In our paper we review the general topic of social involvement of organizations, in the light of business-society relationship. For this aim we analyze the extensive international literature of corporate social responsibility, corporate citizenship, social philanthropy, sustainable corporation and other related concepts. In this endeavor we categorize the main body of knowledge in three broad areas: (1) papers investigating the definitions and measures of these concepts, including practitioners’ opinions, (2) predictors of such involvement and actions, (3) effects of social responsibility manifested by organizations. The second section of our paper focuses on the Romanian literature on this topic, as it is less systematized so far. In this section we focus on the main findings of studies conducted on Romanian companies regarding CSR or related concepts. In the final, concluding section we propose a research methodology for CSR in Romania meant to clarify the impact of the most frequently considered predictors.