Table of Contents
Corporate Social Reporting.
Benefits of engaging with stakeholders include.
Methods of Engagement
Identification of stakeholders to whom management should address.
Accounting theories addressing stakeholder engagement
Responsibility of the Firm..
Critical appraisal of different data sources.
Identification of primary or secondary sources.
Mixed method study.
Opinion on Mixed method study.
Stakeholder engagement is a process through which an entity establishes interaction or communication with its key stakeholders. The main purpose is to enhance accountability and achieve the desired outcome. With the growth in the movement of corporate social responsibility (CSR) activities, companies are required to remain proactive by considering that stakeholder engagement can enhance the profitability and sustainability of the corporation (Broman and Robèrt 2017).
Stakeholder engagement refers to identify the important matters that are related to the key stakeholders and impact them substantially. Under stakeholder engagement, the management needs to provide updates and feedback on corporate performance and corporate strategies. It requires management to discover the ways things can be changed to the key stakeholders. Apart from this, stakeholder engagement also includes managing and monitoring satisfaction levels and contributions of stakeholders.
Corporate social responsibility aka CSR is a self-implemented and self-regulatory concept that makes a for-profit entity to become socially accountable including all of its stakeholders. By implementing CSR guidelines into the entity, also known as corporate citizenship, corporations acknowledge the impact (both positive and negative) they are made on various aspects of the society which duly includes economics, social aspects, environmental measures, etc. (Bendell 2017).
CSR engagement means an entity in the ordinary course of their business are required to operate in a way that not only harms the environment and the society but enhance it. Also, if some negative impacts are caused, then it is required to make disclosures to the stakeholders through various means including financial reports. CSR is a broader concept and through CSR programs, volunteer efforts, and philanthropy, the businesses can benefit the environment and the society and boost their brands at the same time.
Stakeholder engagement refers to identify the important matters that are related to the key stakeholders and impact them substantially. Under stakeholder engagement, the management needs to provide updates and feedback on corporate performance and corporate strategies. It requires management to discover the ways things can be changed to the key stakeholders. Apart from this, stakeholder engagement also includes managing and monitoring satisfaction levels and contributions of stakeholders (Eweje and Bathurst 2017).
Stakeholder engagement is a process through which an entity establishes interaction or communication with its key stakeholders. The main purpose is to enhance accountability and achieve the desired outcome. With the growth in the movement of corporate social responsibility (CSR) activities, companies are required to remain proactive by considering that stakeholder engagement can enhance the profitability and sustainability of the corporation.
The term stakeholder is referring to an individual or a group of individuals or entities that have the capacity to impacts the organization either positively or negatively. They are generally categorized into two criteria based on the impact which can be either direct or indirect. Stakeholders include the following:
Economic or Primary Stakeholders
Direct impact through an entity's decisions
External or Secondary Stakeholders
Indirect impact through an entity's decisions
· Shareholders or Investors
· Suppliers / Vendors
· Clients or Consumers or Customers
· Distributors and Contractors
· Governments and Community
· NGOs or Civil Society
· Unions and Cooperatives
· Trade and Industry Associations
· Media and Academic Institutions
(Broman and Robèrt 2017)
The list mentioned above is not exhaustive, because every entity has a differential set of stakeholders which is based on the entity’s industry, business model, size, stage of growth, geography, etc.
The accounting theories are
These theories provide explanations about the drivers the various voluntary or unregulated reporting decisions and discuss relevant motivations to managers to also provide nonfinancial disclosures like information about the impacts the company is making upon the environment as a result of various corporate activities. Although, these theories are also useful in explaining the voluntary financial disclosures.
The above discussed three accounting theories impose the relevant responsibilities of the business organizations towards society, the environment, and their stakeholders. The stakeholder's theory talks about ethical duties while fulfilling managerial responsibilities which include providing nonfinancial disclosures like information about the impacts the company is making upon the environment as a result of various corporate activities.
The legitimacy theory talks about business entities need to conduct their operations within the norms and bounds of their societies and environments. It is the responsibility of the organization to comply with societal rules and regulations and respect their bounds and this is referred to as the legitimacy.
Information collection is the most important process while conducting research but also extremely challenging work at the same time which requires diligent work, exhaustive planning, understanding, and determination to complete the research work effectively and efficiently. The process of data collection starts with identifying the sort of data that is been required. The next step is to create a sample from the identified large population. In the end, it is required to utilize various research tools to analyze the gathered data from the chosen sample.
Sources of Data Collection
Generally, data collection can be completed using two sources viz. Secondary and primary sources. Primary data is collected by questionnaire or perception review while secondary data is collected from alternative sources including magazines, documents, books, the web, journals, reports, etc.
Secondary data are information that has been collected by others and is publicly available. Thus the data is generally inexpensive or free to gather. Secondary data acts as a strong pillar while conducting a research project.
Primary data is generally collected after completing secondary research where new or fresh information or data is collected particularly for study. The techniques of primary data mining are based on the objectives of the research, and the depth and type of information required.
Market Research Data
Publicly existed data or information collected by others
Collection of fresh and new data and information
· Data banks
· Analysis of Annual Reports
· Government Data & Statistics
· Trade Publications
· Market Research Reports
· Websites of Companies
· In-depth interviews
· Focus Groups
· Social Media Monitoring
Mixed methods research is a research method involving collection, integration, and analysis of both qualitative (including interviews and focus groups) and quantitative (including experiments) research. The mixed methodology to research is better applicable when the integration of qualitative and quantitative aspects generates a better understanding and result of the research issue or problem.
Quantitative information is close-ended data that helps in measuring behaviors (like observation checklists), performance instruments, and attitudes (like rating scales).
Qualitative information is open-ended data that helps the researcher in gathering information through focus groups, observations, and interviews. The analysis of such type of information (text, behaviors, or words) generally follows an aggregating path into information categories and providing the diversity of results collected during the data collection process.
The researcher can attain an in-depth corroboration and understanding by mixing the qualitative and quantitative data and research. The mix offsets the weaknesses and enhances the strengths inherent in each approach. The most advantageous characteristic of conducting mixed methods research is the possibility of triangulation, i.e., the use of several means (methods, data sources, and researchers) to examine the same phenomenon. Triangulation allows one to identify aspects of a phenomenon more accurately by approaching it from different vantage points using different methods and techniques. Successful triangulation requires careful analysis of the type of information provided by each method, including its strengths and weaknesses.
Professor Shallow believes that secondary data while Professor Thoughtful believes that study should embrace both secondary and primary data sources. I think Professor Thoughtful opinions are more relevant and practical as mere secondary sources might not fulfil the objectives of the study.
Secondary research: The research process of a study can be started using secondary data using data banks and analysis annual reports. It can help the researcher in understanding about what has already been done in various other studies, and also alerts them about the gaps which can be studied further, i.e. secondary research help the researcher in understanding what is not known.
Primary Research: Once the researcher gains deep understanding of the issue or problem of study through conducting secondary research, efforts towards primary research can be started accordingly. The primary research will help the researcher in filling in any possible gaps or errors in secondary research and obtain new and fresh information and data that was not available initially.
Andriof, J. and Waddock, S., 2017. Unfolding stakeholder engagement. In Unfolding stakeholder thinking (pp. 19-42). London: Routledge.
Sterling, E.J., Betley, E., Sigouin, A., Gomez, A., Toomey, A., Cullman, G., Malone, C., Pekor, A., Arengo, F., Blair, M. and Filardi, C., 2017. Assessing the evidence for stakeholder engagement in biodiversity conservation. Biological conservation, 209, pp.159-171.
Herremans, I.M., Nazari, J.A. and Mahmoudian, F., 2016. Stakeholder relationships, engagement, and sustainability reporting. Journal of Business Ethics, 138(3), pp.417-435.
Bendell, J. ed., 2017. Terms for endearment: Business, NGOs and sustainable development. London: Routledge.
Broman, G.I. and Robèrt, K.H., 2017. A framework for strategic sustainable development. Journal of Cleaner Production, 140, pp.17-31.
Eweje, G. and Bathurst, R., 2017. CSR, sustainability, and leadership. London: Routledge.
Moslehpour, M., Altantsetseg, P., Mou, W. and Wong, W.K., 2019. Organizational climate and work style: The missing links for sustainability of leadership and satisfied employees. Sustainability, 11(1), p.125.
Mzungu, A.L. and Nzuki, D., 2018. Effect of Information System User Skill among Staff Members and is Infrastructure on the Performance of Universities in Nairobi County, Kenya. International Journal of Technology and Systems, 2(1), pp.38-54.
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