Study of models of corporate social responsibility and sustainable development

Corporate social responsibility (CSR) is a broad concept, and it has witnessed several versions since its initiation. Without doubt, in the current business and economic scenario, CSR has been gaining momentum; therefore, it is crucial to explore and comprehend the basic responsibility of CSR and sustainable development. It is, therefore, significant to analyse and explore the evolution of CSR throughout the years and link it with sustainable development. The present study analyses and compares the various CSR models based on the order of significance, scope of responsibility, role of philanthropy, CSR–corporate financial performance relationship and attractiveness and its impact on sustainable development. The study reveals that the concept of CSR and sustainable development are steadily stepping towards a unified form, where companies’ commitment towards social obligation brings about practical and exhaustive improvement. It was observed that several models have been proposed and modified, yet there is a wide gap between the concept and practical execution of CSR models due to the different strategies followed by business organizations, which vary from nation to nation depending upon their business environment. The widely accepted stakeholder model suggests that companies should care for the interests of stakeholders, for instance shareholders, traders, consumers, employees and the society, for sustaining its business.