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Do Companies Benefit by CSR?

Ramakrishnan Ramachandran

Corporate social responsibility (CSR) is a concept, whereby organizations consider the interests of society by taking responsibility for the impact of their activities on all those stakeholders in all aspects of their operations. Business is a creative entrepreneurial process that provides livelihoods for the majority of the world’s people. It has been instrumental in bringing about sustainable development. The “Stakeholder” concept provides a theoretical framework for analyzing the relationships of a corporation with relevant constituencies in its industry, as well as its political, social, economic and legal environment. It has been seen form the review of the existing literature that business needs the cooperation and collaboration of these groups who have some stake in the organization, organization need to manage them properly. To analyze the various eleven factors of benefits of CSR a survey was conducted among the 389 stakeholders of Tamil Nadu using stratified sampling. The factor analysis reduces them to four factors as corporate image factor that captured four original factors, while the efficiency factor captured three original factors. The third factor named customer orientation factor accounted for two while the fourth factor named balancing factor accounted for the remaining two original factors.