Socio-economic impacts of Corporate Social Responsibilitypractices in Sri Lankan domestic manufacturing companies : (with reference to Harischandra Mills PLC, Matara, Sri Lanka)

Abstract

The purpose of this study is to explore the socio-economic impacts of Corporate Social Responsibility (CSR) practices in Sri Lankan manufacturing companies. The thesis sets out to seek how CSR activities can obtain business benefits as well how it appeals to the socioeconomic issues in the community. To achieve the aim of this study, an investigation of the current practices was performed through a pertinent empirical study. The empirical investigation is based on a case study of Harischandra Mills PLC CSR practices. It shows an increasing concern of the company to participate in social programmes to contribute socio-economic issues of the community. The author’s review of the literature highlights the importance of CSR activities. Although a widespread definition is not available, CSR has gained an immense attention during past years. Many business firms perform CSR initiatives to pursue their economic, social and environmental responsibilities while interacting with their stakeholders. Today, stakeholders look increasingly at companies to answer to many socio-economic problems in the community. The CSR practices ensure gains for all stakeholders involved while enhancing business benefits. Awareness and sense of necessity for practicing CSR is important factors to achieve fruitful benefits of CSR to address the long-term development needs in a sustainable way.