05 an Empirical Study on Corporate Social Responsibility_Rajesh Kumar Shastri_GM023

7/28/2019 05 an Empirical Study on Corporate Social Responsibility_Rajesh Kumar Shastri_GM023

1/21

ISBN - 978-93-81583-46-3

National Conference on Emerging Challenges for Sustainable Business 2012

440

An Empirical Study on Corporate Social ResponsibilityPractices of Indian Public Sector Companies

Dr. Rajesh Kumar Shastri1, Anushree Singh21Assistant Professor, 2Research Fellow

1,2Department of Humanities and Social Sciences, Motilal NehruNational Institute of Technology, Allahabad

[email protected]; [email protected]; [email protected]


2/21

An Empirical Study on Corporate Social Responsibility Practices of Indian Public Sector Companies


441

An Empirical Study on Corporate Social ResponsibilityPractices of Indian Public Sector Companies

Dr. Rajesh Kumar Shastri1, Anushree Singh2

Abstract

Purpose The purpose of this paper is to attempt to identify and investigate CSR initiatives of selectedIndian Companies and to analyze the contribution made by these organizations towards the socio-economic development of the country.

Design/Methodology/Approach The CSR practices and policies of selected industries will be examinedthrough the information collected from the questionnaire filled by CSR Representatives of the company.An extensive literature was done in order to identify the existing scale on the construct of present studies.From this review of previous tested and validated scale it was observed that no directly validated

measure was available, which could be useful and borrowed for study. When no validated measure isavailable, new scale was developed through review of relevant conceptual literature and theoreticaldefinitions of each construct. The Questionnaires were administered on 8 companies and was filled by theCSR representatives of the respective companies. The questionnaires filled will reveal the facts about thepolicy formulation for CSR, implementation, pattern of allocation of budget for CSR, and rationale foradopting CSR practices in Public sector organizations. Hence, the quantitative and qualitativemethodology will be used to explore the facts.

Research limitations/implications The limitation of the research is that companies are not very open toresearchers and often would like to present themselves in a public relations manner and not reveal thetrue condition of the company.

Practical Implications The paper will identify and classify major CSR initiatives and activities of thecompanies in the terms of social cost contribution of the companies towards the society and this will behelpful in identifying the approaches that are being adopted by government sector organizations.

Originality/Value In this study several original findings identified by analyzing the different range ofCSR policies, practices and activities of the companies will provide a valuable insight into how theorganizations are practicing CSR. The study provides an evaluation of what is presently being done, andproposes ways through which the business contribution could be enhanced in order to help more peoplein need.

Keywords: Corporate Social Responsibility, Public Sector Organizations, Government, Socio economicdevelopment.

Paper Type: Empirical Paper

Subtheme General Management

CodeNo.GM023


3/21



442

1.0 Introduction:

The public sector has been playing a vital role in the economic development of the country. Infact the public sector has come to occupy such an important place in our economy, that on its

effective performance depends largely the achievement of the country's economic and social

goals. The importance of Public Sector Units (PSUs) in the Indian economy can never be over

emphasized. They account for over 22% of the countrys GDP, around 6% of the total

employment in the organized sector and over 20% of direct and indirect tax collections. A

number of PSUs also serve critical functions of furthering the socio-economic objectives of the

Government and ensuring stability in prices of key product and commodities.

The public sector in India was set up with the objective of achieving inclusive growth

aimed at ensuring equity and justice to the overall community/society. Consequently, CPSEs

have been pioneers in implementing Corporate Social Responsibility (CSR) initiatives towards

community growth and development while achieving their commercial mandate.

Over the past few years, as a consequence of rising globalization and pressing ecological issues,

the perception of the role of corporates in the broader societal context within which it operates,

has been altered. Companies are now realizing thatin order to stay productive, competitive, and

relevant in arapidly changing business world, they have to becomesocially responsible. With

growing public awareness and demand for socially responsible businesses, companies are taking

corporate social responsibility into account when planning future socially responsible business

operations. They use the term to define organizations commitment to the society and

environment in which it operates. For discharging their social responsibilities companies are

using CSR Codes, .i.e. self regulatory instruments. In the absence of statutory regulations the

large companies are increasingly declaring their principles to monitor CSR programs and in

result the small enterprises are also adopting these principles as a standard guideline to show thatthey are doing CSR. In recent past, certain guidelines and indicators have been developed

nationally and internationally such as Voluntary Guidelines, UN Global Compact, etc. But all

these initiatives are advisory not mandatory for companies.The idea that CSR is important to

profitability and can prevent the loss of customers, shareholders, and even employees is gaining

increasing acceptance.And in the absence of proper legislative guideline, companies are widely


4/21



443

adopting CSR approach for making their brand image, increasing profitability etc. Hence

adoption of such regulatory practices invites us to examine the reasons that why the large

companies do so and what role should government play in controlling such practices. This paper

discusses about the reasons behind adoption of self-regulatory CSR codes and role government

should play in making CSR a statutory obligation. The Objectives of this study are:

1. To identify the major trends of CSR practices among the participating companies.

2. To identify if there are any differences/uniqueness in practicing CSR.

3. To identify the role of government in facilitating CSR.

4. To identify the main areas of interventions of CSR practices.

5. To identify the budgeting pattern for CSR among the participating companies.

2.0 Corporate Social Responsibility:

2.1. Literature Review -

The concept of CSR captures the dynamics of the relationship between business and society

(Davis et al., 1988). The core theme of CSR is to deal, interact and relate with stakeholders with

an ethical approach (Hopkins, 2003) that is not harming or hurting any stakeholder (Sethi, 1979;

Carroll, 1979; Waddock, 2004; Andrews, 1971; Buchholz and Rosenthal, 2002; Wood, 1991;

Jones, 2005). While there is no universal definition of corporate social responsibility, it

generally refers to transparent business practices that are based on ethical values, compliance

with legal requirements, and respect for people, communities, and the environment. Thus,

beyond making profits, companies are responsible for the totality of their impact on people and

the planet. The totality of CSR can be best understood by three words: corporate, social, and

responsibility. In broad terms, CSR relates to responsibilities corporations have towards society

within which they are based and operate. CSR is comprehended differently by different people.

Friedman believed that There is one and only one social responsibility of business to use

its resources and engage in activities designed to increase its profits (Friedman, 1970). He

famously argued that the business of business is business, reasoning that the sole responsibility

of the organization was its shareholders, providing profits for them. He acknowledged legal and

ethical constraints on business activity, emphasizing that the organization should not harm

society, but he denied that it should assume any wider social responsibility for its maintenance


5/21



444

and improvement.

The ideology of CSR in the 1950s was primarily based on an assumption of the obligation of

business to society. This obligation arose because some scholars and practitioners saw business

as an instrument of society and managers as public trustees whose main job was to balance often

competing demands of employees, customers, suppliers, com munities and shareholders

(Banerjee, 2007). Carroll (1991) has sharpened the definition of CSR by stating that businesses

have four basic responsibilities to society: economic, legal, ethical, and discretionary. Wood

(1991) suggests that the public responsibility of business is divided into areas of social

involvement directly related to their business activities and competencies, with secondary areas

of involvement relating to its primary activities. Others have offered several distinct definitions

of Corporate Social Responsibility. One from the World Business Council for Sustainable

Development reflects the councils focus on economic development in describing CSR as

business commitment to contribute to sustainable economic development, working with

employees, their families, the local community, and society at large to improve their quality of

life (WBCSD). The core idea of the CSR concept is that the business sector should play a deeper

(noneconomic) role in society than only producing goods and making pro fits. This includes

society and environmentally driven actions, meaning that the business sector is supposed to go

beyond its profit-oriented commercial activities and increase the well-being of the community,

thereby making the world a better place (Robins, 2005). The concept of CSR is not new in India

and has occupied a prominent place in the business world. A lot of organizations today are trying

to forge a strategic link between their business endeavors and their social responsibility. They are

trying to develop a model which will help them to serve the community at large, while still

remaining profitable (Bansal and Srivastava, 2008 ). Corporations are actively involved in CSR

practices through education, healthcare, rural development, environment protection, protection of

artistic and cultural heritage and disaster management, etc., They are not only devoting their

financial resources but also, expertise, manpower, products and services for the successful

implementation of such schemes. However, expectations of business behavior are growing all

over the world - and therefore, an another trend is a growing debate about what responsibility

businesses have for sustaining the developments made by them. According to CII President K V

Kamath CSR must become part of the DNA of corporate to ensure sustained, inclusive growth.

Prime Minister has also called upon corporate by introducing Ten Point Social Charter to get


6/21



445

involve in Inclusive Growth of the country (Confederation of Indian Industry (CII) annual

session, May 2007).

2.2. Corporate Social Responsibility in India:

CSR has become increasingly prominent in the Indian corporate scenario because organizations

have realized that besides growing their businesses it is also essential to build trustworthy and

sustainable relationships with the community at large. This is one of the key drivers of CSR

programs. Another reason stimulating this rapid adoption of CSR is the state of the Indian

society. Though India is one of the fastest growing economies, socio-economic problems like

poverty, illiteracy, lack of healthcare etc. are still ever-present and the government has limited

resources to tackle these challenges. This situation has opened up several areas for businesses to

contribute towards social development. CSR is not a new concept in India. Corporates like the

Tata Group, the Aditya Birla Group, and Indian Oil Corporation, etc, have been involved in

serving the community since decades. Many other organizations have been doing their part for

the society through donations and charity events. Today, CSR in India has gone beyond merely

charity and donations, and is approached in a more organized fashion. It has become an integral

part of the corporate strategy. Companies have CSR teams that formulate specific policies,

strategies and goals for their CSR programs and set aside budgets to support them.

2.2.1. Government initiatives in CSR:

Several major CSR initiatives have been launched in India since the mid-1990s. Among these is

the first voluntary code of corporate governance, Desirable Corporate Governance: A Code,

established in April 1998. This was an initiative by the Confederation of Indian Industry (CII),

Indias largest industry and business association.

A National Foundation for Corporate Governance(NFCG) has been established by the Ministry

of Corporate Affairs. This is a partnership with the Confederation of Indian Industry (CII), the

Institute of Company Secretaries of India (ICSI) and the Institute of Chartered Accountants of

India (ICAI). The purpose of theNational Foundation for Corporate Governanceis to promote

better corporate governance practices and raise the standard of corporate governance in India

towards achieving stability and growth.


7/21



446

Legislation authority in India is shared between the Central Government and the State

Governments. Some laws, such as those regulating minimum wages, differ from state to state.

Likewise, the implementation and supervision mechanisms may vary between states.

Indias Ministry of Corporate Affairs has launched voluntary guidelines for responsible business

which aim to add value to the operations and contribute towards the long term sustainability of

the business. These guidelines also aim to enable business to focus as well as contribute towards

the interests of the stakeholders and the society.The new CSR guidelines state that the CSR

initiatives of Indian companies should become integral part of overall business policy and

aligned with business goals.

2.1.2.Approach adopted by Corporations in practicing CSR:

As there are no standard mandatory guidelines to follow CSR, corporations themselves develop

different approaches for practicing CSR. However government has incorporated some voluntary

guidelines but since these are voluntary in nature, companies adopt those which suits appropriate

their criterion. Following are the some approaches which they generally follow for practicing

CSR:

1. An approach for CSR that is becoming more widely accepted is community-based

development approach. In this approach, corporations work with local communities to

better themselves.

2. A more common approach of CSR is philanthropy. This includes monetary donations andaid given to local organizations and impoverished communities in developing countries.

3. Another approach to CSR is to incorporate the CSR strategy directly into the business

strategy of an organization.

4. Another one is collaborating with civil societies, NGOs, etc for discharging social

responsibilities.

3.0. Research Methods and Analysis:

Every research needs a design and structure before data collection and analysis. The Research

Design is made to ensure that the evidences obtained can enables us to answer initial questions as

clearly as possible. With reference to my study my research work, I shall be focus on following

research methods.


8/21



447

3.1. SETTING UP OF OBJ ECTIVE AND DEFINING RESEARCH PROBLEM:

Corporate social responsibility is represented by the contributions undertaken by the

companiestowards society through its core business activities, social investment,

philanthropyprogrammes and engagement in public policy. Although CSR is not new in Indiabutduring recent years CSR has become a fundamental voluntary business practice and has gained

much attention from core management teams of larger internationalcompanies. They understand

that a strong CSR program is an essential element in achieving high rate of return and icon

building of the company. Companies are determinedthat their impact on the economic, social and

environmental through CSR, directly affects theirrelationships with stakeholders,

investors.employees, customers, businesspartners, governments and communities.Special

emphasis will be given to understand the role of government in facilitating CSR practices. This

work is primarily aims at studying and analyzing the various CSR practices in select Indian

companies. The research problem covered broadly in this study related to economic, social, and

ethical effects of CSR. An exploratory Research will be conducted in order to understand the

varying nature of CSR practices in different types of organization.

Sample Selection: As we have discussed earlier, that this study aims to explore the CSR practices

and policies of Public Sector Undertakings, hence we selected 8 companies randomly from the

universe of public sector undertakings. The selected companies belong to different categories of

PSUs: Maharatna, Navratna, Miniratna.

Questionnaire:There are total 12 different sections in the questionnaire and each sections

contains different numbers of statements which are asked to rate on 5 Point scale (Likert-Scale),

ranging from strongly agree to strongly disagree.

Data Collection:The Questionnaires were administered on 8 companies and was filled by theCSR representatives of the respective companies. Out of which 4 companies were personally

visited and to other 4 companies the questionnaire was mailed.

Data Analysis: The objective of the study is not to rank the companies against each other, but to

provide a portrait of the means expanded by PSUs for their CSR Policies. Since it was an


9/21



448

exploratory study, we chose an open coding. Then, we analyzed each question of the

questionnaires with the following procedure:

1. What are the major trends for CSR among the participating companies?

2. Are there unusual cases?3. What is the role of government in facilitating CSR practices?

4.0. Study Findings:

4.1.CSR initiatives and policies in the organization:

After analyzing the responses of all the companies and annual reports it was found that all 8

companies have integrated CSR policies into their general business practices. The major findings

in this section are -

All companies have well established CSR policies and they also have a different cell for

CSR to look over the formation, implementation and monitoring of CSR practices.

Almost all companies have their own system of developing CSR policies; they dont

involve consultation of any third party while forming their policies.

Senior Management Decisions play main role in finalizing CSR policies, while only 3

companies have said that they involve employees including worker while forming CSR

policies.

Table 1:The organization follows the CSR policies

The organization follows the CSR policies.

Frequency Percent Valid Percent

Cumulative

Percent

Valid Strongly Agree 8 100.0 100.0 100.0


10/21



449

Table 2: The organization has its own system for developing CSR policies

Table 4: Organization always follows the senior management decisions in CSR issues

The organization has its own system for developing CSR policies.


Cumulative

Percent


Somewhat Agree 3 37.5 37.5 87.5

Neither Agree Nor Disagree 1 12.5 12.5 100.0

Total 8 100.0 100.0

Table 3: Organization involves third party in formulation of CSR policies.

Organization involves third party in formulation of CSR policies.


Cumulative

Percent




Somewhat Disagree 1 12.5 12.5 50.0

Strongly Disagree 4 50.0 50.0 100.0

Total 8 100.0 100.0

Organization always follows the senior management decisions in CSR issues


Cumulative

Percent



Total 8 100.0 100.0


11/21



450

Table 5: Organization always follows the CSR practices of other reputed companies.

Management provides training on CSR issues to employees engaged in implementation of CSR.


Cumulative

Percent




Total 8 100.0 100.0

Table 6: Management provides training on CSR issues to employees engaged in implementation of CSR.

Table 7: CSR practices may be more effective instead of commercial advertisement in building

Organization always follows the CSR practices of other reputed companies.


Cumulative

Percent

Valid Somewhat Agree 2 25.0 25.0 25.0




Total 8 100.0 100.0

CSR practices may be more effective instead of commercial advertisement in building image.


Cumulative

Percent





Total 8 100.0 100.0


12/21



451

4.2. CSR Implementation Strategies/Policies-This section contains 4 parts in which companies have been asked about how they implement

CSR strategies, what are the target groups selected by them for practicing CSR and how they

identify the areas of intervention for their CSR practices:

4.2.1. Company Implement CSR strategies through Direct Intervention, Registered Society,

Partner NGOs or charity/donations

The finding of this section shows the mix response from all of the companies, some

companies told that they implement CSR strategies through direct intervention, while

some companies implement through registered society and partner NGOs and none of the

company supports the charity and donation aspect of CSR.

Company implement CSR Strategies through direct intervention.


Cumulative

Percent

Valid Very High 2 25.0 25.0 25.0

High 1 12.5 12.5 37.5

Moderate 4 50.0 50.0 87.5

Very Low 1 12.5 12.5 100.0

Total 8 100.0 100.0

Table: 8 Company implement CSR Strategies through direct intervention.

Company implement CSR Strategies with Registered Society


Cumulative

Percent


High 5 62.5 62.5 87.5

Moderate 1 12.5 12.5 100.0

Total 8 100.0 100.0

Table 9: Company implement CSR Strategies with Registered Society


13/21



452

Company implement CSR Strategies with Partner NGOs


Cumulative

Percent


High 2 25.0 25.0 87.5

Low 1 12.5 12.5 100.0

Total 8 100.0 100.0

Table 10: Company implement CSR Strategies with Partner NGOs

Company implement CSR Strategies by Organizing charitable events every

year.


Cumulative

Percent

Valid Moderate 4 50.0 50.0 50.0

Low 1 12.5 12.5 62.5

Very Low 3 37.5 37.5 100.0

Total 8 100.0 100.0

Table 11: Company implement CSR Strategies by Organizing charitable events every year.

4.2.2. Target Groups undertaken by company:

It has been found that the target groups for practicing CSR selected by the companies are mostly

the communities that come under operating areas of particular company and the groups identified

in consultation with NGOs.

Target groups undertaken by company are Communities that come under

operating area.


Cumulative

Percent


High 1 12.5 12.5 87.5

Very Low 1 12.5 12.5 100.0

Total 8 100.0 100.0

Table 12: Target groups undertaken by company are Communities that come under operating


14/21



453

Target groups undertaken by company are Groups selected in consultation with

NGOs.

Frequency Percent Valid Percent Cumulative Percent


High 4 50.0 50.0 62.5

Low 2 25.0 25.0 87.5

Very Low 1 12.5 12.5 100.0

Total 8 100.0 100.0

Table 13: Target groups undertaken by company are Groups selected in consultation with NGOs.

Target groups undertaken by company are areas/communities selected

randomly


Valid High 1 12.5 12.5 12.5Moderate 2 25.0 25.0 37.5Low 3 37.5 37.5 75.0VeryLow 2 25.0 25.0 100.0Total 8 100.0 100.0

Table 14: Target groups undertaken by company are areas/communities selected randomly

4.2.3. Companies identify the areas of intervention by Company Policies, Senior Management

Decisions or through interaction among management and employees-

Company Policies and senior management decisions were rated high for identifying the area of

intervention for CSR, while interaction among management, employees and local community got

very low rating in the questionnaire.

Company identifies the areas of intervention for CSR by Company's Policies


Cumulative

Percent


Moderate 1 12.5 12.5 100.0

Total 8 100.0 100.0

Table: 15: Company identifies the areas of intervention for CSR by Company's Policies


15/21



454

Company identifies the areas of intervention for CSR by decisions made by

Senior Management.


Cumulative

Percent


High 1 12.5 12.5 75.0

Moderate 2 25.0 25.0 100.0

Total 8 100.0 100.0

Table: 16 Company identifies the areas of intervention for CSR by decisions made by Senior Management.

4.3. Role of Government in facilitating CSR practices:

While analyzing the role of government in CSR it was found that companies expect a huge

amount support from government in facilitating the implementation of CSR practices, in

collaborating with government in social development projects, government initiatives in

formulation and implementation of practices, the companies also expect resources for capacity

building for doing CSR from government. While when asked about the role of government in

regulating the activities of CSR with a legal framework there was a mixed response from all the

companies, some supports this view while others dont want government monitoring.

The government should facilitate to companies in implementation of CSR practices.




Total 8 100.0 100.0

Table 17: The government should facilitate to companies in implementation of CSR practices.


16/21



455

Table 18: Government should offers collaboration in social development projects with the company.

Government should take initiatives in formulation and implementation o f CSR

practices.


Cumulative

Percent



Total 8 100.0 100.0

Table 19: Government should take initiatives in formulation and implementation of CSR practices.

Government should provide resources to companies for building their capacity to do CSR.


Cumulative

Percent





Total 8 100.0 100.0

Table 20: Government should provide resources to companies for building their capacity to do

CSR.

Government should offers collaboration in social development projects with the company.




Total 8 100.0 100.0


17/21



456

Government should monitor w ith legal network to CSR practices of companies.


Cumulative

Percent





Total 8 100.0 100.0

Table 21: Government should monitor with legal network to CSR practices of companies.

4.4. Activities Covered for Practicing CSR:

The companies were asked to tick on the activities that they cover while doing practices of CSR.

These activities are:

Education

Healthcare

Community Welfare

Women Empowerment Rural Development

Environment protection

Children welfare

Disaster management

Charity/Donations

Supporting Civil Society

It was found through the questionnaires and companys website that all the companies

targeted are involved in almost all types of CSR activities among which Education,

Healthcare, Community Welfare, Environment Protection are the major activities covered

while Disaster Management, Charity/donations are the least covered activities.The responses


18/21



457

from companies are showed infollowing table, which shows the activities covered by each

company for practicing CSR.

Table showing activities covered by selected companies for practicing CSR

Company Name HPCL BPCL IOCL Power Grid GAIL EIL BHEL BPCLimited

Activities Covered

Education Healthcare Community Welfare X Women Empowerment X X XRural Development X Environment Protection X Children Welfare X X Disaster Management X X X X Charity/Donations X X X X X XSupporting Civil Society X X X

Table 22: Activities covered by selected companies for practicing CSR

Except two companies all other companies have also evaluated above activities proportionally in

percentage, which has been showed in following graph:

Graph showing activities (in %) covered by selected companies for practicing CSR

Graph: 1 Activities (in %) covered by selected companies for practicing CSR

0

5

10

15

20

25

30

35

GAIL

IOCL

BHEL

BPCL

BPC

EIL


19/21



458

5.0. Discussion and Conclusions:

To argue in the favour of CSR practices of PSUs we can say that they are actively involved in

CSR practices and are highly motivated for adopting better practices that can lead the country

towards a more better social and economic development. From the above findings we are able to

observe that the selected PSUs are trying to manage their CSR department in a very good

manner. As discussed above PSUs are expecting huge amount of support from government for

implementing CSR policies and in return government is also trying to facilitate them by

launching various Guidelines, norms and procedures. The government demands that the CPSEs

should invest a part of their profit on social and environment issues, thereby focusing

profitability on the triple bottom linesocial, environmental and economicwith an integrated

approach. The guideline makes it mandatory for the profit-making PSUs to create a CSR budget

by allocating 0.5% to 5% of the net profit of the previous year. Loss-making PSUs are not

mandated to earmark a CSR budget but advised to integrate business processes with social

processes. Through this, it is estimated that a total annual CSR budget of Rs 5,000 crore will be

created with the potential to make a tremendous impact on the development of the country. From

the empirical findings discussed above it is observed that these PSUs have an approach of

community-based development while also considering the environmental impacts of thecompany.In the case of initiatives they adopt for CSR activities Education, Healthcare and

Community Welfare are the most prioritized activities that these companies prefer to follow.

One main limitation that arises in data analysis is the no response for the question of budgeting

pattern; most of the companies dont want to reveal their financial data for CSR. Hence, we were

unable to analyze the budgeting pattern of selected companies. Employee involvement in taking

decisions have been seen in some companies and this will help in motivating them to voluntarily

participate in CSR practices. The people centric approach of Indian PSUs makes their CSR

practices unique. A strong focus on people and community including fostering inclusive

growth, workforce development, diversity at workplace, training and a better community

environment beyond money and fringe benefits has brought some positive signals of high

retention rates and greater employee commitment.


20/21



459

Government is playing a very significant role in facilitating the formulation

and implementation of CSR policies and practices, but when it comes to monitor the activities of

CSR by government the companies are highly against. They think that the role of government in

regulating their CSR activities should be limited. But proper monitoring and evaluation of such

practices can give better results as it will help in finding out the loopholes where the companies

are lacking. CSR holds a very important place in the development scenario of the world today

and can pose as an alternative tool for sustainable development. As companies have shown great

concerns for their immediate community and the stakeholders, it can be safely concluded that

much of the fate of society lies in the hands of the corporate. A successfully implemented CSR

strategy calls for aligning these initiatives with business objectives and corporate responsibility

across the business principles to make CSR sharper, smarter, and focused on what really

matters.With increasing and widespread commitment of corporate resources to CSR, attention is

now shifting to the strategic formulation, implementation, and measurement of the market

returns to CSR initiatives. But still a concern to companies is whether their focus on doing

good, will provide positive returns to their CSR actions. This emphasize the need for better

measurement models of CSR that capture and estimate clearly the effects of a companys CSR

actions on its stakeholders as well as the nations in which they are operating.

References:

Andrews, K.R. (1971), The Concept of Corporate Strategy, Irwin, Burr Ridge, IL.

Banerjee, S.B., 2007. Corporate Social Responsibility: The Good, the Bad and theUgly. EdwardElgar Publishing Limited.

Bansal, I. and J. Srivastava, 2008.Creating sociallyresponsible systems for holistic development.Social Responsibility Journal, 4(4): 464-473.

Buchholz, R.A. and Rosenthal, S.B. (2002), Social responsibility and business ethics, in

Frederick, R.E. (Ed.), A Companion to Business Ethics, Blackwell, Oxford, pp. 303-21.

Carroll, A.B. (1979), A three-dimensional conceptual model of corporate performance,Academy of Management Review, Vol. 4 No. 4, pp. 497-505Carroll, A.B ., 1991. The pyramid of corporate social responsibility: Toward the moralmanagement of organizational stakeholders. Business Horizons, 34(4): 39-48.


21/21



Das, S.C., 2009. Status and direction of corporate social in Indian perspective: An exploratorystudy. Social ResponsibilityJounal, 5(1): 34-47.Davis, K., Frederick, W.C. and Post, J.E. (1988), Business and Society, The McGraw-Hill Seriesin Management, McGraw-Hill, New York, NY.

Friedman, M., 1970. The social responsibility of business is to increase its profits. New YorkTimes Mag., 13 September.

Hopkins, M., 2008. Corporate social responsibility and international development: Is businessthe solution? 1st South Indian Edn., Earth Scan Publication, ISBN: 13:978 1 84407356 6.

Jones, M.T. (2005), The transnational corporation, corporate social responsibility and theOutsourcing debate, The Journal of American Academy of Business, Vol. 2, March, pp. 91-7.

Robins, F., 2005. Why corporate social responsibility should be popularized but not imposed.Proceedings of the European Academy of Management Conference, 2005, Munich.

Sethi, S.P. (1979), A conceptual framework for environmental analysis of social issues andevaluation of business response pattern, Academy of Management Review, Vol. 4 No. 1, pp.63-74.

Waddock, S. (2004), Parallel universes: companies, academics, and the progress of corporatecitizenship, Business and Society Review, Vol. 109 No. 1, pp. 5-42.

Wood, D., 1991. Corporate social performance revisited.Academy of Manage. Review, 16(4):691-618.

Documents

05 an Empirical Study on Corporate Social Responsibility_Rajesh Kumar Shastri_GM023