The thought of the social contract is produced in the late seventeenth Century and originates before the European Enlightenment. English rationalist Thomas Hobbes (1588–1679) was the main individual that point by point record of social contract hypothesis in a progression of works and out of these, the best known of that is 'The Leviathan' (1651). Genuine and reasonable view (TFV) is a bookkeeping idea that implies money related principles are decently and really given took after the bookkeeping norms. In addition, Thomas Hobbes, John Locke and Jean-Jacques Rousseau (three scholars or givers) those gave an option view to administrative social contract hypothesis that candidate in the TFV standards.
Aims/Purpose/Objectives of the Study:
This research report is developed and conducted in order to fulfill different research objectives and address the research questions effectively. For example, with regards to this research paper, the main philosophy of Hobbes, Lockes and Rousseau related to social contract would be analyzed and discussed in order to fulfill the aims and objectives of this study. On the other hand, in this research study, significance and importance of social contract in the accounting setting would be analyzed to effectively address the research questions and attain the key research objectives. At the same time, in this research paper, the philosophy related to social contract in accounting would be analyzed by using the TFV principle. Moreover, this study is also indicates that, how the TFV concepts and philosophy represents social contract in the profession of accounting.
In this study, a brief and detailed literature review would be conducted on the relevance and application of the social contract to Legitimacy Theory in accounting. Finally, in the context of this research study, both the research questions would be selected and addressed in order to effectively fulfill the aims and objectives of this research report. Hence, all these key issues or objectives would be identified and discussed during the study of this research paper in order to fulfill the aims, purpose and objectives associated with the research.
1.How the TVF reflects Social Contract among the Accounting Professions
In the words of Albu, Albu, N& Alexander, (2013), the correct dialog of the social contract hypothesis is basic to comprehend the TFV (true and fair view) guideline speaks to a social contract between the bookkeeping professions. In this segment, a critical literature review conducted which the fundamental perspective of Thomas Hobbes, John Locke and Jean-Jacques Rousseau would be discussed with regards to the social contract theory. This segment fundamentally investigation of the TFV guideline speaks to a social contract between the business groups and bookkeeping calling (Murray, Poole, & Jones, 2006).
Authentic Background of Social Contract Theory:
Jones, (2010) stated that, Social contract theory is reasoning that perspectives display the individual's good and political commitments are reliant upon an understanding/contract between them to shape the general public in that they home. Rationalists utilize a social contract or consent to disclose to the conduct of jail and acknowledge capital punishment. Social contract theory has created in the late seventeenth century that properly connected with political hypothesis and current good or qualities that is right off the bat completely uncovered and clarified by Thomas Hobbes (Jones, 2013).
According to Li, Gupta, Zhang, & Sarathy, (2014), Thomas Hobbes was first advocates then John Locke and Jean-Jacques Rousseau are mainstream defenders, those contributed in social contract hypothesis. Thomas Hobbes (1588-1679) confronted the English Civil War (1642-1648) that affected on their contemplations or perspectives identified with good values and social lives. The war was a conflict between the King and his supporters that depicted by Hobbes in the hypothesis of the Divine Right of Kings. Hobbes' political hypothesis are partitioned into two sections that are human inspiration hypothesis and social contract hypothesis. Hobbes has first that clarified a hypothesis of human instinct and human inspiration that offers ascend to a specific perspective of good values and political existences of individuals.
Perks, Farache, Shukla, & Berry, (2013) found that, John Locke (1632-1704) use Hobbes' social contract hypothesis to a very unique and as expressed that men's joining into a federation. Men's is joined for safeguarding their lives, protection of their riches, freedom, and prosperity and they are opposing the specialist of a common government or King. Jean-Jacques Rousseau (1712-1778) has depicted two particular social contract hypotheses these are moral and political advancement of individuals hypothesis and regularizing or glorified hypothesis of the social contract. Rousseau's social contract hypotheses exhibited a reliable perspective on an individual’s good and political (Nissim, & Penman, 2001). As indicated by social contract hypothesis, legitimate and all around pertinent good or moral standards can be distinguished by asking individuals what guidelines would intentionally make if there were no good or moral tenets. Not everybody would concede to the single decide that can be the subject of widespread good standards. All individual from society agree to social contract essentially by taking part in the general public and making of all around good standards (Curtis, & Averis, 2014).
True and Fair View (TFV) Concept of Accounting:
Salihin, Fatima, & Anam Ousama, (2014) analyzed and found that, bookkeeping principles clarified that each organization are arranged and introduced the genuine and reasonable monetary explanation to keep the enthusiasm of all partners. Speak to the reasonable and genuine monetary articulation is identified with good values and morals of the bookkeeping calling (MacLullich, 2003). The Generally Accepted Accounting Principles (GAAP) clarified bookkeeping standard that it is fundamental for any sorts of firms to apply in their business and arranged or introduced the reasonable and genuine monetary proclamation in form of partners. It is basic for any sorts of organizations are ready of 'full, genuine and reasonable' benefit and misfortune proclamation, asset reports and income articulation to introduce exact money related position of business before partners and markets (Belfo, & Trigo, 2013).
Shove, (2010) stated that, in the late nineteenth, the legitimate perspective of a TFV has generally supported rule in budgetary explanation has been formed by the mid twentieth century perspectives of the courts in the review capacities and the reason for plan reasonable and exact money related articulation. In the current circumstances, reasonable and genuine view likewise considers as an idea of business morals to keep the privilege and enthusiasm of all partners while plan monetary proclamation by present reasonable, precise and rectify money related position of the organization (Lobo, & Zhao, 2013). The business morals are identified with the social contract hypothesis through clarified that bookkeepers, money related chief, CFO and auditor all are mindful to present reasonable and genuine budgetary state of the organization through took after bookkeeping models and business morals (Rosenfield, 2006).
TFV demonstrates a Social Contract among the Accounting Profession and the Business Group:
Matuszak, Ró?a?ska, & Macuda, (2015) analyzed that, the social contract theory and TFV principles are researched in the above section that present a social contract among the accounting profession and the business community. In other words, accounting profession does support the social contract as the TFV principle or concept explained the employees related to accounting profession doesn't capture the regulators for any sense of power. Accounting professionals do not write to misuse their power to represent financial misstatement and present unfair or wring financial reporting. It is essential for those professionals working in accounting profession behaved socially or ethically (Watts, & Zimmerman, 1990).
In the word of Bacher, (2007), the social contract hypothesis is gives a thought that used in the bookkeeping hypothesis as it is given consideration on representative good values, morals and reasonable work. As per social contract hypothesis, moral, political and moral commitments receive as principles of bookkeeping calling to inspect business morals and TFV questions. Social contract hypothesis are utilized as a part of bookkeeping expert and the business group to assess inquiries in business morals. Social contract hypothesis has suggestions all through a few territories of bookkeeping hypothesis, for example, TFV idea, business morals, ecological and practical detailing, corporate administration, and corporate social duty (Porter, & Norton, 2008).
Hay, Knechel, and Wong, (2006) defined that, the social idea, hypothesis is a base of rationality of good values, morals and political science that has all the more as of late been used in the investigation of record proficient and business morals. As indicated by social contract hypothesis, reasonable and all around material bookkeeping standards or gauges can be resolved through assessing what measures or standards would prosper to business morals and helpful for the business group. Each business group would consent to display the reasonable or a genuine monetary explanation of the business as it can be subject of all inclusive business moral guidelines (Libet, 2002). Everybody would consent to reasonableness, transparence and immaculate budgetary announcing, so these can be identified with the social contract hypothesis. The social contract hypothesis is an unwritten and the entirely speculation understanding of good decides that is not to abuse by an individual or individuals. All business groups consent to business morals and TFV control not to damage by organizations in the business world (Hines, 1989)..
The three standard speculations of business morals application are identified with the social contract hypothesis. In the past circumstances, the stakeholder theory of bookkeeping was clarified the organization has earned the biggest conceivable benefit for its proprietors and partners without considering different partners premium and business morals (Kealey, Lee, & Stein, 2007). In the current circumstances, the stakeholder theory is connected the social contract hypothesis through clarified that benefit procuring is the fundamental point of business, additionally considered the business morals and keep the enthusiasm of all partners (Riahi-Belkaoui, 2004).
According to Porter & Norton, (2008), the stakeholder theory is identified with TFV bookkeeping benchmarks and social contract hypothesis through considered all partners intrigue while taking business moral choice and present money related articulations to the organization. The stockholder hypothesis now changed with the partner hypothesis that clarified an organization is ethically obliged to all gatherings and all partners, including business accomplices, providers, proprietors or administration, representatives, merchants, clients, customers, the group and nature. Social contract hypothesis concurs that all business group work under an unwritten contract with the general public and business world in that the organization to work together under the business morals that is useful for society, group and condition (Schulz, & Cheng, M. 2002).
In the views of Evans, Baskerville, & Nara, (2015), Moral choice in business can be unequivocally identified with the social contract hypothesis that clarified the moral basic leadership prepare. In addition, TFV speaks to a social contract hypothesis is identified with the bookkeeping calling as reasonable and genuine esteem, exhibit the precise money related proclamation for forestalling regular enthusiasm of partners. Real organizations connected stockholders hypothesis and TFV guideline to bolster business moral choice that was most helpful for the all partners (Ittner, Larcker, & Meyer, 2003). Stakeholder theory would require the proprietor to consider the enthusiasm of partners, group and condition. Social contract hypothesis are required the proprietor to consider the enthusiasm of the partners and business choice are affected on society, group and partners. The social contract hypothesis is the idea that connected with the investigation of business morals, because of it is related to more extensive business moral issues on numerous business groups concur (Watts, & Zimmerman, 1990).
Ieng Chu, Chatterjee, & Brown, (2012) interpreted that; the TFV speaks to distinctively a social contract hypothesis identified with the bookkeeping calling and the business groups through organizations, business choice in light of morals resolve and laws. Organizations choice depends on giving significant advantages from society through considered the normal enthusiasm of partners. Lately, social contract hypothesis are clarified the organizations contributed into the general public through utilizing individuals, giving items or administrations, creating riches and upgrade living way or standard of the general population (Nissim, & Penman, 2001).
Libet, (2002) indicated that, The changing business atmosphere is likewise built up the need of ramifications of social contract in the bookkeeping proficient. In 2012, a review on the changing business atmosphere in the America recognized that 84% of organizations or proprietors or administration, trust society and morals as expected organizations assumed a dynamic part in social, political, natural and business morals issues (Humphrey, 2008). A large portion of these not concur that organizations to comply with the law and morals, yet they likewise trusted that organization to reinvest in their groups and helped society or individuals in meeting their live needs (Humphrey, 2008). As indicated by the social contract hypothesis, changing business atmosphere and changing client desire from organizations required the organizations took after the laws and morals and concentrated on corporate administration, supportability and corporate social obligation to put resources into their groups. Social equity, social advantages and social correspondence are additionally considered by organizations to apply the social contract hypothesis in the business. Genuine, reasonable and exact budgetary articulations show the organization has taken after the bookkeeping guidelines or laws to keep up the social estimation of the business (Wallenburg, & Schäffler, 2014).
2.Applications and Principles of Social Contract in Accounting
In the views of Ittner, Larcker,& Meyer, (2003). Keeping in mind the end goal to clarify the significance and use of the social contract to legitimacy hypothesis in bookkeeping, first there is having to comprehend the importance of the social contract and legitimacy in the bookkeeping. It is vital to achieve the particular conclusion and make this report is more subjective. A social contract is an unwritten and unsaid understanding that is displayed between the individual from the general public and worker of the association (Hodge, Kennedy, & Maines, 2004). A social contract does not demonstrate to a real contract. The possibility of the social contract is not new; it is old of hundred years. In the basic words, the social contract shows up when a gathering of individuals meets with individual needs to bolster them for their advantages. The social contract hypothesis is notable philosophical thought that decides the person's moral and political commitments identified with an assertion that has in the business condition with others. In this, it is conceivable that the social contract can be in the composed type of the law. In the business bookkeeping, the social contract hypothesis elude to the liabilities associations to impart in the business world. It likewise contains that corporate administration, corporate social obligation and corporate charity (Albu, Albu, & Alexander, 2013).
Carroll, & Shabana, (2010) explained that, there is a huge part of the legitimacy hypothesis in bookkeeping the bookkeeping. The term legitimacy is identified with something true blue that alludes to elude to utilization of substantial codes, clients, tenets and standard amid the bookkeeping rehearses. The expanding the significance of utilizing the suitable bookkeeping standard is likewise raised the idea of legitimacy hypothesis in the bookkeeping standard. The emphasis on the authenticity in the bookkeeping limits the vulnerabilities in the business procedure (Hay, Knechel, & Wong, 2006). The legitimacy hypothesis in bookkeeping helps an association to keep up business chance and in addition straightforwardness in the business. In the straightforward words, the legitimacy hypothesis in the bookkeeping standard are discreetly connected with straightforwardness and reasonableness in the bookkeeping procedure. The decency and straightforwardness in the bookkeeping procedure are additionally a piece of the moral and social business rehearses. The authenticity in the bookkeeping worries towards general welfare of the business (Bebbington, Unerman, & O'Dwyer, 2014).
Bebbington, Unerman, & O'Dwyer,(2014) accessed that, the thought of social contract in the accounting is critical for the advantage of associations and society. Alongside this, an association of social contract in bookkeeping satisfies the need of the authenticity hypothesis through diminishing the business chance and keeping up the straightforwardness inside the business. Legitimacy theory is the noteworthy hypothesis that accomplish the support through idea of social contract (Schwartz, 2011). The social contract to legitimacy hypothesis is a viable apparatus that spurs the business associations for the ecological detailing. Alongside this, social contract to legitimacy hypothesis gives the astounding portrayal to look for legitimize to guarantee that business associations are working their business as per standards and limits in connection to their particular social orders (Mullerat, & Brennan, 2011).
Grünewälder, (2008) found that, the social standards and limits are being changed over the time in connection to social qualities and standards which is required for the business associations to alter their business announcing and recording rehearses. The adjustment in the business revealing practices bolsters the business association in uncovering their ecological contact with the social discernments. Social contract or corporate exposures are critical to legitimize the presence and activities of the business associations (Mallin, 2009). The authenticity hypothesis bolster the thoughts of the business associations that they use in their announcing strategies and practices. It additionally shows that the business operations of the firm are steady with the general public's desires and needs. Social contact influences the unwavering quality and legitimacy of the bookkeeping works. Along these lines, the majority of the business association includes the ecological issues or approaches in bookkeeping rehearse (Carroll, & Shabana, 2010).
Mallin, (2009) evaluated that; the thorough arrangement of natural bookkeeping is centered on the social contract to authenticity hypothesis in bookkeeping. Analyst likewise discovers that business association ought to perform or carry on in the socially capable route for the maintainability improvement and connect with the natural issues for the insurance of business from the outer ecological components. In the meantime, inclusion of the business associations in social contract subject to the general public's ability that permits to business associations to work their business successfully (Innes, & Norris, 2005).
In the perception of Mullerat, & Brennan, (2011) The social contract is the agreement between the business association and society; in this the principle goal of business association is to make the benefits through consenting or taking over the social duties in a powerful way. The idea of social contract is a fundamental guideline and the diverse hypotheses of the corporate exposure are likewise in view of this idea that gives the system to revealing and concentrate the ecological issues and elements through business associations (Hawkins, 2006). Business associations, including the social foundations work their business in the public arena by the aides of social contract. This helps the business associations in accomplishing the business development and survival of business through circulating the money, social and political advantages to society individuals or gatherings. Then again, it is additionally examinations that, if any, business association breaks the social contract, then it might influence the development and brand picture of business association adversely (Evans, Baskerville, & Nara, 2015).
Kealey, Lee, and Stein, (2007) indicated that, the Social contract and its significance to authenticity hypothesis in bookkeeping: The legitimacy theory is characterized that business association can keep up their business operations to show that business associations are getting the support from the group. Business associations can get the support from the group as results that society seen from the business associations, the business associations can get the support from the general public through following desire of the society. For the situation, when business associations does not fulfill the general public through business operations in authentic way or in an adequate then society rupture the business association social contract (Grünewälder, 2008).
Lobo, & Zhao, (2013) suggested that, the expanding business exercises over the world are likewise expanding the association with respect to the social duty. The present business condition, 84 percent associations is less and average sizes endeavors that trust that social contract is a method for the development in the business. It additionally assumes a noteworthy part in dealing with the social, political and natural issues. In the bookkeeping, records say to take after the law as well as a social contract (Ieng Chu, Chatterjee, & Brown, 2012).
Churchill, & Iacobucci, (2006) stated that, the improvement in the correspondence and globalization raised the new open doors for the business world. Social contract hypothesis applications and pertinence in bookkeeping authenticity hypothesis basically talked about in this area. In this part, talks about the social contract hypothesis application and pertinence in the distinctive bookkeeping ideas, including TFV idea, partner hypothesis, business morals, natural and feasible revealing, corporate administration, and corporate social duty. Social bookkeeping hypothesis application in TFV idea or guideline, partner hypothesis and business morals are as of now examined in the above area, so it not portrayed in this part (Banerjee, 2009). The accompanying are the others bookkeeping speculations that are pertinence and utilization of the social contract hypothesis:
Social contract hypothesis applications in corporate administration:
As per Graubner, (2007), corporate administration is a significant idea of social contract theory in business through ensuring that business doesn't hurt group, condition and planet for their operations or capacities. Corporate administration is a bookkeeping arrangement that an organization connected to take after the legitimate and moral way to guarantee manageability of the business and condition. Corporate administration, bookkeeping idea is guaranteed that enterprise takes after the implicit rules/morals to look after transparence, reasonableness and responsibility for accomplishing partners trust and making social esteem (Bacher, 2007). Transparence, responsibility and reasonableness in budgetary revealing guaranteed the association has concentrated on society and the group to consider the enthusiasm of the partners. The top management staff and administration of the organization are responsible and obliged for corporate administration thus guaranteed that the speculators and shareholders' interests are not risking.
Hawkins, (2006) discussed that; the corporate administration speculations can't completely portrayed the multifaceted nature and heterogeneity of corporate business. Corporate administration is not the same as nation to nation because of individual’s distinctive culture, moral qualities, and morals, political and social lives (Wallenburg, & Schäffler, 2014). Social, sparing, political and social setting of nations adds to shift administration in creating nations and created nations. The writing has affirmed that business world would realize diverse recognitions towards corporate administration and the foundation of social contract hypothesis is significant. It is huge to return to corporate administration in the conjunction of social contract hypothesis with another point that has social and widespread view and subjective from the viewpoint of political and sociology (Jones, 2010).
Social contract hypothesis applications in Corporate Social Responsibility (CSR) theory:
Innes, & Norris, (2005) explained that, the CSR is identified with the corporate duty regarding the general public, group and universe that is identified with social contract theory. CSR procedures are connected with the organizations to making reasonable and sustainable business arrangements that are avoided and not hurt the general public, individuals, and the planet. CSR depends on the social contract hypothesis that connected with the organizations to satisfy their social obligation and reaction to the needs and the needs of its partners with considered their advantage (Shove, 2010). The CSR methodology connected with the organizations to keep the general population, society, group and condition through apply the worst administration and also reuse and reuse of waste technique. The vast majority of the organizations concentrated on lessens squander and diminish carbon emanations that created amid the generation under CSR exercises/methodologies to keep the general population and the planet from the unsafe gasses (Li, Gupta, Zhang,, & Sarathy, 2014).
Banerjee, (2009) identified that, the CSR system is likewise identified with the accounting as it is the social duty of any association to display the reasonable and genuine budgetary articulations before individuals. The monetary error is influencing the financial specialists or shareholders, venture choice or returns and in addition influenced the trust of partners that is not moral part of the business and demonstrated the organization has not taken over their social duty regarding the general population. CSR is turning into the significance business idea that required a wide range of firms concentrated on it to keep up individuals trust and estimation of firm (Matuszak, Ró?a?ska, & Macuda, 2015).
In the words of Schwartz, (2011), the idea of business morals in the bookkeeping implies the worker of bookkeeping or money related office must carry on right and take after ethics, qualities or morals to profit everybody and all partners in the general public or group. The idea of business is distinctive with the idea of corporate administration, supportability, and CSR as morals deliver to the qualities and ethics a man or association, while others rehearses include a little piece of each of these moral territories. Morals imply partnerships take after laws, directions and business morals perform diverse business capacities or exercises for giving advantages of society, while corporate administration and CSR implies enterprises have obligations to secure the enthusiasm of another partner. A business moral is related with society or group, while CSR and administration identified with individuals, condition and the planet (Perks, Farache, Shukla, & Berry, 2013).
Hodge, Kennedy, & Maines, (2004) defined that, social contract theory is more related with business morals as morals showed the ethical quality and qualities identifies with a unique individual and association. The social contract hypothesis is likewise significant with CSR as this idea speaks to the social duty of organizing to meet the desire of the general population. The above segment showed that the importance and utilization of the social contract theory in the diverse bookkeeping speculations, for example, stakeholder theory, business morals, corporate administration, CSR and others. The above written checks on legitimized that social contract hypothesis is additionally pertinent in the present bookkeeping ideas and speculations through showed the associations or administrations concentrated on society and group (Salihin, Fatima, & Anam Ousama, 2014)..
It can be inferred that TFV depicts a social contract between the social contract and the accounting profession. The finding of the writing showed that the significance and use of the social contract hypothesis in bookkeeping ideas, standards and models. The fundamental reason for this paper was to comprehend the authentic foundation of social contract hypothesis and TFV and its application in the bookkeeping calling. This paper introduced numerous contentions and arguments with respect to TFV are interrelated to social contract theory in bookkeeping. It is basic to make isolate evaluation for both TFV and social contract hypothesis in the use of bookkeeping. Moreover, it can be inferred that social contract hypothesis is the base of TFV, business morals, and bookkeeping standards/principles, with the goal that organizations are consented to center or forestall of society, group, condition and planet, while working together exercises or capacities. Along with this, it can also be concluded that, the social contract theory must be used by the business firms in order to create and build strong relations with the public. Moreover, with the help of this, the business firms would be able to attain the long term goals and objectives in an effective and proper manner. At the same time, in order to bring innovation, credibility, accountability, and flexibility within the accounting practices, business firms must adopt and use these theories. Finally, it can be concluded that, the concepts and applications of both social contract theory and TFV at the workplace in order to achieve competitive advantages in the market over the competitors. So, proper rules, standards, regulations of these theories must be used for the overall success of the business.
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