An Empirical Study on Green Initiatives by S&P BSE SENSEX Companies in India at the Outlet of Companies Act, 2013

2019 ◽  
pp. 280-292
Author(s):  
Dipayan Singha ◽  
Megnath Routh ◽  
Amit Majumdar
Keyword(s):  
Corporate Sustainability ◽  
Current Status ◽  
Statistical Tools ◽  
Net Worth ◽  
Sustainability Index ◽  
Net Profit ◽  
Limited Company ◽  
Schedule Vii ◽  
Regulatory Bodies ◽  
Corporate Social

Considering the necessity to build up corporate social responsibility (CSR) activities in general and sustainability in particular under statutory obligations, Ministry of Corporate Affairs, Government of India had notified in Companies Act 2013 (section 135) that every public limited company and private limited company having net worth of more than 500 crore or turnover more than 1000 crore or net profit more than 5 crore needs to comply with CSR rules (i.e., contributing 2% or more for the welfare of society following the prescribed guidelines under Schedule VII). The chapter focuses on CSR activities of companies registered under BSE SENSEX and evaluating their current status in CSR activities from the perspective of the broad heading of planet and people. A detailed analysis is done to highlight the current situation of the companies towards sustainable development through corporate sustainability index and statistical tools like Kruskal-Wallis test and Mann-Whitney U test to represent the contributions of these companies towards the environmental responsibilities. The study of CSR reveals the endeavors of surveyed companies towards the holistic development covering the noteworthy issue of environmental protection and sustainability; however, a continuous vigil from the regulatory bodies is the need of the hour to ensure that adherence to CSR practices should not only be in mere form but in true spirits.

Corporate Social Responsibility: A Perspective

Think India ◽  
2019 ◽  
Vol 22 (3) ◽  
pp. 479-489
Author(s):  
Dr. Nistha Sharma ◽  
Neelakshi Kaushik
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Gender Equality ◽  
Net Worth ◽  
Net Profit ◽  
Corporate Social

As Corporate Social Responsibility (CSR) continues to mature, one of the paradigms shifts we’ve seen in recent years is a move towards “values”. CSR motivates companies to be ethically right by contributing socially, economically and environmentally. In 2014, government made mandatory for companies to spend 2 per cent of their three-year average annual net profit on CSR activities in each financial year, starting from Financial Year 2015. The norms are applicable to the companies with at least Rs 5 crore net profit or Rs 1,000 crore turnover or Rs 500 crore net worth. As an amendment to The Companies Act, 2013, businesses can invest their profits in areas such as education, poverty, gender equality, and hunger.

Corporate Social Responsibility Practices in Indian Petroleum Companies: A Case Study of Selected PSUs

Think India ◽  
2018 ◽  
Vol 21 (3) ◽  
pp. 13-18
Author(s):  
Abhijit Ranjan Das ◽  
Subhadeep Mukherjee
Keyword(s):  
Corporate Social Responsibility ◽  
Public Sector ◽  
Social Responsibility ◽  
Business Environment ◽  
Annual Reports ◽  
Net Worth ◽  
Net Profit ◽  
Petroleum Companies ◽  
Corporate Social

Corporate Social Responsibility (CSR) is not a very new concept, it is an old concept. Earlier, in India it was optional to the company that they may contribute voluntarily towards CSR but after the Companies Act 2013, it was formally introduced in the business environment and was made mandatory for those companies whose net worth and profit cross a threshold limit. They should contribute 2% of the average net profit of just preceding three years profit. This paper primarily focuses on CSR practices of some selected public sector petroleum companies in India. The study has been conducted based on the Annual Reports of seven selected public sector companies. Five years of data on CSR spending from 2009–10 to 2014–15 were examined. Moreover, the pattern of expenses was also examined. Since petroleum companies are giants of the India economy and contribute significantly towards the Gross Domestic Product (GDP) of our country. Thus it is necessary to look into how these companies are contributing towards CSR. An attempt has been made to examine the early impact of Section 135 of the Companies Act.

CSR@ 2%: A NEW MODEL OF CORPORATE SOCIAL RESPONSIBILITY IN INDIA

2018 ◽  
Vol 1 (3) ◽  
pp. 56-66
Author(s):  
Anupam Singh ◽  
Dr. Priyanka Verma
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Corporate Philanthropy ◽  
Social Issues ◽  
Business Community ◽  
Net Worth ◽  
The Social ◽  
Net Profit ◽  
Corporate Social ◽  
Indian Scenario

Corporate Social Responsibility (CSR) earlier applied as corporate philanthropy and has been in practice in India since ages. However, philanthropy in globalised and modern India does not solve the purpose in quantity and quality. Clause 135 of Company Act 2013 created huge hue and cry among the business community in India. As per clause 135 of the Companies Act, 2013, Every company with an annual turnover of 1,000 crore INR ($161 million) and more, or a net worth of 500 crore INR ($80 million) and more, or a net profit as low as five crore INR ($800,000) and more have to spend at least 2% of their average net profit over the previous three years on CSR activities. With the introduction of new Company act 2013 India became the first country in the world to have legislation for compulsory CSR spending. The paper aims at analyzing the motive of making CSR spending mandatory and it also attempts to explain the concept of CSR in the present Indian scenario, the social issues addressed by the Indian corporations, and methodologies adopted by them to address those issues.

Corporate Social Responsibility: Entrepreneurial initiatives of Indian FMCG Industry

2016 ◽  
Vol 2 (2) ◽  
Author(s):  
Neelanjali Jaiswal ◽  
Amit Gautam
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Packaging Material ◽  
Fiscal Year ◽  
Health Care Education ◽  
Girl Child ◽  
Net Worth ◽  
For Profit ◽  
Net Profit ◽  
Corporate Social

Nowadays business is not just for profit making. Rather, business houses across the globe are realizing their stake in the society and hence they have started undertaking various CSR initiatives voluntarily. As per the clause 135 of the Companies Act, 2013 any company having a turnover of Rs 1000 crore or more or a net worth of Rs 500 crore or more or a net profit of Rs 5 crore or more should mandatorily spend at least 2% of their net profits per fiscal year on various CSR activities. Presently in India, CSR initiatives are taken by many companies. Especially, in the FMCG companies where reducing the packaging material is posing a major challenge. Hence, these companies are working in the field of environment, community welfare, health care, education, women's empowerment and girl child care. The present study explores the existing literature available on Corporate Social Responsibility. The contribution of various renowned researchers towards CSR, starting from the first definition given by Bowen (1953), has lead to the development of existing concept of CSR. Further, the study also elaborates upon the various CSR initiatives taken by the two leading Indian FMCG companies: Dabur India Limited and Hindustan Uniliver Limited in different areas.

scholarly journals Socially Responsible HR in Action: Learning from Corporations Listed on the Dow Jones Sustainability Index World 2018/2019

2021 ◽  
Vol 13 (6) ◽  
pp. 3237
Author(s):  
Pyounggu Baek ◽  
Taesung Kim
Keyword(s):  
Multinational Enterprises ◽  
Corporate Sustainability ◽  
Action Learning ◽  
Socially Responsible ◽  
Sustainability Index ◽  
Responsible Management ◽  
Dow Jones Sustainability Index ◽  
The Individual ◽  
Corporate Social

As ethical management, corporate social responsibility (CSR), and corporate sustainability (CS) are increasingly permeating business discourse, contemplating the role of human resources (HR) in helping organizations with socially responsible management is a proactive acceptance of stakeholders’ expectations while reinforcing the field’s identity and contribution. In response, the we examined the HR policies and practices of 46 multinational enterprises (MNEs) listed on the Dow Jones Sustainability Index (DJSI) World 2018/2019 to add new insights to the literature and inform the HR field on how to move forward with socially responsible HR. Content analysis and inductive conceptualization of the MNEs’ HR activities produced a triangular pyramid for socially responsible HR, constructed with eight major themes at the individual, organizational, and institutional levels. Building on the findings, we suggest implications for practice and research, and conclude with urging the HR community to demonstrate leadership in setting the agendas and facilitating change toward socially responsible management.

CORPORATE SOCIAL RESPONSIBILITY: An Analytical overview

2015 ◽  
Vol 31 (1) ◽  
Author(s):  
O. S. Verma
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Regulatory Authority ◽  
Business Owners ◽  
Common People ◽  
Net Worth ◽  
Net Profit ◽  
The Common ◽  
Corporate Social

In India, Companies Act-2013 has called upon Corporate Houses having a net worth of Rs.500 crore or more, or a turnover of Rs.1000 crore or more, or a net profit of Rs.5 crore or more to have a CSR-spend of atleast 2 per cent of their average net profits of the preceding three years. The Act has identified 12 Activities relevant for CSR-spend. The CSR beneficiaries are those who live in villages and towns. The CSR is an obligation of the companies to discharge their social, economical, legal, ethical, and philanthropic responsibilities to benefit the common people. Business owners, employees and their families, stakeholders, share holders, suppliers, and dealers are excluded from the purview of CSR beneficiaries. Although the CSR-agenda started with effect from 1<sup>st</sup> April, 2014, the compliance of 2 per cent norm is hardly 13.50 per cent of 16000 and odd companies registered with the Ministry of Corporate Affairs. In order to see mandatory 2 per cent spend in CSR activities, some sort of regulatory authority is much sought after. Similarly, companies own subsidiary Foundations formed especially for implementing their CSR activities should be discouraged, rather dispensed with. Instead, Corporate Houses should come together and form a “National Consortium For CSR Interventions”. Besides, atleast 41 per cent of CSR budget should be allocated to NGOs for implementing their CSR activities.

The transformation of corporate sustainability model in the context of achieving the UN SDGs: evidence from the leading Russian companies

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Yury E. Blagov ◽  
Anastasia A. Petrova-Savchenko
Keyword(s):  
Sustainable Development ◽  
Model Transformation ◽  
Corporate Social Performance ◽  
Corporate Sustainability ◽  
Current Status ◽  
Future Research ◽  
Business Practices ◽  
Content Type ◽  
Corporate Social ◽  
Sustainability Model

Purpose The purpose of this paper is to explore the current status and identify the main trends in leading Russian companies’ corporate sustainability model transformation in the context of achieving the United Nations Sustainable Development Goals (UN SDGs). Design/methodology/approach A theoretical approach is based on the interpretation of corporate sustainability model transformation within the corporate social performance (CSP) framework. The corporate sustainability model is described according to Dyllick and Muff (2016) business sustainability (BST) 1.0-3.0 spectrum. The analysis is settled on survey data collected from leading Russian companies participated in the “Report on Social Investments in Russia” project conducted by the Russian Managers Association from 2008 to 2019. Findings This paper finds that the BST 2.0 is becoming a dominant model based on the “creating shared value” goal. The related CSP is characterized by their orientation to the principles of the UN Global Compact; by the emergence of a coordinating role for specialized departments of corporate social responsibility (CSR) and/or sustainability; and by the regular sustainability reporting. The SDGs are generally correlated with responsible business practices that are already in existence in companies. The emerging trend towards the advanced BST 3.0 model including the SDGs integration into the main business processes is constrained by the lack of active cooperation between companies. Research limitations/implications The research sample includes only large Russian companies with a significant industry diversity, participating in the “Report on Social Investments in Russia” project, thereby restricting the analysis of non-participants. The relatively low repetition of participants in this long-term project does also restrict the degree of generalization. Future research could be based on the findings of this paper to create and test hypotheses via a nationwide study of Russian businesses as well as cross-national comparative studies. Practical implications The analysis of the corporate sustainability model transformation through studying the key CSP framework elements could support Russian companies in creating systemic changes of their principles, processes and outcomes measurements in the context of achieving the UN SDGs. Originality/value This study contributes to existing literature by combining the corporate sustainability model transformation analysis with the CSP framework. It describes the experience of large Russian companies that publicly position themselves as national leaders in the field of CSR and sustainable development.

An Analysis of Corporate Social Responsibility Expenditure in Selected Indian Companies

2016 ◽  
Vol 2 (1) ◽  
Author(s):  
Dr. Asha Sharma
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Corporate Citizenship ◽  
Corporate Sustainability ◽  
Business Organizations ◽  
Socially Responsible ◽  
Net Worth ◽  
Standards Of Living ◽  
Social Cause ◽  
Corporate Social

Corporate social responsibility has become an inevitable priority for business leaders across the globe in recent times. More and more Indian business organizations embrace the practice of CSR under different names such as corporate sustainability, social responsibility, and corporate citizenship. CSR is concerned with treating the internal and external stakeholders of the firm ethically or in a socially responsible manner and the wider aim of corporate social responsibility is to create higher and higher standards of living, while preserving the profitability of the corporation, for its stakeholders. Under the new Companies Act, 2013, passed by Parliament in August 2013, Companies with net worth over 500 crores or turnover of over 1000 crores or net profit of 5 crores, two per cent of average profit of previous three years needs to be spent for social cause. Corporate Social Responsibility (CSR) has gained considerable interest among academicians and business organizations in the past decade.The aim of this paper is to describe the existing practices of corporate social responsibility in Public Sector Enterprises in India. It is tried to find out whether the selected companies fulfilling their CSR spending requirement of 2% of average profit or not.

scholarly journals Does social responsibility enhance firm value and return in Brazil?

2013 ◽  
Vol 10 (2) ◽  
pp. 253-257 ◽  
Author(s):  
Andre Carvalhal ◽  
Eduardo Tavares
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Firm Value ◽  
Stock Exchange ◽  
Corporate Sustainability ◽  
Abnormal Returns ◽  
Event Studies ◽  
Sustainability Index ◽  
Panel Regressions ◽  
Corporate Social

This paper analyzes whether corporate social responsibility brings value and enhances returns to shareholders in the Brazilian market. We analyze the companies listed on BM&FBovespa stock exchange using two methodologies (panel regressions and event studies). The results indicate that firms listed in the corporate sustainability index (ISE) of BM&FBovespa have higher price-to-book when compared to companies not listed on ISE. The event study shows that companies that leave ISE show negative abnormal returns. Moreover, firms entering ISE show positive abnormal returns, although results are not statistically significant

Corporate Social Responsibility of Public Sector Company: A Case Study of BHEL

2016 ◽  
Vol 5 (1) ◽  
Author(s):  
S. K. Khatik
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Local Community ◽  
Net Worth ◽  
Business Operations ◽  
Net Profit ◽  
Corporate Social ◽  
The Impact

Corporate Social Responsibility (CSR) is not a new concept in the present scenario. CSR is a 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 the local community and society at large. After replacement of the Company Act 1956 by Corporate Act 2013, certain changes have been made. Earlier CSR was not mandatory for the Indian companies but after enforcement of Corporate Act 2013 it has become mandatory for those companies whose turnover is more than Rs. 1000 crore or net worth is more than Rs. 500 crore or net profit is more than Rs 5 crore. Such companies implement the CSR practice in their business and expend on CSR activities which should be 2% of their net profit. CSR is a concept where an organization considers the interest of society by taking responsibility for the impact of their activities on customers, suppliers, employees, shareholders, and other stakeholders. CSR policies, practices, and programmes are being comprehensively integrated by an increasing number of companies throughout their business operations and processes. This research paper highlights the concept, philosophy, role of CSR in value creation. How Indian companies are treating CSR activities in contemporary environment. In this study we found that community welfare, education and enlightening rural youth is the top priority areas for most Indian Companies.

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