Corporate Social Responsibility: Modelling of Critical Factors using an Integrated ISM and Fuzzy-Micmac approach

Corporate social responsibility (CSR) is the commitment to improve community's well-being through discretionary business practices and contribution of corporate resources. Businesses today have realized that in order to flourish, they have to adopt a holistic and inclusive business model which has a direct correlation with business competitiveness and performance. This is possible when they incorporate the concept of corporate social responsibility that will help them to focus on transparency and accountability. Corporate social responsibility has received much attention over the past decade owing to the significant attention given by government and both profit and non-profit organizations to environmental, social and business practices of corporates. Corporate social responsibility has become one of the core components of corporate strategy and a crucial instrument to minimize conflicts with stakeholders. Realizing the importance of corporate social responsibility an attempt has been made to explore the aspects of CSR in detail and to find out the critical factors of social corporate responsibility which would promote CSR practices and affect the modern way of doing businesses.

This research also sheds light on structural modelling and fuzzy MICMAC. In continuation with modelling and ranking of critical factors using interpretive structural modelling (ISM). ISM model is stabilized using fuzzy MICMAC methodology and classification of critical factors based on driving power and dependence power is done. Finally an integrated model is presented.