Abstract
The past two decades have witnessed a remarkable change in the way businesses run and operate. Profit maximization is no longer remains the focus of businesses. The turn of events has pressurized firms to put serious efforts into a wide range of social responsibility activities and thus shift the corporate goals from socio - economic focus towards increasing shareholder value to the welfare of all stakeholders. The present study determines critical CSR factors that may influence the business and strategic decisions for the Indian corporations using survey instrument. Factor Analysis, one way ANOVA and Descriptive statistics were used for the analysis. The study reports that ‘Financial Health, Competency and Stakeholders are the basic pillars of every organization.
Highlights
AND PROBLEM STATEMENTA wave of soul seeking among practitioners and academicians has been elicited by the overwhelming magnitude of recent corporate outrages (Kashyap et al 2004)
A questionnaire was focused to identify the extent of the relationship between the variables under 5 broad heads namely, corporate social responsibility (CSR), Stakeholder Relationships, Risk and Market Opportunities, Financial growth and General Organizational CSR
While identifying the stage of the best practice behavior of the firms, the analysis showed that 38% respondents considered their firms as Leading in CSR practices and believed that their firm was the first mover of best CSR practices, setting an example and standards for other firms and 35% consider themselves as CSR Follower
Summary
A wave of soul seeking among practitioners and academicians has been elicited by the overwhelming magnitude of recent corporate outrages (Kashyap et al 2004). The corporate performance whether a success or failure is being judged by their stakeholders - shareholders, analysts, investors, consumers, regulators, activists, labor unions, employees, community organizations and news media. Firms need to do better in non-fiscal domains such as human rights, environment, corporate contributions, community development, and workplace issues. Increased competitive pressures for firms over the last few decades have caused practitioners to examine the quality and magnitude of their Actions. Despite the growing involvement in corporate social responsibility (CSR), shadow of doubt remains as to whether such initiatives could potentially lead to firm’s better performance and as a source of sustained competitive advantage (Dusuki and Dar, 2005)
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