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The importance of corporate social responsibility reporting - Coursework Example

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Corporate social responsibility (CSR) refers to the voluntary activities of an organisation that aim at ensuring sustainable development through conserving the ecological environment, ensuring efficient use of natural resources, implementing ethical business policies,…
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Download file to see previous pages , the sole economic obligation of business was to increase the shareholder wealth, but the 21st century business environment created new demands for businesses (Philips 2011).
The sustainability disclosures are the best practices that are employed by multinational companies across the globe. The disclosures enables a company manage social and environmental impacts and attain efficiency in natural environment stewardship. About 95 percent of the leading global companies issue CSR reports and implement ways of protecting their reputational asset and sustaining stakeholder trust through the CSR initiatives (Idowu & Louche 2011). CSR improves business performance through monitoring the long-term and short-term risks to reputation, improved access to capital, better relationships with government and regulatory entities and enhanced consumer loyalty (Philips 2011).
CSR reporting makes decision-making more efficient through enhanced efficiency and cost reduction. The companies can be able to demonstrate their reductions in waste and CSR reports includes data that enhances transparency on the firm’s performance (Idowu & Louche 2011). The CSR reporting will prepare the firms to mitigate any social and environmental risks such as oil spills in petroleum firms that may have adverse financial and reputational impact on the company (Philips 2011).
According to Adam Smith economic model, business owners are wealth maximisers and the obligation of the management is to maximize the shareholders’ wealth through efficient allocation of resources. Cuvilceva (2012) outlined that businesses owe economic, legal, ethical and discretionary obligations to the society. According to stakeholder theory analysis, individuals and groups within the society are affected by the actions of an economic entity and such groups have certain rights and obligations to impose on the businesses (Gray 1996). The stakeholders include the shareholders, suppliers, customers, creditors, government, ...Download file to see next pagesRead More
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