The Concept Of Corporate Social Responsibility

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The concept of corporate social responsibility (CSR) has been developed for decades and it has been conceptualized in a number of ways. The business only can get success if there is interaction between all stakeholders in the company. The business organization of any form whether it is small or large, are seen as a creation of society and their survival is only dependent on the society. Socially responsible firms view CSR as a source of competitive advantage by attracting a higher quality and quantity of job applicants (Fombrun and Shanley 1990; turban and greening 1996). CSR can be defined as that strategy which manages the business processes to produce an overall positive impact on society. CSR is a concept in which the company decides how to interact with its stakeholders on a voluntary basis involving social as well as environmental concern. According to kotler and lee (2005) CSR is “ an obligation undertaken in order to improve the welfare of the society through on demand business application and contribution of corporate resources” Management, innovation and trends seem to come and go like fashion. Ideas and practices are adopted and discarded, change, mutate and re-form in an ongoing process of exchange among stakeholders. (McManus, 2008, p.1068) CSR helps in rapid development of the country so; it has 5 principles like accountability, ethical behavior, transparency, shareholders and rule of law. Accountability talks about the

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