authors
Preeti Bedi and Poonam Lakra

abstract
The existing literature on social impact of corporate activities on business value of firms is still controversial, mixed and often inconclusive. There are conflicting views as to what constitutes the role of corporates in society? Thus, a much deeper analysis is required to resolve the complexities of divergent views on CSP-FP relationship so as to know that whether companies are benefitted by doing good to society or not. A review of relevant empirical and theoretical literature is conducted to study, analyse and summarize important findings of various past studies. This study of literature review is organised into different sections exhibiting concepts and models of corporate social performance, nature of association between social and financial performance from different aspects viz., negative, positive, neutral or inconclusive, mixed, virtuous circle and casual relationship and curvilinear relationship. In the final section main highlights and findings of rigorous study are concluded followed by identification of gaps that can be addressed in future study.