environmental accounting design - Covenant University Repository

Wiki (2009) recognizes social responsibility as an ‘ethical or ideological theory that an
entity whether it is a government, corporation, organization or individual has a responsibility to
society.’ It stated that Corporate Social Responsibility (CSR) also ‘imply that corporations
have an implicit obligation to give back to society (such as is claimed as part of corporate
social responsibility and/or stakeholder theory)’ The World Business Council for Sustainable
Development (cited in Obalola, 2008:542) in 1998 conceived CSR ‘as the continuing
commitment by business to behave ethically and contribute to economic development while
improving the quality of life of the work force and their families as well as of the local
community and society at large.’ UNIDO Position paper on Corporate Social Responsibility
asserts that:
… this means that, through CSR, companies can detect and overcome
inefficiencies in their production process, continuously upgrade the quality of
their products, and gradually develop their expertise in marketing and sales in
an ever-wider market place. By doing so, they eventually improve their
environmental and social performance and, thereby, their overall
competitiveness. (UNIDO Position paper on Corporate Social Responsibility)
2.1.1 The Social Contract Concept
The Social Contract concept of CSR has been well acknowledged in many past works.
Heard and Boles (1981:247-254), Gray et al (1988), and Owolabi (2007:58) agree that Social
Contract Concept is responsible for Corporate Social Reporting (CSR). Donaldson (1982)
opines that social contract is central to social change and reforms. Deegan (1998) associates the
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