Social contract theory or idea firstly introduced in predates the European Enlightenment (in the late 17th century). Thomas Hobbes (1588–1679) was the first that introduced the concept or philosophy of social contract at the dawn of the Enlightenment, then John Locke contributed in this philosophy and Jean-Jacques Rousseau at the end. Social contract idea, philosophy or theory is explained the human moral values and thinking on the political science that also associated with current business ethics and accounting theories. Moral values and ethics are related to the social contract theory or philosophy that is used to explain the accounting concept, principle and theory. It is the moral and ethical responsibility of the accountant, auditor, financial manager, CFO (chief financial officer) & CEO (chief executive officer) to present the fair and true financial statements of the company to prevent the interest of all stakeholders.
Accounting field has been changed in the past four and five decades after the globalization of the market as well as development happen in the social contract theory. This paper main aim is to identify the social contract application in the legitimacy theory in accounting. This paper explains the relevance and application of the social contract to accounting theory and accounting professions. This paper is beneficial for the employees those related to accounting profession as they understand social contract role in become an accounting theorist and understand their social, moral and ethical obligations. This paper conducts literature review to collect the views of the different authors, scholars and researchers on the social contract application in accounting filed.
Social contract theory as old as philosophy itself that is presented the view that person moral values and political obligations are based on the contract or agreement among the people of the society or community. According to Lacey & Lamont (2014), Thomas Hobbes is firstly explained that social contract theory is related to modern moral values of people and political science theory. The English Civil War (1642-1648) was experienced by Thomas Hobbes that impacted on his thorough of the moral values and political science or theory that indicated in his social contract theory. Thomas Hobbes was considered first proponents of social contract theory that consider the prison thoughts and accept the death penalty while explain social contract theory (Lacey & Lamont, 2014). After Hobbes, John Locke and Jean-Jacques Rousseau are some other popular proponents of this social contract theory that has been considered one of the most dominant moral and political theories during the history of the modern West.
Meslin, Carroll, Schwartz & Kennedy (2014) stated that in social contract theory, John Locke stated that people are come together or united for preserving or preventing of their wealth and lives from the king or civil government. John Locke is explained the social contract and unity among the people is related to preservation self wealth and lives with followed the social rules, social moral values and political science. John-Jacques Rousseau (1712-1778) another proponent that contributed into the social science through explained about social justice, equality, freedom, and rights of human being. Rousseau stated that human and organization action should be based on equality, social justice and prevents the right of others (Meslin, Carroll, Schwartz & Kennedy, 2014). This concept of the social theory applied in the accounting field to solve the issues related to business ethics and ethical dilemmas.
Moreover, Verburg (2016) predicted that Rousseau explained that social contract is the social agreement among the people of the society to follow the moral rule, regulation, value and ethics that is decided mutually by the people. Each people of the society is contributed into decide the mutual moral values and ethical rule or regulation. In the 20th century, moral and political theory is based on the social contract philosophy. Most recently, accounting theorist or philosophers have offered new criticisms of relevant and application of social contract theory in the accounting field (Verburg, 2016). In particular, true and fair view (TFV) conscious philosophers or accounting theorist have supported that social contract theory is present complete picture of accounting professionals moral values, ethical and political lives.
Social contract theory is also relevance and applicant in the current business. In the word of Hartz & Nielsen (2015), social contract theory states that an individual’s moral, ethical and political obligations relate to agreement or contract within a society. The social agreement in the people bounded them to follow social rules, responsibilities, moral values and ethics. The social contract is not a written agreement among people in society and it is a tacit agreement as unwritten agreement of social norms, values and customs. In business, social contract theory applicant through explained the obligations for the firms of all sizes to the communities in that they operate their businesses. The social contract theory related obligations of the businesses are related to corporate philanthropy, corporate governance, and corporate social responsibility (Hartz & Nielsen, 2015). Social contract is the mutual unwritten agreement between the people of the particular group or community; therefore different community and nation may have different moral values, ethics and social rules or regulations.
Shaapera (2015) also supported the views of Hartz & Nielsen (2015) and explained the changing face of businesses in the worldwide after globalization is encouraged all corporate executives and small business owners to follow their responsibility of the society while perform their job. Social, political, moral and environmental obligations considered by accounting professionals and corporate executive while prepare and present financial statements of the firm. Customers also expect that businesses followed the laws and ethics as well as expect businesses reinvest in their communities through apply the social contract theory. Social contract theory application in the business ensured that corporate executives or owners considered the interest of all people while taking business decision to prevent the value and interest of all people in the society or community. Social contract theory is associated with corporate governance, environment sustainability and corporate social responsibility of the firms that become essential aspects of the today’s business (Shaapera, 2015). Moreover, social contract is the social agreement among the all size of businesses to follow social norms, ethics and customs.
The below section explains the relevance and application of the social contract to different authenticity theories in accounting.
Social contract application in accounting is developed the concept of social accounting. In the words of Jacobs (2012), social science is applicant in the different accounting theories these are social accounting, social accountability, social auditing, social and environmental accounting, corporate social responsibility, corporate social reporting, socio-economic accounting, non financial reporting or accounting. Social accounting is the process of communicating the social and environmental effects of organizations to the specific interest groups within the society. Social contract theory is generally used in the context of business or corporate social responsibility. Social contract application in accounting theory in conjunction with community based monitoring. Ebimobowei (2011) stated similarly as Jacobs (2012) that social contract application in accounting defines social accounting as an approach to report a firm’s activities through considered the social relevant behavior and considered accountability for its social performance. Social contract application in accounting theory is an important step of develop social accounting concept that is helping corporations independently develop corporate social responsibility program rather than follow government mandated corporate social responsibility program. Social contract philosophy is also used in the practice of accounting for the natural environment that generates term of environmental accounting (Ebimobowei, 2011). Environmental accounting and sustainability accounting legitimacy theory is also based on the social contract theory.
According to Allan, Mcgregor & Swales (2011), modern forms of social accounting firstly introduces in 1970s on the basis of social contract theory integrated with accounting. Social accounting is a general practice in number of small and large organizations in the US and UK. For example, BP, British Telecom, Royal Dutch Shell, The Co-operative Bank, The Body Shop and others are published social and sustainability accounts. In 1993, Traidcraft plc is the first public limited company to publish audited social accounts in the UK. Changing business environment and changing social parameters after the globalization and technology growth have compelled firms to report account and report financial information with regard to fulfill their social responsibilities (Allan, Mcgregor & Swales, 2011).
Akkemik (2011) favors the views of Allan, Mcgregor & Swales (2011) and explains that the accounting principles, practices, standards and skills have been reached into such area for social disclosure. Social contract philosophy is related to social accounting legitimacy theory as through applied the social accounting organizations focused on solve many problems to the society. Social action concept explains that it is necessary for firms to spend money at their disposal activities and to invest amount in social activities to nullify the adverse effects of disposal of wastage. In recent times, accounting efforts have been covered to the society and the social programmes as the business aim is not only considered the interest of owner or investors, but also considered the interest of all stakeholders in the allocation of recourses towards better social well being (Akkemik, 2011).
Mook & Quarter (2010) presented similar view and expressed that the concept of social contract is used to understand the concept of social accounting, civil rights movements, corporate social responsibility, environmental protection, ecological conservation group, corporate governance, corporate social contribution, etc. Social contract theory has played major role into growing importance of social accounting. Social accounting is used to analyze the accounting practice related to social activities of an organization. Social accounting is the reporting of social welfare activities undertaken by the organization and their effects on society that indicates this accounting theory based on social contract philosophy (Mook & Quarter, 2010). For example, in a bank, social accounting is the reporting of the cost spend in anti-pollution, safety, waste management and health protection and other societal beneficial requirement that generally reduce the impact of business activities on the society, community and environment.
Collison, Dey, Hannah, & Stevenson (2010) stated in opposite of the above expressions given by Akkemik (2011); Mook & Quarter (2010); and Allan, Mcgregor & Swales (2011) by predicted that social audit and social accounting both legitimacy theory of accounting is relevance of the social contract philosophy. Social audit is conducted to assess a business enterprise ability to discharge its social obligation of its business operations or activities. Social contract philosophy or idea is application in social accounting concept as it is the measurement and reporting of information related to business activities on society. Social accounting is the assessing, measurement, monitoring and reporting of the business activities social and economic effects on the society. Social accounting is related to the internal and external reporting of social costs and social benefits for a business enterprise (Collison, Dey, Hannah, & Stevenson, 2010). The concept of social audit and social accounting is a new emerging dimension in the accounting literacy.
Hayden (2011) also views in favor of Collison, Dey, Hannah, & Stevenson (2010) and states that social accounting is the expansion of the existing boundaries of the accounting through related the corporate accounting with the social, and environmental performance. Social accounting is relevance of social contract as it is related to use of social resources, norms and wealth by the corporation to the provide benefits of the each people in the society. Social contract is the base of corporate social responsibility and social accounting is an expression of a firm’s social responsibility; therefore social contract is relevance and application in social accounting. Social accounting express relationship between corporate and society that indicates it application of accounting on social science and relevance of social contract theory. Traditional financial statements have not disclose information regarding social activities, but modern or advance financial statements disclose social accounting costs and its effects on the society in the heading of corporate social responsibility (Hayden, 2011). The social costs and social accounting has emerged and being considered the term social profit and social responsible business behaviour.
In the word of Contrafatto & Burns (2013), social contract theory is application in social accounting concept as by social accounting the firm proves that their business activities are socially and ethical view of moral cultures and environmental sustainability. Social contract theory and social accounting uses to measure that a firm fulfills its social obligations and inform its stakeholders to enables everyone to form correct opinion for the firm. Social accounting and social contract both theory applications in the business act as an evidence of social commitment (Contrafatto & Burns, 2013).
Social contract relevance and application in the area of environmental and sustainability reporting due to these accounting or business concepts are ensured that organization operations or activities cannot harm and impact on society, community, environment, nature and planet. Schaltegger & Burritt (2010) stated that corporate governance and environmental sustainability concepts are relevance with social contract as the organization applied these concepts to understand their obligation for the society and environment, so that they ensure the sustainability of business and environment. Corporate governance and environment sustainability theories are related to accounting as the reporting of the business activities that ensure sustainability of society, people and environment (Schaltegger & Burritt, 2010). These concepts applied by the firms to ensure that business activities or facilities have not harmed society, people and environment that indicate the firms focused on social moral values and ethics while running their business.
Burritt & Schaltegger (2010) also supported the view of Schaltegger & Burritt (2010) by presenting their views that corporate governance and sustainability concept is developed after the globalization of the market, due to governments are focused on prevent of their people, weather, environment and natural resources from the organizations. Organizations manufacturing or production process generated huge quantity of waste and carbon emissions that harm the environment, people and planet. Disposal of production waste also generated harmful gases that impacts on the health of the people in the local society. Corporate governance and environment sustainability legitimacy applied by companies indicated that their business process has not impact or harm the people and environment. Firms those applied corporate governance and environment sustainability concept in the business indicates it use proper waste management technique, reduce use of natural resources and utilize environment friendly production technique to prevent the people and environment (Burritt & Schaltegger, 2010). Corporate governance and sustainability is related to social benefits and social contributions of the organizations that means it relevance with social contract theory.
According to Gray (2010), accounting is useful on a practical level in the application of a tool of corporate governance and environmental sustainability. Corporate governance relates to the system of rules and regulations of the businesses that use to and justify their actions and decision. Good corporate governance is a mandatory requirement for the organization to ensure the sustainability of the business in today’s corporate world. Good corporate governance indicates the organizations focus on society, people and planet while taking business and perform activities to ensure sustainability of environment. Corporate governance is related to accounting practices that applied by firms to ensure sustainability of environment that is relevance with social contract theory (Gray, 2010). In modern times, many large organizations prepare and present their corporate governance report in every year that indicates stakeholders that organizations always focus on sustainability of the environment.
H?ebí?ek, Soukopová, Štencl & Trenz (2011) supported the view of Gray (2010) by expressed that organizations sustainability report provides information about economic, environmental, social and governance performance of the businesses that given message in the stakeholders and people and they support the organizations. A sustainability report published by an organization to present facts related to their everyday activities impacts on the economy, society and environment to give message in the people that organization control their operations and try to reduce negative impacts of their function or operations on society and environment (H?ebí?ek, Soukopová, Štencl & Trenz, 2011). Most of the large organizations mentioned their carbon emission decline targets, natural energy use or electricity decline target, natural resource use decline targets and waste decline targets for the future (generally, next five to ten years) in their corporate governance and sustainability report that indicates they focus on sustainability of environment.
Moreover, Schaltegger & Burritt (2010) presented different viewed by stated that through applied the social contract theory, all the major countries focused on reduces carbon emissions through followed the guideline of the carbon emission international agreement (Paris Agreement). In this, all major governments are changed in their regulation and introduced new legislation to bound organization for reduce carbon emission during production of goods to prevent the people and planet and ensure sustainability of environment. This legitimacy of corporate governance and environmental sustainability created pressure of the organizations to apply the different strategies for reduce CO2 emission, utilize natural or renewable source of energy to power, apply waste management technique, develop green house offices, and manufacture environment friendly products or services to prevent health of people and ensure sustainability of environment (Schaltegger & Burritt, 2010).
Michelon & Parbonetti (2012) explained that corporate governance and sustainability regulations are different from nation to nation similar as social contract varying from community/country to community/country. Under developing and developing countries have less focused on sustainability and carbon emission comparison of developed nations. Therefore, companies those established in the underdeveloped and developing countries have less focused on corporate governance and sustainability due to government less restrictions and weak legislation (Michelon & Parbonetti, 2012). The past literatures have supported that the business communities would bring different perception on corporate governance and environmental sustainability that is application and revenant with social contract.
Klettner, Clarke & Boersma (2014) presented totally different views as described that legitimacy theory and corporate governance or sustainability theory required the organizations disclosures their corporate governance or sustainability activities in front of shareholders in each year in their financial statements. Disclosure of corporate governance and sustainability practices in the financial statements in each year are related to accounting theory or accounting standard that is relevance of the social contract theory (Klettner, Clarke & Boersma, 2014). Accounting standards and legislations bounded the organizations to disclose their corporate governance and sustainable practices or activities and their contribution into society and people.
Lacey, J., & Lamont, J. (2014) stakeholder theory of the accounting explains the mutual benefit of stakeholder considered by the management and owners to operating the business. In recent times, most of the organizations are focused on corporate governance and corporate social responsibilities to consider the interest of all stakeholders of the business such as supplier, owner, employees, investors, shareholders, customers, distributor, government and others. Social contract theory is relevance with the stakeholder theory of accounting as stakeholder theory is also not legal or written agreement; it is the moral and ethical duties of the companies to considered or prevent the interest of their stakeholders (Lacey & Lamont, 2014). Stakeholder theory is associated with the organization management and business ethics through considered and prevent the interest and rights of the shareholders to address morals values and business ethics in managing an organization.
In addition, Mason & Simmons (2016) social contract theory relevance to the shareholder theory as management and employee are considered the interest of the shareholders through providing the fair and true financial statements to present the accurate financial position of the company. Provide financial misstatement is the illegal and unethical aspects of the business that is affected the interested or harmed the stakeholders, which is not related to social contract theory. Shareholders decisions related to the investment, business and product purchase is the based on the financial statements; therefore financial misstatements are not ethical and illegal that is not applicable for the stakeholder theory. In recent times, social contract philosophy is applied by the organization to focus on their social responsibility through consider stakeholder interest (Mason & Simmons, 2016). Organizations always try to satisfy stakeholders through business operations and social activities.
Watson (2015) Stakeholder theory is not only famous in the accounting field (i.e. present fair and true financial statements), but also used in the corporate social responsibility and business ethics field. Stakeholder theory with a legitimate interest in accounting thereby presents the fair and true financial statements to contribute into the society through prevent the interest and rights of shareholders. Moreover, organizations applying the social contract to the corporation through considered interests and right of the stakeholders while taking business decision and making business strategies. Many organizations are considered the stakeholders views and perceptions while taking important business decision that is relevant with the social contract theory.
According to de Colle, Henriques & Sarasvathy (2014), social contract theory means the considered the society vales, morale and rules to contribute into society that is relevance to the corporate social responsibility (CSR) strategy of the organizations to fulfill their social responsibility of the business. It is the social responsibility of the organization to not harm the people, society, environment and planer for their operations, functions and business operations. Organizations are focused on fulfill their social responsibility to invest in society by spend or offers education, health care and welfare activities (de Colle, Henriques & Sarasvathy, 2014). In recent times, organizations understand their responsibility for society, people and planet, so they invest in social and environment protection activities.
Schrempf-Stirling, Palazzo & Phillips (2016) presented similar sentiments and submitted that organization activities and operation are generally harmed people and planet through CO2 emission, generate waste, and use of natural resources, so that it is social responsibility of business to contribute in society, environment and planet. Most of the organizations today’s contributed into charity and social or welfare activities through provide education, training, and healthcare service of the people to contribute into society. Organizations contribute into society through CSR that is relevance to the social contract theory as prevent the social rules, moral values, and ethics related to not harm others (Schrempf-Stirling, Palazzo & Phillips, 2016).
Mason & Simmons (2014) criticized the above expressions given by Schrempf-Stirling, Palazzo & Phillips (2016) by pointed that legitimacy theory and stakeholder theory in accounting explain management and CEO & CFO disclose corporate social activities for provide the information of stakeholders related to organizations contribution in society and plant. Disclosure of CSR activities in the financial statements in every financial year are related to accounting theory or accounting standard that is applicant to the social contract theory. Accounting standards and legislations are required the organizations sharing information related to CSR activities in their yearly financial statements that provides knowledge of the stakeholders related to organizations contribution into society, nation, environment and planet. Social contract theory and CSR concept is utilized by the organizations to understand their social responsibility for the people and society, so they able to fulfill their responsibility for create business social value (Mason & Simmons, 2014).
Wickert, Scherer & Spence (2016) also views in favor of Mason & Simmons (2014) and states that most of the companies currently focus on contribute into society through invest some percent share of their profit in the social welfare activities such as charities, education, training, healthcare, women empowerment, and others. CSR strategy is relevance to the social contract theory as relevance with the social benefits through fulfilled organization social responsibility. CSR, corporate governance, environmental and sustainability reporting are business strategies that used by the organizations to develop their reputation, image, social or brand value, and value maximization that may help it to grab competitive position in the global market. It is also the social responsibility of the organization to provide the fair, true and accurate financial statements or financial information of their stakeholders that indicated CSR associated accounting and social contract (Wickert, Scherer & Spence, 2016). The financial misstatements indicated the organizations have not considered their obligation for stakeholders and society that is not relevance with CSR and social contract philosophy.
In addition, Duff (2016) praised the above expressions given by Mason & Simmons (2014); and Schrempf-Stirling, Palazzo & Phillips (2016) by described that social contract theory is applied to maintain contract between the organizations to deal with business ethical issues and maintained the business environment of the country. In the context of the accounting field, CEO, CFO, financial manager and accounting department employees must be followed their social obligation and considered their moral values or ethics to contribute into society. The accounting legitimacy theories related to corporate governance, social accounting, stakeholder theory, environmental sustainability, and CSR that is required the accounting professionals considered moral values and ethics to provide mutual benefits of organization and society. Business ethics is relevant to social contract theory that bounded management and account professionals to considered interest of all stakeholders while taken any action and taking business decision (Duff, 2016). Social contract theory is relevance and application of business ethics as ethics define the right or wrong and moral values of an individual person as well as morality and social values of the organization.
The above discussion indicated that social contract theory or philosophy is relevant and application in corporate governance, CSR, environment sustainability, stakeholder theory, social accounting as these legitimate theory in accounting related to the social activities or functions of organizations to meet the social expectation and social need of the stakeholders and people.
Wiseman, Cuevas?Rodríguez & Gomez?Mejia (2012) stated that the applications and principles of social contract have some limitations and assume a key role in developing the conflict situation in the accounting setting of business firms. For case, social contract theory is not promotes legitimacy practices but it hides these practices in a company. This social contract theory is also force today’s business firms to invest high amount on CSR practices and activities that is costly for the companies. Moreover, this theory main aim is to understanding the key stakeholders by satisfying their need and wants (Wiseman, Cuevas?Rodríguez & Gomez?Mejia, 2012). But, the need and wants of these key people could be different with each others.
In the same way, Li, Gupta, Zhang, & Sarathy (2014) stated that it is a responsible theory that creates dissatisfaction and confusion. According to this theory, the key purpose of the business firms should be only satisfying the needs of society. But, without profit, a company could not survive in the market. This theory heavily focuses on CSR activities and functions not all others. In addition to this, it is also analyzed that, the social contract theory is hypothetical and typical so it is not simple and easy for the business and financial managers to understand and apply this in the practices (Li, Gupta, Zhang & Sarathy, 2014). So, it is more complicated theory that could not be used in the real practices.
Marciano (2016) presented similar through as Li, Gupta, Zhang, & Sarathy (2014) and expressed that social contract theory is not suggests companies about how they should fulfill their CSR obligations but this theory directly bound them to attain CSR functions for the society. Most of companies or business firms do not prefer to use this social contract theory because it is not directly related with the corporate or real world. Moreover, by using social contract theory, the effective legitimacy practices could not be promoted at the workplace. This theory is actually not adequate for ordinary sense of morality. It defines only what is good and bad in term of ethics. At the same time, it is also found that, some ideas, applications and principles of this social contract theory are subjective not objective that create confusion.
On the other hand, Martin (2016) stated that it is also important to know that, this theory is not beneficial and valuable to solve ethical or CSR related issues. Moreover, this theory is only indicates the social responsibilities of the firms and they should work for the society through mutual agreements. Along with this, it is also analyzed that, this theory has various limitations due to absence of laws, impartial judge, and natural power to execute natural laws. Overall, it can be said that, social contract theory is effective but it has various drawbacks that directly or indirectly affect the success and growth of business firms (Martin, 2016).
Conclusion
The findings of the study present that; a social contract theory is more valuable and significant theory that develops mutual agreement among the corporations and society. Moreover, social contract theory is provide a serious of rules, standards, regulations and norms in the area of workplace ethics that could be adopted by business firms in order to overcome workplace ethical and legal issues in an effective and more innovative manner. On the other hand, it can also be concluded that, by using this theory, a company could improve its reputation, image and value in the front of local societies and could earn profits for the long time period. Moreover, this theory is also provides strategic methods and ways to the companies about how they can create relationships with the public and stakeholders to attain competitive advantages for the long time period.
Business firms could also overcome business challenges and enhance productivity through the effective use and apply of social contract theory. In addition to this, this theory is also focus on fulfilling both social and environmental objectives and provides directions to fulfill long term corporate goals effectively. In addition to this, it can also be summarized that, both social and legitimacy theory are related, and linked each other that promote ethical and legal environment within the business firms. By using these accounting theories, business firms could bring development, innovation, improvements, accountability, creditability, flexibility not only in the accounting practices but also in overall business operations and functions.
Finally, it can be suggested that, business firms must apply and use the applications, concepts and principles of these theories in order to support strategic vision and mission of the firm. Moreover, the overall finding indicated that social contract theory or philosophy relevance and application in the different accounting legitimacy theories such as social accounting, stakeholder theory, corporate government, environment sustainability, corporate social responsibility and others. The literature reviewed concluded that the social contract is relevance and application of the business and accounting to solve the business ethics issues to apply the human moral values and social ethics. Organizations are focused on social welfare activities to contribute into society.
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