Journal of Contemporary Issues in Business and Government

Abstract

Corporate Social Responsibility has great significance because due to it the corporate bodies not
only consider the interest of the stakeholders but also consider the environmental, economic, and
social impact of their actions. CSR has a broad spectrum and it is a ―voluntary action‖ that the
companies or businesses take to address the issues related to ―corporate irresponsible behavior‖
regarding social issues including labour, environmental, abuses of human rights. However, the
piece inspects CSR as the mechanism for business operations, from the manufacturing and
delivery of services or products to generating and promoting the interaction with the stakeholders
of the company in a way to protect and encourage moral values or ethical conduct, legal
requirements, and social expectations. For this purpose, the paper discusses the relationship
between CSR and corporate governance to find the convergence between both. CSR in current
times is weakly promoted due to the fact that the initiatives of CSR are existing without any
socio-economic developmental impact. To fill that gap this paper conducts qualitative research
and the research piece is an endeavor to examine CSR regulation including prescriptive and selfregulation. The piece explores the limitation of CSR regulation and constructs a framework for enhancing the accountability mechanism in CSR practices. The paper provides a more dynamic, responsive, effective, and coherent framework called the ―inclusive regulatory model.‖