Mishra and Suar (2010) examined whether CSR towards primary stakeholders influenced the Financial Performance (FP) and the Non-Financial Performance (NFP) of Indian firms. The study used perceptual data on CSR and NFP that was collected from 150 senior level Indian managers through a questionnaire survey while hard financial data of firms was received from secondary sources. A questionnaire was developed considering six stakeholder groups – employees, customers, investors, community, natural environment and suppliers. A composite measure of CSR was obtained by aggregating the six dimensions. The result found that stock-listed firms show responsible business practices and better financial performance than the non- listed firms. When study controlled confounding effects of stock-listing, ownership and firm size, a favourable perception of managers towards CSR is noticed with increase in FP and NFP of firms.