Evolution of Corporate Social Responsibility: A Review of Shifting Paradigms
Keywords:
Corporate Social Responsibility, Charity and Philanthropic, Conceptual Evolution, Community Development, Legal ComplianceAbstract
In the modern business era the responsibility of business towards the society is occupying prominent place. Business firms have to discharge accountability towards societies as well as peoples in which the business organizations operate. For this purpose, companies introduce new tool and strategy in order to compete and being stable in the dynamic environment, known as Corporate Social Responsibility (CSR). The evolution of CSR is a long journey and the conception of CSR has changed from philanthropy to stakeholder benefit approach at global level over the period of time. In the present scenario, CSR has become more of a legal compliance than voluntarism. In the light of this, the prime focus of this paper is to trace the conceptual evaluation of CSR. The present paper highlights that in the 1950s the main focus of business organizations was serving good deeds for the community. During 1960s there was an attempt to formalize the concept of CSR and to link society and business, defining society in wider terms. In the 1970s the main emphasis was on proprietor’s objective and stakeholder responsiveness, which identified direct and indirect interests of stakeholders. In the 1980s, business and social interest moved closer and companies turned more responsive towards the stakeholders. During the 1990s the concept of CSR almost universally accepted and supported and finally, in the 2000s, CSR became definitively an essential strategic matter. In India, the year 2013 witnessed a great historical development in the concept of CSR. The historical amendment in Companies Act, 1956 made it mandatory to discharge the social responsibility by companies.
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