*2.1.3 Investors priority towards socially relevant businesses*

Third, the CSR policy interventions have permanently altered the ways in which business routines were conducted. The stakeholders now look for socially relevant business and assess the difference that business corporations are making on social and environmental fronts [18]. It is widely recognized that social-impact efforts create real value for all stakeholders. The USA stands as a towering example to this fact. After 2010, a growing number of investors are seeking information on labour policies, carbon footprint, gender representation in the board room etc. [19].

#### *2.1.4 CSR as a system of co-governance*

Fourth, CSR has activated a system of co-governance. The welfare areas which hitherto were the exclusive domain of government are now being shouldered by the corporates [20]. Society's governance is no longer a monolith under the government but is under a new tripartite governing arrangement mediating the relationships amongst the state, corporates and the civil society. CSR policy in this context lays down the ground rules for corporations.

### **2.2 Involuntary institutional factors**

A pre-discursive CSR policy concern via government instrumentation may be posed, 'Can a government function without CSR policy in the era of globalization?', even theoretically. The answer is hotly debated from all sides. Afore-mentioned reasons for governmental intervention delineate the role of CSR in protection of certain valuable human rights that a state actor guarantees to the citizens. Even if one assumes the standpoint that the entire gamut of welfare activities can be insulated from the corporations, the million-dollar quagmire regarding transnational nature of corporations remains a sitting concern. The state cannot regulate corporations to their international reach and stretch. Taking these and more theoretical and practical considerations that germinate from the role of corporations in contemporary today, a class of political CSR scholars are pressing to view corporations as an important political actor.
