ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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An Assessment of Mandatory Corporate Social Responsibility Expenditure

An Assessment of Mandatory Corporate Social Responsibility Expenditure

The response of firms towards the corporate social responsibility guidelines and its impact on the funding of Sustainable Development Goals is investigated.

 

The notion of corporate social res­ponsibility (CSR) requires companies to address social development issues and promote responsible business conduct. The adoption and implementation of CSR ensures in many ways that the company operates in a ­socially responsible manner and fulfils its duties towards the society. CSR is beyond philanthropy; it ensures corporate acc­ountability, legitimacy and responsible business conduct (Bansal et al 2018). There is a tremendous pressure on companies to adopt CSR practices.

CSR as a concept has become essential in contemporary times with the capita­list mindset driving businesses for the exclusive benefits of shareholders. CSR, hence, is gaining widespread acceptance across business organisations, political leaders, and social groups across the world. As a support to the businesses, CSR plays a vital role in sustainable business strategies for organisations. It emphasises on how to maximise the uti­lity of resources with minimum consumption, exploration of resources without exploitation and to maintain surplus balance of resources for future generations (López-Concepción et al 2021). CSR practices of business organisations help in enhancing the brand value, securing better employee engagement and building a positive image in the business environment. Many recent developments around the world have made it mandatory for companies to adopt CSR practices and contribute to the society. The CSR practices of companies also bolster the eff­orts of government to achieve Sustainable Development Goals (SDGs) (Abdelhalim and Eldin 2019).

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Updated On : 25th Sep, 2021

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