The impact of corporate social responsibility on the performance of business
The term corporate social responsibility (CSR) has continued to grow in importance and significance. It has been the subject which is drawing the corporate magnates into its circumference. CSR has evolved and developed in both academic and practitioner communities from all over the world. CSR continues to allure social activists, reformists, educationists and entrepreneurs worldwide to delve deeper into it. Globalization, ethical consumerism, changing market scenario, financial market breakdowns, severe economic declines, climate change all are adding fuel to the concept of CSR. With the growing recognition of critical consequences, more and more entities are showing their commitments towards CSR either to be in the competition or for the enhancement of their corporate image. Competitive advantage and core competence arguments contend that, by adopting the activities of CSR, organizations succeed in partnering relationships with all of its stakeholders and gather their support in the form of customer loyalty and customer satisfaction, lower levels of employee turnover, and access to a higher pool of talent. The pursuit of these opportunities is only possible through CSR activities which derive greater value for organizations in competitive settings. The present paper examines the question of measurability of the impact of CSR on the performance of the business.