Economics prevailed upon emotions for decades in the corporate world and the classical economists' viewpoint of profit and wealth maximization remained the sole objective of business organizations. The last 20 years have seen radical changes in the relation of corporate sector, both with the state and the civil society. Now, the relationship between corporate and civil societies has moved on from a paternalistic philanthropy to an alignment of business operations with social values.

Financial performance was the only criteria to assess the success of an enterprise in the past, and single bottom line was the only objective. Now, the triple bottom line or the "sustainable" approach, i.e., social, environmental and financial data, is used to evaluate the performance of an enterprise. So, emotion before economics is the mantra for today's corporate world. It is worth mentioning here that `Adam Smith', known as the father of Economics had written The Theory of Moral Sentiments before writing his famous book, The Wealth of Nations.

The concept of Corporate Social Responsibility (CSR) has been discussed throughout the 20^th century, but this concept came into limelight only after the publication of Howard R Bowen's book on Social Responsibility of Businessman, published in 1953. Bowen insisted that business should recognize broader social goals in its decisions.

Corporate social responsibility is a concept, whereby companies integrate social and environmental concerns with their business operations on a voluntary basis. World Business Council for Sustainable Development has defined CSR as: "The continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families, as well as of the local community and society at large."

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