Abstract
With multiple scandals and a host of disingenuous actions creating ripples across the corporate world, it is high time that Corporate Social Irresponsibility (CSI) is accorded the due importance, at par with Corporate Social Responsibility (CSR), by academia and the industry. CSI refers to situations wherein firms fail to meet a “minimum behavioral standard with respect to the corporation’s relationship with its stakeholders”. There have been many instances wherein CSI and corporate wrongdoings have been covered up with CSR. Many scholars consider CSR and CSI as opposite forces that are interconnected and interdependent, and take turns in giving rise to each other. CSI, being an emergent and a topical subject area, is yet to develop in terms of theory, and is still evolving. The present work attempts to motivate further investigation in the emerging area by presenting theoretical views and available accumulated empirical works. The study has puts across a fair view of the topic. It is expected that the present work will stimulate scholars to take up further investigation in the emerging area.
Highlights
Since the 1950s, the concept of Corporate Social Responsibility (CSR) has been discussed and debated intensively by professionals of the industry, government and non-governmental organizations, and researched extensively in the academic circles (Tench, Sun, & Jones, 2015)
At any point of time, a plethora of governmental and non-governmental organizations are involved in a host of CSR initiatives involving billions of dollars around the globe
Of late CSR has succeeded in gaining a higher profile on the political, economic and business agendas across economies (Arpan, 2005; Birch, 2008; Riese, 2007), and has received a large than life image
Summary
Since the 1950s, the concept of Corporate Social Responsibility (CSR) has been discussed and debated intensively by professionals of the industry, government and non-governmental organizations, and researched extensively in the academic circles (Tench, Sun, & Jones, 2015). An analysis of most of the corporate crimes reveal that there exists a common thread that points to the fact that these crimes have been committed not just by a single organization, but across the industry (Bishop & Green, 2010; Tench et al, 2015; Tett, 2010). These events and its aftermath, which have been watersheds in corporate history, have prompted many experts and professionals to doubt the utility of CSR. REVIEW OF LITERATURE topical in that during the 2007–2010 financial crises, politicians, economists and commentators
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