CSR is considered as being, at best, subservient to the economic interests of the firm (Chambers et al., 2003) because it is truly difficult for managers to gauge the economic impacts of socially responsible actions in most cases (Walton, 1967). However, the ‘ideal’ level of CSR can be determined by managers via cost-benefit analysis. Later, Manne and Wallich (1972) stated that in order for business expenditures to qualify as socially responsible, they must cater for lower returns than an alternative investment.