Corporate Social Responsibility Demonstrated in Different Approaches to Corporate Extended Performance Reporting

By Siqi, Che; Xuepei, Li | Asian Social Science, October 2015 | Go to article overview

Corporate Social Responsibility Demonstrated in Different Approaches to Corporate Extended Performance Reporting


Siqi, Che, Xuepei, Li, Asian Social Science


Abstract

Corporate social responsibility is becoming a very popular tool for companies in outlining their own strategies (Stancu, Grigore, & Rosca, 2011). Different approaches have been developed to perform corporate social responsibility due to increased market competition. The purpose of this essay is to analyze the importance of carrying out corporate responsibility by demonstrating three different approaches: value creation, risk management, and corporate philanthropy. This will include a particular focus on the advantages and disadvantages of these approaches to extended performance reporting, followed by recommendations and suggestions with an emphasis on the importance of corporate social responsibility. Finally, with detailed analysis, it will be demonstrated that there is not a perfect approach which can meet all the requirements from companies. The approaches to Corporate Extended Performance Reporting for realizing corporate social responsibility still lack sophistication and maturity.

Keywords: social responsibility, approach, performance reporting

1. Introduction

In the contemporary society, corporate social responsibility (CSR) investments were undertaken by a great number of corporations, especially by large multinational firms, which means that corporate social responsibility becomes more relevant to the development of world-wide corporations. It is gradually becoming a financial measure indicator for business success in the long run. In addition, it is generally perceived that corporate activities have a large impact on our environment, society and all stakeholders. Corporations, as one type of stakeholders, should pay attention not only to the short-term corporate interests, but also to the sustainable profits over a long period of time. For the sake of measuring and evaluating corporate social responsibility activities, accountability principles serve as standards and frameworks for corporate sustainable development. Especially, the development of accountability has come to be applied in sustainability reporting (Aras & Crowther, 2009). Presently, Intensified corporate social responsibility has gradually become a contemporary mechanism in the modern business era (Gholami, 2011). It is evident that globalization has called for companies to help resolve social dilemmas and expanded the responsibilities of corporations (Hillman & Keim, 2001). According to Friedman, R. and Friedman M., corporate responsibility should mainly focus on corporation profits (Friedman, 2009). This view, obviously, constrains corporate responsibility to purely company returns. However, the diversity of corporation types indicates that "a one-size-fits-all approach" cannot meet the overall rising needs (Schwartz & Carroll, 2003). In this essay, the author introduces three common techniques: value creation, risk management and philanthropy to demonstrate various perspectives of corporate responsibility and their positive influence on sustainable development and accountabilities as well as their disadvantages and limitations in the aspects of extended performance reporting and reporting practice. In the following, three main approaches will be analyzed separately.

2. Value Creation Approach

According to Gholami (2011), corporate social responsibility is evidently a good way to create shared value, which is to successfully interconnect business success with social problems. The first main approach to link business success with social problems is value creation approach, which means that a sustainable business model can effectively resolve social problems. More exactly, the purpose of the value creation approach is to build a sustainable business model through innovation to drive future social development. In practice, the value creation approach bears a fundamental impact on the effective operation of corporate social responsibility (Debby et al., 2014). Sustainability reporting is the best case in demonstrating the value creation approach (Cook, 2008). …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited article

Corporate Social Responsibility Demonstrated in Different Approaches to Corporate Extended Performance Reporting
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this article
  • Highlights & Notes
  • Citations
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.