Social Impact Reporting Is a Corporate Responsibility and a Personal Need
Social Impact Reporting Is a Corporate Responsibility and a Personal Need

Author(s): Mariya Vlaeva
Subject(s): Social Sciences
Published by: Udruženje ekonomista i menadžera Balkana
Keywords: Social effects reporting; Corporate responsibility; Personal need
Summary/Abstract: This paper examines the reasons for the need to take into account the social effects of an enterprise's activities. An attempt is made to explain the emergence of parallel nonprofit activity along with the economic one. The aim is to show that the emergence of socially oriented entrepreneurial activities, which, in addition to profit, have a high social effect, are caused not by corporate responsibility but by satisfying personal needs to achieve a higher social status. Along with the high-tech development and the emergence of artificial intelligence in the last 10-20 years, the requirements for social accountability of the effects of the activities of enterprises are also increasing. This, on the one hand, leads to greater public awareness and, on the other hand, to greater importance of a company in solving social problems. The conclusions reached are that the reporting of social effects may have been introduced legislatively as a corporate responsibility, but this, in its essence, is the satisfaction of a personal need to achieve a higher social significance and confirm the given company as responsible and promising for societal requirements in general.

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