Corporations implement CSR for various reasons; one of which is to gain future benefits. However, in my opinion, this win win situation is legitimate as long as there are no legal or ethical violations by these corporations.

I believe most companies implement CSR to enhance their corporate brand in their area of operations with the hope of gaining more in the near future. Concept of give back to the society what you take from them is fully at play here. CG however, may be in sharp contrast to principles of CSR or CSM as the ultimate aim is to ensure business goals are met with prudent and stringent measures, being put in place

Dear Murali Krishnan ,

Corporate Governance can be defined as a concept which is concerned with balancing the economic and social goals and between individual and communal goals. It tries to encourage the efficient use of resources in order to require accountability for the stewardship of those resources. In fact, it is trying to align as nearly as possible the interests of individuals, corporations and society.

About corporate social responsibility (CSR), it can be said that it is concerned with treating the stakeholders of the firm in a socially responsible manner. Stakeholders exist both within a firm and outside. Consequently, behaving socially responsibly will increase the human development of stakeholders both within and outside the corporation.

Also, you can find some more information on the following:

Article Corporate Governance and Corporate Social Responsibility Syn...

Article The Complementarity between Corporate Governance and Corpora...

I do not understand your question. Please clarify that.

CSR is no longer just about the corporate brand or other future qualitative benefits. CSR will increasingly be associated with hard financial advantages or disadvantages. The recent DC Fair Finance Report of the Diplomatic Council (DC) showed that of 1400 investors surveyed, 95% are prepared to dispense with part of the return if the company behaves fairly in terms of CSR (unfortunately, I can only cite one German-language source for this: https://www.springerprofessional.de/en/finanzbranche/anleger-legen-wert-auf-ethik/10189416).

In my opinion, we will see in the short term that companies without good CSR will find it difficult to raise new capital on the capital market. CSR will thus assume a central position within the framework of corporate governance.

Sixty to seventy years ago corporations could focus on profits -- over the last 30 years, legitimacy is increasingly important to corporate survival and firms who ignore legitimacy dance on the brink of failure -- e.g. Nestle faced a boycott over African babies dying from its baby formula being sold to mothers without access to clean water ( https://en.wikipedia.org/wiki/Nestl%C3%A9_boycott). A review of the internet indicates that Nestle still has not learned that Corporate Social Responsibility is essential to sustainable profits ( https://www.theguardian.com/business/2018/feb/01/nestle-under-fire-for-marketing-claims-on-baby-milk-formulas). I teach my students that corporations (unlike people) have no inherent right to exist and must continually legitimise their favoured position in society by showing that they act responsibly and in the public interest/trust.

Corporate social and environmental responsibility stimulate the companies to seriously engage in community’s initiatives particularly philanthropic dimension to help the community transform suffering into a favorable condition. For instance, as employees are an essential part of the community, companies tend to draw more attention to employees’ needs to be accepted by the community and gain legitimacy (Zaid et al, 2019).

For more details, I highly recommend this paper https://www.emerald.com/insight/content/doi/10.1108/JGR-10-2018-0053/full/html

There is an interesting paper on the subject (among many others) by Hart and Zingales. Here it is: https://scholar.harvard.edu/files/hart/files/108.00000022-hart-vol2no2-jlfa-0022_002.pdf

CSR is based on the concept of self governance which is related to external legal and regulatory mechanism, whereas Corporate Governance is a widest control mechanism within which a company takes it management decisions...Kindly refer following for some thoughts...

Lau, C., Lu, Y., & Liang, Q. (2016). Corporate social responsibility in China: A corporate governance approach. Journal of Business Ethics, 136(1), 73-87.

Oh, W. Y., Chang, Y. K., & Kim, T. Y. (2018). Complementary or substitutive effects? Corporate governance mechanisms and corporate social responsibility. Journal of Management, 44(7), 2716-2739.

In enterprises operating in developed economies, the improvement of corporate governance standards and compliance with the principles of corporate social responsibility is growing. Business counterparties and consumers are increasingly aware of this issue. Therefore, enterprises also add to their missions and development strategies issues indicating the improvement of corporate governance standards and compliance with the principles of corporate social responsibility.

Regards

Dariusz Prokopowicz

This can happen only CSR is considered through the prism of social investements, when companies profits are influenced by many groups of stakeholders, not just shareholders.

Corporate social responsibility can be an important element of the principles on which well-run corporate governance can be built. Corporate governance incorporating the principles of corporate social responsibility and meeting the principles of business ethics creates a good, positive atmosphere at work and development of corporate employees, and can be an important factor in the company's mission and business success.

Greetings.

Dariusz Prokopowicz

Conceptually, corporate social responsibility (CSR) and corporate governance (CG) are needed to ensure that company activities are carried out in accordance with company objectives. CSR and CG are both company claims for what the company does. The difference is that CSR is related to external parties and its implementation can be seen or felt directly by all stakeholders. At the same time, CG is related to the company's internal activities, which the other party cannot judge more or less about its application.

As long as good corporate governance is in place, corporate social responsibility continues to grow in significance. While corporate governance separates responsibility from good corporate governance, corporate social responsibility still plays a prominent role.

CSR is investing back to the community to boost sales and customer retention. This is because a happy customer will lead to more sales and thereby increasing profits to the company.

Corporate governance demands that executives make their companies more transparent and accountable; social responsibility demands that companies support society with their activities, and business ethics clarifies moral norms for employees.

CSR is based on the concept of self governance which is related to external legal and regulatory mechanism, whereas Corporate Governance is a widest control mechanism within which a company takes it management decisions...

https://www.researchgate.net › post

Corporate governance vs Corporate Social Responsibilities?

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Corporate governance demands that executives make their companies more transparent and accountable; social responsibility demands that companies support society with their activities, and business ethics clarifies moral norms for employees.

https://www.sciencedirect.com › ...PDF

Business Ethics, Social Responsibility and Corporate Governance

Corporate social responsibility (CSR) refers to strategies that companies put into action as part of corporate governance that are designed to ensure the company's operations are ethical and beneficial for society.

https://corporatefinanceinstitute.com › ...

Corporate Social Responsibility (CSR) - Types and Business ...

The relationship between good corporate governance and social responsibility helps corporations keep things in good balance. It also supports the company's efforts to develop control mechanisms, increasing shareholder value and improving satisfaction among shareholders and stakeholders.Jun 16, 2021

https://www.diligent.com › esg › wh...

What Is the Relationship Between Corporate Governance and ...

Corporate Social Responsibility is a management concept whereby companies integrate social and environmental concerns in their business operations and interactions with their stakeholders.

https://www.unido.org › our-focus

What is CSR? | UNIDO

https://www.slideshare.net/YadneshShinde/corporate-governance-vs-corporate-social-responsibilities-48395512,kindly check this link.

https://www.managementstudyguide.com/csr-and-corporate-governance.htm,this link may be useful.

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwjayZPog5b3AhWORmwGHVdNC9cQFnoECDkQAQ&url=https%3A%2F%2Fwww.cgi.org.uk%2Fabout-us%2Fpolicy%2Fwhat-is-corporate-governance&usg=AOvVaw0aPnYRWBNzZZmP5SJfcRgZ ( Corporate Governance ).

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwjL6svDhJb3AhWGSWwGHfgzDDgQFnoECEAQAQ&url=https%3A%2F%2Fencyclopedia.pub%2Fitem%2Frevision%2F998d542f6eb8444d71986060dcde4f7a&usg=AOvVaw1xiQ7kr_kGdxHTxbB8eE_k( Corporate Social Responsibility ).

CSR is based on the concept of self governance which is related to external legal and regulatory mechanism, whereas Corporate Governance is a widest control mechanism within which a company takes it management decisions.