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The term CSR has been changing in meaning and practice (Lee, 2008). According to classical view CSR was limited
to philanthropic activities but this trend shifted to business-society
relations that dealt with solving societal problems.

The latest CSR term however, goes by many
names like corporate responsibility, corporate social opportunity, responsible
business and corporate citizenship which deals with considering the society
interests by the business organizations liable of the impact of their
activities on shareholders, customers, suppliers, communities, employees and
environment.

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A large number of writers have recognized
corporations as a part of society and sated that the main purpose of the
shareholders is to earn profit. They cannot bear the cost of non-profit
activity which would affect their dividends or market value (Hetherington,
1973). Every large corporation is an entity whose purpose is to serve public.
That is the main reason of its existence (Dahl, 1972). In other words business
encompasses a set of ethical, legal and discretionary expectations of society towards
the business organizations at a given time (Carroll, 1979). So companies and
managers in this modern commercial area, are entitles to play a vital and
significant role in welfare of the society (Balabanis, Philips and Lyall,
1998). (David Crowther & Guler Aras, 2008)

The concept evolved through time and named as
Social responsibility 1953, corporate social responsiveness 1975, corporate
social performance 1985, corporate citizenship 2002 and corporate
sustainability 2005 (Madrakhimova, 2013). People named CSR differently in
different times; we can see the latest form of CSR as a sustainable growth of
society by the companies (Madrakhimova, 2013).

“The ISO 14000 standard for
environmental management systems, the SA 8000 social accountability standard,
and more recently, the Global Reporting Initiative guidelines for
sustainability reporting, all emerged in response to the need for a global set
of implementable CSR standards .The UN Global Compact and the Johannesburg
World Summit on Sustainable Development both validate this trend for CSR” (Waheed, 2005)

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