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Corporate social responsibility - Essay Example

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Corporate social responsibility

CSR Theories Corporate social responsibility reflects the responsibilities that firm have towards stakeholders and society. Corporations are often encountered with business choices that create a dilemma between their objective of maximizing profits and ethics. There are a few theories of CSR that provide the foundation to the CSR model for the implementation of the process. Political theory According to this theory of CSR, corporations have power in society at the same time, they are responsible to use this power in the arena of politics. This theory emphasizes on connection and interaction between society and corporation as well as the power it holds. This theory can be utilized by corporations for enhancing their reputation in a positive manner. If corporations are powerful enough, then they must utilize their power in the interest of general public as well. Manipulating financial statements and hiding environmental information that might harm their profits is not ethical by any means. Instrumental Theory This theory states that corporations are instruments for the creation of wealth. ...
It means the society connects with corporations and allows them certain prestige and legitimacy to operate within the premises of society. However, in corporate world, community is always secondary. The prime goal is to generate profits as much as possible. For doing so, companies involve in CSR activities which is essence, is other means of value creation in the eyes of society. Accounting Theories Accounting theories examine the assumptions, frameworks, and methodologies of the principles of financial accounting. As per the definition of Professor Hendrikson, “Accounting Theory may be defined as logical reasoning in the form of a set of broad principles that provide a general frame of reference by which accounting practice can be evaluated and guide the development of new practices and procedures.” (Accounting Theory) Legitimacy Theory This theory states that businesses are tied with social contacts. This theory explains the corporations’ behavior in developing and implementing environmental and social disclosures of information to oblige with the social contract since these social contracts enables the organizations to recognize their objectives. Stakeholder Theory Stakeholder theory emphasizes on the purpose of business to generate as much value for stakeholders as possible. This theory takes into account that if businesses needs to be sustainable and succeed, they must oblige with the interests of relevant stakeholders including employees, customers, communities, shareholders, suppliers etc. Institutional Theory Institutional theory offers complementary perspectives on disclosure of information to both Legitimacy and Stakeholder Theory. It further explains how to institutionalize the process ...Show more

Summary

Corporate Social Responsibility and Accounting Theories Corporate Social Responsible (CSR) disclosures have remained a research agenda for many years. The stimulation behind research of CSR is, in essence, a hope that society would benefit from it. Relationship between Corporate Financial Performance (CFP) and Corporate Social Responsibility (CSR) has been examined for the past 30 years, yet consistent evidence has not been found for a clear objective of companies for getting involved in the practices of CSR…
Author : dbogan
Corporate social responsibility essay example
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