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special initiatives are undertaken.
The study shows that disclosure in CD activities has a negative impact on the financial
performance of the Company i.e. RONW, Tobin’s Q and ROA. Also, disclosure in other
activities related to CSR also has a negative influence on Tobin’s Q. But there is one very
relevant observation which shows that disclosure in PSSI related activities show a
positive significance in Tobin’s Q which means that when company invests in Product
Safety, Security and Innovation which creates a good satisfaction level in the mind of
employees as a result of which by word of mouth publicity, reputation of the company
increases. Furthermore, it attracts investors due to which the Market value of the asset
rises as compared to book value.
Amongst other financial variables, sectorial influence has a vital impact on CSR
disclosure practices. The research shows that highest disclosure pattern is observed in
companies related to Mineral and Mining Products whereas it is lower in case of Banks.

A humble attempt is made, by this research, to showcase that though in the short run
apparently the profitability is low but in the long run if companies continue to spend on
such activities, keeping in mind community at large, it will be profitable. Hence, in a
country like India, there is an imperative to make it compulsory by Government.

Mandatory compulsion of CSR disclosure practices by regulatory provisions may restrict
the firms from disclosing more in comparison to those where adoption of liberal
disclosure policies.

However, the most significant part is for the firms to understand how important it is to
gain market sustainability by behaving in a more transparent manner.
Keywords: Corporate Social Responsibility, Corporate Social Responsibility Disclosure,
Corporate Social Responsibility Practices.

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