Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more. Like the attendants of a rich man, they… regard attention to small matters as not to their master's honor, and very readily grant themselves an exemption from it.
Introduction
Definitions of CSR
Corporate Social Responsibility Defining Corporate Social Responsibility This social contract implies a form of altruistic behavior – the opposite of selfishness – while self-interest implies selfishness. This is alternatively described as citizenship, but for either term it is important to remember that social responsibility must extend beyond the current members of society.
The effects of organisational activity
The principles of CSR
This concept therefore implies a quantification of the effects of actions taken, both internally in the organization and externally. This implies a reporting to external stakeholders of the effects of actions taken by the organization and how they affect those stakeholders.
STUDY AT A TOP RANKED
This requires costs on the part of the organization in developing, recording and reporting such performance and to be worthwhile the benefits must exceed the costs. Benefits should be determined by the usefulness of the selected measures for the decision-making process and the way in which they facilitate the allocation of resources, both within the organization and between it and other stakeholders.
INTERNATIONAL BUSINESS SCHOOL
- Conclusion
- References
- Further reading
- Self-test Questions
- Introduction
- The prominence of CSR
- Changing emphasis in companies
- Environmental issues and their effects and implications
- Externalising costs
This is achieved by limiting the accounting assessment of the organization to internal effects. Lack of research and development and product development will also cause problems for the future sustainability of the organization;
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The Social Contract
In 1762, Jean-Jacques Rousseau produced his book on the social contract, which was intended to explain – and therefore make legitimate – the relationship between the individual, society and its government. More recently, the Social Contract has gained new prominence as it is used to explain the relationship between a business and society.
Conclusions
Further reading
Self-test Questions
Introduction
What is a stakeholder?
Multiple stakeholding
The classification of stakeholders
Stakeholder Theory
Rather than stakeholder management improving economic or financial performance, it is therefore argued that a broader target of corporate social performance should be used (Jones and Wicks, 1999). Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more.
Regulation and its implications
For example, when the UK government launched its process of privatizing nationally owned public services, it seemed necessary to compensate for the inadequacy of a market mechanism to mediate between the conflicting needs of stakeholders in these industries. Thus, regulators are supposed to act as a highly visible, "invisible" hand of the market.
Risk Reducing
Hence the need to choose a suitable time horizon for the evaluation of the risk and associated effects. None of this will change with the incorporation of environmental accounting information, except for the assessment of risk and its associated impact on the cost of capital, which can be expected to rise as the true extent of the environmental impact is factored into the calculation.
Conclusions
1997) 'Towards a theory of stakeholder identification and salience: defining the principle of who really matters', The Academy of Management Review, October, pp. 1997) ‘The Defects of Stakeholder Theory’, Corporate Governance: An International Review, Vol. 1997) ‘Quality of management and quality of stakeholder relations’, Business and Society, Vol.
Further Reading
1997) 'Towards a theory of stakeholder identification and salience: Defining the principle of who matters', The Academy of Management Review, October, p. 1997) 'The Defects of Stakeholder Theory', Corporate Governance: An International Review, Vol. 1997) 'The quality of management and the quality of stakeholder relations', Business and Society, Vol. 1995);
Self-test Questions
Issues concerning Sustainability
- Introduction
- Defining sustainability
- The Brundtland Report
- Critiquing Brundtland
- Sustainability and the Cost of Capital
- Redefining sustainability
- Distributable sustainability
- Summarising Sustainability
- Conclusions
- References
- Further reading
- Self-test Questions
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In Britain over the past four decades, within a market economy driven by consumer preferences and purchasing power, greater economic leisure has offered the opportunity to analyze and reflect on the nature and fundamental direction of a demand-driven economic system. . Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on ad to read more Click on ad to read more Click on ad to read more Click on ad to read more Click on ad to read more Click on ad to read more Click on ad to read more Click on ad to read more Click on ad to read more Click on ad to read more Click on ad to read more Click on ad to read more Click on ad to read more.
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Introduction
When the company applies these standards or norms as part of their responsibility, we can call them an ethical code of conduct. The company's behavior should be ethical and responsible; that is why companies' promises to their shareholders and stakeholders must behave fairly, ethically and justly.
What is Ethics? The Why ?
Milton Friedman also argued that "there is only one social responsibility of business - to use its resources and engage in activities designed to increase its profits, as long as it ... engages in open and free competition without deception and fraud" (Friedman, 1962). We believe that when we act ethically in business decision making process, it will ensure more effective and productive utilization of economic resources.
Ethical philosophies
Initiating corporate giving, for example, would be a fiduciary breach of management in Friedman's view: an agent for a principal is neither legally nor morally permitted to give away or "waste" the principal's capital (Joyner & Payne, 2002 ). Teleological theory distinguishes between "right" and "good," with "right" including those actions that maximize the "good."
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The Gaia Hypothesis
However, the Gaia hypothesis implied that interdependence, and a consequent recognition of the impact of one's actions on others, was a facet of life. It is perhaps that both are symptomatic of other factors which have caused a re-examination of the structures and organization of society.
Corporate Behaviour
It is possible to extend this analogy to a consideration of the organization of economic activity that takes place in modern society and to consider the implications for the organization of that activity. Therefore, as far as profit-seeking organizations are concerned, the logical conclusion from this is that the effect of the organization's activities on externalities is a matter of concern for the organization, and therefore a proper subject for the management of organizational activities.
CSR, Ethics and Corporate Behavior
Corporate Reputation
Conclusion
Corporate Social Responsibility (CSR) as a topic indicates concern for social and environmental impacts of organizational behavior.
2004) Družbena odgovornost in etika: razjasnitev konceptov, Journal of Business Ethics Capitalism and Freedom, Chicago: University of Chicago Press. Payne (2002), Evolution and Implementation: A Study of Values, Business Ethics and Corporate Social Responsibility, Journal of Business Ethics.
Further Reading
Corporate Social Responsibility thicss, CSR and Corporate ehaaior Carroll, A.B. A three-dimensional conceptual model of corporate social performance;.
Self-test Questions
If public confidence in the integrity of accountants' reports is shaken, their value disappears. To maintain the integrity of his reports, the accountant must insist on absolute independence of judgment and action.
Introduction
More than half saw criminal prosecution as the ultimate weapon to force accountability to the top of the agenda at board meetings.
What is performance?
Corporate Social Responsibility Performance assessment and performance reporting The measurement of stakeholder performance is perhaps even more problematic than the measurement of financial performance. Objective measures of stakeholder performance are not reported in companies' annual reports, so we have chosen to consider the subjective measures included in the "Britain's Most Admired Companies" surveys published annually in Management Today.
Social accounting
Such measurement is much more problematic, and this is one of the main problems with any kind of social accounting – the fact that measuring effects outside the organization is extremely difficult. Indeed, it can be argued that this difficulty in measurement is one of the reasons why organizations have concentrated on the measurement of accounting for their internal activities, which are much more amenable to measurement.
Aspects of performance
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The balanced scorecard
It is claimed that the Balanced Scorecard system actually balances the competing needs of an organization. The scorecard outcomes and performance factors should measure those factors that create competitive advantage and breakthroughs for an organization.” The overarching goal of the balanced scorecard is to achieve financial success in both the short and long term and effectively competes with other, more explicitly shareholder value-based approaches as a method of enabling companies to achieve this.
The environmental audit
Corporate Social Responsibility Performance Assessment and Performance Reporting Indeed ISO14000 deals with such audits in the context of the development of environmental management systems. Existence or potential for implementing environmental management procedures Such an audit will require a detailed understanding of an organization's processes and thus will be detailed and cannot be undertaken by the organization's accountants alone.
The Measurement of Performance
Once this audit has been completed, it is then possible to consider the development of appropriate measures and reporting mechanisms to provide the necessary information for both internal and external consumption. However, it is important to recognize that such an environmental audit, although an essential starting point for the development of such accounting and reporting, should not be seen as a separate isolated event in the development process.
The Evaluation of Performance
An important factor in performance evaluation is the concept of performance consistency. Appropriate measures developed through this proposed framework are likely to facilitate a better projection of the sustainability of performance levels and the future impact of current performance.
Multi-dimensional performance management
Part of the semiotics of corporate reporting is that managers have the opportunity to manage the provision of information in such a way that all stakeholders can be satisfied both with the information received and with the performance of the organization. This is because addressing the needs of all stakeholders is likely to reveal factors that will influence future performance that may not have been considered using a more traditional approach to performance evaluation.
Conclusions
Further reading
Self-test questions
Thus, if a large corporation asserts a desire to change its role in the community from a narrow emphasis on profit to a greater social responsibility (although the ultimate goal remains a combination of survival and the ability to make a profit), it must explore the implications of such change for decision making in a wide variety of organizational activities.
Introduction
Globalisation
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How Globalisation Affects CSR
Corporate Social Responsibility Globalization and CSR Moreover, shareholders are more interested in the company's long-term benefits and profits. This not only has to do with the company's profit, but also with the social and environmental performance of the company.
Globalisation, Corporate Failures and CSR
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Is Globalisation an opportunity or threat for CSR?
The concern is that the implication of corporate social responsibility cannot be controlled by legal means. When the company takes a long-term perspective, it will have benefits related to the profit and interests of the stakeholders in the company.
Conclusion
Further Reading
Self-test Questions
A non-profit organization is an organization whose purpose is to support or participate in activities of public or private interest, without any commercial or monetary gain. A non-governmental organization (NGO) is a legally constituted organization that operates without any participation or representation from any government.
Introduction
In cases where NGOs are funded in whole or in part by governments, the NGO retains its non-governmental status to the extent that it excludes government representatives from membership in the organization.
Distinguishing features of sector
It also means that the stakeholders are different – something we will return to as it is important for our consideration of CSR in such organisations.
Types of NFP organisation
Motivation for NFP’s
In an NFO there is no customer and the service recipients do not pay (or at least not the full cost) for the service received. For the evaluation of performance, there is less relevance of accounting goals and correspondingly greater importance of non-financial goals.
Implications for managers
Available resources
Corporate Social Responsibility CSR in non-profit organizations Other sources of finance include borrowing, but this is only an option for capital projects when some security can be provided.
Structure of a charity
Accounting issues
CSR issues in NFPs
Greater disclosure is a feature of corporate reporting as they seek to satisfy stakeholders with greater accountability and transparency. In this regard, for-profit organizations can be considered to be becoming more like non-profit organizations.
Conclusions
Disclosure has of course always been a part of NFP activity, as such disclosure is necessary to seek additional funding as well as to satisfy the diverse but powerful and vocal stakeholder groups.
Further reading
Self-test questions
Introduction
The Role of a Business Manager
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The objectives of a business
The value of a business depends partly on the profit it generates and partly on the value of the assets it owns. Maximizing the value of the company for shareholders therefore involves much more than maximizing the profit generated.
The Tasks of a Manager
Therefore, planning should be not only qualitative but also quantitative in order to evaluate the plan and determine the inputs and outputs of the plan. Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on ad to read more Click on ad to read more Click on ad to read more Click on ad to read more Click on ad to read more Click on ad to read more Click on ad to read more Click on ad to read more Click on ad to read more Click on ad to read more Click on ad to read more Click on ad to read more Click on ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on ad to read more Click on ad to read more Click on ad to read more Click on ad to read more.
The importance of performance measurement
Quantitative information is less likely to be misunderstood than qualitative information, and this is one of the important characteristics of accounting information. Management accounting therefore plays an important role not only in enabling decision-making, but also in communicating this information.
Managers and business ethics
Corporate Governance
In this regard, corporate governance will be one of the most important indicators for measuring risk. So companies should investigate what their corporate governance policy and practice should be.
Corporate Governance Principles
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Conclusions
Corporate Social Responsibility, CSR and Strategy Although corporate governance is primarily considered a matter of how a company behaves in relation to its investors, this is increasingly extended to a consideration of how it behaves in relationship to all its stakeholders. Governance is therefore increasingly seen as related to CSR and the concerns of the two converge (Aras & Crowther 2009).
Further reading
Self-test Questions
Among those which constitute the present state of human knowledge, there are few circumstances more different from what might have been expected, or more important to the backward state in which speculation on the most important subjects still lingers, than the little progress which has been achieved in the resolution of the dispute taking into account the criterion of right and wrong.
Introduction
The concept of leadership
Regarding their relationship with their subordinates, they will seek to persuade them to undertake the task – sales. Those who are more concerned with relationships than with the immediate execution of the task will seek to involve their subordinates in the decision-making and planning process – involving.
Styles of Leadership
Organisational culture and styles of leadership
Utilitarian – where the structure is focused around the completion of the tasks to be performed. Normative – where the organization's culture is focused on a common vision that all members of the organization buy into.
Motivation
Hygiene factors – they do not motivate people when they are present, but demotivate people when they are absent. Motivators – it motivates people when they are present, but does not demotivate people when they are absent.
Definitions of power
Corporate Social Responsibility Corporate Social Responsibility and Management Despite this reservation about power theory, it remains popular in the field of organizational theory. These foundations of power have proven remarkably durable in the discourse of organizational studies over the past forty years.
Sources of power
Referent power – this source of power exists, it depends on the personality and charisma of the leader. Contingent Power – This form of power exists, as its name suggests, because of the demands of a particular situation.
Systems of control
Strategic planning
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Corporate planning
Corporate Social Responsibility Corporate Social Responsibility and Leadership We see that the business manager must be involved at all stages of this planning process and that the accounting techniques we have discussed play an important role in helping at all levels and stages of the process. the planning process.
Planned and emergent strategy
Feedback
On the other hand, targets that are too difficult to achieve are felt to be unreasonable and therefore lead to a loss of motivation. Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more read Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more to read Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more Click on the ad to read more .
Agency Theory
Focusing on the shareholder–manager agency relationship, the main elements of agency theory will now be examined. On the other hand, managers benefit not only from their wealth, provided by their employment in the firm, but also from their free time, when they are not employed by the firm.
The Limitations of Agency Theory
Corporate Social Responsibility Corporate Social Responsibility and Leadership The 'first best' solution would be to pay a flat fee to reward 'conscientious' managers who put in optimal effort. However, such a "first best" solution is not applicable, as it is not realistically possible to judge whether a manager has acted "conscientiously" in any given set of circumstances.
Conclusions
However, such a "first best" solution is not feasible, as it is not realistically possible to assess whether or not a manager has acted "in good faith" in any particular set of circumstances. 1996);
Further reading
Self-test Questions
