Abstract
This paper attempts to describe and classify various theories and related approaches to Corporate Social Responsibility (CSR). The stakeholder theory emphasizes maintaining equilibrium between the expectations of all stakeholders through operating activities. Whereas relational theory highlights the complex firm-environment relationships. Besides this, the managerial theory emphasizes that all things outside the scope of the organization (external factors) should be considered while making decisions. Legitimacy theory tries to legitimize the business operations through CSR initiatives as per society requirements (societal approach) and hence, ensure corporate sustainability. Whereas Social contract theory discussed in the paper expresses the relationship between society and business and involves indirect commitments toward the community. Resource dependence theory explains the procurement of external resources and their influence on the company's tactical and strategic management. Agency theory highlights the separation between company ownership and its control. Whereas utilitarian theory designates CSR as an economic system, to maximize profits. The in-depth study of these theories represents diverse and complex relationships that are contradictory, controversial, and unclear. The findings of this suggest the urgency to formulate a new CSR theory, which would integrate all the dimensions.