HOW COULD CSR LEAD TO A BETTER MANAGEMENT (original) (raw)
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Journal of Accounting and Management Information Systems, 2012
Previous studies on companies listed on the Bucharest Stock Exchange (BSE) revealed that most of these entities do not meet the new corporate governance requirements about independent directors, Audit Committee members and the general recommendations of transparency. Companies that apply a lower level of corporate governance recommendations tend to have poorer performance, being less profitable and having a higher volatility. Correlation between corporate governance and internal audit is approached through the determinism relationship between turnover, assets investments and employees attraction, and positivity of this relation shows that it is beneficial of the performance of these companies. An effective internal audit function is supposed to assist management to fulfill its governance responsibilities. The environmental aspects incorporated in internal audit area will reduce the pressure from stakeholders on the environmental actions and impact of the company and their trust of t...
2012
The application of corporate social responsibility (CSR) is becoming in the international business context a source of competitive advantages, especially taking into account the current economic crisis and the prevalence of socioeconomic business models in Europe. In order to prove their CSR involvement, companies could use specific voluntary instruments, one of them being the management standards. The purpose of the present research is to analyse the way in which national or international companies acting on the Romanian business environment apply some of the most significant CSR management standards and to determine a relationship (if any) between corporate culture and CSR management standards, on one hand, and between corporate financial power and CSR management standards, on the other hand. The main results emphasize that the financial power dictates the implementation of CSR management standards and not the corporate culture. The results are consistent with the main findings in the specialized literature.
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The study presents the results from implementing the International Standards of Audit on the level of big enterprises from Romania. The research was conducted in 2010-2011, on a sample of four companies, these having implemented the International Standards of Audit. The study stated that they have successfully implemented the International Standards of Audit, which led to obtaining good results in terms of future economic performances. The research findings can be exploited in order to improve the implementation of future standards within enterprises, facilitating the development of new methods and techniques in applying financial auditing activities.
Knowledge-based economy highlights the need to develop cooperation relationships between all economic actors. It is known the fact that the system of relations between a company's management, board, shareholders and other stakeholders (which corporate governance in fact is) has, at least, elements of congruence with what CSR means. Although corporate governance codes apply only to listed companies, however, practice has shown that good corporate governance is essential also for unlisted companies as efficient networking between all stakeholders in an entity activity generates real opportunities to increase profitability of that entity and of the society in general. Of course, harmonizing the interests of all stakeholders is also the purpose of social responsibility. Therefore the basic idea of the study concerns the fact that companies listed or unlisted which is assuming social responsibilities can easily implement corporate governance codes, because of the similarities between...
Proceedings of the International Conference on Business Excellence
The corporate governance pillars have been intensively discussed in the literature and the formation and functioning of the audit committees have a special place in this world. Considering the existing conclusions retained by the literature on the influence of the audit committees on the performance of the companies, we intend to analyse the current status quo of the level of compliance for the listed Romanian companies in this field. Corroborating the recommendations of the corporate governance code provided by the Bucharest Stock Exchange along with the provisions of the norms that regulate statutory audit in Romania, we find a positive evolution of the level of compliance for the Romanian companies with respect to the formation and functioning of the audit committees.
The approach used in this study is the creative thinking which is the ability to generate a new and useful idea that has not been touched before, a skill that enables you to create original, unique, and unconventional ideas. The researcher adopted the idea of classification based on affiliation. Commitment to CSR is essentially a commitment to the four responsibilities ″economic, legal, ethical, and philanthropic.″ Also, administrative and financial deviations are violations that can be classified within one of the following areas, economic, legal, ethical, or philanthropic, if the reluctance to do charitable work is considered a deviation. Findings: More profoundly and extensively, this study was able to classify administrative and financial deviations according to the thought of CSR into four categories, Deviation from economic responsibility, deviation from legal responsibility, deviation from ethical responsibility, deviation from philanthropic responsibility. Originality/Value: Classifying administrative and financial deviations according to the thought of CSR is to enrich and enhance the idea of contemporary internal auditing-which has become concerned with matters of CSR. According to the modern perception regarding internal audit functions, the internal audit department in any organization can adopt and use this classification, whether in the field of ensuring CSR reports, monitoring and evaluating CSR, or reporting on CSR. Adopting this classification will help internal audit departments to accomplish their tasks in the field of CSR in a more accurate and objective manner.
2011
Corporate social responsibility and sustainability are key issues in the current business environment. Accountants play a crucial role in organizations in areas closely related to corporate social responsibility such as reporting, transparency, ethics, legal compliance, communication with stakeholders, and resource consumption. The aim of this paper is to analyze the role of accountants within the corporate social responsibility, with an emphasis on the Romanian case. Via literature review and job-offer analysis, we investigate the existence of corporate social responsibility practices in Romania and its implications on the accounting profession. We find that such practices are developed to an incipient but increasing extent in Romania. Romanian accountants are increasingly called to transpose the general framework of CSR, which is legal compliance, communication with stakeholders and performance measurement, thus leading to an increase in the importance of the accounting function in an organization. The following step would be the accountants' involvement in specific actions regarding environmental and social implications, but this is very rare in Romania. We suggest the Romanian higher and professional education adjusts more to the realities of the current business environment.
Corporate Social Responsibility in Romania: From Theory to Practice
Transition Studies Review, 2005
Corporate social responsibility (CSR) is considered as an appropriate tool for enhanced competitiveness of Romanian and foreign-capital companies in the domestic market, but also as a means to improve community responsibility and availability of the locally operating Multinational Corporations and for all large, medium-sized and small enterprises with public or private (Romanian or foreign) capital. As CSR is a new and challenging concept for a post-command economy, a learning process was initiated and fostered by various actors. The paper offers comments on the perception of CSR by local managers and academia as well as considerations on how to implement CSR in the specific business environment of an EU candidate country.
THE NEED FOR CORPORATE SOCIAL RESPONSIBILITY ASSURANCE
It is suggested that the "business of business" is no longer simply about short term profit maximisation, but increasingly it's about the value added, (or destroyed), in respect of its interaction with the environment and society as a whole. Many organisations discharge their corporate social responsibilities (CSR) through self-regulation and voluntary disclosure. However, many critics claim that organisations usually only report positive aspects, while placing the desired "spin" on others; and omitting transgressions that could impair its credibility and standing amongst stakeholders. Since it is globally accepted that ensuring effective corporate governance structures are the direct responsibility of the board of directors, the critical question that emerges is whether any assurance, in respect of the broader non-financial aspects of corporate governance disclosures is obtained. This exploratory paper utilises both qualitative and quantitative data to introduce CSR and establish a need for CSR disclosure assurance. Moreover, it particularly considers the role of the audit profession, with specific reference to internal audit. Despite the increasing trend towards CSR assurance, supported by literature presenting a strong case for CSR assurance and a role for the auditing profession, a limited exploratory study found a lack of involvement by internal audit in CSR activities. It is suggested though that this is indicative of the current stage of the CSR discourse, which should change as CSR continues to evolve.