Corporate social responsibility demonstrated in different approaches to corporate extended performance reporting

Abstract

Corporate social responsibility is becoming a very popular tool for companies in outlining their own strategies (Stancu, Grigore, & Rosca, 2011). Different approaches have been developed to perform corporate social responsibility due to increased market competition. The purpose of this essay is to analyze the importance of carrying out corporate responsibility by demonstrating three different approaches: value creation, risk management, and corporate philanthropy. This will include a particular focus on the advantages and disadvantages of these approaches to extended performance reporting, followed by recommendations and suggestions with an emphasis on the importance of corporate social responsibility. Finally, with detailed analysis, it will be demonstrated that there is not a perfect approach which can meet all the requirements from companies. The approaches to Corporate Extended Performance Reporting for realizing corporate social responsibility still lack sophistication and maturity.