Impact Of Corporate Social Responsibility Practices On The Corporate Performance Of Luxury Chain Hotels
The unprofitable concern towards the environment, society along with the economy is termed as corporate social responsibility (CSR). The concept of CSR has been practiced since decades by many companies voluntarily. Corporate social responsibility is an umbrella under which, corporates work beyond their operational interests, and extend their hands to elevate society's standards to the next level. There is no such definition which can encompass the activities of CSR; but all positive actions beneficial to improve the lives of unrelated people and society at large, are referred to as CSR practices. Many authors have explained the meaning of CSR as per their point of view. Clark, (2006); Porter and Kramer, (2006) stated, that CSR is "achieving commercial success in ways that honor ethical values and respect people, communities and the natural environment". Redford (2005) mentioned, that it is a way of business to spread positive impact on society. Henderson (2007) connects CSR as efforts, to create balance between commercial and non-commercial priorities. It was 1957 when Bellman et al. stated, a business model in an academic paper for the first time. But in recent years, the understanding of sustainable business model (SBM) has taken a wider understanding, and his role has been noticed by many authors such as Zott et al. (2011); Sorrentino and Smarra, (2015). The SBM is basically the modification in strategic orientation and decision making of the company stated Abdelkafi and Tausher (2015); which is directed towards the development of the company's culture with sustainable practices. This has led to the swift change in the corporate world, to review business actions towards environmental, economic and social imperatives.