Corporate Social Responsibility for a Sustainable Business

Abstract

Over the years businesses have adopted new dimensions that included corporate social responsibility, corporate governance, service dominant logic and sustainable business. Earlier it was argued that the only obligation of an organization is to provide financial benefits to its stakeholders and neglected the societal well being part of responsibility of the organizations. The other very important aspect which was ever taken for granted is being given due importance is ecology. The notion of a ‘business case’ for corporate sustainability has increasingly been used by the corporate sector, environmental organizations and by many others to seek justification for sustainable strategies by the organizations. No business can survive longer by disintegrating itself from these practices. So it has become the need of the hour to understand these terms and incorporate them in business social culture, to be part of responsible corporate citizenship in today’s business world. This article will study corporate social responsibility (CSR) from theoretical perspective with a focus on triple bottom line (TBL) in terms of economic, social and environmental aspects. Triple bottom line will be a base in studying CSR for a sustainable business and the importance of TBL will be highlighted towards conducting sustainable businesses. The future of corporate businesses will be determined on the value that may be provided to customers by organizations.