The key words in case of a stakeholder’s engagement would include, the stakeholders, CSR policies, Integrated accounting system etc. Stakeholders are the people who are dependent on the company and are affected by the activities of the company. The main stakeholder groups would include the investors, the employee, the public, government etc. Anyone who depends on the company in some or the other manner would consist of the stakeholder group for that company. There are many theories that supports the fact that satisfying the interest of the stakeholders in terms of giving them good return for money that they are investing in the company is a good approach. Investors are the people who invest their money in the company, they provide the much-needed capital and in return of that the company provide them with interest and dividend out of the profits that they earn. Thus, this brings to the crux of the discussion that the main work of the companies is to indulge in wealth maximization and provide the stakeholders with highest amount of interest (Abbott & Kantor, 2017). The other important term would include integrated accounting system which means presenting your account in such a manner that it would cover all the other different stakeholders who are dependent on the company, which brings to the main point of CSR development. CSR refers to Corporate Social Responsibility which means that the companies should perform their actions in such a manner that it is beneficial for all the stakeholders related to the company. Corporate Social Responsibility does not promote the fact that companies should indulge in wealth based accounting system but states that the aim should be to promote the overall growth of all the parties that are affected by the actions of the company. This brings to the discussed research topic whether companies should focus more on wealth based accounting where the only aim would be to develop income for the shareholders or the aim would be to indulge in a balance approach that would help in satisfying the needs of all the related parties to the company (Alexander, 2016).
Stakeholder engagement refers to the concept where companies would include their stakeholders in their overall decision making and accountability system. They would ask the stakeholder to put in their opinion and with regards to the social and environmental issues that would matter to them the most and include these points in the overall decisions made by the company. This would help in including the stakeholders in the major decisions that the company makes and help in achieving the CSR initiatives of the company. The stakeholders may support or oppose the decisions depending on their needs but at least they can pitch in their demands that the company can consider if needed. It will help the organizations in understanding such complex issues or concerns that might be affecting the stakeholders and in the later stages might hamper the overall growth of the company (Boghossian, 2017). The underlying issue with this concept is that the stakeholders has the chance to influence the overall actions of the management of the company which is very different from mere communication of ideas and demands between two parties (YUAN, 2018). But there are a lot of benefits that cannot be ignored, by doing this the stakeholders will have their say in matter that affect their growth and their development. They relate to the company so they should have an idea about things that might affect the company in some way or the other. The stakeholder’s participation will ensure that the company is not missing on key points when it comes to achieving its overall CSR activities and that would help the company immensely (Anon., 2017). The stakeholders among themselves can design ways on how they should participate and what are the areas in which they should focus more (Alexander, 2016). It would also help in developing good relationship between the shareholders and the company and would lead to better communication between the two parties. Communication is very right; the stakeholders can put in their grievances in front of the management easily. And the basic aim of any company is to keep their stakeholders happy as they are the ones that would help in running the company successfully (Chariri, 2017).
There is various research based theory that supports the shareholders engagement in a company. The first and foremost being the CSR theory, which states that the main aim of the companies should be to fulfil the needs of all the parties that are related to it in a substantial manner and not focus on the growth and development of one party only. This means that companies should focus on the overall needs rather than just management of wealth to suffice the needs of the investors who are investing in the company. It also covers the wealth management theory that relates to creation and distribution of wealth in such a manner that people who have invested in the company get good returns for all their engagements. The stakeholder theory will also encompass how much this will influence the decisions of the management and till what level there must be coordination between the two. The management also needs to prioritize the needs of the stakeholders in a way that there should be weightage given to them based on their overall resilience to the company and its former parts. There are CSR based accounting guidelines that the company needs to consider and make sure that appropriate reporting is there that would be helpful for future endeavors (Alexander, 2016) (Coate & Mitschow, 2017).
Secondary sources of data refer to information from such sources that did not indulged in the researched activities themselves and do not have firsthand experience related to it. They have only researched and documented for it that can be used for further analysis by the company. Primary data sources refer to that sources which are having firsthand experience of indulging in such activities. Normally people prefer using mixed methodology that would include both the primary data and the secondary data as that would help in effective analysis. Now we see that Professor Shallow is stating that using only secondary data would be enough, while Professor Thoughtful is stating that we used a mix of both the data types. If we analyze clearly it would be better if companies use both sources of data that would help in effective analysis in a way that both sources have their own importance but getting data from people who have had first-hand experience would be much better. This can be stated given the fact that the stakeholders who have experienced this themselves can give a better idea on how their engagements in the decisions of the company have helped them in securing a good return and how the management of the company has dealt with their demands. It also makes it apparent that which are the areas in which the company needs to work to generate more returns. Thus a mix of both the data sources must be used it would be better for the company and would also help them in taking informative decisions and even with respect to research paper it would help in generating sound results that have been totally studied and analysed.
Title for your Research Project
The title of the research project would include: How helpful have been the stakeholder theory be in fulfilling the demands of the stakeholders of the company
It is an important topic to research because there has been a lot of studies that states that stakeholder’s engagements are important for the companies but there are certain negative points associated with it in a way that it can lead to too much interference from the shareholders in the company which may hamper their overall growth. So, it is important that a research must be conducted to ascertain how much importance should be given to shareholders engagement in the affairs of the company and up to what extent is that feasible enough. This is the crux of the research paper to develop an idea about how much and up to what extent does the shareholders can influence the company and its operations.
The most important research question would be –
The minor Questions would include:
The six articles that can be used for explaining the overall process with relation of stakeholder’s engagement is given below along with proper citation and summary.
Vieira R and his coauthors have stated in their article how companies should align their strategy with respect to the overall performance management for the companies. This throws light on the concept of how the performance of the company plays a major role in deciding the fate of the stakeholders. When companies earn more profit, they believe in the fact that they can provide more returns to the shareholders of the company and vice versa. Thus, the strategies that the company develops is somewhere linked to their performance where the stakeholders have little or no say (Vieira, et al., 2017).
T Webster has stated in his article how companies can indulge in making ethical decisions from the perspective of accounting. There have been several cases where the shareholders have tried to influence the decisions of the management of the company to earn from profit through unethical ways. Hence the same is stated here on how companies can deal with that (Webster, 2017).
C.J. Coate have stated in their article on how the accountants play an important role in achieving the social responsibility target that has been set by the management of the company. The company and the management have some social responsibility and it is very important that they work as per that to deliver what the management would require. Thus, the accountants of the company also play a very important role when it comes to meeting the standards of the corporate social responsibility and delivering ethical performance. So, they can also be considered as primary sources of information on how the insider accounting of the company works (Coate & Mitschow, 2017).
Ghofiqi in his assessment how having correct knowledge of the accounting standard and principles is extremely important for the long-term survival of the company and would help the management in preparing the books of the company to the best of their knowledge. It can also be seen that there are so many stakeholders so the need should be ascertaining how much influence can one cause in the finances of the company and in what way they can be held responsible in case there are too much issues with respect to how the accounting is conducted (Ghofiqi, 2018).
Norberg in his article has stated that how companies who do not deal with the justified CSR requirements suffers in the long run. Given the fact that it is important on part of the companies to be ethically correct and for this there are instances when they end up supporting the needs of one party in place of another party. For example, the shareholders of the company have maximum influence because they have invested their money in the company, thus from there the entire theory of stakeholder relationship and wealth management crops in where they decide how they would suffice the needs of all the parties in sync with the requirements of effective CSR policies (Norberg, 2018).
Wellmer in his article has stated how important it is to be ethically correct when it comes to accounting because there are so many parties that are related to the company and each are playing an important role in the success of the company. Hence ignoring all other aspects being ethically correct in all their endeavors is important so that people will have some faith on the overall company. This responsibility goes to the management of the company (Wellmer, 2018).
The major accounting theories to be considered would include the stakeholder wealth management theory that deals with creating wealth for the shareholders in terms of high return that they can be provided with. It also refers to the corporate responsibility theory that refers to taking into consideration the demands of all the stakeholder who area related to the company in some or the other way and providing them with best results. These accounting theories will be based on the idea that the goal of the management is not to only satisfy the needs of the shareholders but also to provide them with appropriate results so that there is maximum benefit in all ends (Coate & Mitschow, 2017).
The methodology would include taking into consideration both primary and secondary sources for research analysis. This would include taking various steps like surveys can be conducted through different companies that would include both the large companies and smaller companies. They can be quizzed on their overall operations related to the management of the company and their overall responsibility towards their shareholders and other stakeholders would also be discussed.
Market research can be conducted to understand if the CSR policies are implemented feasibly or not and whether correct measures are taken by the company or not.
Data analysis should be done through manual questionnaires and spreadsheets with effective data from various companies that can be analyzed for better results. The information with relation to the company can be found on their websites (Iggers, 2018).
Data analysis can also be done with the help of books and articles that are available on the internet. There are various scholarly articles that are good source of secondary data for the company and can help in providing good amount of information. Data can also be taken from publications on the internet that contains details about the various steps that have been taken by companies in recent times that suffice to their shareholders needs and what are the prospects they are looking at for better growth in times to come. All these help in effective analysis of data for the company and provides enough sources to conduct the research and provide a genuine conclusion based on that research.
Appropriate ethical approval is required to conduct any kind of research in Tasmania, that would include getting permissions from the appropriate authorities. Before conducnting any kind of research they need to ask the management of the companies. The information with relation to the companies that they require and very secured so to get it in an ethical manner they need to file application based on that the companies would fulfil their demands. There are various other rules and regulations that has to be taken care of in such situations that require effective research undertaking (Abbott & Kantor, 2017). In case there in an unethical stance it would lead to heavy penalty and hence all steps should be taken to avoide it. Thorough knowledge of the ethical issues is also required to effectively follow and implement them for long term standing.
References
Abbott, M. & Kantor, A., 2017. Fair Value Measurement and Mandated Accounting Changes: The Case of the Victorian Rail Track Corporation. Australian accounting Review.
Alexander, F., 2016. The Changing Face of Accountability. The Journal of Higher Education, 71(4), pp. 411-431.
Anon., 2017. Explaining auditors’ propensity to issue going-concern opinions in Australia after the global financial crisis. Accunting and Finance, pp. Carson,E;Fargher,N;Zhang,Y;.
Boghossian, P., 2017. The Socratic method, defeasibility, and doxastic responsibility. Educational Philosophy and Theory, 50(3), pp. 244-253.
Chariri, A., 2017. FINANCIAL REPORTING PRACTICE AS A RITUAL: UNDERSTANDING ACCOUNTING WITHIN INSTITUTIONAL FRAMEWORK. Journal of Economics, Business and Accountancy, 14(1).
Coate, C. & Mitschow, M., 2017. Luca Pacioli and the Role of Accounting and Business: Early Lessons in Social Responsibility. s.l.:s.n.
Ghofiqi, M., 2018. FORMATION OF VIEWS AND INTERESTS TO THE ACCOUNTANTS PROFESSION IN MASTER OF ACCOUNTING STUDENTS OF JEMBER UNIVERSITY FORCE OF 2016 USING STRUCTURATION THEORY ANALYSIS. THE 3RD INTERNATIONAL CONFERENCE ON ECONOMICS, BUSINESS, AND ACCOUNTING STUDIES.
Iggers, J., 2018. Good News, Bad News: Journalism Ethics And The Public Interest. s.l.:s.n.
Norberg, P., 2018. Bankers Bashing Back: Amoral CSR Justifications. Journal of Business Ethics, 147(2), pp. 401-418.
Vieira, R., O’Dwyer, B. & Schneider, R., 2017. Aligning Strategy and Performance Management Systems. SAGE Journals, 30(1).
Webster, T., 2017. Successful Ethical Decision-Making Practices from the Professional Accountants’ Perspective. ProQuest Dissertations Publishing.
Wellmer, A., 2018. The Persistence of Modernity: Aesthetics, Ethics and Postmodernism. fourth ed. UK: Polity Press.
YUAN, T., 2018. The Prospect for RMB Becoming One of the Two Center Currencies of the Dual-Center Global Financial System. The Dual-Center Global Financial System, Issue 1, pp. 83-91.
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