Essay About Social                                                 Responsibility And Social Responsibility

Costing Corporate Social Responsibility
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[pic 1]FACULTY OF COMMERCENAME                        :        MARSHALSURNAME                :        NYATSANZAREG No                :        M184245PROGRAME                :        BCOM HONS ACCOUNTINGLEVEL                :        2.1COURSE NAME        :        COST ACCOUNTINGCOURSE CODE        :        AC212LECTURER                :        MR NYAKUWANIKWA                        QUESTION                :        MANY AURTHORS ARGUE THAT SOCIAL                                                 RESPONSIBILITY AND BUSINESS                                                        PERFOMANCE ARE CORE RELATED. DISCUSS.EXECUTIVE SUMMARYSubject matterThe purpose of this write up is to discuss the view postulated by some authors that social responsibility and business performance are correlated. The shouldering of social responsibility by firms is an issue that continues to generate mixed considerations, debates and thoughts by different subsets of the corporate world and the academia. The proponents argue that, it fosters and promotes ethical behaviour by managers, and this has a positive impact on firm reputation. However, opponents of corporate social responsibility claim that it is expensive and inconsistent with the preeminent goal of maximizing shareholder return, and also not of great significant in developed countries. This write up will first examine corporate social responsibility, followed by financial performance and then pair them to examine the relationship between corporate social responsibility and business performance. After the main discussion, the writer will pass recommendations followed by the reference list.TABLE OF CONTENTS                                                                      PAGE1.0 INTRODUCTION42.0 MAIN BODY2.1 DEFINITION OF KEY TERMS42.1.1 SOCIAL RESPONSIBILITY42.1.2 BUSINESS ETHICS52.1.3 BUSINESS PERFOMANCE52.2 EXPLANATION OF CSR AND BUSINESS PERFOMANCE2.2.1 SOCIAL RESPONSIBILITY52.2.1.1 THE ENVIRONMENT62.2.1.2 EMPLOYEES72.2.1.3 CONSUMERS82.2.1.4 COMMUNITY INVOLVEMENT AND DEVELOPMENT92.2.1.5 CONCLUSION102.2.2 BUSINESS ETHICS112.2.3 BUSINESS PERFOMANCE122.2.3.1 FINANCIAL PERFORMANCE122.2.3.2 NON-FINANCIAL PERFORMANCE MEASURES142.3 RELATIONSHIP BETWEEN SOCIAL RESPONSIBILTY AND      BUSINESS PERFOMANCE2.3.1 POSITIVE CORRELATION152.3.2 NEGATIVE CORRELATION162.3.3 NO CORRELATION173.0 CONCLUSION184.0 RECOMMENDATIONS195.0 REFERENCES20INTRODUCTION         The shouldering of social responsibility by firms is an issue that continues to generate mixed considerations, debates and thoughts by different subsets of the corporate world and the academia. Businesses make up part of society and depend on it to attain their economic goals. While many authors argue that corporate social responsibility is not only a righteous obligation of firms but one that also comes with great benefits, some authors argue that, it is against the profit-making function of business, and that it does not even pay the firm any meaningful dividend to become socially responsible. Classical economists argue that a company’s only responsibility is to increase value for its shareholders. The social responsibility of business is to increase its profits, especially in the private sector. Some studies detect a positive relationship, while various others find negative, no or even curvilinear relationship between social responsibility and business performance. The main discussion follows after key terms are defined.2.1 DEFINITION OF TERMS2.1.1 SOCIAL RESPONSIBILIYThere is no agreed definition of what exactly is corporate social responsibility, so this raises the question of what exactly can be considered to be corporate social responsibility. According to Crowther & Shahla (2018:2), corporate social responsibility is a concept where by companies intergrate social and environmental concerns in their operations and in their interactions with their stakeholders on a voluntary basis. This implies that social responsibility is the commitment by businesses to behave in an ethical manner and contribute to economic development while improving the quality of life of the workforce and their families as well as the local communities and society at large. Saluja & Kapoor (2017:159) conforms that corporate social responsibility is a concept whereby organizations consider the interests of society by taking responsibility for the impact of their activities on customers, suppliers, employees, shareholders, communities and other stakeholders, as well as the environment.