIES |
| title_full | SOCIO-PHILOSOPHICAL ANALYSIS OF THE IMPACT OF CORPORATE VALUES ON THE SUSTAINABILITY OF THE DEVELOPMENT OF RUSSIAN COMPANIES |
| title_fullStr | SOCIO-PHILOSOPHICAL ANALYSIS OF THE IMPACT OF CORPORATE VALUES ON THE SUSTAINABILITY OF THE DEVELOPMENT OF RUSSIAN COMPANIES |
| title_full_unstemmed | SOCIO-PHILOSOPHICAL ANALYSIS OF THE IMPACT OF CORPORATE VALUES ON THE SUSTAINABILITY OF THE DEVELOPMENT OF RUSSIAN COMPANIES |
| title_short | SOCIO-PHILOSOPHICAL ANALYSIS OF THE IMPACT OF CORPORATE VALUES ON THE SUSTAINABILITY OF THE DEVELOPMENT OF RUSSIAN COMPANIES |
| title_sort | socio philosophical analysis of the impact of corporate values on the sustainability of the development of russian companies |
| topic | corporate values corporate culture social responsibility rational capitalism moral capital sustainable development |
| url | https://jwt.su/journal/article/view/1609/1230 |
| work_keys_str_mv | AT elenagprokaeva sociophilosophicalanalysisoftheimpactofcorporatevaluesonthesustainabilityofthedevelopmentofrussiancompanies |