Corporate Governance and CSR: Their Interrelationship
Journal Title: International Journal for Research in Applied Science and Engineering Technology (IJRASET) - Year 2016, Vol 4, Issue 8
Abstract
Corporate Responsibility has come a long way since Milton Friedman pronounced “ …there is one and only one social responsibility of business – to use its resources and engage in activities designed to increase its profit so long as its stays within the rule of the game , which is to say, engages in open and free competition without deception or fraud”. The inclusion of CSR under Clause 135 of the Competition Act, 2013 has defined the construct of CSR in India by suggesting that it is a set of actions of a company that benefits the society at large leading to sustainable development. Corporate governance refers to mechanisms, processes and relations by which corporations are controlled and directed. It essentially involves balancing the interests of the many stakeholders in a company – like shareholders, management, customers, suppliers, financiers, government and the community. This paper seeks to explore the interrelationships between CG and CSR. This study seeks to explain how one can say them “Two sides of a coin”. This study is descriptive in nature. This study makes a contribution. It suggests that there is a salient two-way relationship and increasing overlap between CG and CSR. While much previous literature has researched CG and CSR independently, this paper makes the case for considering them jointly and systematically. Practitioner/Policy Implications: first, to seek the interrelationship between CG and CSR. Secondly, to briefly discuss some case study on CG and CSR.
Authors and Affiliations
Veenu Gupta
Keywords
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