The contribution of the organisations towards corporate social responsibilities includes certain monetary assistance to the society which would facilitate various social developments. Furthermore, the concept of corporate social responsibility can be related to the activities of an organisation which would facilitate in conserving the natural flora and fauna and as well as the socio economic culture (Reset, n.d.).
There is no perfect definition for corporate social responsibilities, in simple terms; it can be referred to consideration of the ethical values while performing the business activities by the organisations. Corporate social responsibility also includes transparent or clear business activities e.g. the organisations should consider the legal requirements in their operations. Earlier, it was considered that the chief objective of a business organisation is to make profit, although, the scenario has changed a lot during the past decades and the organisations in the present day context are also expected to provide equal importance to the corporate social responsibility as well. During the recent years, it has been noticed that the organisations are increasingly being pressurised by the various stakeholders involved in the business to take measurable steps towards the corporate social responsibilities (Baird & et. al., 2002).
The concept of corporate social responsibility can be considered to have significant importance in the global business scenario. It has been found through various researches that the growing importance of CSR has been significantly affecting the relationship between the organisations and the various stakeholders (Economist Intelligence Unit, 2005). Corporate social responsibility is quite important for the organisations to sustain in the long run. It has been recognised that the organisations which are only concerned about the profit margins and ignore the stakeholders’ interest about CSR are likely to show lack of sustainability in the long run (Waldman & et. al., 2012). It is because of this reason that corporate social responsibility facilitates in gaining the trust of the stakeholders because CSR provides transparency to the business activities. Moreover, CSR is also quite important for the development of the society for the reason that business organisations form the background of the economy and a proportionate investment by them in the social activities would result in social development. In addition, CSR facilitates in maintaining a good business-to-business relationship which is also quite important for the business organisations to sustain in the long run. During the recent years, the perception of corporate social responsibility has developed into a major strategy for the business organisations to endure the aggressively emanating competitive market environment. The present market scenario can be characterised by increasing competition and unpredictable consumer behaviour, so implementing the concept of CSR has