...transactions, either manually or electronically, for the purpose of creating a reliable bank of data · Primary objective of accounting- to provide useful info for decision-making · Accounting info results from the accounting activities of identifying, measuring, recording, reporting, and analyzing economic transactions. 1. What is the major objective of accounting? · Accounting is an information and measurement system that identifies, measures, records, and communicates understandable, relevant, reliable, and comparable information to people that helps them in making better decisions. It helps people in business to identify and react to investment opportunities, and better assess opportunities, products, investments, and social[->0] and community responsibilities. 2. Distinguish between accounting and recordkeeping. · Recordkeeping is the recording of financial transactions and events, either manually or electronically. While recordkeeping is essential to data reliability, accounting is this and much more. Accounting includes identifying, measuring, recording, reporting, and analyzing economic events and transactions. It involves interpreting information, and designing information systems to provide useful reports that monitor and control an organization's activities. LIFA 1.2 FORMS OF ORGANIZATION · A business is one or more individuals selling products or services for profit. · There are business and non-business organizations. · Businesses have the goal of generating...
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...There are various reasons behind corporate giving in society. First, based on Camphell, Gulas and Gruca (1999), the reasons for corporate philanthropy is separated into two general categoties. Corporate giving, being considered as a kind of input, is a sufficient market strategy adapted by many firms for increasing profit to obtain potential benefits and rewards and achieve “do better by doing good”. And then, the second kind is mainly from “the social responsiveness of the firm” defined as corporate benevolence based on the managers’ attitude towards the charity. Namely, the motivation of corporate giving is the firm’s sense of social responsibility and altruism, manager’s felling or perception impact the corporate giving significantly. It may be reasonable say that managers incooperate their felling and sense of social responsiveness when they make decisions of corporate philanthropy. Moreover, according to Tonello (2011), corporate giving may be regarded as a competitive advantage through well designed and operated carefully. For instance, with the increase of the name recognition and reputation, it is beneficial for firm to improve its size and quality of its customer regions and economic conditions. Furthermore, Bruch and Walter (2005) also think that companies with well-designed communication about the activities of philanthropy can target their stakeholder groups. Corporate giving may lead to an improvement of the quality of life in communities of the company’s business...
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...balance sheet was really relevant in representing firms. I also thought that the paper on Corporate Social Responsibility Practices in the Listed Companies of Sri Lanka: A Survey Study by Dr. Susith Fernando was also a very stimulating. I would definitely like to see more research on corporate responsibility particularly with listed companies in developing countries like China or Mexico. Overall the presentation on professor’s research help stimulate some ideas for our capstone research projects and I also think was a good experience to see what kind of experience students may encounter for that required course. However, the last few presentations seemed to be constantly interrupted by questions and it appeared as though people were not adhering to saving their questions until the end of each researcher’s presentation. So it seemed, as the presentation of each paper was not flowing as smoothly as the earlier presentations. Additionally hearing the various opinions of professors was very enlightening. They had such insightful observations on the research papers as well as topics such as IFRS convergence. I do feel that the research was very detailed and it was difficult to follow a lot of the models and regression statistics/equations. I think if we had been familiar with such tools in research it would have helped students understand the presentations a lot more. CCRG: The Corporate Reporting and Governance presentations were much easier to comprehend than the research...
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...Section A A1 Corporate initiative to assess and take responsibility for the company's effects on the environment and impact on social welfare. The term generally applies to company efforts that go beyond what may be required by regulators or environmental protection groups. Corporate social responsibility may also be referred to as "corporate citizenship" and can involve incurring short-term costs that do not provide an immediate financial benefit to the company, but instead promote positive social and environmental change (investopedia). Corporate Social Responsibility is a management concept whereby companies integrate social and environmental concerns in their business operations and interactions with their stakeholders. CSR is generally...
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...Corporate Social Responsibility across Industries: When can who do well by doing good? Andreas G. F. Hoepnerab, Pei-Shan Yua* & John Fergusonc School of Management, University of St. Andrews, The Gateway, North Haugh, St. Andrews, KY16 9SS, UK Academic Fellow, Principles for Responsible Investment, PRI Secretariat, c/o UN Global Compact, DC2-612, United Nations, New York, NY 10017, US c Department of Accounting & Finance, University of Strathclyde, 100 Cathedral Street, Glasgow, G4 0LN, UK b a This version (3.0): March, 2010 First version (1.0): October, 2008 ___________________________________________________________________________ Abstract: While much of the previous literature considers whether corporate social responsibility (CSR) pays, we take a more nuanced perspective, theoretically and empirically, by investigating when CSR pays and for whom? Theoretically, we develop two contingency perspectives. First, we extend previous work to argue that CSR’s impacts on corporate financial performance (CFP) are moderated by five factors: CSR form, firm characteristics, time, national framework and industrial characteristics. Focusing on industrial characteristics, we theorise that differences in industries’ dependency on certain stakeholder groups, their proximity to the end consumer, their potential for social and environmental damages and their level of product / service differentiation moderate CSR’s value relevance. Our second contingency perspective considers for whom CSR might...
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...SOCIAL RESPONSIBILITY: WHY IT’S THE RIGHT THING TO DO “Being socially responsible means that people and organizations must behave ethically and with sensitivity toward social, cultural, economic and environmental issues. Striving for social responsibility helps individuals, organizations and governments have a positive impact on development, business and society with a positive contribution to bottom-line results,” (http://www.imasocialentrepreneur.com/social-responsibility/). In layman’s terms, corporations have a responsibility to serve the community while providing goods and services and making a profit. Business Law author Henry Cheeseman identifies the four theories of social responsibility as: a) maximizing profits, b) moral minimum, c) stakeholder interest, and d) corporate citizenship. In order to comply with social responsibility standards, all requirements must be met. Unfortunately, not all business owners feel obligated to be fully socially responsible. T.J. Rodgers, founder and CEO of Cypress Semiconductor, is one who does not. His primary interests are in maximizing profits and stakeholder interests. Whole Foods CEO John Mackey, on the other hand, fully grasps the idea of and practices all aspects of social responsibility. There are legitimate arguments for and against businesses performing social responsibility activities. The strongest argument in support of social responsibility is that because businesses have such a profound impact on their communities...
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...A Report on Reckitt Benckiser A Report on “Multiple Regression Analysis of Determinants of Dividend Payout Ratio of Reckitt Benckiser” Acknowledgement It is a great honor for us to submit this report to our respected teacher. At first we want to convey our thanks and gratitude to her for assigning us to prepare report entitled, “Reckitt Benckiser”. It would not have been possible for us to complete the report, but for his help. All of the efforts ended at a desired point for the cooperation and hard work, Sincerity and seriousness of our group members. So, all of them as well as our group members are worth of pure compliment. Letter of Transmittal February 14, 2015 Dear Sir, Subject: Submitting the report on “Determinants of dividend payout ratio of Reckitt Benckiser”. We are submitting a well-structured and comprehensive report on Reckitt Benckiser”. Despite many constraints like scope and access to information, we have tried to create something satisfactory. We have tried to follow your guideline in every aspects of preparing this report. We have concentrated on the most relevant and logical areas to make our report coherent as well as practical. We hope this report will entice your kind appreciation. Sincerely, ________________ Executive Summery Reckitt Benckiser is a global leader in household, health and personal care sectors and one of the fast growing multinationals. In our report we mainly deal with Multiple regression...
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...Corporate Social Responsibility, Audit Fees, and Audit Opinions Long Chen School of Management George Mason University E-mail: lchenk@gmu.edu Bin Srinidhi Department of Accountancy City University of Hong Kong E-mail: acbin@cityu.edu.hk Albert Tsang School of Accountancy The Chinese University of Hong Kong E-mail: albert.tsang@cuhk.edu.hk Wei Yu Department of Accounting and Information Management The University of Tennessee E-mail: wyu4@utk.edu March 30, 2012 We thank Zhiyan Cao, Joseph Carcello, Keith Jones, Kathryn Kadous, Roger Simnett, and seminar participants at the City University of Hong Kong, George Mason University, National University of Singapore, Singapore Management University, Sun Yat-sen Business School, 2011 Academic Conference on Social Responsibility held by the University of Washington Tacoma, and 2012 AAA Auditing Section Midyear Conference for their helpful comments. Corporate Social Responsibility, Audit Fees, and Audit Opinions Abstract Using a sample of U.S. firms from 2000-2008, we examine whether and how their Corporate Social Responsibility (CSR) affects audit fees and the audit opinions. We find that auditors charge lower fees and reduce the propensity to issue going concern qualifications to client firms with superior CSR performance, but increase them for clients with significant CSR concerns. We interpret this finding as suggesting that the auditors use CSR information as an indicator of the client’s...
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...Markus Christen, Ganesh Iyer, & David Soberman Job Satisfaction, Job Performance, and Effort: A Reexamination Using Agency Theory The objective of this article is to clarify ambiguities in the literature regarding the relationships among three key constructs of work relationships: effort, job performance, and job satisfaction. The relationship between job performance and job satisfaction is of central interest to research in organizational psychology. However, empirical research in that area finds that the link between these constructs is weak at best. A negative effect of effort on job satisfaction is consistent with agency theory, but there is limited empirical evidence to support this assumption. Moreover, some studies have found a positive effect of effort on job satisfaction. Using a model that incorporates the main constructs from agency theory and organizational psychology, the current study finds a negative, direct effect of effort and a positive, direct effect of job performance on job satisfaction. The authors show that conflicting findings in the literature are the result of inconsistency in both the measurement and the definition of constructs across studies that do not fully account for all the relationships between constructs. The current findings emphasize the need to distinguish clearly between factors that represent employees’ inputs in a work relationship (i.e., effort) and those that represent their outputs (i.e., job performance). The article also demonstrates...
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...Corporate Social Responsibility Theories: Mapping the Territory Elisabet Garriga, ` ´ Domenec Mele ABSTRACT. The Corporate Social Responsibility (CSR) field presents not only a landscape of theories but also a proliferation of approaches, which are controversial, complex and unclear. This article tries to clarify the situation, ‘‘mapping the territory’’ by classifying the main CSR theories and related approaches in four groups: (1) instrumental theories, in which the corporation is seen as only an instrument for wealth creation, and its social activities are only a means to achieve economic results; (2) political theories, which concern themselves with the power of corporations in society and a responsible use of this power in the political arena; (3) integrative theories, in which the corporation is focused on the satisfaction of social demands; and (4) ethical theories, based on ethical responsibilities of corporations to society. In practice, each CSR theory presents four dimensions related to Elisabet Garriga is a PhD student in Management at IESE Business School, University of Navarra, Spain. She holds a degree in Philosophy and another in Economics from the University of Barcelona, Spain. She has taught Business Ethics at the University Pompeu Fabra, Barcelona, for the International Education of Students (IES), a consortium comprised of more than 120 leading US colleges and universities. Her current research focuses on the concept and implementation of Corporate Social...
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...interesting to me. After conducting my research on three publications, I chose the Journal of Business Ethics as my favorites out of the three. The Journal of Business Ethics provides publications on ethical issues related to business, and analyses of systems of production, consumption, marketing, economic accounting, public relations, and organization behavior. I chose it because, from 1982 till present (2011) its frequency is 29 and cost is very reliable for our company. Also, in one of its issues in 2011 by Shum and Yam, they suggest a new model that is rapidly growing called Corporate Social Responsibility (CSR) that can fulfill social and economic responsibility simultaneously. It continues by explaining how managers that adopt CSR model will attain profits in their business enterprise. Implementing the use of CSR to our company would help our company rapidly grow and achieve good social ratings when appropriate legal and ethical controls are in place (Shum and Yam, 2011). Furthermore, the style of writing is impeccable; it shows pyramids, statistical data and diagrams explaining the CSR model and interprets the results of each data in a clear and concise way. Here is a short idea about the journal – Tokenistic short-term economic success is not good indicia...
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...Long Range Planning 43 (2010) 308e325 http://www.elsevier.com/locate/lrp Building Social Business Models: Lessons from the Grameen Experience Muhammad Yunus, Bertrand Moingeon and Laurence Lehmann-Ortega Grameen bank, founded in 1976, has both pioneered the development of micro-finance, and created nearly 30 businesses designed to alleviate poverty. The article traces the gradual development of Grameen’s expertise in formulating social business models, which require new value propositions, value constellations and profit equations, and as such, resembles business model innovation. The article presents five lessons learned from this experience: three are similar to those of conventional business model innovation e challenging conventional thinking, finding complementary partners and undertaking continuous experimentation; two are specific to social business models: recruiting social-profit-oriented shareholders, and specifying social profit objectives clearly and early. We suggest these new business models e where stakeholders replace shareholders as the focus of value maximization e could empower capitalism to address overwhelming global concerns. Ó 2010 Elsevier Ltd. All rights reserved. Introduction The Grameen Group is a network of nearly 30 sister organizations linked to the Bangladeshi Grameen Bank, the microcredit pioneer and (together with its founder, Muhammad Yunus, one of this article’s co-authors) 2006 Nobel Peace Prize winner. This group was established in...
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...Questions 1. How does Toyota's approach to social responsibility relate to the three concepts of social responsibility described in the text (profit responsibility, stakeholder responsibility, and societal responsibility)? beyond Toyota seems to flip the order of the three concepts of social responsibility. Since Japan is a high-context culture, where social responsibility is a key precept, it is no surprise that Toyota’s core principle (“to contribute to society and the economy by producing high-quality products and services”) emphasizes society over the economy. In fact, it is actually more of a cycle, than a linear equation. The production of high-quality products (profit responsibility) serves as the means to an end: As Toyota’s builds upon its success, the company is able fulfill more of its societal responsibility, with stakeholder responsibility serving as a key element to achieving this goal. Respect for people is one of the two pillars of Toyota’s business philosophy, which not only creates a “unique corporate environment,” where employees are more invested in the vision and mission of the company, but also extends to respect for partners in their endeavors, the customers, and society as a whole. To ensure that society continues to have a clean planet to enjoy, Toyota’s environmental vision recognizes the need for more sustainable vehicles, and has extended its sphere of stakeholders to include key partnerships with organizations that share this dedication to...
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...Why are ‘Corporate Social Responsibility’ strategies important for enterprises? Prof. Dr. Jose M. Magone LV 400591.01 Work, Business & Society Berlin, 2011 Abstract Nowadays, the importance of social responsibility activities is growing awareness for companies.It is directly related to your business and if you want to have long term business success, you have to create value for the society.People are aware of the social and environmental problems of society.In this technology time, it is so easy to reach the information whatever they want They always follow the daily news from the world and care about them.Due to the fact that paying for the strategies of CSR increases attention to the corporation.Companies’ understanding of social responsibility should always be the part of their investment strategy.They should regard the “Corporate Social Responsibility” as a business management philosophy not as a social activity.It definitely provides sustainability to the business.The purpose of this essay is to explain why “Corporate Social Responsibility” strategies are so important for enterprises.Firstly I will explain the theoretical information about criterias and framework of CSR and then I will support the facts by giving examples from the international companies to clarify the reasons of importance well. Index of Abbreviations The abbreviation used throughout on this essay is presented below; CSR – Corporate Social Responsibility ...
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...POWER OF SOCIAL BUSINESS IN POVERTY ALLEVIATION F-532: Business Research Methodology and Econometrics Submitted to, Dr. M. Jahangir Alam Chowdhury Professor, Department of Finance University of Dhaka Submitted by, Md. Rased Mosarraf MBA ID No.: 16-469 BBA ID No.: 16-062 MBA, 16th Batch Department of Finance University of Dhaka “Poverty does not belong in civilized human society. Its proper place is in a museum. That's where it will be.” –Dr. Muhammad Yunus Date of Submission: July 19, 2016 i Letter of Transmittal July 19, 2016 Dr. M. Jahangir Alam Chowdhury Professor, Department of Finance University of Dhaka Subject: Submission of Research Paper. Dear Sir, I am very glad to submit you the paper on “Power of Social Business in Poverty Alleviation”. I would like to say that this paper is helpful for me to know about the social business concept. I am very thankful to you for giving us such a fantastic opportunity to make a paper on this topic. I have tried my best to make this report meaningful by providing necessary information. Yours sincerely, ………………………… (Md. Rased Mosarraf) MBA Roll: 16-469 BBA Roll: 16-062 Department of Finance University of Dhaka ii Table of Contents Introduction ................................................................................................................................................. 1 Literature Review .............................................................
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