Theoretical Perspectives on Corporate Social Responsibility Disclosure: A Critical Review - Accounting and Finance Assignment Help

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Abstract

This study provides an extensive critical review of the theoretical perspectives applied on corporate social responsibility (CSR) disclosure literature. From a CSR standpoint we review and discuss, in detail, legitimacy theory, stakeholder theory, social contract theory, and signalling theory to identify the situations that suit each of these perspectives. The findings show that there is no universal theory applicable on corporate social responsibility disclosure for all situations or societies. While legitimacy theory suggests CSR disclosures are part of a process of legitimation, stakeholder theory offers an explanation of CSR accountability to stakeholders. Legitimacy theory seems to be more suitable for organizations working in developed countries, on the other hand, stakeholder theory appears to be most suitable for organizations working in developing countries; where a corporation can manage its stakeholders and the pressure to comply with existing legislation is less as compared to the developed countries.

1. Introduction
Research on social and environmental disclosures has flourished over the past years with reporting on corporate social responsibility (CSR) information now considered to be an important component, complementing financial reporting to reduce information asymmetry. A significant body of evidence across business research disciplines examines questions such as which types of firms engage in CSR, and how CSR shapes firm decisions and outcomes (Huang and Watson, 2015). There is an array of empirical research on CSR ranging from the effect of particular events on CSR disclosures (Mahadeo et al. 2011, Rashid, 2011; Deegan et al., 2002; Deegan et al., 2000) to the determinants of CSR disclosures (Ntim and Soobaroyen, 2013; Khan, 2010). Yet to our knowledge there is no recent, broad review of theoretical perspectives, which can be used to explain the disclosure of CSR information.

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