Modern finance theory hypothesises that the objective of managerial decision making should be to maximise company value. Managers and practitioners have often been criticised for being single minded about value maximisation and not considering the broader aspects of corporate strategy or the interests of other stakeholders. Managers seem to have come around to the view that value maximisation should be the primary objective of their firms by the efficient allocation of resources. However, profit maximisation or increasing market share no longer remains the focus of businesses (Jenkins 2005; Marrewijk, 2002). The last two decades has witnessed a sea change in the nature of the triangular relationship between companies, the state and the society (Edenkamp, 2002). These turns of events have pressurised business firms to put serious effort into a wide range of CSR activities, also referred to as Corporate Social Performance (CSP).