Definition of Corporate Social Responsibility

Definition # 1: Philip Kotler and Nancy Lee (2005) define CSR as “a commitment
to improve community well being through discretionary business practices and
contributions of corporate resources” whereas Mallen Baker refers to CSR as “a
way companies manage the business processes to produce an overall positive
impact on society.”
Definition # 2: According to World Business Council for Sustainable Development
“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”.
Definition # 3: Archie Carroll in 1991 describes CSR as a multi layered concept
that can be differentiated into four interrelated aspects – economic, legal, ethical
and philanthropic responsibilities.
Definition #4: Milton Friedman … there is one and only one social responsibility of
business to use its resources and engage in activities designed to increase its
profits so long as it stays in the rules of the game, which is to say, engages in open
and free competition, without deception or fraud.