The demand for corporate social responsibility is increasing. It may seem like a positive thing, but there is more to it. More and more companies are providing the public with CSR reports, but it’s hard to rely on it because CSR reporting is optional and not regulated by the government. The world largest companies’ reports in 2014 showed they were in poor quality and even contrasting to other reports. Because of this, stakeholders are suspicious and distrustful. To combat this problem, another firm that is relevant and renowned promises to issue CSR reports truthfully. However, this method called external assurance is still young and unpopular.
So, here is an advice, don’t trust CSR reports completely. Misuse of CSR can harm a company, but it can also benefit from it if used correctly. For example, a company’s reputation increases, which results in trusts from its stakeholders and authorities, allowing financial freedom. The CSR-sustainability monitor report is undoubtedly significant to my research because the Weissman School (2016) identified a notable problem from the modern day and mentioned a possible solution. The author made good use of data through extensive research instead of his/her personal view on CSR–he/she was unbiased. I agree with the author that CSR can be profitable or ruin depending on the situation, but CSR is definitely trending.
Baruch College Zicklin School of Business Weissman Center for International Business (2016). Report on the Scope and Quality of CSR Reports from the World’s Largest Companies (2016 edition.). New York. NY: Baruch College.