Few studies have been criticised for their use of results from the annual Fortune survey of corporate reputation as a direct surrogate for CSP. Further, most of these studies have lagged behind in analysing the effects of the application of the different CSR dimensions on competitive success, a variable with a more strategic and holistic meaning than the one employed until now, viz., financial results, in order to verify adequate corporate performance (Marín et al., 2009). This analysis reflects the shortcomings as well as advantages associated with the studies over the last few decades conducted among different sample firms, different places worldwide, using various methods. However, no such study has been undertaken thus far to the best of our knowledge bearing in mind the Indian context. Not just to enrich the Indian CSR literature, but to get acquainted with the sweet or sour flavour of CSR for firms has become necessity.