Corporate Social Responsibility: An Innovation to a Strategic Business Success- An Empirical Study 1 Dr. Bernadette D’Silva, Director, Smt K. G. Mittal Institute of Management, Mumbai, 2 Dr. Stephen D’Silva, Director, (JBIMS) Jamnalal Bajaj Institute of Management Studies- Mumbai. 3 Miss Roshni Bhuptani, Faculty at Smt K. G. Mittal Institute of Management, Mumbai

CSR: An Introduction  CSR has been defined much more in terms of a philanthropic model  Continuing commitment by business to behave ethically and contribute to economic development

Literature Review  Sebastian &, Malte (2010) have examined the effects of corporate social responsibility (CSR) on corporate identity, image and firm performance in a multi- industry setting.  Lai, Chiu, Yang and Pai (2010) have investigated the effects of CSR and corporate reputation on industrial brand equity and corporate reputation  Surroca, Tribó, and Waddock (2010) have studied the effects of a firm's intangible resources in mediating the relationship between corporate responsibility and financial performance

Research Methodology Objective of the study:  Understand why an organisation contributes to a social cause and what it expects to gain in the process. Data Collection  The research consists both primary and secondary data.  Primary data was collected by administering questionnaire.  The secondary data was collected from various journals and magazines.

Research design  The questionnaire was administered to various companies.  While it was sent to about 70 companies, only 50 companies responded.  The questionnaire was analysed through the SPSS package.  Frequency and cross tabulations were used for most of the data analysis, factor analysis was used to group attributes,

Findings & Analysis Views towards business  82.4% of the companies agree that business making money, while  17.6 agree that it is not only making money but also about social responsibility.

Place for ethics in business:  88.3% believe that there is place for ethics in business and  11.8% strongly feel that there is no place for ethics in business Business & Economic attitude:  82.3% believe that business needs only an economic attitude while  17.7% respondents felt that business does not need an economic attitude, balance feel it is needed.

Social policies:  70.6% of the corporate connect to the community through social activities, and 23.5 % through specific NGO.  Only half (52.9%) have a clear-cut policy on social development. The participation of the company in various activities is mixed, with no clear-cut trend emerging. Donations:  70.6% feel that giving a donation will not increase the image of the company.  However, 29.4% give donation to benefit from tax and improves image building

Findings & Analysis  Factor analysis was used to group attributes, which were important reasons for contributing to a social cause  The resultant rotated component matrix was analysed and four factors were derived.  The following table shows that four factors explain 83.03% of the variance.

The four factors were identified as follows:  Factor 1: Customer oriented  Factor 2: Ethical oriented  Factor 3: Community oriented  Factor 4: Profit Maximization

Conclusion  Factors that influence the company to contribute are Customer oriented, Ethical oriented, Community oriented and Financial benefits to the company  Generate awareness to the various stakeholders regarding its contribution to corporate social responsibility  India has a large potential for any marketer & at the same time it can support quiet a good number of causes which benefits the society at large.

Recommendations Companies are required to adopt a highly integrated approach towards fulfillment of their social obligations. It is highly recommended for the corporate to understand the importance of fair governance while achieving their organizational objectives so as to sustain in the competitive environment, A company which should give emphasis on CSR activities would always attract more investments and gets fair opportunity to build a status quo at global level.

References  Arendt, Sebastian; Brettel, Malte (2010), “Understanding the influence of corporate social responsibility on corporate identity, image, and firm performance”, Management Decision, 2010, Vol. 48 Issue 10, p , 24p; DOI: /  Barnea, Amir; Rubin, Amir (2010), “Corporate Social Responsibility as a Conflict Between Shareholders”, Journal of Business Ethics, Nov2010, Vol. 97 Issue 1, p71-86, 16p, 7 Charts; DOI: /s z  Lai, Chi-Shiun; Chiu, Chih-Jen; Yang, Chin-Fang; Pai, Da-Chang (2010), “The Effects of Corporate Social Responsibility on Brand Performance: The Mediating Effect of Industrial Brand Equity and Corporate Reputation”, Journal of Business Ethics, Sep2010, Vol. 95 Issue 3, p , 13p, 3 Diagrams, 2 Charts; DOI: /s  Surroca, Jordi; Tribó, Josep A.; Waddock, Sandra (2010), “Corporate responsibility and financial performance: the role of intangible resources”, Strategic Management Journal, May2010, Vol. 31 Issue 5, p , 28p,

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