Main Article Content
Abstract
Business and conglomerates have never been an isolated entity as the entrepreneurs or the businessmen have always maintained a consistency in the internal and external management and also properly follow-up the movement that use to take place in the external business environment such as consumers, communities, stakeholders, shareholders, and by-laws. Gradually, with the passage of time in last three decades the changes that took place in the Indian cultural norms of corporations had brought forward the concept of corporate social responsibility (CSR) referring to bring about overall positive impact of corporations on the communities, societies, and environments in which they operate. The term CSR became popular in the 1960s and narrowly construed. It had remained a term used indiscriminately by many to cover legal and moral responsibility but in the present scenario, it has been used in a broader way. CSR promotes a vision of business accountability to a wide range of stakeholders, besides shareholders and investors. Key areas of concern are environmental protection and the wellbeing of employees, the community, civil society in general, customers, employees, investors, suppliers, and activist organizations both now and in the future. This article is exclusively based on secondary data and presents an in-depth conceptual framework of the CSR, major provisions and guidelines encrypted by the Ministry of Corporate Affairs, Government of India. Further, the fundamental principle, core elements and its role in nation development are discussed briefl y for the better understanding of the reader.
Keywords
Article Details
Authors retain the copyright without restrictions for their published content in this journal. IJMIER is SHERPA ROMEO Journal.
Publishing License
This is an open-access article distributed under the terms of
References
- Ahmed, H.L., Alam, J., & Jafar, S.A., Zaman, S.H. (2008). A conceptual review of corporate governance and its effect on fi rm’s performance: Bangladesh perspective. AIUB Business and Economics Working Paper Series, 10, 1-24.
- Alexander, G.J., & Buchholz, R.A. (1978). Corporate social responsibility and stock market performance. Academy of Management Journal, 21(3), 479-486. DOI: https://doi.org/10.5465/255728
- Allouche, J., & Laroche, P. (2005). A meta-analytical examination of the link between corporate social and fi nancial performance. French Review of Human Resource Management, 57, 18-41.
- Bowman, E.H., & Haire, M. (1975). A strategic posture toward corporate social responsibility. California Management Review, 18(2), 49-58. DOI: https://doi.org/10.2307/41164638
- Cochran, P.L., & Wood, R.A. (1984). Corporate social responsibility and fi nancial performance. Academy of Management Journal, 27(1), 42-56. DOI: https://doi.org/10.5465/255956
- Derwall, J., Gunster, N., Bauer, R., & Koedijk, K. (2004). The eco-effi ciency premium puzzles. Financial Analyst Journal, 61(2), 51-63. DOI: https://doi.org/10.2469/faj.v61.n2.2716
- Lok Sabha Secretariat Parliament Library and Reference, Research, Documentation and Information Service (larrdis) Members’ Reference Service Reference Note. No. 11/rn/ref./2013.
- Mani, M., & Sharma, E. (2013). Corporate social responsibility: An analysis of Indian commercial banks. AIMA Journal of Management & Research, 7(1/4).
- Mahabir, N. (2007). CSR initiatives of Indian banking industry. Social Responsibility Journal, 3(4), 49-60. DOI: https://doi.org/10.1108/17471110710840233
- Narver, J.C. (1971). Rational management responses to external effects. Academy of Management Journal, 14, 99-115. DOI: https://doi.org/10.2307/254714
- Rangarajan, C. (2008). Report of the Committee on Financial Inclusion. Ministry of Finance, Government of India.
- Sharma, N. (2011). CSR practices and CSR reporting in Indian banking sector. International Journal of Advanced Economic and Business Management, 1(2), 58-66.
- Ullmann, A.A. (1985). Data in search of a theory: A critical examination of the relationships among social performance, social disclosure, and economic performance of U.S. fi rms. Academic of Management Review, 10(3), 540-557. DOI: https://doi.org/10.5465/amr.1985.4278989
- Vance, S.C. (1975). Are socially responsible corporations good investment risks. Academy of Management Journal, 64(8), 18-24.
- Ventura, E.C.F., & Vieira, M.M.F. (2007). Social responsibility as a displacement of capitalism: Evidences from banks in Brazil. Electronic Journal of Business Ethics and Organisational Studies, 12(1), 35-47.
- Wu, M.L. (2006). Corporate social performance, corporate financial performance, and fi rm size: A meta-analysis. Journal of American Academy of Business, 8(1), 163-171.
References
Ahmed, H.L., Alam, J., & Jafar, S.A., Zaman, S.H. (2008). A conceptual review of corporate governance and its effect on fi rm’s performance: Bangladesh perspective. AIUB Business and Economics Working Paper Series, 10, 1-24.
Alexander, G.J., & Buchholz, R.A. (1978). Corporate social responsibility and stock market performance. Academy of Management Journal, 21(3), 479-486. DOI: https://doi.org/10.5465/255728
Allouche, J., & Laroche, P. (2005). A meta-analytical examination of the link between corporate social and fi nancial performance. French Review of Human Resource Management, 57, 18-41.
Bowman, E.H., & Haire, M. (1975). A strategic posture toward corporate social responsibility. California Management Review, 18(2), 49-58. DOI: https://doi.org/10.2307/41164638
Cochran, P.L., & Wood, R.A. (1984). Corporate social responsibility and fi nancial performance. Academy of Management Journal, 27(1), 42-56. DOI: https://doi.org/10.5465/255956
Derwall, J., Gunster, N., Bauer, R., & Koedijk, K. (2004). The eco-effi ciency premium puzzles. Financial Analyst Journal, 61(2), 51-63. DOI: https://doi.org/10.2469/faj.v61.n2.2716
Lok Sabha Secretariat Parliament Library and Reference, Research, Documentation and Information Service (larrdis) Members’ Reference Service Reference Note. No. 11/rn/ref./2013.
Mani, M., & Sharma, E. (2013). Corporate social responsibility: An analysis of Indian commercial banks. AIMA Journal of Management & Research, 7(1/4).
Mahabir, N. (2007). CSR initiatives of Indian banking industry. Social Responsibility Journal, 3(4), 49-60. DOI: https://doi.org/10.1108/17471110710840233
Narver, J.C. (1971). Rational management responses to external effects. Academy of Management Journal, 14, 99-115. DOI: https://doi.org/10.2307/254714
Rangarajan, C. (2008). Report of the Committee on Financial Inclusion. Ministry of Finance, Government of India.
Sharma, N. (2011). CSR practices and CSR reporting in Indian banking sector. International Journal of Advanced Economic and Business Management, 1(2), 58-66.
Ullmann, A.A. (1985). Data in search of a theory: A critical examination of the relationships among social performance, social disclosure, and economic performance of U.S. fi rms. Academic of Management Review, 10(3), 540-557. DOI: https://doi.org/10.5465/amr.1985.4278989
Vance, S.C. (1975). Are socially responsible corporations good investment risks. Academy of Management Journal, 64(8), 18-24.
Ventura, E.C.F., & Vieira, M.M.F. (2007). Social responsibility as a displacement of capitalism: Evidences from banks in Brazil. Electronic Journal of Business Ethics and Organisational Studies, 12(1), 35-47.
Wu, M.L. (2006). Corporate social performance, corporate financial performance, and fi rm size: A meta-analysis. Journal of American Academy of Business, 8(1), 163-171.