The Effect of Covid-19 on Integrated Accounting and It Effect on Corporate Responsibility
Chapter One
Objective of the study
This study aimed to ascertain the effect of COVID19 on integrated accounting and it effect on corporate responsibility. Using Henkel in Ibadan as a case study. The specific objectives are;
- To find out the effect of COVId19 on corporate responsibility in Henkel, Ibadan, Oyo state
- To find out corporate responsibility strategy used during COVID19 period in Henkel, Ibadan, Oyo state
- To find out the effect of COVD19 on integrated accounting Henkel in Ibadan, Oyo state
CHAPTER TWO
REVIEW OF RELATED LITERATURE
Introduction
We live in a new economic and social scenario that requires a redefinition of public and private strategies, decisions, and actions to face globalized threats that can affect freedom of movement and the welfare state. These situations are common in developing countries and there is a route to address them, the 2030 Agenda. This route requires collaboration, commitment and responsible practices on the part of the different actors, which should guide their actions to the search for a common good that corrects the problems identified in the sustainable development objectives. The business contribution is integrated into the corporate social responsibility (CSR) strategies. In this sense, different business researches have begun to reflect, mainly, on the impact that COVID-19 will have on different industry (i.e., and the role that the business should play in the post-COVID era). All this, in the current framework in which the CSR practices are currently being questioned for their economic benefits for companies, without necessarily translating them into real implications towards the environment or society. In this sense, the results of these studies require an exhaustive case analysis of CSR practices due to the divergence of reasons that may lead companies to design their sustainability strategies. Such reasons can range from self-centeredness to managerial altruism; although with the latter, companies’ strategies are not necessarily harming owners and investors. However, to alleviate all of the COVID-19 pandemic’s devastating effects requires private actors’ commitment. Such contributions have been especially relevant in Spain. For example, various companies have shown their commitment to society by collaborating with the third sector to improve the situations and living conditions of the most vulnerable groups of people, while they have launched economic plans aimed at promoting economic activity. Also, there have been several problems in the logistics of medical equipment related to masks, gloves, glasses, protective overalls, and respirators, which has been mitigated by the responsible involvement of Spanish companies, who have played an unquestionable role with important donations of these materials and economic funds for research, such as by temporarily lend capital goods for free, including airplanes for the transportation of healthcare resources and spaces for the location of patients and healthcare facilities, among many other actions
Coronavirus (COVID19)
Coronavirus disease (COVID-19) is an infectious disease caused by a newly discovered coronavirus.
Most people infected with the COVID-19 virus will experience mild to moderate respiratory illness and recover without requiring special treatment. Older people, and those with underlying medical problems like cardiovascular disease, diabetes, chronic respiratory disease, and cancer are more likely to develop serious illness.
The best way to prevent and slow down transmission is be well informed about the COVID-19 virus, the disease it causes and how it spreads. Protect yourself and others from infection by washing your hands or using an alcohol based rub frequently and not touching your face. The COVID-19 virus spreads primarily through droplets of saliva or discharge from the nose when an infected person coughs or sneezes, so it’s important that you also practice respiratory etiquette (for example, by coughing into a flexed elbow).
At this time, there are no specific vaccines or treatments for COVID-19. However, there are many ongoing clinical trials evaluating potential treatments. WHO will continue to provide updated information as soon as clinical findings become available.
Corporate responsibility
Within the world of business, the main “responsibility” for corporations has historically been to make money and increase shareholder value. In other words, corporate financial responsibility has been the sole bottom line driving force. However, in the last decade, a movement defining broader corporate responsibilities for the environment, for local communities, for working conditions, and for ethical practices has gathered momentum and taken hold. This new driving force is known as corporate social responsibility (CSR). CSR is oftentimes also described as the corporate “triple bottom line” the totality of the corporation’s financial, social, and environmental performance in conducting its business. As the commercial sector increases its investments in corporate social responsibility in its three usual venues (the workplace, the marketplace, and the community), USAID is presented with the unique opportunity to create corporate partnerships that can help expand, enhance, and sustain its health efforts in developing countries.
Chapter Three
Research methodology
Research Design
The research design adopted in this research work is the survey research design which involves the usage of self-designed questionnaire in the collection of data. Under the survey research design, primary data of this study will be collected Henkel in Ibadan, Oyo state in order to determine the effect of covid19 on integrated accounting and it effect on corporate responsibility. The design was chosen because it enables the researcher to collect data without manipulation of any variables of interest in the study. The design also provides opportunity for equal chance of participation in the study for respondents.
Population of Study
The population of study is the census of all items or a subject that possess the characteristics or that have the knowledge of the phenomenon that is being studied (Asiaka, 1991). It also means the aggregate people from which the sample is to be drawn.
Population is sometimes referred to as the universe. The population of this research study will be Seventy-five (75) selected staffs of Henkel in Ibadan, Oyo state
CHAPTER FOUR
DATA PRESENTATION, ANALYSIS AND DISCUSSION
This chapter is about the analysis and presentation of data collected from the field through questionnaire. The analysis of the data with particular question immediately followed by the presentation of findings.
As mentioned in chapter three, 50 questionnaires were administered and 50 were retrieved and necessary analysis was carried out on them and presented as follows:
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
Introduction
It is important to ascertain that the objective of this study was to ascertain the effect of covid19 on integrated accounting and it effect on corporate responsibility. In the preceding chapter, the relevant data collected for this study were presented, critically analyzed and appropriate interpretation given. In this chapter, certain recommendations made which in the opinion of the researcher will be of benefits in addressing the challenges of covid19 on integrated accounting and it effect on corporate responsibility
Summary
This study was on the effect of covid19 on integrated accounting and it effect on corporate responsibility. Three objectives were raised which included: To find out the effect of COVId19 on corporate responsibility in Henkel, Ibadan, Oyo state, to find out corporate responsibility strategy used during COVID19 period in Henkel, Ibadan, Oyo state and to find out the effect of COVD19 on integrated accounting Henkel in Ibadan, Oyo state. The total population for the study is 75 staffs of Henkel in Ibadan, Oyo state. The researcher used questionnaires as the instrument for the data collection. Descriptive Survey research design was adopted for this study. The data collected were presented in tables and analyzed using simple percentages and frequencies
Conclusion
The COVID-19 pandemic has generated a global health, economic, and social crisis that requires the collaboration and commitment of all agents, especially those in the private sector, to face the externalities derived from the epidemic. In this unfavorable environment, the commitment that companies have with the 2030 Agenda and the Sustainable Development Goals (SDGs) has caused them to expand their CSR strategy to fight COVID-19. In this study, we have analyzed the commitment of corporate responsibility in Henkel Ibadan to face the human, health, and economic consequences that this epidemic has for the population. More concretely, the main issue is to identify the CSR actions that these firms have been developed with the aim to determine the objective pursued with them and the benefits that firms want to obtain. The result of the study shows that there was effect of covid19 on integrated accounting and on corporate responsibility in Henkel
Recommendation
From the conclusion the study recommends that from a practical point of view, managers must know that the pandemic will increase society’s expectations of companies and their decisions must focus on investing in CSR actions that allow achieving, mutually and interdependently, economic, environmental, and social objectives. Strategies that will ensure the long term continuity of the company, by balancing profitability and stakeholders’ harmony.
References
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