Do Companies Benefit by CSR?
Classic Consultants, C52 Desh Apartments,239 GST Road, Chennai
- *Corresponding Author:
- Ramakrishnan Ramachandran
Chief Consultant, Classic Consultants
C52 Desh Apartments
239 GST Road, Chennai
Tel: +91 9952669656
E-mail: [email protected]
Received Date: February 25, 2015; Accepted Date: August 17, 2015; Published Date: August 31, 2015
Citation: Ramachandran R (2015) Do Companies Benefit by CSR? J Res Development 3: 125.
Copyright: © 2015 Ramachandran R. This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.
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.