Philanthropy, CSR and Sustainability

Issues in Social and Environmental Accounting, 2012

Although many different theories exist of the notion of Corporate Social Responsibility (CSR) and the terms associated with it (sustainability, Corporate Governance, sustainable development), very few have managed to develop a comprehensive model of CSR or sustainability but instead concentrate on either one or a few stakeholders within specific contexts or examples. Aras and Crowther (2009) present an interesting new 'Model of Sustainable Development' that can be usefully contrasted with Carroll's (1991) Pyramid of Corporate Social Responsibility', now almost twenty years old.

The area of Corporate Social Responsibility has developed considerably over the last decade. Today, businesses are concerning more for contributing to society. Vision, mission and value statement of companies' explicit commitment to CSR and also CSR issues are now being integrated into sustainability of business operations. Each company responds differently to CSR issues. The degree and extent of their response is influenced by factors such as the socio, economic and environmental perspectives of CSR adopts by the company. The paper will discuss the significant CSR practices that emerged within three IT giants of Indian origin (Infosys, TCS and Wipro).This paper is an attempt to find out the significant contributions and status of Indian Corporate on CSR and sustainability of business through the case study approach of three IT leaders of India andbuid a model for sustainable CSR.

CSR is what business does over and above its statutory obligations. Society and business are complimentary to each other in their goal for sustainable development. One cannot thrive without the other. Hence, business has a moral responsibility to contribute in enhancing larger social good. The main aim of this research paper is to analyze and understand the role of corporate social responsibility in the overall scenario of sustainable development and inclusive growth. Further, this paper will also analyse the contribution of various Indian organisations for the social upliftment. The present paper will illustrate the present status of organisations in India with regard to their compliance to social responsibility and ethical practices. To overcome the challenges found during the implementation of CSR,, few suggestions have been delineated.

UGC Approved (Journal No: 43602) International Journal of Research and Analytical Review (IJRAR), 2019

Since 'Vedic period' the concept of CSR i.e. corporate social responsibility is being practiced in India by the wealthy and powerful people in some other form. Such persons were spending money for societal causes like establishing places of education, building temples, inns & wells. But, in modern India, the concept is given a legalized status and companies are mandated to spend certain percentage of their profit on social welfare. Indian corporate world has welcomed this initiative and started contributing towards the social causes. Now, rather than just a philanthropy approach, corporate houses are coming with innovative ideas in CSR. These innovative CSR are contributing a lot in the devolvement of societies. The Research paper tries to explain the innovative ways of spending CSR fund by various corporate houses in India and challenges being faced by them. This paper will be useful to the companies in designing CSR activities.

Purpose: The purpose of this paper is to comprehensively review the understanding of Section 135 of Companies Act 2013 and analysis of investments made by Indian companies on CSR activities in the light of new proposed amendments, and discuss the roadmap for sustainable development in India. Design/methodology/approach: Authors have done descriptive research while analyzing the data gathered through secondary sources and discussed their viewpoints. Findings: The key finding is that CSR spending which has become mandatory by Companies Act 2013 in India will lead to sustainable development of Indian economy. Originality/value: This is a fairly original paper which discusses CSR in emerging economies and in India, CSR spending and CSR practices of Indian companies. Keywords: Corporate Social Responsibility, Sustainable Development, Companies Act 2013, CSR Spending, CSR Practices. Paper type: Case study and viewpoint

Sustainable development and social responsibility of businesses or corporations have become increasingly an issue of concern since the early 1990s. The basic human activity trade is not always about making money though profit has been associated with it. Business with their products and consequence are essentially more social than economic. Through the marketplace and governmental regulation, social and environmental concerns are related to business. Society and business depend on each other and business must take full account of the societal expectations. Sustainable business looks at how a business can adapt to global social and environmental trends, such as future regulation on carbon output, water shortages, and changing demographics. Social, Economic and environment are the three pillars or dimensions of Sustainable development. Sustainability is a conscious choice on a continuous basis. To move towards more sustainability, all of us need to change our patterns of consumption and production. Principles of Sustainable Development and CSR have close links. Sustainable businesses create the future by creating stronger, richer markets for business. Every business strives to earn maximum profit. However, companies have to shoulder certain responsibilities as a corporate citizen. Corporation need to review and consider new or modified business practices regularly that will improve the quality of life of all stakeholders. Both society and business used to believe that taking care of other social and environmental concerns are the duty of the state or government. Companies have become the main players in creating environmental and social problems; therefore, change must begin with companies that can lead a transition. CSR matters as it mirrors the core values of the society and been instrumental in bringing about Sustainable development. CSR has a complex relationship between business and society and plays an important part of the business environment. Business organizations are accountable to that society for their actions as they are part of the larger society Responsible leaders are concerned with reconciling and aligning the demands, needs, interests, and values of the key stakeholders. CSR expects accountability from all stakeholders. Good Stakeholder relationships can lead to competitive advantage. The relationship between Sustainable Development and CSR was not explicit as these concepts progressed separately for a long time. In recent years these two concepts of CSR and sustainable development has strengthened with their interactions. A dynamic and well-functioning business sector, can be driving force of sustainable development. CSR is multifunctional in nature. Hence, it is important that integral and broad sustainable CSR is undertaken. This will help in the quest to develop transformational and sustainable CSR practices. *************

Wisdom, 2022

Corporate social responsibility (CSR) is essential to sustainable business development within and outside the workplace. If we think of corporate (business) as being through, by, and for society, then we can readily analyse the impact of corporate social responsibility (CSR) on our community as a whole as well as in corporate (business). This paper analyses specific strategic objectives and motivations for adopting corporate social responsibility (CSR) to provide a text for regulating sustainable business. Why is corporate social responsibility (CSR) a strategic tool for long-term corporate (business) sustainability? This concept focuses on generating extraordinary corporate results and establishing an incredible practical effort on corporate social responsibility (CSR) for Sustainable Corporate (Business). We are now advancing our study agenda on the analytical method in this work. Here, we provided a roadmap for moving forward with our theoretical, analytical, and empirical investigation of corporate social responsibility (CSR). This research and documentation on corporate social responsibility (CSR) as a strategic tool for sustainable corporate (business) is one of the "first" of its kind. It serves as a foundation for understanding the dynamics of sustainable business through corporate social responsibility (CSR) in the years to come.

There is always a social consciousness for every individual as if how the society thinks or reacts to a situation. But it is a reverse scenario in the case of a Corporate where the society expects the Corporates to consider them in their functions. This is where the need for Corporates to focus on the Society they are engaged into. This study emphasizes the scope of corporate sustainability through social responsibility. It also gives an insight of the current scenario of CSR and its contributions towards sustainable development. This is better explained with the concept of triple bottom line and corporate social performance. It also tries to explain the modern corporate philanthropy and the social innovation process that helps the corporate to better fit themselves to the urge of the day.

Global Journal of Business, Economics and Management: Current Issues, 2020

In the 21st century, business and society demonstrate a stronger strive for achieving a stable balance between social, economic and ecological goals, which is the basis of the concept for sustainable development. In the context of “Europe 2020,” the concept of Corporate Social Responsibility (CSR) affirms its role as one of the most effective strategies for achieving this kind of development. The aim of this article therefore , is to clarify the conceptual nature of CSR by putting an emphasis on the Carroll’s pyramid, and its importance to the corporate social initiatives as an expression of company’s commitment to CSR. This article is a qualitative article that gives an exposition on the implementation of CSR and its communication effect. This exposition proves that CSR offers many other positive effects for the companies apart from the strong communication effect to their current and prospective clients. By examining the six types of corporate social initiatives and their m...

Corporate Social Responsibility in recent years is playing a pivotal role for bringing all kinds of development including social and economic and helping in the sustainable growth. CSR means the way in which business firms integrates environmental, economic and social concerns into their culture, values, strategy, decision making and operation in an acceptable and transparent manner, therefore leading to better creation of wealth, better standard of living, better practices in business organization. In an era of globalization the role of corporate social responsibility has widened drastically. The main crux of this research paper is to find out the emerging role of corporate social responsibility in sustainable economic development as well as social development. The findings of the paper suggest that corporate social responsibility is responsible for economic development provided the stakeholders show mutual respect for each other. The methods that have been adopted for reaching to the conclusion are deductive in nature and character. The sources used for collecting data include books, magazines, journals, periodicals and publications by government agencies, newspapers. The outcome of the paper if applied properly will definitely help in bringing economic prosperity on sustainable basis.