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The CSR programs are aimed not only at the external community. As more and more companies like to provide benefits to their employees for greater productivity and retention. As CSR is gaining prominence, there is need for incorporating social responsibility in management curriculum
Theories on CSR
There are broadly two streams of literature seeking to explain CSR activities. Ethical Instrumental Ethical arguments emphasize CSR to be self-less altruistic activity that involves ethical obligation of going beyond the interest of the org. Even if it result in unproductive resource expenditure for the company
Cont.
Instrumental arguments explains CSR as a purposeful activity involving benefits in the long term. Rectifying past mistakes and lessening the repercussions of future mistakes
Institutional Theory
Under this theory the Field is given importance. This field includes an Organization's social context, area of activities, practices / norms, and social relationship. This theory provides CSR with a multilevel theoretical explanation which includes actions within and outside an org.
Institutional Investor
Consumers
Media
Role of Governments
Most national govt. today have regulations, acts and sanctions for CSR of Org. In USA Fair Labour Standards Act 1938 Energy Policy Act (EPA) Clean Water Act 1948 India has companies act, 1956 that had nothing on CSR until the Companies bill 2009 Despite this acts and regulations, there are evidences of socially irresponsible behavior by org. Wal-Mart, Exxon mobile In the USA Satyam in India
In India
Currently CSR practices in India are dictated by guidelines notified by Ministry Of Corporate Affairs in Dec-09 These guidelines are voluntary and require business entitles to formulates CSR policy to guide its strategic planning. Those government regulations exist but there is absence of monitoring and enforcement of these regulation on the part of government.
Conclusion
CSR is an outcome of various institutional factors such as, Compliance with the institutional norms, Compliance with the mandatory rules, and Imitations of other successful companies These factors help org. in gaining legitimacy in the eyes of Stakeholders Mitigating actual harms done to the society Leveraging on CSR in case of future harms.