The New Paradigm For Sustainability? De-Coding Corporate Social Responsibility i.e., from Ultra Vires to Reputational Capital

Abstract

CSR is defined in a particular way, terming it either as a philanthropic, socially responsible or even an ethical behaviour. But the review of literature shows that it is problematic to look at CSR in way the business world has defined it, because there are various perspectives of looking at CSR. This chapter tries to examine whether behaving in an ethical, moral and socially responsible way is an inherent feature of the corporate enterprise or the emergence of socially responsible activity has a context of its own. As this will help is in clearly understand and conceptualize what CSR is. Thus this chapter begins by conceptualising the corporate enterprise as codified in the Company Law book. Company is bascically a set of laws concerning companies and other business organizations. It was formed as an establishment to carry on commercial activities. Then I have tried to outline the organizational goals, principles and primary beneficiaries of the corporate enterprise, at different time periods, to find out whether the corporate enterprise had any societal welfare policy, from its very origin. So this chapter outlines four phases through which the corporate enterprise evolved along with its organizational goals, principles and the primary beneficiary group. Understanding the goals, principles etc is important because it will help us in finding out whether being socially responsible was an inherent feature of the corporate enterprise. If the corporate had social welfare policy from its very beginning than we can bestow the moral or ethical tag to the corporate enterprise. But if literature suggests that CSR was not an inherent