Corporate Social Responsibility Essay

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A Contemporary Review on CSR Theories and International Standards Chapter 1: 1.1 Introduction The concept of CSR has been traced through the corporate system for centuries throughout the world; however a formal writing of CSR has been into the limelight since 1950s ie the 20th century and hence has been named as the modern era of CSR. Through years, lot of researches had defined and explained CSR based on their empirical research, understanding, alternative themes and frameworks. In short the entirety of CSR can be understood from the three words contained within its title phrase- ‘corporate,’ ‘social,’ and ‘responsibility' viz a viz “Corporates are being responsible for the Society". This article aims to explain the meaning, underlying concepts and theories of corporate social responsibility. Let us now understand the meaning of CSR and why is it important in modern days. Definitions of Corporate Social Responsibility (CSR) The broadest definition of CSR defined by The Prince of Wales International Business Leaders Forum is, ‘‘CSR means open and transparent business practices that are based on ethical values and respect for employees, communities, and the environment. It is designed to deliver sustainable value to society at large, as well as to shareholders’’ (http://www.iblf.org/csr) Emergence of CSR The concept of Corporate Social Responsibility started late back in 1950’s. Howard R Bowen (1953), who rendered an early and seminal definition to CSR as "the obligations of the businessmen to pursue their policies, to make their decisions or to follow their lines of action which are desirable in terms of the objectives and values of society". Later many researchers developed ideas and definitions in 1950’s and 60’s. Keith Davis in 1960 defined social responsibility "it refers to business-men’s decisions and actions taken for reasons atleast partially

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