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CORPORATE SOCIAL RESPONSIBILITY (CSR) AND FAMILY BUSINESSES – THE CASE STUDY IN THE CZECH REPUBLIC
Abstract
Sustainability and corporate social responsibility (CSR) practices are well-established as being good for business — they're not just a public relations exercise. They tend to result in increased operational efficiency, reduced waste and increased product differentiation, which help improve business processes and profitability. Family businesses stand to gain even more, as these practices lead to more family pride, family unity and cohesiveness, which in turn have positive effects on business growth and profitability. In fact, 20\% of family cohesiveness in participant companies is directly attributable to sustainability practices and family business branding. The aim of this article is to give a summary of the principles for the application of CSR in family businesses in the Czech Republic and to highlight the existing experience including problems which are necessary to solve in this area.
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