Corporate Social Responsibility: An Ingredient of Today’s Business Dynamics

Abstract

Corporate Social Responsibility (CSR) has received increased attention among the business community since the past decade. Due to competitive environment and public pressures, business community are giving more importance to corporate social responsibility, where organisations are required to act more responsibly and show their commitment towards environmental, social and financial sustainability. In today’s fast-moving and increasingly unpredictable business environment, the need for ethical, socially responsible and sustainable practices becomes even more critical. Businesses and creators of technology need a balanced outlook on innovation and development. Business organisation should have a corporate social responsibility that regulates growth, adopt areas that are underdeveloped and minimize the threat posed to the environment and the global population by technological advancement. The ongoing revolution in communication technology and the effectiveness of knowledge-economy has created a new model of business and corporate governance. This paper introduces a conceptualization of corporate social responsibility, potential contribution towards society, practices of CSR in the industry from the environmental and social perspectives, and to explore the extent of social commitment in the establishment of CSR programmes.

Keywords: CSR, Technology And Innovation, Corporate Governance