Strategic management and social responsibility in Serbia: Globalization strategies of multinational companies
The globalization strategies of multinational corporations have been criticized frequently as being predatory and competitively harmful to host company businesses. In Strategy & Society (2006), Harvard’s Michael Porter, along with Mark Kramer, asserts that wise strategic management can and should be at the same time socially responsible management. This paper tests Michael Porter’s theory with multinational companies operating in Serbia during the current period of globalization. How well can firms develop and implement strategies that combine profitability and social responsibility? What role does innovation play in their ability to combine strategy and society? The strategies of multinational corporations operating in Serbia are analyzed to evaluate how effectively they are able to mix profit with commitment to society as manifested in the evident increase of the quality of life of the employees and their families, as well as in the social development of local communities and the national economy. Recommendations are made for how corporate strategies can build profits, innovation, and ethics together as a competitive advantage when firms expand globally.
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