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CSR - Essay Example

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CSR Table of Contents Introduction 3 Discussion 3 Conclusion 8 References 9 Introduction Corporate social responsibility can be defined as the consideration of and response to several issues and aspects beyond the narrow technical, legal, economic and social requirements of the firm…
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16-22). It is highly important for an organization maintain strong relationship with, customers, business clients, employees and several external stakeholders. Effective business operation sustainability and CSR activities can help an organization to maintain strong relationship with the stakeholders and several shareholders. The essay will support that the CSR reports of the organizations generally provide useful information on the environmental performance and corporate social performance by considering the example of Tesco Plc and several other firms by considering several accounting theories. Discussion Instrumental theories In this theory CSR is seen as a strategic tool so that it can achieve the economic activities of a company and can ultimately lead to wealth creation. According to the Friedman view, it is seen that the only responsibility of the business it has towards the society is maximisation of the profits of the shareholders while working within the legal and ethical framework of the company. This theory has long enjoyed the acceptance of the business across the world. Such concern for profits include taking into consideration the interest of all the stakeholders of an organisation. It is argued that in some conditions such satisfaction can increase the overall profit and hence result in maximising the shareholder value. It has been seen that there is a positive correlation between the social responsibility and the financial performance of the companies (Brennan and Merkl-Davies, 2013, pp. 109-132). Here there are three main groups of instrumental theories on the basis of the economic objective of the company. The first is the maximization of the shareholder value. The second is focusing on the strategic goal of achieving the competitive advantage. The third is the related to the cause-related marketing efforts of the company. British Petroleum understands this aspect much better. The policy statement of BP commits the company to its wide ranging business policies. The CSR report of the company illustrates way the company is meeting those commitments in a way which supports the profitability of the company. Hence by focussing on the Strong financial performance the company can invest the profits into their CSR activities (Deegan and Rankin, 1996, pp. 50-69). Political theories Political theory is an effective CSR accounting theory that used to focus on the interaction between the society and companies and their responsibilities towards the society. There are three divisions of this theory that are discussed below. Corporate Constitutionalism According to this concept the social responsibility of an organization generally arises depending upon the available social power of Organization. Coca Cola Company is one of the leading organizations. The organization implements several green strategies depending upon its social power. Effective water recycling strategy helps the organization to maintain is leading organization within global soft drink industry. Social Contract Theory Jean- Jacques Rousseau was the political economist who posited the social contract theory. According to him the individuals form a social contract with the state so that responsibility of citizens of the state is entrusted with the government. Thus the people are the source of the collective political sovereignty of the state. Thus the government was performing the functions of the common people after undergoing a ... Read More
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