As corporate social responsibility is receiving increased attention by company stakeholders, researchers are also increasingly exploring corporate social responsibility, its causes and implications. This study is a qualitative research done to explore the link between the management students, and executive’s perception of corporate social responsibility and its relationship with underlying factors such as volunteering in social awareness task, campaign against social ill, devoting some time for the social cause, etc. The study found that the ongoing management students attach more importance to the non economic aspects than the executives actually working in the organizations. The Executives are more inclined towards facilitating payment to get work done and fulfilling the legal obligations. The Management students stress more on philanthropy. In the choice of business goal there is little difference between the two groups. At the end we have attempted to present a model on the basis of study to fill the gap.