The Importance of Corporate Social Responsibility in Social Value Creation

Title

The Importance of Corporate Social Responsibility in Social Value Creation

Creator

Maya M.

Description

The fundamental idea behind CSR is that corporations have duties that go beyond lawful execution of their economic duties (Steiner & Steiner, 2009). The waning hold of states over powerful transnational corporations and the increasing recognition of the potential of corporations to contribute to the welfare needs underline the importance of CSR in contemporary society. It is believed that a good CSR strategy would lead to significant reductions in business risks, including stakeholder, regulatory or marketplace sanctions. India being the first country to make CSR mandatory recognizes the potential of firms to synergize with the state in achieving larger developmental causes. This chapter is an attempt to review the CSR contributions toward public health during COVID-19. This chapter analyses the ways in which corporate social responsibility could contribute toward value creation in society and proposes a community-based convergent model of CSR implementation. 2024 by World Scientific Publishing Co. Pte. Ltd.

Source

Emerging Issues and Trends in Indian Business and Management: Volume 2: Business and Society: Issues and Cases in the Indian Context, Vol-2, pp. 147-161.

Date

2024-01-01

Publisher

World Scientific Publishing Co.

Subject

Community-based convergent model of CSR; Corporate social responsibility; COVID-19; Public health; Social value

Coverage

Maya M., Department of Sociology and Social Work, CHRIST (Deemed to be University), Bangalore, India

Rights

Restricted Access

Relation

ISBN: 978-981128667-4; 978-981128666-7

Format

Online

Language

English

Type

Book chapter

Identifier

https://doi.org/10.1142/9789811286674_0007

https://www.scopus.com/inward/record.uri?eid=2-s2.0-85194760090&doi=10.1142%2f9789811286674_0007&partnerID=40&md5=0539ecd59ba1072f5225a0bc487480b2