The essential idea of “Corporate social responsibility” or CSR is for businesses to serve as responsible citizens amidst their socio economic milieu and work for social good. As such, CSR persuades every aspect of a corporate organization’s functioning.CSR aims to build a sense of responsibility into the corporate workings and to in turn exercise a positive influence on the stakeholders and environment which comprises of customers, employees, social people, as well as social communities, and many others (Aras et al, 2012). The term “corporate social responsibility” attained popularity in the 1960s and has remained a term used rampantly by many to cover the legal, moral and social responsibilities of corporates defined in a more narrow way.
The rampant use of the term has influenced the market much and how it takes part in building up the status and fortune of any company. In the competitive markets of today a benefit inspection of various CSR initiatives, can be viewed and analysed by a resource-based view .Even sociologists became focused into CSR in the thinking of various global changes such as globalization, neoliberalism and late capitalism (Conklin, 2010). Although certain sociologists viewed Corporate Social Responsibility as a body stamped with capitalist legitimacy and in certain directions also pointed out that what was initiated in the form of a social movement against unrestrained corporate hegemony which was transformed by corporates into either a ‘risk management’ device or a ‘business model’ often with queries with both.
CSR can be seen as a win-win situation where organizations improves their social capital at the same time the society gains from these activities as the government’s resources are elevated.