Definitions

This section will detail the definitions of critical key words as they relate specifically to this paper and my interpretation. Now that the key words are clearly defined, we can look at the facts and my interpretation.

Benefit

Efficient

CSR

Benefit will be considered as:

advantageous
possessing the right to receive other advantages
helpful in meeting the needs of

The benefit is as it applies to ALL stakeholders [emphasis added]. My particular reference to benefit (unless otherwise stated) will apply a utilitarian approach: maximizing happiness and minimizing pain (well-being) for as many as possible.

Efficiency in this paper is similar to carrying all the eggs in one basket without issue in a sense. It is the best way to do something. It is the ideal balance of differences. Efficiency will yield the highest benefit, which is an ideal balance between intrinsic and extrinsic benefits. This requires trade-offs that will provide both a successful short- and long-term.

Corporate social responsibility (CSR) is the way businesses evaluate their impacts on society as a whole and how they take responsibility for those impacts beyond government requirements (Thomas, 2013).

It is the “economic, legal, moral, and philanthropic actions of firms that influence the quality of life to relevant stakeholders (Ainscough, Hill, Shank, & Manullang, 2007).

Strategic CSR

Financial Accounting

Social Accounting

Strategic CSR, however, uses strategy to create opportunity, competitive advantage, and innovation rather than merely a charitable deed, cost, or constraint while promoting a better society for all by creating shared value through focusing on the interdependence between business and society (Thomas, 2013).

Financial accounting focuses on creating financial statements that provide key information about a company’s performance to external users, such as shareholders, for economic decision making purposes (Internet Center for Management and Business Administration, Inc., 2010).

In contrast, social accounting is seen more frequently in European countries and is more commonly associated with audit; it measures an organization’s interaction with and impact on society (Beggington, Collison, & Gray, 1997). It recognizes that all organizations have a wide array of stakeholders and rejects the separation of economic and social (Quarter, n.d.). Social accounting incorporates social and environmental impact into financial accounting with its triple bottom line: profit, people, and planet.

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