(TIỂU LUẬN) ACCOUNTANT IN BUSINESS ESSAY CORPORATE SOCIAL RESPONSIBILITY ETHICS, LAW, GOVERNANCE AND SOCIAL RESPONSIBILITY

FOREIGN TRADE UNIVERSITY FACULTY OF ACCOUNTING AND AUDITING ACCOUNTANT IN BUSINESS ESSAY CORPORATE SOCIAL RESPONSIBILITY ETHICS, LAW, GOVERNANCE AND SOCIAL RESPONSIBILITY Group Credit class Scientific instructor School year : : : : 11 KET.F1.1(GD1-HK1-2021).1 MSc Pham Thi Ngoc Thu 2021-2022 Ha Noi, 2021 TABLE OF CONTENTS INTRODUCTION CONTENT .4 Corporate social responsibility 1.1 Definition 1.2 Types of corporate social responsibility 1.3 Strategies for social responsibility 1.4 Impact of corporate social responsibility on business .8 1.5 Examples of corporate social responsibility companies 1.6 Against corporate social responsibility 10 1.7 The stakeholder view .13 1.7.1 Definition 13 1.7.2 Categorization of stakeholders 13 1.7.3 Management of stakeholders 14 1.7.4 The relation between CSR and stakeholders 15 Ethics, law, governance and social responsibility .16 2.1 Definition .16 2.1.1 Business ethics 16 2.1.2 Business law 18 2.1.3 Business governance .18 2.2 Interaction of ethics, law, governance and social responsibility 19 2.2.1 Levels of regulation 19 2.2.2 Relationship between corporate governance and corporate social responsibility 20 2.2.3 Relationship between business ethics and corporate social responsibility 21 2.2.4 Effect on corporate behaviours .22 CONCLUSION 23 REFERENCES 25 INTRODUCTION There have been a number of reports worldwide on corporate social responsibility, but understanding how much an organization contributes back to the society and utilizes its available resources in a responsible manner, contributing to sustainable development through conveying benefits such as social, economic and environmental to stakeholders are more important than getting to grips with the detailed provisions laid down in each report Therefore, the purpose of this study is to examine the impacts of CSR and interaction of ethics, law, governance and social responsibility The typical examples were chosen based on the fact that most of the larger companies are expected to already have had good CSR as well as a code of ethics The study contributes to CSR literature by providing types of CSR and strategies socially responsible companies are using in their CSR initiatives The topic of corporate social responsibility has attracted multidisciplinary researchers from fields such as law, political sciences, accounting, finance, economics and even philosophy Corporate social responsibility is a broad concept that can take many forms depending on the company and industry Through CSR programs, philanthropy, and volunteer efforts, businesses can benefit society while boosting their brands As a result, the importance of CSR and the awareness about it were rising in the last few decades with the aim to protect and secure the company's brand image and boost staff morale while ensuring the company’s economic efficiency and leading to sustainabiland Additionally, corporate governance requirements and social responsibility may be viewed as additional rules and guidance for companies and individuals They bridge the gap between what the law requires and what society expects This is because the law does not always encourage them to behave in an ethical or socially responsible manner While the economic aspects of corporate governance, such as shareholder value maximization, legal compliance, and investment risk management, are better handled by board processes, the ethical aspects, such as social and environmental challenges, are best handled by corporate social responsibility CONTENT Corporate social responsibility 1.1 Definition Corporate social responsibility (CSR) is a self-regulating business model that helps a company be socially accountable - to itself, its stakeholders, and the public By practicing corporate social responsibility, also called corporate citizenship, companies can be conscious of the kind of impact they are having on all aspects of society, including economic, social, and environmental Corporate social responsibility is a broad concept that can take many forms depending on the company and industry Through CSR programs, philanthropy, and volunteer efforts, businesses can benefit society while boosting their brands As important as CSR is for the community, it is equally valuable for a company CSR activities can help forge a stronger bond between employees and corporations, boost morale and help both employees and employers feel more connected with the world around them 1.2 Types of corporate social responsibility The first type of corporate social responsibility is environmental responsibility The environment is a major emphasis of CSR Businesses of all sizes have significant carbon footprints Any actions that a corporation may take to decrease its environmental impact are beneficial to both the firm and society Environmental responsibility initiatives aim at reducing pollution and greenhouse gas emissions, and the sustainable use of natural resources Companies that want to be more environmentally conscious might it in a variety of ways First of all, pollution, greenhouse gas emissions, single-use plastics, water usage, and general waste are all being reduced Secondly, the use of renewable energy, sustainable resources, and recycled or partially recycled materials is becoming more common Moreover, planting trees, sponsoring research, and contributing to relevant charities are examples of ways to mitigate harmful environmental effects The second type of CSR is human rights responsibility Human rights responsibility initiatives involve providing fair labor practices (e.g., equal pay for equal work) and fair trade practices, and disavowing child labor Companies may show CSR by treating employees fairly and ethically This is especially true for companies that operate in countries whose labor regulations differ from those in the United States The goal of ethical responsibility is to ensure that an organization operates in a fair and ethical manner All stakeholders, including leadership, investors, workers, suppliers, and consumers, should be treated fairly by organizations that embrace ethical responsibility Companies can take on ethical responsibility in a variety of ways If the minimum wage set by the state or federal government isn't a "livable wage," for example, a company may set its own, higher rate Similarly, a company may demand that products, ingredients, materials, or components be obtained in accordance with free trade principles Many businesses have procedures in place to guarantee that they are not acquiring items made by slaves or children The third type is philanthropic responsibility Philanthropic responsibility refers to a company's goal of actively improving the world and society Businesses may demonstrate their social responsibility by contributing money, products, or services to charitable organizations and causes Larger corporations often have more resources to donate to charities and local community initiatives; nevertheless, your actions as a small business may make a huge difference If you have a specific charity or program in mind, contact the group and inquire about their specific requirements, as well as if a donation of money, time, or your company's goods would be the most beneficial Philanthropic responsibility can include things such as funding educational programs, supporting health initiatives, donating to causes, and supporting community beautification projects Participating in local causes or giving your time (and that of your employees) at community events demonstrates a company's commitment Companies can demonstrate their concern (and support) for certain concerns and social causes by conducting good actions without expecting anything in return Organizations frequently donate a percentage of their revenues in addition to operating as ethically and ecologically friendly as feasible Many businesses give to charities and organizations that match with their guiding missions, while others donate to worthwhile causes that have nothing to with their business Others go so far as to establish their own charity trust or organization in order to help others The fourth type of corporate social responsibility is economic responsibility Economic responsibility refers to a company's practice of basing all of its financial decisions on its commitment to good in the areas mentioned above The ultimate objective is to have a beneficial influence on the environment, people, and society, not only maximize profits Economic responsibility initiatives involve improving the firm’s business operation while participating in sustainable practices – for example, using a new manufacturing process to minimize wastage 1.3 Strategies for social responsibility Over the past few decades, consumers have increasingly chosen to purchase products from companies that good Inversely, the majority of consumers are also willing to stop purchasing products from companies whose values don’t align with theirs; especially on polarizing issues such as education, racial equality, and women’s rights In a survey of adult consumers conducted by EVERFI, 58% say the social impact of the company is important when deciding which product to buy; 76% said they believe engagement in the broader community is important to brand reputation; and nearly half felt that companies have an obligation to take actions to improve societal problems, even if those problems aren’t related to the company’s business operations The survey results make it hard to deny the corporate social responsibility impact on business EVERFI’s research analyzed consumer responses based on their impact priorities within the following six categories of CSR: Education, Environment, Poverty/Economic Equality, Social Justice/Human Rights, The Arts, and Health/Sports Seventy-eight percent of respondents listed education as an important area on which brands should spend their CSR budgets and 60% selected education as the most important Further, individuals who endorsed education seemed to be the most ardent consumers in terms of loyalty and engagement with a given business, as opposed to proponents of the other five categories For instance, 76% of consumers who selected education as an important part of a CSR model said they would spend more money to patronize a business with good values versus 59% of the respondents who did not select education They are also about twice as likely to engage with that brand via social media and by downloading its mobile app It is clear education-concerned consumers are high-value customers Investing in attracting education-concerned consumers via education efforts can pay off for companies in the form of increased engagement and ongoing loyalty By making a CSR impact through education, specifically, may resonate with a particularly valuable population of consumers and could perhaps yield the best corporate social responsibility impact on business Additionally, communicating out the success of education-focused programs can lead to greater brand awareness and business However, in order for buyers to support the companies they perceive as socially impactful and aligned with their values, they must be aware of a company’s social impact and values Communicating and marketing the impact of corporate social responsibility is crucial Consumers don’t want to hunt for information, they expect companies to report on their CSR efforts and results in a way that is easily discoverable, transparent and simple to understand 1.4 Impact of corporate social responsibility on business CSR may be beneficial to a company in two ways The first method is to improve the company's brand image When customers and clients see proof of social responsibility, they are more likely to respond positively The second benefit is that it boosts staff morale Companies that invest substantial time and money in ethical and socially responsible activities are more likely to have higher employee morale in the long run According to today's contemporary customer, businesses must recognize their social obligations and think beyond profit Because of the growing attention on corporate social responsibility (CSR) in the news and on social media, companies are under more scrutiny than ever before in order to impact change in their communities While this is all well and well, a company's investment in CSR might be difficult to explain if there is no apparent relationship between CSR and profitability In fact, corporate social responsibility has an impact on business performance First of all, CSR can strengthen brand image, recognition, and reputation CSR adds value to firms by establishing and maintaining a good corporate reputation and brand equity Secondly, CSR can also increase customer loyalty and sales as customers of a firm that practices CSR feel that they are helping the business support good causes It is worth acknowledging that investing in operational efficiencies results in operational cost savings as well as reduced environmental impact Therefore, investors are more willing to support the business and the firm may have access to funding easier Moreover, CSR can help reduce regulatory burden as strong relationships with regulatory bodies can help to reduce a firm’s regulatory burden For corporate culture, CSR is likely to retain key and talented employees because employees often stay longer and are more committed to their firm knowing that they are working for a business that practices CSR 1.5 Examples of corporate social responsibility companies Starbucks has long been known for its keen sense of corporate social responsibility and commitment to sustainability and community welfare According to the company, Starbucks has achieved many of its CSR milestones since it opened its doors According to its 2019 Global Social Impact Report, these milestones include reaching 99% of ethically sourced coffee, creating a global network of farmers, pioneering green building throughout its stores, contributing millions of hours of community service, and creating a groundbreaking college program for its partner/employees Starbucks' goals for 2020 and beyond include hiring 10,000 refugees, reducing the environmental impact of its cups, and engaging its employees in environmental leadership.1 Today there are many socially responsible companies whose brands are known for their CSR programs, such as Ben & Jerry's ice cream and Everlane, a clothing retailer Despite being one of the largest corporations in the world, Google is an excellent example of a business that is constantly working for the betterment of society In addition to various other CSR initiatives, the company has implemented a widely successful environmental policy called Google Green, which is a corporate effort to use resources more efficiently and support renewable energy sources It has led to an overall reduction in power requirements for their data centers by 50 percent organizations typically make commitments to specific ethical standards and moral practices based on the industry they operate in and the corporate culture the company wants to promote Business ethics ensure that a certain basic level of trust exists between consumers and various forms of market participants with businesses For example, a portfolio manager must give the same consideration to the portfolios of family members and small individual investors These kinds of practices ensure the public receives fair treatment Since that time period, the concept of business ethics has evolved Business ethics goes beyond just a moral code of right and wrong; it attempts to reconcile what companies must legally versus maintaining a competitive advantage over other businesses Firms display business ethics in several ways For example, Microsoft is one of the biggest technology companies to date, and they didn’t become this way by lying and operating under unethical practices One way in contributing to their corporate and social responsibilities, Microsoft makes it their duty to give back to the society Since 1983 when the company was first founded, Microsoft as a company with its employees have donated for $1 billion which have helped over 31,000 non-profit programs Their helping hand goes far beyond monetary value and offers its employees volunteer opportunities In efforts to continue to flourish within the company, Microsoft now runs a program titled “Technology Education and Literacy in Schools", which is designed to encourage Microsoft staff members to volunteer their time at schools to help teach students computer science On the contrary, another company in which many are familiar with and still rather popular is Toyota The company is most known for their extensive line of cars and trucks but more recently known for lying to the public about a serious car failure problem Aware of a sticky gas pedal part failure, instead of notifying 17 their customers the sticking gas pedal and brake failure, Toyota tried to indirectly fix their mistake by introducing side airbags This major issue caused major accidents including death This one lone, although extensive incident has tarnished the company’s reputation They lied to their customers/stakeholders The sales of their top cars halted and the company faced over billions of dollars in charges and operational losses Having a business who makes it its duty to operate ethically goes a long way in the long run An ethical company isn’t breaking any laws, doesn’t have to fund the money for damage control and most important they are taking care of their stakeholders Whereas a company who functions unethically has to work ten times harder to fix the lasting negative reputation it has been labeled with Operating unethically you are more prone to not just losing manager and employees, but external stakeholders as well such as suppliers and stockholders, the vital components of a business 2.1.2 Business law Business law, often known as mercantile law or commercial law, refers to the rules that regulate human-to-human interactions and business transactions Business law is divided into two areas: the regulation of commercial entities via partnership, company, bankruptcy, and agency laws, and the control of commercial transactions through contract laws Peace-guilds, whose members pledged to stand by each other for safety, have a long history of these sorts of rules A large part of business law entails attempting to avoid problems that might harm the company or result in legal conflicts Business law encompasses all of the laws that dictate how to form and run a business This includes all of the laws that govern how to start, buy, manage and close or sell any type of business Business laws establish the rules that all businesses should follow 18 2.1.3 Business governance Business governance concerns the actions and controls placed on those charged with managing a business entity Business governance is the subject of extensive legislation and research, particularly as it pertains to the corporate entity form Corporate governance generally concerns the internal control of a corporation as influenced or controlled by business law, rules of ethics, and industry standards It specifically focuses on the actions of managers and directors and the observance of procedural safeguards of shareholder rights Key elements that emerge from the definitions are that corporate governance involves exercising direction and control, ensuring that shareholders get a return for their investment, compliance with regulations, trusteeship of assets and encouragement of best practice However, the definition involves balancing economic and social goals, balancing individual and communal goals, incentivizing the board and management to act in the interest of the company and its other stakeholders and good corporate citizenship Charkham (1994) pointed out two basic principles of corporate governance First of all, management must have the freedom to pursue organizational goals without undue government, fear or unjustified legal action, or fear of being dislodged Secondly, the freedom to manage a business must be exercised with some level of accountability without the detriment of wealth creation The principles demonstrate that, while corporate governance is primarily concerned with the direction and control of management, it is also concerned with the construction of an enabling framework that allows management to focus on the task of responsible wealth creation This emphasizes the importance of striking a balance between stewardship and efficiency, as well as encouraging entrepreneurship without jeopardizing good corporate responsibility 19 2.2 Interaction of ethics, law, governance and social responsibility 2.2.1 Levels of regulation Law: Rules are the ones that individuals and companies must follow the minimum level It is basically the minimum level of behavior society allows Individuals must follow these rules and not have that much freedom of choice to follow these things otherwise they will be penalized Business law serves as a way to maintain order among businesses, brands, and companies alike They protect the rights of the company, and of the people who work there, as well as help to establish a certain standard for how things should be run Additionally, they provide a sense of stability that helps businesses maintain that scheduled order, as well as giving them protection to easily settle any disputes that might occur (More regulation, less freedom of choice) Corporate governance: Publicly listed companies only are regulated Others are encouraged to follow 'best practice' Corporate governance covers both the social and institutional aspects of a business It influences how the objectives of a business are set and achieved, how risks are monitored and assessed, and how internal performance is optimized Therefore, the importance of corporate governance cannot be understated (More regulation, less freedom of choice) Social responsibility: No regulation Individuals and companies have a free choice Some social pressure to act in a socially responsible manner In order to ensure the best results of their organization, in contrast, social responsibility and ethics are not at all governed by the rule of law However, there is more freedom of choice, there are certain social pressures that the company due to those pressures have to act in a socially responsible manner appearing to be more responsible citizens (Less regulation, more freedom of choice) 20 Ethics: Values and principles Individuals and companies are expected to follow Adopting an ethical position is down to free choice Having an ethical position is down to free choice but usually it is dependent on certain factors These are the overall factors that are affecting the decision making of the directors (Less regulation, more freedom of choice) 2.2.2 Relationship between corporate governance and corporate social responsibility Corporate governance practices that have been linked with corporate social responsibility include disclosure of social, environmental, and ethical issues; accountability and transparency; board composition and diversity to an extent in some cases of having a board that reflects the demographics of a businesses’ area of operation; risk management especially relating to social and cultural norms; compensation of workers including other working conditions; independence and expertise of directors; board-level oversight of environmental and social risks; linkage of executive pay and attainment of both financial and non- financial results in a manner that ensures equitable distribution of the wealth created by the business Corporate governance and corporate social responsibility are becoming increasingly difficult to separate in the global scene, as they overlap and one serves as a mirror for the other They are both connected and intertwined There is a high level of corporate social responsibility if there is excellent corporate governance A company with excellent corporate governance processes and high levels of compliance is more likely to be a good corporate citizen, as evidenced by its corporate social responsibility efforts Despite the fact that they focus on various aspects of organizational governance, they are inextricably linked While the economic aspects of corporate governance, such as shareholder value maximization, legal compliance, and investment risk management, are better 21 handled by board processes, the ethical aspects, such as social and environmental challenges, are best handled by corporate social responsibility 2.2.3 Relationship between business ethics and corporate social responsibility It is possible to distinguish a relationship between business ethics and corporate social responsibility based on the critical role that ethics plays in business and corporate social responsibility Furthermore, theoretical interpretation in business literature and society views CSR and business ethics to be the same In fact, corporate social responsibility and business ethics are intertwined, so business ethics is a component of corporate social responsibility and vice versa It is also recommended that an organization's "pressure points" that emphasize the need for CSR action be identified "The firm's values and ethics" is the first pressure point Work ethics and social responsibility are two different matches However, they are frequently used interchangeably to refer to the same argument or symbol 2.2.4 Effect on corporate behaviours More importantly, the way each factor influences business behavior should be carefully considered It is crucial to remember that businesses not make decisions on their own The major policy decisions are made by human individuals, typically the directors There are many factors that will influence the behavior of a company From external pressures, there are laws, society ethics and pressure for social responsibility The law is the most significant external influence since it establishes the minimum degree of behavior that is anticipated Companies will respect society's ethical beliefs and needs for social responsibility to the extent that it is essential to remain profitable The ethical responsibilities refer to what 22 is truly expected of different countries around the world compared with what those companies are legally and economically compelled to perform In fact, the ethical responsibilities emphasize doing what seems to be right rather than performing what is just legal As a result, ethical responsibilities within a business rank higher than both legal and economic accountability On the other hand, internal pressure includes the director’s ethics, the needs of shareholders and the business needs to appear socially responsible The requirement to achieve the results that shareholders demand, such as boosting the company's share price or dividend, has a significant impact on directors To so, they may have to go against their own moral convictions However, businesses are not required to operate ethically The majority of the time, they are run for the benefit of the owners (shareholders), not for the good of society as a whole CONCLUSION As stated, implementing CSR may not be as easy as it appears, especially when it comes to the corporate realm, but researchers have agreed on the importance of CSR in business and ethical principles with in an entity As important as CSR is for the community, it is equally valuable for a company CSR activities can help forge a stronger bond between employees and corporations, boost morale and help both employees and employers feel more connected with the world around them 23 According to today's contemporary customer, businesses must recognize their social obligations and think beyond profit Because of the growing attention on corporate social responsibility (CSR) in the news and on social media, companies are under more scrutiny than ever before in order to impact change in their communities While this is all well and well, a company's investment in CSR might be difficult to explain if there is no apparent relationship between CSR and profitability Also, business ethics are the rules and principles that define how an individual or a group of individuals within a firm behaves; ethical issues are vital for professionals in their everyday lives; for this reason business ethics must be strongly enforced in the field of profit-seeking establishments In addition, the board of directors and the owners of an entity have moral and ethical obligations toward their stakeholders, the presence of corporate governance will further dwell upon these behaviors and increase actions enhancing the decision-making process The study moves on to discuss the relationship between corporate governance and CSR In order to satisfy stakeholders and gain a positive image, firms have adopted CSR in their agenda and embedded it 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CSR and business ethics to be the same In fact, corporate social responsibility and business ethics are intertwined, so business ethics is a component of corporate social responsibility and vice... and corporate social responsibility based on the critical role that ethics plays in business and corporate social responsibility Furthermore, theoretical interpretation in business literature and. .. Relationship between corporate governance and corporate social responsibility Corporate governance practices that have been linked with corporate social responsibility include disclosure of social, environmental,