2.3 The theoretical basis of CSR

As commented by Wang et al. (2015), the Carroll's CSR pyramid signifies the strategies of the organization to meet the social responsibility as it can be accomplished by using four stages. The four stages can be the economic, legal, ethical as well as philanthropic which can be followed by the business enterprise to ensure that the business complies with rules and regulation or not. On the contrary Tang et al. (2015), rejected this and commented that the four stages are not required for ensuring a well establish business structure, among that the two stages legal and ethical are vital to comply rules and regulation. The legal structure takes into account the different types of rules as well as a regulation which is essential for the maintenance of long-term business. The ethical structure comprises of the rules as well as regulation based on which a business acts ethically, and the financial statement in regards to CSR are prepared with following the true and fair view of GAAP (Korschun, Bhattacharya & Swain, 2014).

As stated by Shaukat, Qiu & Trojanowski (2016), the CSR is based on the evaluation of economic values in accomplishing the organizational goals as well as objectives. The economic values are based on the assessment of the profit motive of the business as profit is the ultimate source for the achievement of the long-term objectives. The profitability is the only one way to achieve the long-term benefit which applies to both the small scale as well as the large scale industries. However, Saeidi et al. (2015) argued and commented that philanthropic stages in Carroll's CSR pyramid are essential for the evaluation of the long-term business objectives apart from the ethical as well as legal values. The responsibility of the philanthropic stages is to provide a proper result to the society at the end of an accounting period. The donation, grants received by the project is vital for the evaluation of the long-term aims as well as to maintain the upward rising of the profit scale. It takes into consideration the luxurious things as they focus on strategies for the improvement of quality life of the employees to provide motivation.

Figure2.2 Carroll's CSR pyramid

(Source- Flammer, 2015)

As commented by P rez & Bosque (2015), the theory of strategic leadership signifies that the Chief Executive Officer (CEO) has the direct impact on the evaluation of CSR as are involved in the implication of strategic CSR rather in case of average companies. On the contrary Orlitzky et al. (2017) argued that there is no direct relation between the strategic leadership as well as the evaluation of the company s growth. The business enterprise growth can be enhanced by following both the ethical as well as economic responsibility in Carroll's model of CSR.

As opined by berseder et al. (2014), the key features related to the implication of Carroll's model of CSR are the evaluation of the profit scale which is the vital factor for the foundation of any type of business enterprise. The enterprise both short-term, as well as long-term, is based on the factors of earning a profit in its long-term business prospects. On the other hand, Obeidat, Tarhini & Aqqad (2016), opposed this and commented that the business enterprise must comply with rules and regulation as per the strategic leadership theory. The organization can earn a profit when the rules, as well as the regulation, are compiled, and the business enterprise follows the ethical practices in Carroll's theory which is based on CSR.

As stated by Saeidi et al. (2015), Carroll's theory is simple to use and understand as it helps to establish an emphasis on the importance of the profit scale. The process associated with CSR is more adjustable as the business related to the stakeholder model helps to evaluate the ethical values. On the contrary Shaukat, Qiu & Trojanowski (2016), rejected and commented that the Carroll's CSR model is complex in nature as the profit scale and the evaluation of the ethics is not easily determined. The interaction of the responsibility, as well as the social issues, is not determined which is crucial for maintenance of profit scale in case of business enterprise. The responsibility is based on an evaluation of both the long-term as well as the short-term objectives in the evaluation of the profit scale in case of business enterprise (El Ghoul, Guedhami & Kim, 2017).

Although there is opposition, the four stages in case of Carroll's CSR model are crucial for the determination of long-term profit scale and by compliance with ethical values in business enterprise.

2.4 Critical Evaluation of theories of CFP

As commented by Kim, Song & Lee (2016), the futures of management theory provides the implication of the future orientation in regards to the achievement of the long-term goals as well as objectives. It takes into consideration the different types of theories as it can be applied in case of variables as well as the management philosophy. On the other hand, Shaukat, Qiu & Trojanowski (2016), argued and commented that to achieve the high level of profit scale in case of a business enterprise, the short terms objectives are also vital apart from the long-term aims as well as the objectives.

As opined by Ba os-Caballero, Garc a-Teruel & Mart nez-Solano (2014), the business management of the present business trend is notably adapting the theories of CFP for making the business more sustainable. The management theory of CFP is helping the business to grow in different technical ways. This management theory of CSR is remarkably transforming the trends of the business as it is using the digital platforms for managing the finance. The management theory is helping in expanding the ways for business development. Various new development features are adding up to the management theory of CFP. As for example, artificial intelligence and robotics mechanisms were added up for the betterment of the CFP in the business management.

On the contrary Brammer, He & Mellahi (2015), argued that the implementation of an algorithm in the finance has made the finance management stronger than before. Besides that, the gig economy is also helping in the development of the business that is providing to be beneficial for the companies. The CFP also includes the environmental orientation that is helping it to enhance the acceptability in the business market. CFP is always upgraded to implement various new features in it thus this is helping the business to achieve the competitive advantages in the market. The innovative new feature that includes into CFP is helping the business to create new ideas for making the finance of the business stronger.

As opined by Cheng, Ioannou & Serafeim (2014), CFP is expanding the social innovations for the business that is helping the society to become more developed. The changing techniques for CFP always support the up-gradation of the business and make the company unique in context to the other business companies. CFP always adopt new methods that are providing the companies opportunity to grab more new features into the business. These enhanced features of CFP theories are helping CFP to evolve the changing patterns of business. This new feature providing theories are engraving remarkable milestones to flourish the business.

On the contrary, Dhaliwal (2014) argued that the circumstantial prudence for the business development and orientation is fully dependent on the methods that have been adopted by the companies. The traditional theories of CFP are helping the business to evolve in a certain way that is providing the business a feature of creating a bridge between new and old methods. The evolution of theories helped the business to create profound knowledge in the finance management. Due to this enhanced feature providing methods the adaptation of CFP is making the performance of the business better. The new theories of CFP are also helpful in business growth assessment that helps the business in taking decisions regarding the business growth.

As commented by Ditlev-Simonsen (2015), the forecasting feature of the CFP is helpful in decision making that helps the business to adapt the changing pattern according to the need of the business. The occasional updates helped the business to mitigate the wrong decisions taken previously for creating the better business environment. Though the features provided by the CFP is creating positive impacts for enhancing the financial performance of the business but there have certain risks for this quick decision-making technique of CFP. Since the decisions are always taken in short time span thus, they may become error-prone for the business. As for example, the forecasting of business growth may give wrong results due to the short period assessment. The management theories that have been incorporated into the CFP may damage the business orientation as they are not well verified for their suitability on the business.

On the contrary El Ghoul, Guedhami & Kim (2017) argued that there are wide ranges of strategies in CFP for the business development that was helped in reducing the business risks for the company. Beside that as per the traditional management theories, CFP also contains topical management theories that provide the business liberty of finding flaws in the business. The periodic up gradation of the new theories helps the company to become alert for the upcoming challenges. The theories that have been constructed on the basis of the business circumstances are providing wider views regarding the upcoming risks of the business. Thus this helped the companies to assess the risk level of the challenge correctly, and they can be able to take precaution to stand up to the challenge.

2.5 Critical analysis of factors affecting CSR

2.5.1 External factors affecting CSR

As stated by Rao & Tilt (2016), the companies in the financial sectors give more priority to the social measures and the environmental measures than the commercial sectors. The production companies need to give more priority to the environmental measurement than the other companies. Besides that, the companies need to give the same priority to the social measures. The people and the companies engaged with the real estate enterprises do not value the social measure and this is a vital factor that is affecting the society. The transport companies are doing the same thing that the real estate companies are doing. On the other hand, as per the comment of berseder et al. (2014), it has been observed that the academic sectors are less interested in giving priority to the environmental measurement. The public works department of the society and the health and private sectors are also losing their interest in giving priority to the measurement of the environment. However, it is a remarkable fact that the public enterprises, the private organizations and the health and academic organizations are taking more interest in social measurement. These sectors are taking a deeper interest in the social measurement.

On the contrary Brammer, He &Mellahi (2015) argued that many factors are affecting CSR but the first factor that is affecting CSR is the company size. The size of the company is affecting the social and the environmental measure in a very positive manner. As per the research of Orlitzky et al. (2014), it can be observed that the more the number of employees in a company, the better was the effect on the CSR and thus the companies need to recruit a number of employees that made the CSR stronger. Companies those are lagging behind for the less number of employees cannot take an important part in the social and environmental initiative. Besides that, it is also a fact that the small enterprises do not take an interest in the social and the environmental measures due to their lack of financing capability in the business. P rez & Bosque (2015) commented that the industries with huge turnover always take an interest in the social, environmental measures due to their huge cash flows in the business. Though the industries with huge revenue take an interest in the social measures to make the business more profitable and sustainable but they never show interest in the environmental measures.

As opined by Cheng, Ioannou & Serafeim (2014), the main reason behind the social measurement of the huge industries is that they are getting benefits for the measurement. On the other hand, the environmental measurement is not providing such a huge benefit for the companies. Thus they are not showing any interest in this part of CSR. The companies are not bounded by any barrier to take the environmental or the social measure. Due to this reason, the companies are not having any legal issues regarding the measurements. Besides that, the social and the environmental measure do not have any effect on the market penetration of the companies. This is another fact that is affecting the CSR, and thus the companies need to take a step for the betterment of the environmental measurement. As opined by Obeidat, Tarhini & Aqqad (2016), though most of the companies do not bother about the effects on CSR, few companies do this for the society and customer satisfaction. In order to maintain the prospect of the company, all the companies need to think about the impacts on CSR.

On the contrary, Dhaliwal et al. (2014) argued that the cash flow in the business has a significant effect on the CSR as it provides the company's ability to make decisions. The cash flow in the business provides the ability to the companies to take decisions independently. Higher the flow of the cash inside the business, higher was the sustainability of the business. In this way, the company made better revenue, and thus they can take rigid steps for the betterment of the CSR. Thus the cash flow is another factor that is affecting the CSR. Supported this as viewed by Lu et al. (2014), the activities of the companies are also playing a vital role in the development of CSR. In order to make more prospects the companies need to implement specific rules and regulations for the well-being of the company. On the other hand, increasing membership in the companies gives the companies opportunity of getting various opinions. This helps the companies in taking decision for the well-being of the company as well as for the wellbeing of the CSR.

Figure 2.3: Factors affecting CSR

(Source: Malik, 2015)

As commented by Ditlev-Simonsen (2015), companies need to form different bodies that can mitigate the problems regarding the effects on CSR. In order to form these groups companies need to engage people of different race. The companies need to promote the CSR in a serious manner to mitigate the problems. The companies need huge funds for promoting CSR and due to this reason; they have to think about the wellbeing of CSR.

2.5.2 Internal factors affecting CSR

As commented by Kr ger (2015), this key role of the financial companies can make the situation better for the CSR. The management of the companies never focuses on the internal factors that are affecting CSR. The wrong policies taken by the company is making the business more profitable is also affecting the CSR growth. Thus companies need to make stricter and more innovative policies and statements regarding the CSR. Besides that, the internal roles of the employees of a company are also playing a vital role in CSR.

On the contrary El Ghoul, Guedhami & Kim (2017), argued that the perceptions regarding the CSR are also a fact that is internally affecting the CSR. The human resource management needs to take decisions for making the CSR better. The governing body is not making rigid steps for the CSR and due to this reason companies are not bothering about the proper execution of CSR. Due to this, the companies are not giving proper knowledge to their employees regarding the CSR which is greatly affecting the CSR. Thus it is the duty of the companies as well its employees to maintain proper CSR through effective understanding collaboration between each-other.

2.6 Critical analysis of the benefits of CSR

2.6.1 Impacts on company reputation

As commented by Flammer (2015), CSR has a great contribution to the business as it provides many facilities and advantages to the companies. CSR has no bindings of providing the features regarding the size of the company. CSR increases the brand value of the products of the company as it promotes the products inside the society. Beside that CSR also helps in distinguishing the products and the qualities of the products distinctly. Company reputation is a vital thing for the companies. Thus the companies need to create a good reputation in the market. As stated by Ditlev-Simonsen (2015) to improve the reputation of the company CSR plays an important role. The corporate investments, as well as the investments for the society, make the business company's image better to the mass of the society. Thus CSR can give the companies a competitive advantage and to achieve the competitive advantage in the business companies need to make small favors to their clients and the suppliers.

On the contrary Kang et al. (2015) argued that to make the reputation of the company better inside the market the companies need to behave well with the clients and the suppliers. This helped the companies in achieving better position inside the market thus they were able to drag the business in the global corridor.

2.6.2 Impacts on shareholders of the company

As opined by Kim, Song & Lee (2016), the adaptation of CSR is helpful for the company shareholders as it enhances the growth of the company. The value of shareholders accelerates with the implementation of CSR in the company and due to this reason; the shareholders of the companies grab more benefits from the companies. The performance of the companies also upsurges with the implementation of CSR in the companies thus the stakeholders grab a greater percentage of benefits due to growth in the revenue. Besides that, the CSR is a cost saving method and due to this, the company benefits increases. This increment in the company revenue is added up to the shareholder's benefit.

On the contrary, Korschun, Bhattacharya & Swain (2014) argued that CSR increases the sale of the company thus the share value of the company accordingly boosted up. This increment in the share value helps the shareholders to increase their reputation. Beside that CSR helps in improving the organizational growth thus the growth of the company helps the shareholders to get more profit from the company. The most important benefit of implementing the CSR inside the business is that helps in accessing the company capital. Thus, this enhanced accessibility helps the shareholders to take decisions liberally for the financial growth of the company.

2.6.3 Impact on employees of the company

As commented by Flammer (2015), CSR helps the company employees in personal skill development. The dedication of the organization can be increased by implementing CSR in the business. In this way, the relationship among the company employees can be enhanced that makes the performance of the employees better. The CSR helps the company to find out the efficiency of the employee and due to this feature, the employees get motivated in doing more work for the wellbeing of the company. Besides that CSR is helpful in developing the cooperative behaviors among the employees that make the performance of the business better.

On the contrary, Jenter & Kanaan (2015) argued that CSR helps in enhancing the recognition of the staffs of the company. The social responsibilities of the staffs can be enrooted within the staffs using CSR. This helps the employees to become the socially responsible person and thus both the organization and the employees get benefitted. Besides that CSR helps in enhancement of employee retention that makes them more valuable employees for the company. This enhanced commitment of the employees helps them to become trustworthy for the company. Implementation of CSR is also beneficial for the employees in making their prospects for the company. Thus it can be seen that the employees work culture evolves due to the implementation and as a result, the skills of the employees enhances.

2.6.4 Impact of CSR on company management

As viewed by Kang et al. (2015), the incorporation of the CSR in the company helps the company to attain more skilled management as CSR helps in making skilled employees for the company. The betterment of the employee performance was helpful in expanding the business thus the management leadership was be appreciated. Lu et al.(2014), supported this viewed that CSR also helps the company to expand the innovative ideas regarding the business growth thus it was helped the management of the company to implement new ideas for the wellbeing of the company. The enhancement in the employee retention was helped the management to get more trustworthy employees for the company thus the performance of the business increased rapidly.

Figure 2.4: Benefits of CSR

(Source: Luo et al. 2015)

On the contrary, Kim, Song & Lee (2016) argued that the leadership quality of the management can be enhanced using CSR in the business as it provides proper training and knowledge regarding the business growth. Due to this reason, the leaders became able to lead their subordinates in the right manner. The work culture of the company can be improved using the CSR and due to this reason, the commitment of the management for achieving global competitiveness also increased accordingly. This helped the management in taking decisions liberally for the company growth.

2.6.5 Impact of CSR on the environment

As opined by Korschun, Bhattacharya & Swain (2014), CSR has a wider impact on the environment as it helps the business to develop moral values for the society. The implementation of CSR helps in scaling down catastrophes that are harming the environment. CSR provides knowledge to the company about the management of waste that helps to progress the cleanliness of the society. Besides that, the waste management is also helpful in recycling the wastes that help the companies in energy management.

On the contrary, Kr ger (2015) argued that CSR reduces the emissions of greenhouse gases the companies that are beneficial for reducing the environmental pollution. The knowledge of building eco-friendly offices helps the companies to become socially responsible. The business risks can also be mitigated using the environmental CSR and in this way, business reputation can be improved.

2.7 Critical analysis of the factors affecting CFP

2.7.1 Effect of financial factors on CFP

As opined by Lins, Servaes & Tamayo (2017), the CFP is eminently dependent on the financial management. The enrichment of earning is directly depending on the capability of earning a company. In order to make better financial future the company needs to adopt different strategies that benefited the financial performance. The nature of spending the money is another vital factor that is affecting the CFP as less expense was make the business opportunities narrow and spending too much can ruin the business.

On the contrary Luo et al.(2015) argued that the investment in the business is also affecting the CFP as more investment helped the company to take the decisions conveniently. Business bodies need to store at least 10%-15% money for the security purpose that was acting as the backbone of the business. Besides that business administration needs to eliminate the unnecessary purchase of things for the company. This unnecessary costing makes the CFP weak and as a result, the performance of corporate funding scales down.

Figure 2.5: Factors affecting CFP

(Source: Post & Byron 2015)

As opined by Aguilera-Caracuel, Guerrero-Villegas & Morales-Raya (2015), systematic tax payment makes a business stronger. Thus companies need to pay taxes periodically according to their earning. This lawfulness in tax payment makes business more secure thus the sustainability of the CFP escalates. In order to make the CFP progressive the investments need to be allocated to various products of the company. This diversification in investment is a factor that offers the CFP feasibility. Continual cash flow is a vital factor in making the CFP viable and due to this reason companies need to make the cash flow steady inside the business.

On the contrary Friede, Busch & Bassen (2015) argued that the business returns are playing a vital role in making CFP stable. In addition to this, the savings for the growth of the business also needs to be verified periodically to make the savings backbone for the future instabilities in the business. Beside that rise in the non-performing assets of the companies creates an endangered situation for the companies. Thus the financial companies need to verify the customers before lending them to continue the growth of CFP.

2.7.2 Effects of non-financial factors on CFP

As stated by Haldar & Rahman (2016), there is a profound effect of non-financial factors on the CFP. The first factor that influences the CFP most is decision making. The companies need to organize meetings with the assistance of administration on the laws and rules to evolve the CFP positively. The present and the future steps creation for achieving the sustainability of the CFP is an important factor. In addition, the policy-making of the company for enhancement of the growth of CFP is a vital factor for the companies.

Hasan et al. (2016) opposed this and argued that the industry needs to maintain a good quality of the products to influence the growth of the CFP. Thus quality management of the company is a vital factor for making the CFP growth stable. The companies need to focus on the standard of the products that have been fixed by the standard maintenance board. Thus proper monitoring by the standard maintenance board is a vital factor for the CFP growth of the company. The companies need to pay attention to the employees' role towards the CFP sustainability achievement. Employees are the pillars of the company thus their role is observed as an influential factor in CFP growth.

As opined by Ilhan-Nas, Koparan & Okan (2015), employees' dedication to the work is another significant factor for proper enhancement of the corporate performance. In addition to that employees' understandability about the work and the work culture is a factor that helps in improvement of the CFP. The employee retention procedure of the company is observed as an integral factor for the CFP management. The role of the relationship management of the company in maintaining the good relationship between the customer and the company is also an effective factor that controls the corporate financial performance directly. Thus the administration needs to observe these relationship management policies very carefully.

Simionescu (2015) supported this and added that the business-friendly atmosphere of the business locality is another vital factor that has a direct impact on the CFP growth. As for example, the locality needs to have proper resource for the development of the business. This was helpful for the CFP improvement of the company and thus the company needs to choose right locality before investment.

2.8 Critical evaluation of the impacts of CFP

2.8.1 Effect of CFP on the stakeholders

As stated by Isaksson & Woodside (2016), stakeholders are basically categorized into two groups. The first group is categorized as internal stakeholders and the second group is external stakeholders. CFP has a greater impact on the internal stakeholders of the company as they are directly engaged with the company. The employees and the management come under the internal stakeholder's group. The performance of the corporate finance motivates or de-motivates the stakeholders according to the progress of CFP. The financial growth enhances the purchasing power of the company. Thus the stakeholders become more liberal to purchase raw materials for the company. On the other hand lack, Simionescu (2015) stated that of purchasing power occur due to a deceleration in the CFP thus the stakeholders become dependent on the other companies purchasing capability. Hence companies need to maintain the growth of CFP to motivate the stakeholders in seeking more investment for the company.

On the contrary Javed, Rashid & Hussain (2016) argued that the external stakeholders also get influenced by the corporate financial performance of the company as they bear the key role in the business investment. The lack of growth in the CFP prohibits the desires of investment of the stakeholders with respect to investment in the company. In addition to this, the stakeholders start searching for other growing corporate financial sectors for more profit. Hence companies need to maintain stable growth in the CFP for seeking more investment from the external stakeholders. The media partners are the external stakeholders of the company. Due to this reason company needs to create progressive CFP to influence the clients of the company with the media assistance.

2.8.2 Effect of CFP on the employees

As viewed by Lam et al. (2016), the size of the company employee is directly proportional to the progress of CFP. The better progression in the CFP attracts the number of employee and vice versa. Thus CFP needs to have superior performance for the employment generation in the company. CFP helps in the advancement of the salary structure of the employees, and hence a larger number of people desire to get attached to the company. On the other hand, Aguilera-Caracuel, Guerrero-Villegas & Morales-Raya (2015) stated that financial recession makes the CFP weaker and due to this reason the size of the company gets reduced rapidly. Hence corporate financial performance needs to be upgraded to the changing business requirements. Besides that CFP also helps in employee motivation as employees before engaging with the company search for the company revenue to get a better idea of the company. Thus employees always desire to get engaged with the profit-making employers and CFP helps them in getting proper knowledge about the company revenue.

Figure 2.6: Impacts of CFP

(Source: Rojas et al. 2017)

On the contrary Lin et al. (2017) argued that the cash management helps the employees to release the stress. A healthy CFP provides employees extra motivation in working more for the company well-being. An improved CFP helps in decision making for the company, and due to this reason, the employees become efficient in understanding the vision of the company. Hence the employees work appropriately and progressively for the company's prosperity. In addition to this better corporate financial performance supports the company's employee requirements to create productive results for the company. In this way, the employees become valuable employees for their employer.

2.8.3 Effect of CFP on the Consumers

As stated by Linke & Jentoft (2016), CFP of the company works as an indicator of the company growth for the consumers. CFP provides information regarding the financial performance of the company that helps the consumers to choose the right place for investment. In addition to this CFP is working as a financial advisor to the consumers as unhealthy CFP indicates the deteriorating revenue of the company, and thereby consumers become aware before investment. Besides that CFP helps in understanding the vision of the company regarding their financial growth. The financial policies of a company for their consumers can be easily identified with the assistance of CFP. CFP is helpful for the consumers in determining the company honesty regarding the business, and thus consumers can choose the right place for investment.

On the contrary, Lucas & Noordewier (2016) argued that CFP makes the companies conscious about the consumer interest. This benefits the consumers as the companies try to rectify their errors to take more competitive advantage of the market. On the other hand not meeting the interest of the consumers makes the business weaker and in this way, CFP becomes weaker. Due to this reason stability of CFP influences the consumers in a very profound way. CFP is also advantageous for the consumers as it increases the ease of doing social works for the society. Healthy CFP helps the companies to do better service for the society and in this way society gets enriched with the help of CFP.

2.9 Critical evaluation of the relation between CSR and CFP

As opined by Miroshnychenko, Barontini & Testa (2017), CSR and the CFP are interdependent and indispensable to each other. In addition to this, the governance of the company plays a major role in making the relationship better between CFP and CSR. In order to understand the relationship between CSR and CFP, the companies need to differentiate the stakeholders' responsibility for the society and the company responsibility for the society. The internal issues of a company must need to be distinguished from the social issues to compose a better relationship between CFP and CSR.

On the contrary, Muhammad (2015) argued that the administration of the company needs to be focused on the relationship management among the stakeholders and the society. Companies and industries manage the stakeholders' relationship with the assistance of CSR, and the social responsibilities also judged on the basis of CSR. Haldar & Rahman (2016) added that the policy-making of the company is determined by the CSR whereas the CFP helps in deciding financial policies for the company. CSR is also helpful in improving the reputation of the company, and thus a large number of consumers can be attracted using CSR. On the other hand, CFP helps the consumers to know the financial status and financial performance of the company. Thus healthy CFP also helps in enhancing the consumer base of the company by providing information about the company financial health.

As opined by Ortas, lvarez & Garayar (2015), CSR assists the companies in evaluating the responsibilities for the environment, and the CFP status of the company helps the companies to decide the required funding for the environmental benefit. The responsibility of the employees for the betterment of the company is reflected by the CSR whereas the CFP helps to determine the growth of the company. Thus both the CSR and CFP evaluate the needs of the company for company growth. Besides that, the CFP is determining the net profit of the company that signifies the company growth and the CSR help the company to decide the amount they can afford to contribute to the social development.

On the contrary Park & Ghauri (2015) argued that CSR supports the company to meet the consumer requirements and the CFP is helpful in accomplishing the requirements for the consumers. The external stakeholders are also influenced by CSR and CFP. CSR enhances the reputation of the company. Thus it helps in seeking investment for the company according to CSR rating. On the other hand, CFP reflects the financial strength of the company and due to this better rating of CFP; it also plays a supportive role in bringing more investment for the company.

Figure 2.7: Relationship between CSR and CFP

(Source: Simionescu, 2015)

As viewed by Rojas et al. (2017), the relationship of the CSR and the CFP is judged on the basis of two theories that are good management and the stakeholder contract cost. The good management theory supports the skill development of the employees and the management using the CSR. In addition to this good management theory also provides guidance on company strategy making. Wang et al. (2016) supported this and stated that CSR helps the companies to measure the social responsibility as well as the environmental responsibility. In addition, CFP helps in money allocation for fulfilling the social and environmental responsibilities. Besides that, the good rating in CSR indicates the positivity in the business that attracts more investment of the company. Thus in this way, the revenue of the company becomes higher, and due to this reason, the CFP also becomes healthier for the company.

On the contrary, Wang & Berens (2015) argued that the reputations of the companies can be enhanced using the CSR and thereby company size can be expanded by engaging more number of employees. This expansion in the company size helped the company to become productive, and thus the financial stability of the company can be enhanced. This was help in developing the CFP of the company. Hasan et al. (2016) supported this and stated that companies try to achieve a good rating in CSR to motivate their employees as well as making good reputation inside the market. This can be achieved by giving proper training to their employees and meeting the employee demands. Hence the reputation improvement offered the company more work-friendly atmosphere. This work-friendly atmosphere, in turn, provided more efficient workers that helped the company to compete at the global level. Thus the CFP rapidly increased due to the global competitiveness of the company.

As opined by Ilhan-Nas, Koparan & Okan (2015), the prosperity in the CSR index of the company enables the company to mitigate the excess expense for the company stakeholders. Thus the cost management helped the company in enhancing the production. Due to this reason, the CFP of the company accordingly increased, and the profit became higher than before. In order to achieve this goal, the companies need to hear the stakeholders' views regarding the company welfare. Thus the stakeholders rely more on the company, and due to this reason, CSR rating became much higher.

Opposing this fact Isaksson & Woodside (2016) argued that, companies can take the competitive advantage by mitigating the external and the internal challenges of the company. Companies need to handle efficiently the problems between the company management and the employees to make the company growth sustainable. The cost transaction related problems need to be mitigated to create a good reputation. The companies need to be engaged with different NGOs that helped them in improving social and moral values. These factors helped the company to improve their CSR and thus their brand value was an increase.

Javed, Rashid & Hussain (2016) supported this and stated that improved consumer base would help the company to make a higher profit and hence the CFP was also got increased. The companies need good governance and need to have a broader view regarding the social and environmental growth. Opportunistic attitudes may damage the reputation of the company. This damage to the company reputation has reduced the stakeholders' interest in investment in the company. Thus the CSR was get damaged due to reputational damage and CFP was be harmed due to the reduction in investment.

2.10 Illustration of the strategies to establish good CSR practice

As viewed by Lam et al. (2016), in order to flourish the business in a positive manner, the companies need to make strategies that helped them to become socially responsible figures. Companies need to train the employees about the social values and the way they are abided, for maintaining the social responsibilities. The leaders of the companies need to establish by themselves few examples regarding social responsibilities that was motivated the subordinates to follow the leaders. Lin et al. (2017) supported this and added that as for example the leaders of the company could organize few charity programs for supporting the backward classes of the society. This made a greater impact on the employees as well as in the society regarding the good initiatives of the company. Hence company can get a large number of consumers and the employees became socially responsible. Thus by making this strategic reform inside the company both the company and the society can become beneficial.

On the contrary, Linke & Jentoft (2016) argued that the companies need to make themselves environmentally responsible figures. Companies occasionally need to host programs regarding the environmental welfare that helped the employees to turn themselves into environmentally responsible people. This also made the environment beneficial which in turn help the company to become eco-friendly. Lucas & Noordewier (2016) supported this and commented that the companies need to organize few programs that spread a good message to the mass of the society regarding the environmental reformation. Companies can host reforestation programs that helped in reducing the pollution level. Reforestation also helped the company to reduce the greenhouse gas effect in the environment. Hence this responsible attitude helped the company to seek positive stakeholders' investment. Thus the CSR result of the company can be enhanced in this way.

As opined by Miroshnychenko, Barontini & Testa (2017), companies need to enhance the size that helped them in penetrating the market. The enhancement in the number of employees enabled the companies to create a better quality of services for their clients. In this way, the companies can make the service improvement and thus the acceptability of the products also got boost up. Muhammad et al. (2015) supported this and stated that the enhancement in the employee number would help the company to expand the business in a sustainable manner. The well-developed size of the employees made the company enable to become a global company by expanding the productivity. Thus in this way the company can get the opportunity to serve more number of people within the society. This increment in the social service helped the company to improve the CSR level.

On the contrary Ortas, lvarez & Garayar (2015) argued that the improvement in the company size helped the company to get engaged with more number of people from different communities and cultures. Thus the mixture of different communities and adaptation of various cultures helped the company to transform themselves according to the demand of the society. Park & Ghauri (2015) supported this and stated that the mixture of different community and culture would help the companies to create a greater impact towards communal harmony and this was beneficial for the society. Thus the CSR of the company can be ascended and the people of the society relied more on the ability of the company.

Figure 2.8: Strategies to establish good CSR practice

(Source: Simionescu, 2015)

As opined by Aksak, Ferguson & Duman (2016), in order to make the CSR rating better the companies need to infuse various new products periodically. Infusion of these new products helped the company to attract the number of customers and investors due to their uniqueness in the market. Thus the brand value of the company also scaled up. The new products need to be introduced in the society with good quality maintenance. In order to infuse new products in the market companies need to have a steady cash flow and for achieving this CFP of the company needs to be healthy.

Opposing this fact Andreu, Casado-D az & Mattila (2015) opined that, to maintain the viability of the CSR the companies need to realize the product demand inside the company. These concerns of the companies convey their responsible attitude towards the society and thus the society was be benefited. The responsible attitude of the company for the society helped them to raise the customer base. Batty, Cuskelly & Toohey (2016) supported this and stated that In order to infuse new products into the market companies need to maintain the environmental criteria. The new products of the company need to be introduced into the market after checking their environment friendliness. Thus this helped the company to reduce the environmental criteria as well as the business can be expanded in this way.

As viewed by Chung et al. (2015), companies need to learn the talent management procedure to attain the sustainability of the growth of the CSR. The talent management techniques of the companies helped them to produce skilled and talented workers inside the market. Thus accelerating the business the enhancement of the business grew the CSR rating accordingly, and this made the company able to maintain the CSR growth. Dias, Rodrigues & Craig (2017) supported this and stated that companies have to create governing bodies to support the talent hunt initiative. The talents need to be searched from different parts of the society, and this helped the company to convey a message regarding social responsibility. The society come to know about the vision and mission of the company, and due to this reason, the size of the company was being expanded. This expansion in the company size helped the company in creating stable CSR rating.

As opined by Fernandez-Feijoo, Romero & Ruiz (2014), companies need to promote their product. This promotion of the products within the market helped the company to become more familiar with the people of the society. In addition to this, the promotion was created new business relationships between the society and the company. Thus the CSR rating of the company can be enhanced in this way by involving the society and taking the help.

2.11 Critical evaluation of the methods to establish better CFP

As opined by Gardberg, Symeou & Zyglidopoulos (2015), to establish better CFP for the company the cash flow in the business needs to be satisfying. The favorable cash flow within the business helped the company to enhance the purchasing power. This enhancement in the purchasing power led the company to expand the production of the company. Thus the company revenue can be made higher in this way, and the growth in revenue helped the company to generate better CFP rating. Helmig, Spraul & Ingenhoff (2016) supported this and stated that companies need to promote the products in an exceptional manner that helped the products to become mundane to the consumers. Thus the sale of the company increased accordingly, and the turnover increased for the company.

On the contrary Hond et al. (2014) argued that the security arrangement for the employees needs to be structured stronger to build better CFP rating. The enhanced security arrangement for the employees helped the company to attain the trust of their employees and due to this reason employees was be motivated. This motivation within the employees generated the dedication towards the company work. Thus the production of the company can be expanded in this way. This improvement in production helped the company to intensify the profit of the company. Thus the profit, in turn, was helped the CFP to become more viable and the viability attracted the investors. Husted, Montiel & Christmann (2016) supported this and commented that companies' enhanced security would help the company to increase the size of the company. This expansion in the company size helped the company to create new ideas regarding the product. Besides that, the new products can be promoted with the help of expanded size of employees in an enriched manner. Thus the customer base was intensified accordingly, and the profit was also get enhanced. This enhancement in the revenue helped the CFP to become more stabilized.

As opined by Kili , Kuzey & Uyar (2015), the companies need to distinguish the clients in order to form enhanced CFP. The favorable customer base helped the company to attain enhanced revenue. Thus the growth in the revenue helped the company to enroot the business within the society in an exceptional manner. This unique business strategy of the company distinguishes the company from other companies in the market in a positive manner. Thus the CFP of the company can be enhanced by mitigating the mischief consumers from the business. Kim (2014) supported this and stated that the clients need to be distinguished on the basis of their purchasing capacity. The company needs to be careful with their deal with the customers. Besides that, the customer management relationship must be maintained in a satisfying manner. This strengthened the consumer base, and the revenue also elevated accordingly. The increment in the revenue caused in an increased CFP rating for the company.

As stated by Oh & Park (2015), the financial status of the companies needs to be monitored periodically. According to the financial status of the company, companies need to design their project. As for example during the shortage in the finance companies need to buy only the essential commodities that are helpful for the growth of their business. This well-maintained finance helped the company to achieve more profit, and thus the CFP was escalated. Pan et al. (2014) supported this and viewed that the companies need to give proper training to their managers for appropriate maintenance of the company finance. The cost accountants and cost consultants need to be engaged with the company as per company objectives to make the growth of finance more sustainable. Thus the conventional methods of maintaining the finance enabled the company to generate more revenue, and hence CFP value can be ascended in this way.

On the other hand, Plewa et al. (2015) argued that besides the financial management, companies need to focus on the non-financial matters to accelerate the revenue. Companies need to host meetings regarding the financial policies of the company to enhance the company prosperity. In addition to this, the managers of the company need to organize meetings with their subordinated regarding their visions about the company policies. These meetings enriched the company with various ideas about the growth policies. Thus by selecting the accurate method companies can enhance the growth and thus CFP was also got increased due to the rectified policies of the company.

2.12 The gap in the literature

The significance of the literature is it is based on the understanding of the relationship between the CFP and the CSR in a company. However, during the research, many problems regarding the growth of CSR and CFP and their solutions have been missed out. The research did not shed light on the implementation procedure of the growth enhancement for the companies. The literature did not cover the time-requirement for total growth implementation process. In addition to this, the literature did not focus on the impacts of CSR on the society deeply. The literature also missed out the effect of CFP on the environment and the society. The acceptability of the CSR method among the mass is not analyzed in the literature. The literature did not shed light on the monetary requirements of the companies to adopt the CSR and CFP inside the business.

2.13 Conclusion

Thus it can be concluded from the literature that the CSR and the CFP are co-related in a company. The companies need to make themselves aware of the growth procedures of the business. The impacts of the CSR on the society have been discussed in the literature, and the effect on the stakeholders is also mentioned in this literature. In addition to this, internal and the external factors that are affecting the growth of the CSR are also known. The benefits of the CSR implementation in the business focused on this literature. The impacts on the company due to the adaptation of the CSR have been well discussed in the literature. Various procedures to develop the CFP to attain the sustainability in the business growth have been focused during the research.

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