After carefully analysing these factors, one can truly deduce that the ethical theory implemented in corporate social responsibility activities of Macquarie Group are those which come under corporate constitutionalism. This theory sates that there is immense power in a business in society and hence it has power to impact the society in general. Hence it is the moral responsibility and duty of the firm to execute its powers and decision making skills intelligently such that the business is responsible for its effect on the society. Any business is a political institution, an educational institution, an economic institution, a legal institution or an economic institution; at the core crux, every business is a social institution. Hence a business should realize its power as a social institution and exercise its due diligence and act responsibly towards the society. It is the moral responsibility of any institution to act responsibly towards the society which ultimately gives its return in the form of profits for the organization. Also, the societal power that a firm has is not only built by internal factors, but it is a sum total of internal as well as external factors. It is a vicious circle of events that defines an institution and ultimately every institution is created for the society and by the society. This it is the fundamental duty of any institution to maintain the integrity of the society and take ownership and responsibility for its deeds and its impact on the society (Bottomley, 1997).