CSR- Accounting Essay Example | Topics and Well Written Essays - 3250 words

CSR- Accounting - Essay Example Numerous multidimensional and global issues are inculcated in its umbrella that has strategic implications for the business and its policy makers. It is concerned not only with what the business does with its profits but also with how it obtains them. Corporate social responsibility, in other words, addresses how the company manages its economic, social and environmental impacts along with its stakeholder’s relationships in all the key spheres of influence (SEEP, 2009). With the modern advent of the concept of corporate social responsibility, it is now expected of the businesses and the companies in general to be transparent and accountable in terms of their social performance. This idea of corporate social responsibility both reflects as well as drives the societies’ changing customs along with the social roles the businesses are expected to play (SEEP, 2009). In other words corporate social responsibility is basically about what the organizations do in order to be socially responsible. It encompasses the way the company’s managers respond to the diverse expectations that its stakeholders have from the company in terms of stakeholder management, issues management, as well as environmental scanning (Black, 2006). In view of the neo-liberal economists the concept of its contribution to the society was thought completely absurd. Despite the formation of a welfare state in the post war years, notable efforts had started initiating for engaging the businesses in society. However, increasing constraints were put on social aspirations of businesses following the expansion of corporate economy throughout 1940’s and 50’s. While, 1970 onwards the general interest of businesses towards corporate responsibility started to rise again which was finally consolidated in the 1980’s (Marinetto, 1999). Corporate social responsibility got developed due to the extension of a few contributing factors, such as the advent of the