ABSTRACT
The corporation’s goal of generating wealth alone has increasingly been contested over the years, with growing recognition that corporations have broader social responsibilities. Corporate social responsibility (CSR), which is defined as ‘the art of doing well by doing good’ (The Economist, 2005) or ‘the way in which a company’s operating practices (policies, processes, and procedures) affect its stakeholders and the natural environment’ (Waddock and Bodwell, 2004: 25), is a fast-growing concept embraced by corporations. The requirement to balance the needs and concerns of all those who impact or are impacted by the corporation’s actions and performance, both in the short and longer term, is becoming an integral part of their business strategy to survive in an ever increasing competitive business world.
