Organizations do voluntary disclosures in order to present their accountability of actions. Accountability is quintessential in any corporate governance activity and is considered as one of the most critical elements in corporate governance. In the current times, there is a call out for more accountability and rules of corporate governance, oversight and auditing board shows that business organizations come under greater scrutiny of accountability. In particular, after the financial trust breach as seen in the case of Enron and other companies of the world, there is an even greater need to show more accountability to different stakeholders. Stakeholder theory in fact has been brought into the context of accountability time and again.
The study of Wood (2010) presents these moral aspects in much more stronger tones. For instance, Wood (2010) shows that CSR connected with just political reasons took a change for the better in later years. CSR became more associated with social responsibility. Social aspects came to be considered more than that of the political reasons. Anti-globalization activists and academic researchers soon came to argue the point that organizations need to focus on the social aspects.