Corporate Social Responsibility Case Study

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Corporate Social Responsibility: A Case of Indian Companies K. Murali Kishore1 & K.Kiran2 1Research Scholar, Dept of Commerce & Business Administration, Acharya Nagarjuna University, Andhra Pradesh 2Research Scholar, Dept of Commerce & Business Administration, Acharya NagarjunaUniversity, Andhra Pradesh kmkishore99@gmail.com; kirankoduru7@gmail.com Abstract Corporate social responsibility (CSR) is an important task for international companies operating in both the developed countries and the developing countries. Corporate social responsibility is undertaken as a responsibility by the organizations for the welfare of the people and to generate support and good will and importantly enhance the reputation for the respective organizations.…show more content…
According to Milton Friedman, the winner of Nobel Prize in Economics in 1976, “the Social Responsibility of Business is to Increase its Profits.” But is it true and practiced the same? The practice found from research about different organizations around the world is contrary to Milton Friedman’s views on social responsibility of business. In the twenty first century companies are not only focusing on profit but also importantly focusing on other initiatives to benefit the society. More and more organizations all over the world are implementing the concept of corporate social responsibility (CSR) either willingly or because they are mandated by their respective governments to do…show more content…
Concept and Definition Internationally the idea of corporate social responsibility first came into focus from the H R Bowen’s work of ‘The Social Responsibilities of the Businessman’ and which was written in 1953. Over these sixty years there has been much debate regarding its idea and practice all over the world. Some economists particularly those belonging to the Chicago School (USA) have vehemently opposed this idea of corporate social responsibility. And importantly the great economist Milton Friedman was the leader of the thought that corporate social responsibility is not the responsibility of organizations. Even though there was opposition from certain section of economists and organizations the concept of corporate social responsibility caught upon and has now become an imperative for most organizations around the world. As to the definition of corporate social responsibility there is no common agreed definition or no common agreement as to what it is. But some of the most popular definitions of corporate social responsibility are as given below: 1. The European Union (EU) Definition of corporate social responsibility is as follows: "A concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary
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