The Relationship between Corporate Governance, Sustainability, and Corporate Social Responsibility.

Abstract

Corporations in today's fast-paced business world are under growing pressure to do more than just maximise profits; they must also emphasise responsible practices that help ensure the long-term viability of their industry. As a result, solid corporate social responsibility (CSR) initiatives, comprehensive sustainability plans, and competent corporate governance are essential. Nevertheless, researchers are still trying to piece together the complex relationship between these three fields. This study aims to evaluate the relationship between CSR, corporate governance, and sustainability through an empirical evaluation of the interrelationships between these categories using correlation analysis. This study examined S&P CNX Nifty firms from 2020-2021 and 2022-2023 to determine if CSR, corporate governance, and sustainability were linked. The S&P CNX Nifty, a varied index that accurately portrays the market, is owned, and maintained by India Index Services and Products Ltd. (IISL). Research indicates that CSR has a weak negative link with corporate governance that is not statistically significant, a weak positive correlation with sustainability that is statistically significant, and a strong positive correlation with sustainability that is not statistically significant. This study adds to our understanding of CSR, sustainability, and corporate governance by offering a more nuanced viewpoint on these interconnected issues. The paper provides useful insights for businesses looking to navigate this difficult landscape and attain peak performance in all three dimensions. Furthermore, the report makes practical recommendations for improving corporate governance processes and increasing the effectiveness of sustainability and CSR programs.