Chief Editors: Mr. Irshadullah Asim Mohammed, Dr. Yogesh Mohan Gosavi, and Prof. (Dr.) Vineeta Kaur Saluja
Associate Editor: Mrs. Sruthi S
Co-Editors: Dr. S. Rajeswari, Dr. Nikhil Saini, and Ms. Atreyee Banerjee
ISBN: 978-81-985805-1-1
Chapter: 66
Author: N.S.L Raghu Ram
DOI: https://doi.org/10.59646/mrnc66/321
Abstract
Corporate Social Responsibility (CSR) has been attracting attention recently by the corporate world worldwide. The corporations discharge their CSR through social development in various ways in varying degree. However the practice of CSR has also attracted controversy and criticism. There are two opposing arguments namely (i) the corporations profit in manifold ways by spending on CSR projects; and (ii) CSR is criticized and opposed in that it makes the corporations deviate from their primary economic roles in doing business. This debate and criticism revolve around the basic objective of the firm. Modern scholars have proposed many different objectives for firms which again are also abound with raging controversy and criticism. This paper attempts to identify the primary objective of an economy and synthesizes the hitherto different objectives with CSR to get a holistic view. This will not only put the controversy regarding the objectives of the firm to rest but also has interesting implications for the recent corporate social responsibility of business, environmental concerns, and questions the need for a separate theory of public firm as well
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