Business Advantages of Corporate Social Responsibility: Cases from India

Abstract

Philanthropy is deeply rooted in Indian culture as far as 600 BC as evident in Arthashastra. Ethical Businesses always strive towards improving the quality of life of people by offering safe and excellent products. The efficient use of resources in a business to benefit all the stakeholders involved has an across-the-board impact on financial performance which results in increased revenue for the businesses. This typically happens if a sense of social responsibility prevails throughout the organisation in all the business processes and become a routine practice among its employees. Furthermore, financial Institutions and Investors are now inclined to provide access to capital to socially committed companies; giving preferred treatment to these companies with social sustainability. The purpose of this working paper is to identify cases from India industry following ethical-business-practices and to evolve a platform towards creating a definite framework in the said domain in future.

Keywords: Corporate Social Responsibility, Social Responsibility of Businesses, Business Ethics, Philanthropy, Social Sustainability

JEL Classification: M14