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Theories of Corporate Social Responsibility

             The arena of corporate social responsibility displays to have become more important around the world today. The character of corporation and the approach it is perceived by community has gone through numerous changes throughout the past. Over time, an improved consciousness of the impact of businesses and its relations with social and environmental issues have been developed till today. Corporations are now pleased to some definite responsibilities in the community where they are running. The laws, rules and regulations are most elementary responsibilities that businesses have to follow under. But do all the people in community have known the meaning and understand the concept of corporate social responsibility.
             What is Corporate Social Responsibility (CSR?) .
             There are different definitions and assumptions of corporate social responsibility which applies depending on state and circumstances. In one state CSR may be perceived as an initiative on a voluntary basis while in some as a legal obligation. The concept of corporate social responsibility has been growing remarkably in today's business world. It is also known as corporate citizenships, responsible business, or business for sustainable development of society which is in a form of self-regulated corporation unified into a business model where corporations manage a business activities to make positive changes in the society. On the other hand, business and society are attached that society always have some expectations from businesses and therefore the corporations have responsibilities towards people at society. Thus, in competitive market of today's business environment, corporations are opposed with a new set of non-finances related challenges. The world business council for sustainable development (2002) quoting the statement of Lord Holme and Richard Watts (2000) defines a social responsible corporation as; "Corporate Social Responsibility is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large".

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