Responsible Innovations and Value Creation: The Case of Leading Russian Companies

Abstract

Creating social value through philanthropy continues to be the most favorable goal of the corporate social performance of leading Russian companies due to the implicit social contract that was created in the mid of 1990s. Nevertheless, since the mid 2010's some companies have started to reorient their philanthropic support into the innovative creation of "true" shared value. The above mentioned social contract is not violating but rather developing towards more rational business choices. From the prospective of well known Carroll's pyramid of CSR it is suggested that the relative priority of philanthropy is likely to be changing.