Corporate social responsibility: Conceptualisation and potential benefits for firms implementing

Corporate Social Responsibility (CSR) is becoming an increasingly important topic to businesses nationally and internationally in these days. CSR is viewed, then, as a comprehensive set of policies, practices, and programs that are integrated into business operations, supply chains, and decision-making processes throughout the company and usually include issues related to business ethics, community investment, environmental concerns, governance, human rights, the marketplace as well as the workplace. Each company differs in how it implements corporate social responsibility, if at all. The differences depend on such factors as the specific company‘s size, the particular industry involved, the firm‘s business culture, stakeholder demands, and how historically progressive the company is in engaging CSR. Some companies focus on a single area, which is regarded as the most important for them or where they have the highest impact or vulnerability—human rights, for example, or the environment—while others aim to integrate CSR in all aspects of their operations. For successful implementation, it is crucial that the CSR principles are part of the corporations values and strategic planning, and that both management and employees are committed to them. Furthermore, it is important that the CSR strategy is aligned with the company‘s specific corporate objectives and core competencies. As discussed above CSR touch every aspect of a company/organization and a competitive edge. So the purpose of this study is to conceptualisation of CSR and analysis the initiatives undertaken by the Indian business organizations (Dabur India Limited, Hindustan Unilever Limited, Wipro, Bharat Petroleum Corporation Limited and Ashok Leyland) in the area of CSR. Moreover paper describes potential benefits for firms implementing CSR.