An Analysis on the Mandatory Emphasis on CSR by Governments: How Far is this a Viable Solution in Achieving Macroeconomic Goals? is there a Conflict with Business Ethics?

Abstract

This study investigates the prominence of Corporate Social Responsibility (CSR) as a suitable solution to achieve various macroeconomic goals and identifies its impact on firms and their activities. CSR describes a firm’s commitment to conduct its activities ethically and establish a requirement to benefit society. CSR typically keeps businesses from creating any negative externalities, which are a big problem for society. This issue has made corporate social responsibility (CSR) a greater priority for businesses of high stature. In order to analyse and comprehend the economic impact of CSR, this research paper uses a qualitative research approach. It also synthesises CSR data from significant Indian companies in order to determine the significance of CSR and make conclusions from it. Thorough analysis and interpretation suggest that although CSR may not lead to immediate gains, it allows long- term economic enhancement and societal improvements like poverty reduction.