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Abstract
Valuation of investments and investment projects is a very important social
activity. However, by the development of productive forces, accompanied by an
accelerated exploitation of natural resources, and by growing of social expectations
in the modern communities, investment decision-making includes also alternative
economic opportunities. In such circumstances, the choice of the project is
considered to be rational and justifiable only if it is better than others even in these
non-economic areas. Therefore, consideration of investment projects in terms of
their future impact on the wider social community is more and more important.
Investments affect economic growth and social well-being, but in modern
circumstances their role is significantly changed, especially in terms of
sustainability. Therefore the EU increasingly encourages the corporate social
responsibility in long-term strategies and plans of the companies, as well as the use
of the methodology for evaluation of the social justifiability of investment projects.
Also, there are other methodologies for evaluation of the social justifiability of
investment projects, as it is the case with the methodology of the UN, which
confirms that this area is extremely important in global relations.