Supporting the Sustainable Development of Companies Through the Use of Social Responsibility Practices In International Affairs

Abstract

Corporate social responsibility became acquainted with a considerable evolution from a phenomenon little known and practiced by corporations, to a fundamental start-up priority, for both large and small companies. The involvement of corporations in solving global problems (such as global warming, low level of education, poverty eradication, equality between individuals and respect for human rights) is a widespread trend nowadays. In this paper, the authors tried to reproduce the methods of implementing the measures of social responsibility of the companies, which contribute to supporting of the sustainable development, for some representative industrial branches (the industry and the services of the IT sector, the car construction industry, the food industry, the light industry, the mining industry, the cosmetic industry), by presenting the most relevant social responsibility campaigns encouraged by various companies. The corporate responsibility of the corporations has undergone an alert development, evolving from a little known phenomenon and, even less, practiced, towards a controversial subject, on the basis of which numerous works have been elaborated, constituting a fundamental strategic priority in the business process nowadays. Sustainable development and corporate social responsibility are compatible elements and points of view that need to be taken into consideration in the company's development strategy, with benefits for both the company, the environment, and all stakeholder categories.

Sustainable Corporate Performance Based on Audit Report Influence: An Empirical Approach through Financial Transparency and Gender Equality Dimensions

“…The audit quality has a significant influence on the sustainable corporate performance Ensuring the sustainable corporate performance is not only related to financial performance, but also aims to fulfill the social and environmental objectives, which involves resources access for operational activities and redistribution in order to generate cash flows and therefore to reduce inherent risks [134]. The audit quality can be assessed based on competence, due care and auditor independence [135], partner's rotation and audit engagements results [136], compliance with the ethical principles included in the International Federation of Accountants-IFAC [137], audit committee efficiency [138], but also on gender differences [139].…”

Integrated Reporting - A Diacronic Approach

“…Through an integrated report, stakeholders provide useful information on issues that are essential to them, including economic, environmental and social issues that also affect the organisation's ability to create value. Thus, it helps organizations to understand and communicate their impact and how it creates value in a holistic way, improves stakeholder relations, reduces the cost of capital and facilitates improved long-term performance and sustainable development (Socoliuc & Grosu, 2015;Mihalciuc & Apetri, 2019). Investors and other key players, for example, customers, employees and regulators, have a comprehensive understanding of businesses and their short, medium and long-term prospects, allowing, in particular, better informed investment decisions, which are offered.…”