Divine Capital as a Multilplier of Corporate Social Responsibility (CSR) for Sustainable Wellbeing: An Empirical Analysis of Entrepreneur Sector in Muzaffarabad, Azad Jammu & Kashmir
Dr. Syed Nisar Hussain Hamdani
Abstract
The study explores how Divine capital (DC) can contribute towards sustainable wellbeing. The entrepreneur sector was selected to explore the multiplier effect of Divine capital through Corporate Social Responsibility (CSR) towards sustainable wellbeing. Human wellbeing is one of the Sustainable Development Goals (SDG’s) gaining rapid popularity in economics especially after Easterlin’s Paradox that income alone may not necessarily increase human wellbeing. Therefore, other factors of wellbeing need to be explored that are being overlooked by conventional economics. This research aims to explore one of the neglected factors, termed as the Divine Capital grounded by faith based behavior containing four elements viz religiosity, spirituality, ethical values and reinforcement factors, potentially having a multiplier effect towards corporate social responsibility for sustainable well-being. The study estimates the Divine capital model by using primary data that was collected through questionnaire; total 380 questionnaires were distributed. The structural equation model (SEM) is used for the estimation of the base line model of the current study i.e. Ordinary Least Squares. SPSS is used for data analysis purpose. The regression analysis shows that there is relationship among the conventional economic factors, the Divine capital factors and wellbeing. The results shows that people having higher level of Divine Capital are likely to sustain their wellbeing level even in adverse circumstances. The study also identifies the systematic difference between the conventional and divine approaches. On the basis of results, we can conclude that there is difference between conventional and divine approaches towards CSR. This study is creating new research avenues in the field of conventional and divine economics.