Financial and Corporate Social Responsibility Performance of Top Eight Indian Companies: An Empirical Study

Abstract

The term Corporate Social Responsibility has been gaining an astounding support at the global level recently. At present, the world over, there is an increasing awareness about Corporate Social Responsibility (CSR), Sustainable Development (SD) and Non Financial Reporting (NFR). In this paper author have highlighted the CSR practices in Indian companies, financial institutions, different case studies and key findings of the study and a few conclusions. In the present study an effort has made to know the status of CSR and strategies adopted for CSR in the Indian companies. Total Eight Companies including one financial institutions were selected which are Top Indian Companies which are listed in the Top 500 Companies in the World as per Forbes and fortune 500 as well.  Data are collected from the secondary sources most particularly from concerned company’s Annual Report, web sites, newsletters and other secondary sources. The study covers the time period 2009-10 to 2013-14. The purpose of the present paper is to study the level of CSR initiatives taken by the Indian companies and its influence on the performance of the companies. In the present study CSR Activities have been classified into Health, Women Welfare& Livelihood, Skill Enhancements, Education, Sports, Disaster Management, Others. The coefficient of determination has also been tested by regression analysis and the authors found that there is a relationship between Net profits of the company with that of CSR Spending at 0.05 levels.

Keywords: Corporate social responsibility, Sustainable development, CSR strategy, Financial performance.