Mandatory CSR - Can It Help Indian Firms?

Title: Mandatory CSR – Can it help Indian firms?
Name of the author: Dr. R Ramakrishnan

Mailing address: J108 S7P Living Spaces, Kamarajar Nagar,
Vanagaram-Ambattur Road, Chennai 600095 INDIA
E-mail: ramakrish54@gmail.com and consultvivin@gmail.com
Phone Mobile: +919952669656
Dr Ramakrishnan Ramachandran, a baby boomer did his PhD in Corporate Social

Responsibility and has been associated in founding four B schools in rural Tier 2/3 cities in
India.
After working in the Government of India in the Cabinet Secretariat and Indian High
Commission Seychelles for 22 years, he worked in the manufacturing and IT sector for the next
8 years and has also done consultancy works in the field of Quality for small and medium
industries in India. He joined academics on s full time basis in 2005 to pursue his passion –
teaching.
Author of books ranging from Total Quality management to Environmental Science to
Ethics, Ramakrishnan Ramachandran has presented over 30 papers on various management
topics. He is continuing his research work on various topics ranging from Mentoring to
Marketing as he tries to give shape to the future managers of India. He can be contacted at Cell
No. +919952669656 and ramakrish54@gmail.com
His current post doctoral research interests are Social Responsibility, Educational
Reforms, CRM, TQM, Gender Studies, Financial Inclusion, Development Studies, etc. His
research papers can be accessed at SSRN Author page: http://ssrn.com/author=646193
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at: https://ssrn.com/abstract=3511556
https://ssrn.com/abstract=3497350
Mandatory CSR – Can it help Indian firms?
ABSTRACT
Industry and Business play a crucial role in the social and economic development of a
nation. It is a creative entrepreneurial process that provides livelihoods for the majority of the
world’s people. It has been instrumental in bringing about sustainable development.
CSR is an increasingly important part of the business environment and constitutes a
complex aspect of the relationship between business and society. It is not just about building
schools or providing scholarships, but about doing business that companies do not regard as
being an obligation ensuring sustainability of business. It is an extension of efforts to foster
strong corporate governance. It is a multi dimensional concept evolved over the years from
Corporate Philanthropy to Stakeholder management and Sustainable development.
CSR brings positive change inside businesses. It sets the framework and defines the
manner in which a business must operate to be able to meet the ethical, legal, commercial and
public expectations that a society has of any company.
Corporations are now involved in all aspects of public and private life and Corporate
Social Responsibility (CSR) has been propelled into the limelight in recent years due to
increasing influence and power of corporations. CSR extends beyond the interests of
shareholders to the interests and needs of diverse stakeholders. It includes environmental, social,
and governance issues’
Law is the codification of basic human values. The goal of CSR is to implement these
values in corporations, thus CSR develops and functions in a legal framework that is feasible and
has the support of all the stakeholders concerned. Codification helps in defining the purpose and
gives clarity. Further it ensures consistency and credibility.
There need to be laws, of course, and regulations to force compliance. Compulsory laws
and regulations tend to be rigid for controlling self-interest. The very nature of right and power,
obligation and responsibility implies that social obligation is inherent in almost every legal right,
legal power or actual power. Thus best model for CSR is voluntary compliance with sensible
social codes
Social responsibility needs to take care of the changes and hence companies need to have
choice. CSR require long-term perspective to have any major beneficial impact in society. The
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available at:
perception of the public concerning business is important. Governments need to take the
initiative of bringing all the segments in society to discuss CSR to ensure minimum legal
standards as well.
CSR could exist at three levels:
 Compliance in letter of the law;
 Observing norms of common morality, like ethics and fair play, in its internal
management and dealings; and
 A social trusteeship mindset in deploying its resources for sustainable
development
The main focus of CSR should continue to be a voluntary one while the role of
Government needs to be that of a facilitator. They may set the appropriate policy framework with
the right mix of tools including fiscal and regulatory measures where appropriate to boost
socially and environmentally responsible performance. Regulations need to be well designed
and focused if it is the right solution. But CSR should continue to take compliance with legal
requirements as the base and go beyond that in the interests of business and the rest of society.
Above and beyond this understanding, business firms should move toward a spirit of trust
at all times but more in matters that are integral to the existence of the firm such as data privacy.
Finally it is also essential to have proper measurement systems to track, control and implement
CSR initiatives that are both sustainable as well as beneficial to all stakeholders.
This is the first part of the research on the legal aspects of CSR in India before it became
mandatory in 2013. The second part will discuss the post 2013 scenario of mandatory CSR.
**************
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CSR – Should it be Voluntary or Mandatory?
Businesses play a pivotal role in job and wealth creation in society and exist by the
sanction of the community as a whole like any other part of society. It is expected to create
wealth, supply market, and generate employment. It produces sufficient surplus to sustain its
activities and improve its competitiveness and contribute to the maintenance of the community.
The business sector is one of the most important agents of development and change. They
provide 90 percent of jobs, goods and services and are the main source of tax revenues for the
governments all over the world. Business is a core human activity is at its best when it has clear
goals and practical targets. It balances the economic, social and environmental issues over the
short and longer-term. The products and consequences of business are essentially more social
than economic.
Industry and Business play a crucial role in the social and economic development of a
nation as it provides livelihoods for the majority of the world’s people and instrumental in
bringing about sustainable development.
Businesses affect our lives, either directly or indirectly, there is a need for them to
accept responsibility for their own behavior and the consequences of that behavior.
The essential conditions for business are:
 Good governance;
 A steady direction of policy;
 Investment in infrastructure;
 A competitive market environment supported by appropriate competition policy
regimes;
 A transparent and effective regulatory framework;
 Zero tolerance of corruption.
Corporate Social Responsibility (CSR) is a concept that has attracted worldwide attention
to run organizations profitably, yet in a social and environmentally responsible way, to achieve
stakeholder satisfaction and business sustainability.
Business adds value to the economy through the efficient delivery of goods and services.
Social and environmental concerns are related to business through the marketplace and
governmental regulation
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CSR is an increasingly important part of the business environment and constitutes a
complex aspect of the relationship between business and society. It is not just about building
schools or providing scholarships, but about doing business that companies do not regard as
being an obligation ensuring sustainability of business. It is an extension of efforts to foster
strong corporate governance. It is a multi dimensional concept evolved over the years from
Corporate Philanthropy to Stakeholder management and Sustainable development.
CSR brings positive change inside businesses. It defines the manner in which a business
must operate to be able to meet the ethical, legal, commercial and public expectations that a
society has of any company.
CSR is often defined as a commitment to a set of values that recognize the role of
business in building a better society. The World Business Council for Sustainable Development
(WBCSD) (2002)1 defines corporate social responsibility as “the commitment of business to
contribute to sustainable economic development, working with employees, their families, the
local community and society at large to improve their quality of life.”
Bowen (1953)2 considered as the father of Corporate social responsibility refers to Social
responsibility as the obligation “to pursue those policies, to make those decisions, or to follow
those lines of action which are desirable in terms of the objectives and values of our society”
Social Responsibility has become Corporate Social Responsibility over time. But many
use “Stakeholder Management”, “Corporate Citizenship”, (Corporate) Sustainability”,
“Corporate Environmental Management”, “Public Responsibility” and “Corporate Social
Performance” instead (Matten & Moon, (2004)3 .
Elkington (1997)4 introduced Triple Bottom Line concept of People, Planet and Profit
that focuses on three issues, social responsibility, environmental responsibility and economic
responsibility respectively
Carroll (1979)5, proposed a popular four-part definition of CSR suggesting that
corporations have four responsibilities of Economic, Legal, Ethical and Philanthropic as the
1 World Council for Sustainable Development (WBCSD) (2002). Corporate Social Responsibility: The WBCSD’s journey
https://www.globalhand.org/en/browse/csr/resource/document/27942
2 Bowen, H. R. (1953). Social Responsibilities of the Businessman Harper & Row. New York.
3 Crane, A., & Matten, D. (2004). Business ethics: A European perspective: Managing corporate citizenship and sustainability in the age of
globalization. Oxford: Oxford University Press.
4 Elkington, J., & Rowlands, I. H. (1999). Cannibals with forks: the triple bottom line of 21st century business. Alternatives Journal, 25(4), 42.
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“four faces” that corporate need to have to become good corporate citizens. Blowfield and
Frynas (2005)6 and Valor (2005)7 identify CSR as an umbrella concept.
Sivakumar (1995)8 in his doctoral thesis on values-based management identified the
contributions made by various researchers and eminent personalities to the importance and
relevance of ancient Indian texts to recent times. He further highlighted the Indian scriptures
dealing with the administration of kingdoms describe the policies that should be developed by
the king and the government machinery in order to promote the welfare of the citizens like the
Manusmriti, Shanti Parva and Arthashastra that provide illustrations regarding the various
stakeholder policies that can be developed. Stakeholder policies define the nature of the
relationship an organization develops with its stakeholders
Kumar et al. (2001)9 presents an “ethical model” of CSR Gandhi’s theory of trusteeship
with a voluntary commitment by companies to public welfare. Gandhiji called for social justice
and alleviation of suffering but was against forced redistribution of wealth by coercing. He
taught the wealthy to be trustees of their wealth, using only what was necessary for their own use
and distributing their surplus for the benefit of society (Renold1994)10
Corporations had their origins as a means of managing colonial trade at the end of the
sixteenth century. Their legal form slowly changed as they were given more freedom to choose
their own activities over the centuries. Creating a corporation means establishing a legal identity,
distinct from the people who run it, having some civil and legal rights.
Corporations are now involved in all aspects of public and private life and CSR has been
propelled into the limelight in recent years due to increasing influence and power of
corporations. CSR extends beyond the interests of shareholders to the interests and needs of
diverse stakeholders. It includes environmental, social, and governance issues
5 Carroll, A. B. (2000). The Four Faces of Corporate Citizenship In: RICHARDSON, JE. Business Ethics. Guilford: Dushkin/McGraw-Hill, 198-
203.
6 Blowfield, Michael and Jedrzej George Frynas (2005): "Setting new agendas: critical perspectives on Corporate Social Responsibility in the
developing world”. International Affairs, Vol: 81, No: 3, pp: 499-513.
7 Valor, Carmen (2005); "Corporate Social Responsibility and Corporate Citizenship: Towards Corporate Accountability”, Business and Society
Review, Vol: 110, No: 2, pp: 191-212.
8 Sivakumar, N. (1995). Value based management–Historical roots and current practices. Unpublished PhD. thesis, Sri Sathya Sai Institute of
Higher Learning,(Deemed to be University), Prasanthi Nilayam, Andhra Pradesh.
9 Kumar, R., Murphy, D., & Balsari, V. (2001). ‘Altered images: the 2001 state of corporate responsibility in India. In Business-Social
Partnership: Beyond Philanthropy Conference, Indian Institute of Management, Calcutta, India, December.
10 Renold, L. M. (1994). Gandhi: Patron saint of the industrialist.
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Almost every activity of any business creates a positive or negative social consequence
though the consequences may vary by location and other factors in the community they operate.
Organizations need to inspire their stakeholders, develop relationships, and create communities
where everyone strives to give their best to deliver the value the firm promises.
The identity of an organization goes beyond the logo, the brand and the value proposition
that the organization develops. It delves deeper to include the way the company interacts with the
outside world, and within itself. CSR must be considered as an area where negligence may very
well result in losses of a considerable size for the involved company.
Law is the codification of basic human values. CSR develops and functions in a legal
framework that is feasible and has the support of all the stakeholders concerned to implement
them. Codification helps in defining the purpose and gives clarity and ensures consistency and
credibility.
In order to find out the status of codification of values by the Indian Corporates, an
empirical study was carried out in Tamilnadu in India in which 389 respondents were asked to
give their opinion whether Indian Corporates define value code in terms of Yes, No, Some time ,
Don’t know and Not applicable about the same.
It was found that the largest number of respondents (42.42%) were of the opinion that
the organizations referred by them do not define value codes. Only 25.71% defined them while
22.11% defined them sometime. 6.68 % of the respondents were not aware while another 3.08%
felt it was not applicable. This indicates that there is urgent need for Indian Corporates to define
their value codes
It is important that organizations are committed to fulfilling expectations and moral
obligations at the level of society. They need to be transparent and ensure honesty and integrity
in their dealing in all their contracts, dealings, advertisements about their products/ services, with
all their stakeholders. Similarly there need to be transparency about the obligations of the
Corporates after sales of their products or services. An effective feedback system would ensure
that these things are being followed
A policy of disclosure by the Corporates about their activities with regard to CSR would
give all the stakeholders the relevant information and would help them to make their decisions
with regard to investment, taking job, associate with them for business or purchasing their
products or services.
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The opinion about the perception of the respondents about the transparency Indian
Corporates is given in table 1 above.
Table 1 Transparency of the Indian Corporates
Legal Issues
Freq
Not
Particulars & In Don't
Yes No applicabl Total
% part know
e
Freq 69 109 191 11 9 389
Honesty integrity in all dealings
% 17.74 28.02 49.1 2.83 2.31 100
Clear and accurate information Freq 74 83 187 37 8 389
Products Services % 19.02 21.34 48.07 9.51 2.06 100
Freq 52 97 218 15 37 389
After sales obligations Clarity
% 13.37 24.94 56.04 3.86 9.51 100
Freq 92 81 174 30 12 389
Effective feedback
% 23.65 20.82 44.73 7.71 3.08 100
Freq 64 152 116 27 30 389
Register and Resolve Complaints
% 16.45 39.07 29.82 6.94 7.71 100
Freq 33 283 53 18 2 389
Disclosure
% 8.48 72.75 13.62 4.63 0.51 100
Source: Primary Data
It can be seen that only 17.74% felt Indian Corporates showing honesty and integrity in
all their dealings. Only 19.02% gave a positive response to supply of accurate information in
labeling of product and services. The figure in the case of supplying clear and accurate
information about their sales obligation came still less (Only 13.37%). Only 23.65% were sure of
Indian Corporates having a system to ensure effective feedback. 39.07% felt that there is no
policy of registering and resolution of complaints, while a whopping 72.75% are of the opinion
that the Indian Corporates do not have a policy of disclosure at all.
Laws establish coherent, enforceable “ground rules” on which to build civil society. They
are usually and sensibly long in the drafting and they typically have a long “shelf-life”, in spite
of changing circumstances making them rather blunt instruments at times. They need to be
supplemented by a range of other measures that allow timely and effective responses to
particular conditions and changing circumstances.
CSR could exist at three levels:
 Compliance in letter of the law;
 Observing norms of common morality, like ethics and fair play, in its internal
management and dealings; and
 A social trusteeship mindset in deploying its resources for sustainable
development
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There has been an increasing Regulatory pressure ranging from reporting requirements to
compulsory business standards upon which companies of all sizes have to abide But Government
regulation cannot guarantee at all times that the way business is conducted is perceived as ‘fair’
or ‘just’ by society. The public is watchful now more than ever before on what firms are saying
about their corporate social responsibility and what they are doing in practice.
In order to understand the compliance of legal rules and regulations by the Indian
Corporates, respondents were asked to indicate their opinion about the compliance of five of the
major legal issues by the organizations referred by them. The results are given in the table 2
below
Table 2
Compliance of Legal Rules and Regulations
Freq Legal Issues
& In Don't Not
Yes No Total
% part know applicable
Freq 124 183 62 2 18 389
Labour
% 31.88 47.04 15.94 0.51 4.63 100
Freq 62 169 104 24 30 389
Pollution control
% 15.94 43.44 26.74 6.17 7.71 100
Freq 148 102 64 39 36 389
Advertising
% 38.05 26.22 16.45 10.03 9.25 100
Freq 81 144 88 50 26 389
Anti-corruption
% 20.82 37.02 22.62 12.85 6.68 100
Freq 54 151 106 54 24 389
Paying Tax
% 13.88 38.82 27.25 13.88 6.17 100
Source: Primary data
It can be inferred from the above table that most of the Indian Corporates are not
complying with the legal rules and regulations.
It is important to consider simultaneously competition reform and regulation with
improvements in the efficiency of the legal system. The importance of the efficiency of the legal
protection depends on the trade-offs related to the delegating part of authority to specific
regulatory agencies and relying on a laissez-faire approach backed by the general court system.
Hypothesis; Voluntary nature of CSR will be more successful than legal enforcements
Law enforcement must be credible for the laws on the books to affect the CSR
environment. But law and reliable enforcement by the legal institutions cannot be taken for
granted. The effectiveness of the new laws depends on voluntary compliance, the effectiveness
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of the legal institutions that charged with enforcing the law, and legal intermediaries who
understand their meaning and relevance for practical cases.
History, culture, and norms are an important determinant for the effectiveness of legal
institutions. Legal reforms cannot succeed without social support. Legal protection will be
ignored when it is inconsistent with social norms. Laws cannot have a significant impact without
the appropriate political structure and allocation of judicial authority. Formal rules and
regulations increase the effectiveness of informal constraints. Law is enforced by power. On the
contrary, social norms stem from culture, custom and religion.
Government may emphasize certain mainstream values in society and educate people, but
they cannot enforce those values through power. In general, codes of conduct should:
 Be applied at every level of the organization;
 Be based on the UN Norms of Responsibilities of Transnational Corporations and
Other Business Enterprises with Regard to Human Rights;
 Be included in training for local management, workers and communities on
implementation;
 Have emphasis on gradual improvements to standards, and to the code itself;
Each company should make its own code adapted to its specific environment and
resources, to ensure acceptance and compliance with it. This code of conduct can take the form
of a manual governing the day to day business of the company
Within the general CSR literature, the issue of how companies are regulated is an
important part of the context in understanding why and how they become involved in CSR in the
first place.
CSR should be voluntary as
 CSR is not law but laws are often inadequate. CSR attempts to fill in the gaps
 If regulatory, it will be just another trade body to lobby for concession
 Due to the difficulties to legislate across different industries and countries
 Regulations also do not equal commitment to social responsibility as regulations are
responsive rather than progressive
 Can only set minimum level of responsibility and business truly committed to
sustainable business do not rely on regulators to define programmes
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 Who should develop and enforce regulations which may lead to corruption and
competitive disadvantages between MNCs and SMEs
Self-regulatory initiatives offer a means to control corporate behavior across borders as
they are not tied to any particular political system or territory. They can be applied depending on
the scope of the initiative and the will of the corporation in implementation in a variety of
locations within corporations, industries or sectors, On the other hand it need to regulatory as:
 Regulations are needed to make corporations responsible and accountable
 Most Multinationals are only after profit and not bothered about environment”
 Governments must regulate or risk losing big consumer market in developed
countries
While practicing CSR, a corporate needs to regulate
 The method employed to achieve the desired profit,
 The utilization effect of the profit earned as determined,
 How public commitments are effectively disposed of as pre-planned with targeted
profit
Most people expects business to protect the physical environment and the health and
safety of all those who are exposed to dangerous technologies or substances. They will always
have concern for corporate power, corporate compliance, corporate activities and corporate
disclosures of information. Hence clear legal instruments are badly needed to properly regulate
CSR programs
Governments should pass and implement laws by identifying the costs that cannot be
externalized to the benefits of society. For example, child labor reduces labor costs for the
corporation but the cost charged to the well being of the individual and thus to the well being of
society. Thus, it should be controlled and prohibited. Government should provide strong support
and not control cooperative development in the informal sector particularly in rural areas in
support of CSR.
Talking of law in the Indian Context, it has been found that it was not very effective in
many cases as under
 India is a vast country and due to its distinct social and cultural factors. There is more
number of illiterate people and they are unable to understand the laws and follow them as the
language of the Law is unfortunately, most of time, not understandable by literate.
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 Due to the diversity in every aspect, it is not practically possible to draft laws for each and
every aspect of life
 There are laws regarding improving the position of the backward castes and tribes in the
Indian constitution and it had been enforced by way of reservations for the last 70 years. In
spite of the same, the improvement has been marginal. Because the mindset of the people
have not really changed.
 There are innumerable laws regarding corporate governance in India and there are statutory
bodies to implement them. In spite of the same the Satyam Scandal could take place, which
clearly shows that laws are not a guarantee. We have seen already in the earlier part that
many organizations are not complying with the rules and regulations.
 On the other hand Some companies like TATA have set their own standards that have gone
to the extent of not dealing with those companies which did not measure up to their social
responsibility standards. What TATA has done to Jamshedpur (also called “TATA Nagar”)
via CSR is perhaps the most convincing example of how the lives of lakhs changed not only
in the city but also in areas surrounding it
The hypothesis was tested empirically by getting the opinion from the respondents about
the compliance of rules and regulations in respect of Labour, Pollution Control, Advertising,
Anti-corruption & Bribing and Paying Tax, if they were made voluntary. The results are given in
the table 3 below
Table 3
Opinion of the Respondents about the Compliance of rules and regulations by Organizations if
made Voluntary
Compliance if made Voluntary

Frequency Percent Cumulative Percent
Yes 264 67.87 67.87
No 42 10.80 78.66
In Part 55 14.14 92.80
Don’t know 21 5.40 98.20
Not applicable 7 1.80 100.00
Total 389 100.0
From the table it can be inferred that Majority of the of the respondents (67.87%) will
comply with all the rules and regulations in respect of Labour, Pollution Control, Advertising,
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Anti-corruption & Bribing and Paying Tax. The effect on compliance of rules if made voluntary
was tested using t test, which is given in the table 4 below.
Table 4
Change in the Compliance of Rules and regulations by organizations if made voluntary – t test
Paired Samples Test
Compliance if made Paired Differences
Voluntary 95%
Std. Confidence
Std. t df p
Mean Error Interval of the
Deviation
Mean Difference
Lower Upper
Pair 1 Rules reg
.365 1.423 .072 .223 .507 5.058 388 .000
Labour -
Pair 2 Rules reg
.838 1.420 .072 .696 .980 11.637 388 .000
Pollution -
Pair 3 Rules reg
.638 1.661 .084 .472 .803 7.572 388 .000
Advertising
Pair 4 Anti
.851 1.450 .073 .706 .995 11.577 388 .000
corruption -
Pair 5 Paying Tax
.972 1.376 .070 .835 1.109 13.928 388 .000
Since the p values for the compliance of rules and regulations in respect of Labour,
Pollution Control, Advertising, Anti-corruption & Bribing and Paying Tax if made voluntary are
less that 0.05 it can be inferred that there is change in the compliance of rules and regulations if
made voluntary. From the above table it is clear that compliance of rules and regulations are
likely to be better if made voluntary.
Hence it is better to make the Corporates to adhere to have self discipline. Hence the
hypothesis Voluntary nature of CSR will be more successful than legal enforcements is
accepted.
Social responsibility needs to take care of the changes and hence companies need to have
choice. CSR require long-term perspective to have any major beneficial impact in society. The
perception of the public concerning business is important.. Governments need to take the
initiative of bringing all the segments in society to discuss CSR to ensure minimum legal
standards as well.
Electroniccopy
available at:
There need to be laws, of course, and regulations to force compliance. Compulsory laws
and regulations tend to be rigid for controlling self-interest. There is no legal right, legal power
or actual power without social obligation. Thus best model for CSR is voluntary compliance with
sensible social codes
Above and beyond this understanding, business firms should move toward a spirit of trust
at all times but more in matters that are integral to the existence of the firm such as data privacy.
The main focus of CSR should continue to be a voluntary one while the role of
Government needs to be that of a facilitator. They may set the appropriate policy framework with
the right mix of tools including fiscal and regulatory measures where appropriate to boost
socially and environmentally responsible performance. Regulations need to be well designed
and focused if it is the right solution. But CSR should continue to take compliance with legal
requirements as the base and go beyond that in the interests of business and the rest of society.
Finally it is also essential to have proper measurement systems to track, control and
implement CSR initiatives that are both sustainable as well as beneficial to all stakeholders.
This is the first part of the research on the legal aspects of CSR in India before it became
mandatory in 2013. The second part will discuss the post 2013 scenario of mandatory CSR.
**********
Electroniccopy
available at:
REFERENCE
Blowfield, Michael and Jedrzej George Frynas (2005): "Setting new agendas: critical
perspectives on Corporate Social Responsibility in the developing world”. International Affairs,
Vol: 81, No: 3, pp: 499-513.
Bowen, H. R. (1953). Social Responsibilities of the Businessman Harper & Row. New York.
Carroll, A. B. (2000). The Four Faces of Corporate Citizenship In: RICHARDSON, JE. Business
Ethics. Guilford: Dushkin/McGraw-Hill, 198-203.
Crane, A., & Matten, D. (2004). Business ethics: A European perspective: Managing corporate
citizenship and sustainability in the age of globalization. Oxford: Oxford University Press.
Elkington, J., & Rowlands, I. H. (1999). Cannibals with forks: the triple bottom line of 21st
century business. Alternatives Journal, 25(4), 42.
Kumar, R., Murphy, D., & Balsari, V. (2001). ‘Altered images: the 2001 state of corporate
responsibility in India. In Business-Social Partnership: Beyond Philanthropy Conference, Indian
Institute of Management, Calcutta, India, December.
Ramachandran, R. (2015). Do Companies Benefit by CSR. Journal of Research and

Development, 3, 125.
Ramakrishnan, R. (2017). Do Shareholders Come First? Available at SSRN 3025922.
Ramakrishnan, R. (2011, August). Stakeholder Management–A Critical Study on the

Opportunities and Challenges from India. In 23rd AIMS Annual Management Education
Convention (pp. 26-27).
Ramakrishnan, R. (2017). Contribution of CSR Towards Development-The Indian

Perspective. Available at SSRN 3059833.
Renold, L. M. (1994). Gandhi: Patron saint of the industrialist.
Sivakumar, N. (1995). Value based management–Historical roots and current practices.

Unpublished PhD. thesis, Sri Sathya Sai Institute of Higher Learning, (Deemed to be
University), Prasanthi Nilayam, Andhra Pradesh.
Valor, Carmen (2005); "Corporate Social Responsibility and Corporate Citizenship: Towards
Corporate Accountability”, Business and Society Review, Vol: 110, No: 2, pp: 191-212.
World Council for Sustainable Development (WBCSD) (2002). Corporate Social Responsibility:
The WBCSD’s journey https://www.globalhand.org/en/browse/csr/resource/document/27942
******** ********
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Title: Mandatory CSR – Can it help Indian firms?

Name of the author: Dr. R Ramakrishnan

Dr Ramakrishnan Ramachandran, a baby boomer did his PhD in Corporate Social

Compliance if made Voluntary

Ramachandran, R. (2015). Do Companies Benefit by CSR. Journal of Research and

Ramakrishnan, R. (2017). Do Shareholders Come First? Available at SSRN 3025922.

Ramakrishnan, R. (2011, August). Stakeholder Management–A Critical Study on the

Ramakrishnan, R. (2017). Contribution of CSR Towards Development-The Indian

Renold, L. M. (1994). Gandhi: Patron saint of the industrialist.

Sivakumar, N. (1995). Value based management–Historical roots and current practices.

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