Measuring the Social Impact and its Implications in Business Administration

In recent years, management researchers have paid increasing attention to investigating how companies can develop profitable operations whilst simultaneously considering social and environmental concerns. Nonetheless, it is crucial to question how companies can determine whether their solo or collaborative efforts positively impact their target populations. Several issues must be addressed to assess the actual impacts, including causality, cost, and comparability. Cost is significant because most assessment techniques require data to be collected and analysed. Several alternative ways of evaluating such impacts will be discussed in the present work. Moreover, recommendations for future research into the topic will be made. The fundamental purpose of this work is to enhance understanding of how to measure environmental and social impacts and how measurement practices can help companies achieve economic and social goals.