Corporate Social Responsibility As A Tool For Implementing Corporate Governance

Reetasa Samal, Tusharkant Panda & Jyoti Das, KIIT Law School, Bhubaneswar

ABSTRACT

This research paper aims to focus on corporate social responsibility and its impact on effective corporate governance. Through this research paper we’ll come across different types of social responsibilities in the corporate sector and various the advances and demerits of social responsibility in corporate world as well as scrutinize the relationship between CSR and governance in the corporate domains like firms, companies and partnerships for the smooth functioning of these institutions. We can realize that companies have blended to behave in a socially responsible way and it has become crucial for effective working of the corporations. This paper also focuses on the various conditions in an companies due to the implementation of CSR and major incorporation brought in the company. When a company abides by the statutory norms required, avoids delays or any evasion in paying taxes, avoids any kind of corruption, avoids unfair trade practices, and follows ethical standards, the company stays away from any kind of litigation and getting more business achievements.

This research paper also seeks to bring into light the realities of bureaucracy and how in theories social behaviour can be efficient but fails to improvise when it comes to the practicality. The economic conditions and level of competitions plays a vital role in determining the probability with which companies perform in a socially responsible manner. Statistically, major large scale companies and corporations fail to abide with the conduct of effective social responsibility due to the shift in institutional terrain. Essentially the paper cover the necessity for the firms and companies to implement corporate social responsibility to meet the ends in this era of globalization.

Keywords: globalization, social, institutions, responsibility, corporate, governance, companies, economic, business, trade .