“Corporate social responsibilities-is what we do every day”

Abstract

“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently”-Benjamin Franklin The concept of globalisation & liberalization have changed the time. Now Organisations regularly have to make decisions about issues that have a dimension of social responsibility. The concept of Corporate Social Responsibility (CSR) focuses on the idea that beyond making profit, a business has social obligations. It is the responsibility of the companies to produce an overall positive impact on the society. It is pursued by business to balance their economic, environmental and social objective while at the same time addressing stakeholders’ expectations and enhancing shareholders’ value. The importance of corporate social responsibility surfaced in the year 1960 when the activist movement began questioning the singular economic objective of being maximization of profits. After analysing even various aspects, this concept is still surrounded by some misconceptions. So this study will through the light on the actual truth behind implementing CSR practices. It's not only the society that is going to be benefited by these practices but business firms too enjoy the benefits. The present work is an attempt to capture the myths and realities behind the concept of social responsibility. Further study will cover the drivers pushing business towards the implementation of CSR practices.