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Do corporate social responsibility (CSR) reports provide shareholders and stakeholders with useful information on corporate soci - Essay Example

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Do corporate social responsibility (CSR) reports provide shareholders and stakeholders with useful information on corporate soci

Sustainability disclosure was the province of a few community oriented or unusually green companies. Today, it is a best practice employed by companies worldwide. CSR reporting helps organisations to evaluate their social and environmental scenarios and improve the efficiency of operations and conserve natural resources which in turn are important factors for shareholders, employees, and stakeholder relations. Discussion Sustainability reporting helps a firm to evaluate firm’s financial risk and opportunity to perform well through ESG dimensions and establishing operating license. CSR disclosure can serve as a differentiating factor in competitive industries and increase investor confidence, trust and loyalty of employees. It is often considered by analysts that CSR reporting helps in assessment of management quality and efficiency, and may increase the credit worthiness of the firms. The major benefits are as follows. Improved Reputation: It was found out in a survey that reporting positive deeds and expanding transparency were the two most important factors that helped a business gain public trust. It also revealed that more than half of the companies issuing CSR reports had improved reputation (Belkaoui, 2000, p.15). Employee satisfaction: Employees are a vital audience for CSR reporting. According to a research, companies issuing CSR reports earn higher employee loyalty (Deegan, 2000, pp.282-310). Better access to capital: According to a recent research, it was found that firms reporting CSR activities ranked highly for sustainability. The companies not reporting CSR have Kaplan-Zingales Index scores 0.6 higher than the scores of companies reporting CSR. A lower score indicates lesser capital constraints (Frostensen, 2012, p.5). Reduction of waste and increase in efficiency: CSR reporting requires companies to gather data about their processes and its impacts which may not have been assessed before. This data is useful for the company’s knowledge in order to reduce its environmental impact and improving the processes. This will be achieved by lesser usage of natural resources and improvement in operational procedures (Blacconiere and Patten, 1994, pp.357-377). When the CSR strategy is implemented in the organization, managers have the opportunity to communicate the CSR information in a CSR report through voluntary disclosures. When the CSR information is disclosed, stakeholders are provided with more information (Chua, 1986, pp.601-612). Positive Accounting Theory: The positive accounting theory discloses voluntary information and is considered important as it specifies the reasons for disclosing a particular CSR report. It includes relevant theories that explain and predict circumstances and focuses on the relationship between stakeholders and the company. The agency problem, information asymmetry, legitimacy theory and stakeholder theory are some other theories which have been explained. In the beginning, the information asymmetry and the agency problem are considered and the information asymmetry is deducted from the agency problem. The legitimacy theory and stakeholder theory are explained as well (Beaver and Kennelly, 2009, pp.675-683). Agency Theory: The agency problem occurs among stakeholders and management and is driven by self-interest. Stakeholders ...Show more
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Summary

Do corporate social responsibility (CSR) reports provide shareholders and stakeholders with useful information on corporate social and environmental performance or are they merely a public relations vehicle? Answer this question by accounting theories. Contents Contents 2 Introduction 3 Discussion 3 Conclusion 7 References 8 Introduction Creating an environmentally sustainable business is a challenge in today’s world…
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