Saturday, August 17, 2024

THE PERCEPTION OF CORPORATE SOCIAL RESPONSIBILITY STRATEGIES AND CORPORATE FINANCIAL PERFORMANCE: EXPERIENCES FROM GHANA (Part 3)

 

3.1 INTRODUCTION

Following the literature review in the preceding chapter, this chapter focuses on the description of the research setting (CSR initiatives in Ghana) and lays emphasis on the study area – Ghana. In addition, the chapter discusses the methodological framework of the study in detail. It opens with a discussion on the justification for the choice of the research design that ensures scientific objectivity, validity and reliability and proceeds to discuss the research strategy. The discussion of the research methods focuses on the sampling process, data methods and sources of data collection, the empirical model for data analysis and ethical considerations.

3.2 PROFILE OF GHANA

The Republic of Ghana is located in West Africa. It borders Cote d’Ivoire to the west, Burkina Faso to the north, Togo to the east and the Gulf of Guinea to the south. The capital of Ghana is Accra. It has a total land area of approximately 238,533 square kilometres. The 2021 population of Ghana is 30,832,019 with a growth rate of 1.2 percent. Males represent 49.3 percent and females represent 50.7 percent (Ghana Statistical Service, 2022).

The country’s economy is dominated by agriculture, which employs about 40 percent of the working population. The country has a vibrant telecommunications sector, with four cellular phone operators and several internet service providers. Ghana is one of the leading exporters of cocoa in the world. It is also a significant exporter of commodities such as gold and lumber.

3.3 CORPORATE SOCIAL RESPONSIBILITY INITIATIVES IN GHANA

Ghana generally counts on the extractive industry and telecommunications sector as their main contributor to corporate social investment. These sectors’ CSR initiatives tend to focus on community programs as their impact is highly felt at local level in environmental, social and economic terms. The purpose of the CSR initiative by companies in Ghana synchronises with the studies of Atuguba & Dowuona-Hammond (2006) that CSR is seen as a developmental relationship that exists between corporations and society with an end goal to mutually achieve a safe environment and fulfill social objectives. The strategy of CSR initiative by companies can best be represented as community-led development as addressed by Skinner and Mersham (2008), where local people are empowered in areas such as education, health, and infrastructure.

CSR initiatives in Ghana that the study focuses on include the extractive sector (Ghana National Petroleum Corporation Foundation, Tullow Ghana Limited and Newmont Ahafo Development Foundation); and telecommunications sector (MTN Ghana Foundation and Vodafone Ghana Foundation).

(i) Ghana National Petroleum Corporation (GNPC) Foundation

GNPC Foundation is the arm of the Sustainability Department which spearheads the Corporate Social Investment activities of Ghana National Petroleum Corporation (GNPC). The vision of the Foundation is “to impact lives” through community engagements and interventions. The overall objective is “to make GNPC more visible and socially responsible”. To achieve this objective, the Foundation’s activities are tailored around three main pillars: education and training; environment and social amenities; and economic empowerment.

(ii) Tullow Ghana Limited

Tullow Ghana Limited takes a strategic approach to embedding sustainability throughout the business. This approach is based on the understanding of the needs and demands of their stakeholders, combined with a focus on the topics that reflect their most significant economic, social and environmental impacts.

(iii) Newmont Ahafo Development Foundation (NADeF)

NADeF is a sustainable community development foundation. The Foundation utilizes funds (US$1 per ounce of gold produced and 1% of net profit from the Ahafo Mine) to support the following key areas of development: human resource development; economic empowerment; infrastructure provision; social amenities; natural resources protection; support for cultural heritage; and sports development.

(iv) MTN Ghana Foundation

At MTN Ghana Foundation, a proportion (one percent) of each operating unit’s profit after tax is dedicated to undertaking CSR initiatives. The Foundation aims to achieve a broad community impact by supporting national development priorities in the area of health, education and economic empowerment. The Foundation has so far invested over GH¢130 million in more than 125 projects across the country for all the three focus areas. These interventions have impacted an estimated 8.5 million people.

(v) Vodafone Ghana Foundation

Vodafone Ghana Foundation, the charity arm of Vodafone Ghana was launched in 2009 to support sustainable initiatives that drive social change, improve people’s lives and solve pressing social needs. The Foundation has introduced a number of initiatives to drive its new strategic objective of becoming a technology-oriented foundation, combining charity work with technology to deliver transformational projects that improve and enhance the living conditions of Ghanaians. Key projects include healthline, instant schools and charitable donations.

3.4 RESEARCH DESIGN

In order to achieve the objective of the study, the case study approach was adopted. A case study is described as "an empirical investigation into the present phenomenon in its real-life situation; where the parallels between phenomenon and history are not clear; and where multiple proof sources are used" (Yin, 1984 cited in Zainal, 2007). A case study helps to understand the nature and dynamism of social problems needing lasting responses. Its reliance on multiple sources of evidence provides for triangulation to limit biases or inaccuracies in collecting data. Thus, the case study research strategy was chosen because it permits for both comparative and independent analysis of data.

3.5 RESEARCH STRATEGY

The study employed the qualitative research in examining the perception of CSR strategies and corporate financial performance in Ghana. The qualitative research strategy provides a way to get an in-depth understanding of a study (Creswell, 2014).

3.6 UNIT OF ENQUIRY

According to Denzin (2020), before asking any question, a researcher must identify a population of interest. Two (2) units of enquiry are selected for the research and these include (i) CSR companies (Ghana National Petroleum Corporation, Tullow Ghana Limited, Newmont Ghana Gold Limited, MTN Ghana and Vodafone Ghana); and (ii) Ghanaians (beneficiaries of CSR initiatives). The purpose for selecting these units was to help triangulate data in order to limit the biases in data collection.  

3.7 SAMPLE SIZE TECHNIQUE

The study adopted the convenience and purposive sampling techniques to select the unit of enquiries. Premised on time and financial resources constraints, the convenience sampling technique was used to select 100 Ghanaians (beneficiaries of CSR initiatives) for the study. Purposive sampling technique also was used to select CSR organisations in Ghana including Ghana National Petroleum Corporation, Tullow Ghana Limited, Newmont Ghana Gold Limited, MTN Ghana and Vodafone Ghana.

3.8 METHODS OF DATA COLLECTION

The study relied on various data sources to provide answers to the research questions. The analysis used both primary and secondary data sources in ensuring data triangulation. Primary data related to this study apply to all field data gathered through interviews with Ghanaians (beneficiaries of CSR) using a research tool - semi-structured questionnaire. The research tool consisted of questions on perceptions of CSR strategies and corporate financial performance in Ghana. With respect to the interviews, a face-to-face approach was adopted in administering the semi-structured questionnaire.

Secondary data, on the other hand, refers to the data obtained from journal articles, academic studies and other online published materials. The secondary data were collected using a checklist to cover the following sub-topics: (i) CSR conceptualization; (ii) perceptions of CSR interventions; (iii) impact of CSR interventions on corporate financial performance; and (iv) measures to enhance CSR interventions. These data were obtained through reviews of documented reports including programmes of action and annual reports of the selected CSR organisations in Ghana.

3.9 ETHICAL CONSIDERATION

Human studies can be performed only with ethical clearance according to the Denzin (2020). The basic ethical concepts that have been considered include:

(i) Informed Consent: The research ensured that participants received informed consent before they participate. Before they decided to take part, participants were told precisely what they were expected to do, and what the risks were.

(ii) Respect Individual Autonomy: Informants were informed that they were free to withdraw from the interview at any time, without giving a reason and also could request that the data given be removed from the study. Again, informants were made aware that their identities and confidential information were protected. Lastly, there was no incentive provided to encourage individuals to participate.

3.10 ANALYSES OF DATA

The data collected through primary and secondary sources were processed and analysed. Processing of the data involved a careful examination of the collected data to ensure accuracy and consistency with other data gathered. The analyses of the data collected capture the followings:

(i) Conceptualization of CSR

Content analysis of CSR strategy of corporate organisations was undertaken to assess the factors that influence the adoption and implementation of corporate social initiatives.

(ii) Perceptions of CSR interventions

After the content analysis of the CSR strategy of corporate organisations, the stud shifted from the policy framework to perceptions of CSR interventions. The responses that were gathered from Ghanaians (beneficiaries) concerning CSR interventions were examined critically and matched with the intended goals and objectives of CSR strategy of corporate organisations.

(iii) Impact of CSR interventions on corporate financial performance

The underlying impact of CSR interventions, both positive and negative, which affect corporate financial performance were reviewed.

 

 

 

 

 

 

 

REFERENCE

Atuguba, R., & Dowuona-Hammond, C. (2006). Corporate Social Responsibility in Ghana. Final Report submitted to Friedrich Ebert Foundation (FES). Retrieved from http://citeseerx.ist.psu.edu/viewdoc/download on February 21st 2022.

Creswell, J. W. (2014). The Selection of a Research Approach. Research Design: Qualitative, Quantitative, and Mixed Methods Approaches, 1(1), 3-24.

Denzin, N. K. (2010). On Elephants and Gold Standards. Qualitative Research, 10(2), 269-272.

Ghana Statistical Service (2022). 2021 Population and Housing Census of Ghana. Accra: Ghana Statistical Service.

Skinner, C., & Mersham, G. (2008). Corporate Social Responsibility in South Africa: Emerging Trends. Society and Business Review, 3(3), 239-255.

Zainal, Z. (2017). Case Study as a Research Method. Jurnal Kemanusiaan, 5(1), 1-6.

 

THE PERCEPTION OF CORPORATE SOCIAL RESPONSIBILITY STRATEGIES AND CORPORATE FINANCIAL PERFORMANCE: EXPERIENCES FROM GHANA (Part 2)

 

2.1 INTRODUCTION

This chapter covers a presentation of literature that gives additional details to the background of the study. It starts with a conceptual review of the study. The conceptual review provides a comprehensive explanation of CSR and captures highlight of works on the evolution of CSR, dimensions of CSR as well as drivers of CSR. The chapter continues with the analysis of theories underpinning the work and presents empirical review of case studies of CSR in both developing and developed countries. In the end the chapter presents a conceptual framework analysis, which provides direction for the study.

2.2 CONCEPTUAL REVIEW

In this section the evolution and meaning of CSR, dimensions of CSR, and drivers of CSR are presented.

2.2.1 Corporate Social Responsibility

Businesses' social obligations have undergone significant transformations within societal frameworks. Initially, the conventional view of Corporate Social Responsibility (CSR) emphasized the importance of businesses aligning their operations with social concerns, even at the expense of short-term gains (Agudo-Valiente, Garcés-Ayerbe, & Salvador-Figueras, 2015). Early interpretations of CSR revolved around companies adhering to societal and regulatory norms (Cholette et al., 2014). The European Commission broadened this notion by incorporating social and environmental considerations into corporate strategic planning, defining CSR as a company's responsibility for its societal impact.

Over time, the ethical dimension of CSR has waned, with corporate sustainability and social performance taking precedence in defining CSR (Moura-Leite & Padgett, 2011). Before the 1960s, CSR discussions primarily centered on corporate philanthropy. However, in the 1960s, the discourse expanded to include the financial implications of CSR. By the 1970s, thinkers like Friedman (1970) began advocating for the integration of free-market principles into CSR, emphasizing that social engagement should serve long-term business interests. Carroll (1979) developed a comprehensive framework for understanding CSR, highlighting economic, legal, ethical, and discretionary responsibilities businesses have towards society. In a later revision, Carroll (1991) replaced "discretionary responsibilities" with "philanthropic responsibilities," underscoring the economic aspect as the cornerstone of CSR.

Currently, the prevailing view of CSR leans towards economic considerations (Calabrese et al., 2013). This trend is reflected in contemporary literature, which emphasizes the financial benefits of CSR initiatives. Research on CSR increasingly focuses on how such initiatives enhance financial performance, highlighting the need to explore the mechanisms, motivations, and outcomes of CSR investments (Moura-Leite & Padgett, 2011).
This economic-centric perspective of CSR is pervasive in current discussions and research. It underscores the importance of businesses sustaining their operations while simultaneously contributing to societal well-being. Looking ahead, CSR inquiries will likely center on understanding the intricacies of how CSR investments translate into financial gains. Key questions revolve around the methods, motivations, and locations where CSR initiatives can maximize returns (Moura-Leite & Padgett, 2011).

Overall, the evolution of CSR reflects a shifting emphasis from purely philanthropic endeavors towards a more balanced integration of economic, legal, ethical, and societal responsibilities. This progression is depicted in Carroll's CSR pyramid, which illustrates the expanding scope of CSR considerations over time (Srichatsuwan, 2014). As businesses navigate the complex landscape of CSR, the enduring challenge lies in finding the equilibrium between profitability and social impact, ensuring sustainable success in an ever-changing world.

2.2.2 Challenges of Corporate Social Responsibility

It is worth stressing that there are two sides of economic responsibility – economic participation on the one hand and economic dependence on the other (Crane et al., 2008). Economic instability is one of the major challenges mining undertaking CSR programs and activities in South Africa faces (Kapelus, 2002). Consequently, as a result of the regulatory structure that made CSR binding on South African mining firms, communities have become excessively dependent on companies located within their surroundings for their economic welfare.

However, as Visser (2010) reiterated, such mining corporations face the risk of South Africa 's government sacrificing legal, social or environmental norms with a view to maintaining their investment, or experiencing immense social disruption if they want to disinvest from the state economy. Consequently, the government's capacity to implement CSR activities remains a significant constraint and thus decreases the efficacy of the legislation as a tool for CSR undertaken by mining companies.

Lastly, the unions are a significant driver of CSR in South Africa, especially when it comes to labor law and working conditions. It is argued that the Unions have an influential voice (Visser, 2010). Mining companies in South Africa are often faced with opposition from these Unions in relation to CSR activities they undertake. These are matters related to employees of mining companies in the areas of remuneration, health (tackling HIV/AIDS), safety and other social-related aspects of the lives of workers and their families (Kapelus, 2002).

2.2.3 Benefits of CSR

The legislative frameworks formulated to enforce the implementation of CSR activities by companies in both Australia and South Africa coupled with the clearly outlined approaches for undertaking CSR, has undoubtedly accounted for the benefits accruing to both countries and companies.

2.2.4 Benefits to Companies

Companies in Australia and South Africa that undertake CSR activities have generally been pointed out to have secured benefits from such corporate efforts. According to literature, CSR benefits to companies in these countries include: Firstly, companies undertaking CSR activities have been able to strengthen their reputation and public image by firming up links with the communities they operate in (Hopkins, 2004; Sayer, 2005). According to Sayer (2005), "Corporate efforts that benefit society have raised levels of social participation and generated favourable attitudes towards the public (communities) and companies, making this social cohesion a key prerequisite for effective policy and profitable business."

Secondly, CSR activities have helped boost the financial performance of companies in South Africa and Australia as a result of the growing public willingness to make socially responsible investment decisions; and thus, ethical investment has experienced a recent increase in popularity (Steiner and Steiner, 2006). According to Hopkins (2004), more than $1 trillion of assets have been invested in Australia's socially and environmentally responsible portfolios.

In addition, another benefit in undertaking CSR activities that accrues to companies in Australia and South Africa, according to Frynas (2005) and Vogel (2005), is competitive advantage particularly when it comes to vying for contracts. For instance, Frynas observed that governments have favoured socially responsible mining companies when awarding oil, gas, minerals, and other concessions. Also, it is noted that small and medium-sized businesses that have made a greater commitment to being socially and environmentally responsible are preferred by foreign investors (French and Wokutch, 2003).

Furthermore, because of the high costs associated with employee recruitment, Willard contests that socially responsible firms could save money because they would face less turnover of staff. Frynas (2005) also noted that CSR could potentially make employees feel much better about the company they work for, especially foreigners working for oil companies in developing countries who witness widespread poverty despite the presence of large wealth generating oil and gas operations.

2.2.5 Benefits to Society

Although CSR obviously benefits firms that participate in CSR operations, most CSR proponents are generally more interested in the benefits that CSR brings to communities and the environment. These benefits that are outlined below are what practitioners found in Australia and South Africa.

Firstly, CSR has helped Australia and South Africa to optimize the Foreign Direct Investment spill-over effects (Fox et al., 2002). For example, Fox et al. established that by implementing inward investment policies linked to CSR-friendly practices within communities or areas of operation and to some degree national coverage, these countries had ensured that foreign investors contributed to development through job creation, information and technology transfer, and provision of infrastructure. Examples of inward investment policies include technology transfer criteria, local economic linkages, local community engagement, or public-private partnerships that aim to match corporate investment with investment in the public sector (Jamali & Mirshak, 2007).

Secondly, CSR initiatives by companies have helped to reduce the financial burden of governments relating to the implementation, monitoring and regulatory compliance of development programs and projects. CSR has been described as a form of 'voluntary regulation,' as it requires companies agreeing to meet what is legally expected of them in terms of social and environmental regulations. Blowfield and Frynas (2005) argue that "voluntary regulation can be effective in socio-economic development, promising not least to reduce the financial regulatory burden on cash-strapped governments and potentially to free up funds for growth initiatives."

In addition, CSR advocates argued that CSR has improved communities by enforcing higher standards of social and environmental efficiency than those needed by local law. According to Blowfield and Frynas (2005), CSR has been a valuable step towards reforming national legislation in countries that have struggled to implement their laws. Furthermore, Sayer (2005) clarified that, as a benefit of CSR to Australia and South Africa, CSR was an immediate way of reducing the harm to the environment and the misery caused by the negative social effects of industry. Hence, these activities were also a method of developing and checking the criteria, feasible concepts, guidelines and standards which had informed the regulatory frameworks and mechanisms of these countries.

Lastly, CSR efforts have become more sophisticated and thus able to make a greater contribution to growth. CSR programs in Australia to some degree, and in South Africa in particular, have shifted away from purely philanthropic initiatives (such as building a plaza or donating medical equipment to a local hospital) to engaging in long-term sustainability projects. In some cases, philanthropic donations are still effective ways by which mining firms make meaningful donations to the communities (Jamali & Mirshak, 2007). On the other hand, gifts and handouts given directly to the community are now seen as a less successful way for mining firms to contribute to sustainable development, since the benefits of this form of philanthropy are general.

2.2.6 Financial Performance

Research in the field highlights two main ways of assessing financial performance: through accounting methods and market indicators. Both approaches are widely recognized in evaluating how well a business is doing economically. Studies have shown that these two types of measures are distinct and not statistically related, reflecting different aspects of a company’s financial health (Gentry & Shen, 2010). Market-based measures, like stock prices, reflect investor perceptions rather than the intrinsic value of the company, while accounting returns indicate short-term profitability based on firm-specific factors (Inoue & Lee, 2011; Richard et al., 2009).

To address the complexity of financial performance, some researchers have combined accounting and market measures, aiming to balance risks with operational performance considerations. These combined measures, such as balanced scorecards, cash flow per share, and Tobin’s Q, provide insights into intangible assets like intellectual and human capital (Gunawan, 2007; Richard et al., 2009). Balanced scorecards offer a multidimensional view of a company's strategy, while Tobin’s Q compares a firm's market value to its replacement cost, translating into measurable objectives (Gunawan, 2007; Richard et al., 2009). However, these composite indices, along with market-based measures, may have limited relevance for small and medium-sized enterprises (SMEs), as not all SMEs are publicly listed (Galant & Cadez, 2017).

Researchers investigating the link between Corporate Social Responsibility (CSR) and financial performance have used various financial measures, either individually or in combination, leading to differing outcomes (Galant & Cadez, 2017; Gunawan, 2007; Richard et al., 2009).
This variance in outcomes partially stems from the diverse methodologies employed by researchers, as well as the inherent complexities of assessing the relationship between CSR and financial performance (Galant & Cadez, 2017; Gunawan, 2007; Richard et al., 2009). While some studies utilize accounting measures to gauge the tangible impacts of CSR initiatives on profitability, others rely on market indicators to assess how CSR practices influence investor perceptions and market valuation of a company (Galant & Cadez, 2017; Gunawan, 2007; Richard et al., 2009).

Moreover, the context in which these studies are conducted also plays a significant role. For instance, research focusing on larger, publicly traded companies may heavily emphasize market-based measures due to their availability and relevance, while studies centered on SMEs might lean more towards accounting measures, considering the limited presence of SMEs in stock exchanges (Galant & Cadez, 2017). This contextual nuance underscores the importance of considering the specific characteristics and circumstances of the firms being studied when interpreting the relationship between CSR and financial performance.

2.2.7 Corporate Social Responsibility and Financial Performance Relationship

The relationship between Corporate Social Responsibility (CSR) and financial performance has been a subject of considerable discussion in the literature. It's been observed that companies' economic outcomes are influenced by their level of engagement in social initiatives, even amidst considerations of stakeholders' interests (Agudo-Valiente et al., 2015). However, studies exploring this relationship have yielded mixed findings. Some researchers have found little to no correlation, or even a negative association, between CSR and financial performance (Srichatsuwan, 2014; Tsoutsoura, 2004). For instance, Inoue and Lee (2011) discovered a positive impact of CSR elements like employee relations and product quality on short-term profitability, but found no significant effect from community relations and environmental CSR activities. Similarly, Brammer, Brooks, and Pavelin (2006) concluded that combined measures of social performance, including environmental and community factors, were inversely related to stock returns, attributing poor financial performance to strong social performance.

On the other hand, there is support for a positive correlation between CSR and financial performance from other scholars. Mikołajek-Gocejna (2016), after analyzing 53 empirical studies, found that 71.7% of them indicated a positive relationship. Additionally, Boaventura et al. (2012) conducted a meta-analysis of 58 empirical articles and observed a positive association between firms' social performance and financial outcomes, particularly in environmental and social-based CSR initiatives. These findings build upon the earlier meta-analysis by Orlitzky, Schmidt, and Rynes (2003), which also reported an overall positive correlation between CSR and financial performance, with nuances based on how CSR and financial performance were defined and measured. A summary of meta-analytical studies on this relationship

Overall, the literature suggests that, at the very least, engaging in CSR activities can lead to improved production efficiency and long-term wealth creation, benefiting primary stakeholders (Galant & Cadez, 2017; Torugsa et al., 2012, 2013).
This discussion underscores the complexity of the CSR-financial performance relationship and highlights the need for further research. It's important to consider the nuanced findings of various studies and the diverse factors that may influence this relationship.

For instance, Galant & Cadez (2017) emphasize that the impact of CSR on financial performance may vary depending on the specific context and characteristics of the firms involved. Similarly, Torugsa et al. (2012, 2013) argue that the effectiveness of CSR initiatives in driving financial performance hinges on factors such as industry dynamics, organizational culture, and the extent of stakeholder engagement.

Furthermore, the temporal dimension of the CSR-financial performance relationship warrants attention. While some studies focus on short-term impacts, others emphasize the long-term benefits of CSR engagement (Inoue & Lee, 2011; Brammer, Brooks, & Pavelin, 2006). This temporal aspect underscores the importance of adopting a holistic perspective when assessing the relationship between CSR and financial performance.

In conclusion, while there is evidence suggesting a positive correlation between CSR and financial performance, the literature also highlights the complexity and variability of this relationship. Future research endeavors should continue to explore these dynamics to provide a more comprehensive understanding of how CSR influences financial outcomes and contributes to sustainable business practices.

2.3 THEORETICAL REVIEW

This section of the study examines theories underpinning the work. It examines the triple bottom line theory, policy thinking model and stakeholder theory. Generally, these theories unravel factors for the assessment of CSR performances.

2.3.1 Triple Bottom Line Theory (TBL)

John Elkington propounded the TBL Theory. The theory became popular among academicians at the peak the sustainability debate in the mid-2000s (Norman & MacDonal, 2004). The theory emanates from the expansion of the environmental perspective in a manner that incorporates the social and economic characteristics (Elkington, 1997). TBL theory offers a structure for assessing the contribution of organization environmentally, socially and economically (Goel, 2010). It is referred to as the practical framework of sustainability (Rogers and Hudson, 2011).

The theory placed a balanced and consistent focus on the social, economic and environmental contribution provided by corporations. The theory’s social contribution implies that business practices should be conducted fairly and beneficial to labour, human capital, and the community (Goel, 2010; Elkington, 1997). Examples of these business practices may include providing health insurance packages and establishing fair wages. The economic impact of the TBL theory reflects on the economic benefit offered to the surrounding environment (stakeholders) by a corporate body in a sustainable manner (Elkington, 1997).

An example of this economic benefit include livelihood support programmes. The theory’s environmental impact on the other hand focuses on business practices that do not compromise future generations' environmental resources. Thus, it reflects on the efficient and effective use of resources in order to achieve the well-being of present generations without ignoring forthcoming generations' environmental resources (Goel, 2010). The motive of TBL agenda is that a corporate body’s success should be thoroughly assessed by not only the traditional financial characteristics but also social, economic and environmental impacts of the firm, which ensure sustainable development.

2.3.2 Policy Thinking Model

As policy study evolved, two rival theoretical positions in the policy scientific community developed to explain the effective implementation of policy. The first school of thought perceives that policy-making and implementation are separate, bounded and sequential (Grindle and Thomas, 1990). It indicates that the challenge of policy effectiveness centers on gaps including (i) institutional role and adherence, (ii) financial resource, and (iii) capacity gap. This approach has been condemned to be biased and one sided (Marume et al., 2016) because it does not consider the adequacy of CSR policy content as formulated by institutions or organisations.

Insights changed as it became clear that the separation of CSR policy formulation from implementation is fatal: without a sense of direction (Howes et al., 2017). The argument stems from the fact that CSR policy content has influence on its implementation. For example, the absence of stakeholder participation, lack of policy sustainability, vague and ambiguous policy objectives, and lack of implementation and monitoring arrangement in a formulated CSR policy would have effects on its implementation and effectiveness (Egonmwan, 2009; Howes et al., 2017). The emergence of the second school of thought digressed from the former and moved into a direction of converging policy making and policy implementation as the main borders of effective policy (Marume et al., 2016). CSR decision-making and CSR policy execution can be considered to be inextricably related, based on the preconceptions of the second school of thought approach.

 

 

2.3.3 Stakeholder Theory

The stakeholder theory is widely recognized as one of the most influential frameworks in discussions surrounding corporate responsibility and accountability. This theory posits that companies have a fundamental obligation to consider and address the interests of various groups affected by their operations, commonly referred to as stakeholders (Friedman and Miles, 2006; Phillips et al., 2003). According to Friedman and Miles (2006), stakeholders encompass individuals or entities beyond shareholders who are impacted by the actions of the firm.

Central to the stakeholder theory is the notion that organizations have a dual responsibility: to their shareholders and to the broader spectrum of stakeholders affected by their activities (Friedman and Miles, 2006; Phillips et al., 2003). Consequently, businesses are expected to prioritize and manage the perspectives, needs, and interests of these diverse stakeholder groups. Henriques and Sadorsky (1999) identified four primary categories of stakeholders who typically express concerns about the impacts of an organization's operations: community, regulatory, organizational, and media stakeholders. In essence, the stakeholder concept mandates organizations to fulfill their responsibilities towards these four groups, which are prone to expressing concerns about the organization's activities (Maignan et al., 1999).

However, despite the significance of the stakeholder theory, it has been subject to criticism on several fronts. Some scholars argue that the theory may inadvertently allow for managerial opportunism and lacks clear guidelines and processes for consistent accounting and decision-making within organizations (Jensen, 2001). In contrast, Phillips et al. (2003) defend the theory by offering a broader perspective, suggesting that the presence of multiple stakeholders actually enhances business accountability and transparency. English (2000) further supports the stakeholder theory, contending that it addresses the shortcomings of traditional public participation approaches.

2.3.4 Adopted theory for the study

The choice of stakeholder theory as the adopted theoretical framework for this study is justified by its comprehensive perspective on the reasons behind companies' engagement in CSR activities. Stakeholder theory provides insights into the diverse motivations driving CSR initiatives, ranging from ethical considerations to strategic business decisions. By focusing on the interests of various stakeholders, including employees, customers, investors, and communities, stakeholder theory offers a holistic approach to understanding the role of corporations in society.

One key strength of stakeholder theory is its emphasis on inclusive decision-making processes. Unlike traditional approaches that prioritize the interests of shareholders or management, stakeholder theory recognizes the importance of considering the perspectives of all relevant stakeholders. This approach fosters transparency, accountability, and collaboration, ultimately leading to more effective CSR strategies.

English (2000) highlights the relevance of stakeholder theory in environmental risk assessments, where it addresses the limitations of traditional public participation approaches. By distinguishing between critical stakeholders and the general public, stakeholder theory ensures that those most affected by corporate activities have a voice in decision-making processes. This not only enhances the legitimacy of corporate actions but also facilitates the identification and mitigation of potential risks.

Moreover, stakeholder theory promotes a shift away from adversarial relationships between corporations and stakeholders towards mutually beneficial partnerships. By recognizing the interconnectedness of corporate and societal interests, stakeholder theory encourages corporations to consider the long-term implications of their actions on stakeholders and vice versa. This fosters a sense of shared responsibility and promotes sustainable development.

In summary, stakeholder theory provides a robust framework for understanding the complexities of CSR effectiveness by considering the interests of all relevant stakeholders. Its emphasis on inclusive decision-making, collaboration, and mutual benefit makes it a valuable theoretical lens for analyzing the role of corporations in promoting social and environmental sustainability.

 

2.4 EMPIRICAL REVIEW

The empirical literature examining the relationship between Corporate Social Responsibility (CSR) and Financial Performance has been abundant and diverse, with studies employing various methodologies and perspectives to explore this complex relationship. This review provides a synthesis of key findings and insights from empirical studies relevant to understanding the interplay between CSR initiatives and financial outcomes.

One prominent strand of research has focused on examining the direct impact of CSR activities on financial performance indicators such as profitability, return on investment, and stock market performance. For instance, studies by Margolis and Walsh (2001), Orlitzky et al. (2003), and McWilliams and Siegel (2001) have found evidence suggesting a positive association between CSR engagement and financial performance measures. These studies suggest that companies that actively engage in CSR activities tend to outperform their counterparts in terms of financial metrics.

Conversely, there is also a body of literature that challenges the notion of a straightforward positive relationship between CSR and financial performance. For example, studies by Aupperle et al. (1985), Griffin and Mahon (1997), and Waddock and Graves (1997) have reported mixed or inconclusive findings regarding the impact of CSR on financial performance. Some studies even suggest a negative relationship between certain dimensions of CSR and financial outcomes, indicating that excessive CSR spending may detract from profitability (e.g., Barnett & Salomon, 2006).

Furthermore, researchers have delved into the moderating and mediating factors that influence the relationship between CSR and financial performance. For instance, studies by Brammer and Pavelin (2006) and Luo and Bhattacharya (2006) have highlighted the role of industry characteristics and corporate governance mechanisms in shaping the CSR-financial performance relationship. Additionally, research by Margolis et al. (2007) and Luo and Bhattacharya (2006) has explored the mediating effects of corporate reputation and customer loyalty on this relationship.

Moreover, cross-national studies have provided insights into how institutional factors and cultural norms influence the CSR-financial performance relationship across different countries and regions. For instance, studies by Husted and Allen (2006) and Renneboog et al. (2008) have examined variations in the impact of CSR on financial performance across developed and developing economies.
Additionally, longitudinal studies have provided valuable insights into the dynamic nature of the CSR-financial performance relationship over time. For example, studies by Margolis et al. (2009) and Jo & Harjoto (2011) have examined how changes in CSR activities and financial performance indicators evolve over multiple years, shedding light on the long-term impacts of CSR initiatives on financial outcomes.

Furthermore, recent research has explored the role of specific CSR practices and initiatives in driving financial performance. For instance, studies by Flammer (2015) and Lin et al. (2016) have investigated the effects of environmental sustainability initiatives on financial performance metrics, while research by Wang & Sarkis (2013) and Ioannou & Serafeim (2012) has focused on the relationship between corporate social responsibility and innovation, and its subsequent impact on financial performance.

Moreover, there is growing interest in understanding how stakeholder engagement and stakeholder management practices influence the CSR-financial performance relationship. Studies by Jones et al. (2007) and Lee et al. (2013) have explored the effects of stakeholder engagement strategies on financial performance outcomes, highlighting the importance of effective stakeholder communication and collaboration in enhancing both CSR and financial performance.

Overall, the empirical literature on the relationship between CSR and financial performance is rich and multifaceted, offering valuable insights for academics, practitioners, and policymakers alike. By considering the diverse findings and methodological approaches within this body of literature, researchers can gain a deeper understanding of the complex interplay between CSR initiatives and financial outcomes, ultimately contributing to more informed decision-making and responsible business practices.

In summary, the empirical literature on the relationship between CSR and financial performance is characterized by diverse findings and methodological approaches. While some studies suggest a positive association between CSR engagement and financial outcomes, others report mixed or inconclusive results. Understanding the nuances of this relationship requires consideration of contextual factors, industry dynamics, and mediating mechanisms. Future research should continue to explore these complexities to provide a more comprehensive understanding of the impact of CSR on financial performance.


 



 


Text Box: Drivers of CSR Conceptualisation

 

 

 

 






 

 

 

 

 

 

 


Text Box: Perception Pillars of CSR Interventions

 

 

 

 



 

 

 


                                                                                                                          

                                                                                                                          

 

Text Box: Outcome of Effective Implementation of CSR Interventions

 

 

 

 

Figure 2.2: Conceptual Framework


2.5 RESEARCH GAP OF THE LITERATURE

The literature on Corporate Social Responsibility (CSR) and financial performance highlights a complex relationship with mixed findings. While some studies suggest a positive correlation between CSR activities and financial outcomes, others find little to no association or even a negative relationship. There is a need for further research to address several gaps in the literature. These include examining contextual factors such as industry type and regulatory environment, understanding temporal dynamics, exploring different methodological approaches, incorporating stakeholder perspectives, and identifying mediating and moderating mechanisms. By addressing these gaps, scholars can provide valuable insights into how CSR initiatives impact financial performance, benefiting businesses, policymakers, and other stakeholders.

Furthermore, research suggests that contextual factors such as industry type, firm size, and geographical location play a crucial role in shaping the relationship between CSR and financial performance. Additionally, understanding the temporal dynamics of this relationship, including short-term versus long-term effects, is essential for gaining a comprehensive understanding of its implications. Methodological diversity, including longitudinal studies and qualitative analyses, can provide a more nuanced perspective on the complex interplay between CSR activities and financial outcomes.

Moreover, incorporating stakeholder perspectives into research designs can offer insights into how CSR initiatives impact various stakeholders, including employees, customers, investors, and communities. Identifying mediating and moderating mechanisms that explain the underlying processes through which CSR influences financial performance, such as reputation, organizational culture, and strategic alignment, is critical for developing effective CSR strategies.

Overall, addressing these research gaps will contribute to a deeper understanding of the CSR-financial performance relationship and provide valuable guidance for businesses seeking to integrate CSR into their operations in a meaningful and sustainable manner.

2.6 SUMMARY OF LITERATURE

In general, CSR was introduced in the literature review as an increasingly prominent discourse in both developed and developing worlds, particularly among mining companies. From the review it can be argued that although a clear and enforceable CSR policy is very important, the presence of key ingredients for effective implementation of CSR policy is paramount. It can be established that a good policy that is not implemented well can be parallel to a car without fuel while a good policy without key ingredients for effective implementation can be liken to a good car with a bad driver. Everything being equal, once a robust, enforceable and sustainable CSR policy is implemented, the realisation of development aspirations and financial performance will follow in the positive direction and CSR policy in the end will be responsive.

This emphasizes the critical importance of effective implementation and key ingredients for successful Corporate Social Responsibility (CSR) policies. While having a well-defined CSR policy is essential, it's equally crucial to ensure that this policy is implemented effectively to achieve its intended objectives.

Drawing from the literature, it's evident that simply having a CSR policy in place is not sufficient; the presence of key ingredients for effective implementation is paramount. This notion is particularly relevant in industries such as mining, where CSR discourse has become increasingly prominent. Using an analogy, one could liken a good CSR policy that is poorly implemented to a car without fuel – it may have the potential to drive progress, but without the necessary resources and execution, it will remain stagnant.

Similarly, a well-implemented CSR policy lacking essential ingredients for effective execution can be compared to a good car with a bad driver. Even with the right tools and infrastructure in place, without competent leadership and strategic direction, the desired outcomes may not be realized.

Therefore, it can be argued that achieving the full potential of CSR requires not only the formulation of a robust, enforceable, and sustainable policy but also the presence of key ingredients for effective implementation. These ingredients may include dedicated resources, clear goals and objectives, stakeholder engagement, accountability mechanisms, and ongoing monitoring and evaluation processes.

Ultimately, when a CSR policy is successfully implemented with these key ingredients in place, it can lead to positive outcomes, including the realization of development aspirations and improved financial performance. Moreover, such a responsive CSR policy can foster trust, enhance reputation, and contribute to sustainable business practices, benefiting both the company and its stakeholders in the long run.

 

 

 

 

 

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