The Nexus of CSR Practices with Triple Bottom Line Approach: An Assessment of IFFCO

Abstract

Purpose: Corporate Social Responsibility (CSR) is a business strategy to contribute voluntary or mandatory initiatives towards economic, social and environmental aspects for sustainability & the well-being of society. Triple bottom line (TBL) Approach is increasing framework that evaluate a concern’s CSR performance in respect to economic, social and environment. The purpose of this research paper is to assess and compare the nexus of CSR initiatives with the pillars of Triple bottom line. An attempt has been made in research study is to highlight the nexus of CSR initiatives and TBLs framework with special reference to a co-operative organisation: Indian Farmers Fertilizers Co-operative Limited (IFFCO).

Methodology: Researcher has used both primary and secondary data in this research. The nexus between (economic-profitability performance) has been analysed with applying descriptive statistical techniques. The nexus between (social-people) aspect have been analysed based on primary data with perceptions of stakeholder. The nexus between (Environment-planet) aspect has analysed with using content analysis techniques.

Result: The research paper outcome is that CSR practices for an organisation is behavioural approach whereas triple bottom line approach is framework that evaluate the performance of organisation in relation to CSR initiatives. It is observed that sample unit- IFFCO always conducting CSR practices with keeping the mind of positive impact on society and the environment and organisation CSR practices is it has no constraint on profitability performance.

Research, Practical and Social Implications:

CSR is a business approach or strategy while TBL is a framework. CSR practices are meant for sustainable development whereas TBL is a measuring device of a concern’s performance in respect to economic, social and environmental dimensions. Now it is essential to understand and analyse them to implement a successful sustainability strategy to build brand equity, good image and long-term benefit of a concern.

Originality/Value:

A well-known fact that one can earn from the society must in turn give to the society. The present study the nexus of CSR practices with Triple Bottom Line approach is a co-variance analysis which have importance to examine to what extent corporate organisation doing CSR initiatives in three dimensions; economic, social and environment for the sustainability and well-being society. Adequate integration is essence between CSR dimensions with TBL pillars with the aim of generating social, economic and environmental capital for the society.