Investing in local community by oil industry

• Main Author: Grujić Milica I.
• Format: Article
• Language: English
• Published: Srpsko udruženje za marketing 2019-01-01
• Series: Marketing (Beograd. 1991)
• Subjects: socially responsible business; corporate social responsibility; local community investing; oil companies
• Online Access: https://scindeks-clanci.ceon.rs/data/pdf/0354-3471/2019/0354-34711902143G.pdf
• ISSN: 0354-3471; 2334-8364

Business organizations are required to increasingly include the concept of corporate social responsibility in their business activities due to modern business conditions. The bad influence of the company on the local community, in which company operates, is reduced by adopting the concept of socially responsible business, among other things and consequently it contributes to improving the quality of life in the local community. It is well known that oil companies have always been the subject of public debate because of their bad environmental impact. Increasing public pressure has affected the way oil companies do business and the companies have started including the concept of socially responsible business in their business activities. The focus of the work is examination of the oil companies engagement in the community. The research is based on the analysis of the websites of all oil companies operating in the Republic of Serbia. The data have been collected by analyzing the projects supported by the companies. Analysis of the websites has provided the author the information on how the companies are engaged in the local community and where they most often invest funds. The results of the research have shown that the main focus of the oil companies is on philanthropic activities and sponsorships, while there is also an engagement in supporting science and education, as well as in the field of environmental protection.