Effects of Corporate Social Responsibility in the financial reports

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Effects of Corporate Social Responsibility
in the financial reports:-

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Contents
Abstract-.......................................................................................................................................... 4
Acknowledgement- ......................................................................................................................... 5
Chapter-1......................................................................................................................................... 5
Introduction-................................................................................................................................ 5
Background and overview:...................................................................................................... 6
Scope of the dissertation:......................................................................................................... 7
Research questions: ................................................................................................................. 8
The aim and the research tasks:............................................................................................... 9
Structure of dissertation......................................................................................................... 10
Chapter-2....................................................................................................................................... 11
Literature review:...................................................................................................................... 11
1. Theories on Corporate Social Responsibility:................................................................ 11
2. Motivation behind Corporate Social Responsibility:..................................................... 13
3. Financial performance as motivation:............................................................................ 14
4. Relation between CSR and Financial Performances:..................................................... 16
Theories on CSR: ...................................................................................................................... 19
Instrumental theories: ............................................................................................................ 19
Political theories: ................................................................................................................... 19
Integrative theories: ............................................................................................................... 20
Ethical theories: ..................................................................................................................... 20
Measurement of Financial Performances: ............................................................................. 22
Chapter-3....................................................................................................................................... 22
Research Methodology:............................................................................................................. 22
Introduction............................................................................................................................ 22
Research model and approach................................................................................................... 25
Research collection................................................................................................................ 29
Process of data analysis ......................................................................................................... 33
Chapter-4....................................................................................................................................... 34
Analysis..................................................................................................................................... 34
Survey questions.................................................................................................................... 34

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Focus group discussion.......................................................................................................... 42
Chapter-5....................................................................................................................................... 43
Result and findings.................................................................................................................... 43
Implications for practitioners .................................................................................................... 44
Implications for future research............................................................................................. 45
Chapter-6....................................................................................................................................... 45
Recommendations and conclusions .......................................................................................... 45
Appendix-1.................................................................................................................................... 49
Questionnaire- ........................................................................................................................... 49
Interview questions- .................................................................................................................. 51
Bibliography.................................................................................................................................. 52

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Abstract-
In today’s business world the word, “Corporate Social Responsibility” (CSR) is more than a
buzzword to the stakeholders. The concept of CSR is evolving in the business world from
decades; however, the actual meaning with its impact is yet to be achieved. The emergence of
Corporate Social responsibility in the business shows a new era of business, in this uncertain
world. However, in this research report we only concentrate on today’s world. More than 200 big
corporate giants implemented CSR in their company throughout the world. With the continuous
debate that, CSR is philanthropy or charity, the impact of CSR in the business has increased.
Implementation of CSR in the business affected the employees as well as the employers. In this
dissertation, we work on interest of accounts in CSR with a bigger impact of finance in the
society. For many researchers the consequences of accounts in the social and environmental
benefits are getting into a global level. In now days it can be found that, involving CSR in the
corporate strategies helps the companies to get better recommendations. In the upcoming days
from just a different corporate strategy, CSR can be implemented as a legal issue in the business.
In this dissertation, we try to find the changes over the financial report of different companies for
the implementation of CSR. Both the positive and negative issues are raised and we try to find a
conclusion over this debated topic. Positive relations between CSR and social reputation,
employee attraction, loyalty from the consumer as well as a weaker relation with other business
benefits have been found in this report. The dissertation comprises with a discussion of these
implications as well as recommendations for further findings in this research area.

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Acknowledgement-
Chapter-1
Introduction-
In recent years, the expectations from business have been changed. As the world is suffering
from poverty, insecurity, backlash against the globalization, ozone depletion make pressure on
the big business leaders. The society forced the big industrialists to make some input in the social
and environmental causes. Now CSR is not only a debated issue for the organizations, it also a
hot topic for the research students. Previously different aspects of CSR have been criticized, in
this report we mainly concentrate on one point the relation between CSR and its impact on the
financial performances of the firm.
In this report, the benefits, which are concluded from the CSR also measured like, enhanced in
employee attraction, motivation and retention, customer attraction and loyalty, access to the
reputation of the firm’s capital etc. Each of these relations with the financial performance has
been discussed over here. As Margolis and Walsh (2001) stated in their research report that the
positive relation between CSR and financial performances does not always mean that the
financial performances of the firm will improved. It can be flow on the opposite direction too. As
a company is financially performing well, then it can implement CSR programs and policies. The
following graph shows the relation between the CSR and financial performances. The four basic
points are varies with the implication of CSR and financial performances, those are employee
attraction, motivation and retention, customers loyalty and attraction, reputation of the company,
and access over capital.

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Backgroundandoverview:
In late 1880s when the industrialization was just started, a broad discussion was done over the
social responsibilities should be taken by the company or not(Carlaason & Akerston, 2008). To
make the companies the advocates have introduced more socially responsible different business
ethics and laws. Whereas it has been criticized that, the companies should not be forced to take
social responsibilities as the competition among the companies can be deteriorated as a result the
economic growth of a country will be weaken. However, from the last decade companies are
started to take more social responsibilities, which are known as Corporate Social Responsibility.
When any organization communicates with the society for the social and environment factor it is
known as Corporate Social Responsibility. The main purpose of applying CSR in a business
concentrate on the environmental factors as well as the social factors, increase the number of
stake holders and the goal of the firm beyond financial purposes. As people are now more caucus

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about the environment and society than before, they want corporate participation for the
betterment of the world.
Implementation of CSR maximizes the profitability and minimizes the negative effects towards
the society and environment. Today Corporate Social Responsibility (CSR) plays a vital role in
the accounting profession. The main intangible asset of a company is goodwill, which fully
depends on how the company is doing with the environmental and social issues. It is very
difficult to generate goodwill among the consumer; however, it takes a very short time to lose it.
Implementation of CSR helps to generate goodwill. As the firm initiates different social and
environmental factors, the value of the shares automatically increases (MITTAL, 2008).
The trends of using CSR in the accounting profession as well as in the corporate world are
continuously increasing. The acknowledgement of CSR is more than the measurement of the
financial performance of a firm, as the social and environmental factors are also consider.
Previously creditors, debtors, shareholders are only interested in the financial reports for wealth
(Anon., n.d.) maximization, but the incorporation of CSR makes other stakeholders like
Government, lobby group interested in financial reports which starts a new era in the corporate
world. In accounting profession, CSR is becoming one of the most important topics.
Incorporation of CSR is increasing in different corporate giants throughout the world (Lyon,
2007).
Scopeofthe dissertation:
In this dissertation, we try to find various ways and methods, which will be applied by the firms
to achieve their goals. CSR is not only a marketing gimmick but it helps a company to maintain
its corporate strategies by adding different social and environmental factors in the branding. It is
difficult for many companies to maintain the CSR. CSR helps to increase the product quality as

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well as the service quality, however many companies are facing difficulties to run their business
by maintaining CSR in the adverse competitive market. For many companies CSR is only a
routine reporting to the environmental regulatory authority or using slogans in their
advertisements to make social awareness. However CSR benefits a company in many ways like
engagement in moral obligation, license to operate, making good reputation, sustainability of the
company in long run, increase in sales value as well as in market price, brand position will be
improved, employees will motivated and retain in the company for long time. Taking CSR is an
important note and making it as a compulsory regulation for the firm is still very few. On the
other side, CSR is being used as a new philosophy for different competitors in the same business
(Harnrungchalotorn & Phayonlerd, 2013).
Researchquestions:
In this dissertation, we try to find the answers of various questions like-
 Why should the companies engage in CSR?
 How does the application make through CSR?
 What are the correlations between the CSR and the financial performances?
 What are the impacts of CSR to different stakeholders?
 Are different investors willing to invest in causes where charity is involved?
 Are CSR decreases the profitability?
 Is CSR only a marketing gimmick?
 Are the consumers sharing the price with the shareholders for the betterment of the
society?
 Are the companies will able to produce same financial data for both the investors as well
as the society as both the parties have different interest from the same firm?

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 Is CSR gained the importance among the different stakeholders?
 Should the CSR need to be formally implemented among the firms?
 Is it possible to maintain the level of CSR by every firm in spite of its size and production
method?
Different methods like previous interview, research reports and different books on the
related topics help to answer these questions. These data also help to get a certain
conclusion about the impact of CSR (MITTAL, 2008).
Theaim and the researchtasks:
For both researchers and managers it is important to identify the relations between the CSR
reporting and financial performances. This identification will help the mangers to take proper
strategies for the firm, and make them to understand whether the firm is able to participate or
not. The positive result will encourages the manager to take new strategies including CSR,
whereas negative result will warn them about taking proper strategies with the implementation of
CSR. As CSR is a continuously changing prospect, this review helps to determine the relation
between CSR and the financial performances both in positive and negative directions (Lyon,
2007).
In this report we try to find the value creation by implementation of CSR strategies. That is the
reason we focused on the CSR strategies and the capital market. The primary research is made
on the overall impact of CSR considering the recommendations from the sell-side analyst. The
research continues with the perception of the analyst of value creation by CSR. The sell side
analysts’ recommendations may affect as several strategies can be taken by CSR. First, the value
of broad range stakeholders including customers, and employees for long-term financial
performances can be affected by CSR, and then the financial performances will be directly

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impacted by the recommendations of the analysts. Secondly, the mutual funds can be invested in
socially responsible firms by taking different CSR strategies. Third, if a large amount of money
is invested in the social responsible corporations, this may increase the stock price of the firm.
The number of social responsible firms is high and the amount invested in the social causes is
large, then these companies will face pressure from the investors on the stock price because
under this condition the demand curve of these stocks will be downward sloping instead of
perfectly elastic (Ioannou & Serafeim, 2010).
Structureof dissertation
In the next part of this report, the “Literature Review” provides an overview of CSR and
highlights on various previous research on financial performances. Financial performances and
management control system’s relation with the CSR is discussed over here. In the next chapter,
we discussed about the research methodology of this report. A research is made on these theories
with analysis over the report. Different statistical techniques are used to find out the relation of
financial performances and management control system with CSR. The following graph shows
the research structure of this dissertation-
Introductio
n
Literature
review
Methodolo
gy
Emperical
data
Data
Analysis
Conclusion.

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Chapter-2
Literature review:
1. TheoriesonCorporateSocialResponsibility:
Having a basic ground, different organizations have formed different definitions on CSR.
According to Morimoto et al. (2005) today the corporate leaders are facing various dynamic and
challenging tasks to apply social and ethical norms in their business. Cornelius et al, Humphreys
and Brown (2008) stated that in these days Corporate Social Responsibility is becoming an
integral part of the business vocabulary and crucially important issue in the system of
management. However, due to extend uses of web, the definition of CSR is become more
complex. Different literature reviews are available, but it is difficult to make a certain definition.
According to some authors it is “essentially contested concept” or “internally complex” to others.
Encompassing many different business terms and social practices CSR is now an umbrella term.
One can find synonyms with the terms or overlapping meaning with others, it defines a common
relation with every society throughout the world. Irrespective of the size of the business, it has to
consider the society. Business has different responsibility towards its society, environment and
people whom they are serving (MITTAL, 2008).
In 2001 Hillman and Keim suggested that in case of returns from the CSR, a discrepancy has
been seen between the stakeholder management CSR and social CSR. It has a consistent relation
with the statement of Baron’s statement (2001), where he made a discussion between the
altruistic and strategic CSR. Here the author more specifically concluded the positive correlation
between the financial performance and social CSR.
According to Sleeper (2006), the trend of investing for CSR and regular practice and reporting is
increasing in these days. As per Quack in the year 2007, Corporate Social Responsibility forces

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to repositioning the strategies from being the organization, which are profit-making firm to
those, which are interested only in social and environmental causes. In the research report made
by Alas and Tafel (2008), the Corporate Social Responsibility divided in three parts Structural
Research (Van Marrewijk 2003; Wilenius2005), Normative Research (Gatewood and Carroll
1981) and Developmental Research (Carroll 1991, Hoffman 1997, Schwartz and Cvarroll 2003,
Reidenbach and Robin 1991). Considering the structural viewpoint, three corporate actions came
under Corporate Social Responsibility like- economic performance, social accountability and
environmental management. Based on the criteria to which one company can meet the social
expectations of the society, can be differentiated under the Normative Research. From the CSR
model of Carroll’s (1999) four basic components can be identified. These are ethical, economic,
legal and voluntary. The economic aspect is related with the economic performance of the
company. Whereas the social aspect of CSR consider the other three categories like legal, ethical
and discretionary.
In accounting concept, CSR is a completely new concept. David Linowes (Mobley 1970) the
“father” of social and environmental reporting showed the relation between the CSR and
accounting performances. The European Commission defines CSR as a concept, where the
companies will decide a voluntarily contribution for the betterment of society and a cleaner
environment. Adams and Zutshi (2004) stated that CSR is an integral part of business operations
and values that will be a common interest for all the stakeholders , customers, employees,
investors as well as the environment which will reflected by the organization’s policies and
actions (Lyon, 2007).

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2. MotivationbehindCorporateSocial Responsibility:
In these days, it has become a matter of great concern for both national and international
organizations that to what extend the corporate should maintain their corporate responsibility.
According to Hopkins (2003) and Falconi (2004), traditionally the main criticisms are started
behind the idea that CSR is a Public relations tool. Again, according to L’Etang (1994) CSR and
PR is connected in such a way where CSR has become a PR tool. While Clark (2000) said,
regarding the comparison was that “like the Republican and Democratic political parties, these
two are sounding more and more similar”. Curran (2005) explained that most of the companies
are declaring themselves as socially responsible by following different CSR schemes, labeling
themselves as CSR and publishing CSR reports alongside with the annual reports. However
(Basu and Palazzo 2008) the reality may not be actually reflected with this reports. The manager
believes that these over report on CSR will help the company to improve their customer and
employee loyalty.
Welcomer et al (2003) explained that, however the companies for showing their CSR missions,
but they failed to follow these with their actions take several verbal communications. Pfauet al
also appreciated his commands. Verschoor in his studies also found gap between the real actions
taken by the company, and the words they had said. In recent years, the CSR related advertising
has increased than the previous years. Lerner and Fryxell (1988) have supported this argument
in their research studies. The industries, which are having higher advertising to sales ratio, are
more CSR active. Here we can see that CSR helps to increase the reputation of a firm. According
to Liston-Heyes and Ceton (2007) only for altruistic reasons, some firm engaged their CSR
activity. In the year 2001 Baron identified the interest in CSR, which is motivated by the
shareholders can be referred as CSR strategies. He said that its profit only motivates a company,

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so it will take different CSR strategies to increase the demand of its product or services. These
indicate that, these CSR strategies only maximize the profit without considering the core value of
CSR. Without considering the social value of charity and donation, companies are taking these
social approaches as a part of strategic management. As a chairperson of Philips Morris, Mr.
George Weismann considers these strategies as “our business activities must make social sense
and our social activities must make business sense”. These CSR strategies will help the
companies to increase customer’s loyalty, corporate image, and morality among the employees.
In the same way, it also helps the society as the firms take different CSR strategies.
According to Collins (1994) previously it was found that the corporations are involving in social
causes without expecting any financial returns. Thus, the firm will invest in the social causes as a
good corporate citizen without thinking of making profit. Short-term sales promotion technique
can make a viable marketing strategy by assisting different non-profit causes. Mr. Varadarajan
and Mr. Menon (1988) labeled these corporate strategies as Cause Related Marketing (CRM).
Different Fund Raising programs and cooperative marketing can be considered under these
strategies (Sweeney, 2009).
3. Financial performanceasmotivation:
To survive in the competitive market, every firm has to earn a stable profit. As in this
dissertation, we discussed earlier that CSR is a costly process. According to most of the
researcher, better financial performance made by a firm would lead it to invest in social causes.
In this relation of financial performance and CSR, the argument is made on the topic that the
firms, which will report CSR, have experienced in profit, and which does not report to CSR may
suffer loss.

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In the year 1962, Mr. Friedman first made a research on the financial performance of a company
and CSR. By showing more information, a company can easily earn the trust of investors and
customers. In the research work of Deegan (2002), he put the lights on the opportunities for
“ethical investment funds”. According to him, the companies have nothing to hide; they are
explaining the problems, which are inevitable. By technological improvement and better
employee productivity one company can increase their savings as well as their profit, this
comments are made by Adam and Zutshi (2004)(Lyon, 2007). In the year, 2002 Price
Waterhouse Cooper made a survey on the top global companies’ management. In addition, found
about their views on CSR implementation in their companies. In this research 70% of the
managers felt the essentiality about these disclosures, as they want to maintain the profitability of
their company?
Within the year 1951, 51 research papers have been found on the relation between CSR and
Financial performance of a company. It is still difficult for one to understand the relation
between these two variables as the results of these research papers are contradict with each other.
Three types of relations are found between these two variables, some found it as positive and
others as negative , whereas some found no relations between them (Chand 2004). Between these
contradicting arguments, it is difficult to found the accurate relation between these two variables.
However, most of the researcher found a positive relation between these two variables. On the
research report of Bargon and Marlin (1972), they discussed over the negative relation of these
two variables. According to them as the firm participates in different CSR activities, the
expenses relating these social activities make the firms less profitable than those who do not
participate in CSR activities.

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In the Legitimacy theory, we found direct relations between the financial performances and CSR.
Clarke and Gibson-Sweet (1998) stated that for managing reputation social and environmental
disclosures are a great way. In the legitimate theory, it is found that a company’s sales will
decline if it does not manage its reputation. A test was made by Clarke and Gibson-Sweet in the
year 1998, where they found that the legitimacy theory exhilarate the companies to report CSR.
According to Deegan (2002) Legitimacy theory is a “system oriented theory”, he also raised the
issues where for a firm’s survival, CSR is essential. As a firm’s reputation depends on the public,
so if the public boycotts a firm, its financial performances will be in disaster. This theory was
applied when Nike used child labor for making their sweatshops. As CSR spread positive values
among the buyers, so reporting to CSR will increase its sales as well as productivity (Lyon,
2007).
4. RelationbetweenCSRandFinancial Performances:
Between the year 1970 and 1995, 51 studies were made on the relation of CSR and Financial
Performances. Among these most generated a positive approach, whereas 9 studies were found
in negative relation and 9 were found as no relation among the CSR and Financial Performance.
Positive relation:
In the research, report made by Spicer (1978) a positive relation was found between CSR and
Financial Performance. He found a positive correlation between the economic performance of a
firm and the level of pollution control. The research showed that the profitability of a firm will
increase according to the level of pollution control. It also minimizes the systematic and lower
risk of the firm. Anderson and Frankle (1980) showed us a different approach between the
measurement of firm’s financial performance and CSR. According to them, investor will invest

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more in those firms, which are reporting for CSR. In this research report, we can see evidence for
“ethical investors”.
Cochran and Woods in the year 1984 used various statistical research tools to measure the
relation between CSR and Corporate Financial Performance (CFP). In this study, they found a
high correlation between asset age and CSR. A positive relation was found between CSR and
CFP when asset age was moved. When Griffin and Mahon (1997) made the research on the
chemical Industry, they found that the level of CFP depends on the level of CSR. However, a
small sample was used in the research report, so the report was not generalized and the authors
indicate about the time lag between the CSR reporting and financial performance. These reports
made confliction with the findings of Spicer (1978), who suggested that financial benefits are
having short live.
Negative relation:
In the year 1975 Vance was the first person who mentioned about the negative relation between
CSR and Financial Performance in his research report. In his words “companies have more
reasons to be socially responsible than only how it affects the per share value of their common
stock”. According to this research report, CSR may hamper the financial performance of the
firm, whereas the opposite way is not possible. As McGuire et al. (1988) stated in his research
report that a firm only invest in social and environmental causes only when they have “spare
cash”. In case when a firm spends money in doing some social responsibility the extra costs will
affect the personal wealth of the investors.
Measuring method General result of studies Downside of this method
Stock marked based Various or no correlation Failure to adjust for risk

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Accounting-based Positive correlation Cannot exclude the effect of
other variables.
(Carlaason & Akerston, 2008)
Parket and Eilbirt also stated in the same way, they also believed that only those firms who have
larger profits are more willing to report in CSR.
In the year 1992, Riahi- Belkaoui found a new angle on the relationship between CSR and
Financial Performance. The top management may not approve the firm for reporting CSR as it
may give a negative impact to the CSR. As the investor, they may not like to share their part of
profits with other different social causes.
No relation:
In the year 1976 Fry and Hock in their research report stated that, the relationship between CSR
and Financial Performances would vary according to the change of industry. As per their
research on the oil industry, they found that there was no relation between CSR and financial
performances. CSR will not increase or decrease according to the changes of the financial
performances made by the firm. Buchholz’s study also implied that there are no significant
relations between CSR and financial performances. Fama in the year 1970 stated that “positive
news” in the market only helps to increase the value of the share. In the year, 1985 a debate was
made from the research made by Aupperleet al. To avoid biased answer Aupperleet al designed
a special survey instrument. Both long-term as well as short-term returns from assets are used for
the accurate measurement of financial performances. After the survey was carried out, still no
relation was found between CSR and financial performances. However, some intangible benefits
were raised by reporting to CSR. Therefore, the debate is still on (Lyon, 2007).

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Theories on CSR:
In the year, 1991 Brummer represented an alternative approach on the theories of CSR. Based on
six criteria (motive, relation to profits, group affected by decisions, type of act, type of effect,
expressed or ideal interest) the theories were classified in basic four groups. In these theories, the
center of the topic is the relation of CSR and financial performance. The theories are-
Instrumental theories:
Wealth maximization is the goal in this part of the theories. Here CSR is used as strategic tool,
which will help the firms to achieve its economic objectives. According to Friedman, the main
goal of a firm is to achieve maximization of profit to the shareholders (1970). Depending on the
economic objective, the instrumental theories can be divided in two broad groups. The first one
is where the objective is maximized the value of the shareholders, which can be measured by the
price of the share. This leads to short-term profit orientation. In the second group, we can find
the way to achieve competitive advantages strategic goal were made. This can be fulfilled by
 Social investment in the competitive market attracts the consumer.
 By using different dynamic capabilities, the firm will use natural resources.
 Strategies will start from the bottom of the economic pyramid.
 Marketing will be based on specific causes.
Political theories:
In this type of theories, the responsibilities of power and position are discussed with the relation
of CSR. The debate on CSR also includes political consideration and political analysis. Basic
two approaches are made on Corporate Constitutionalism and Corporate Citizenship. According
to Davis (1960), Corporate Constitutionalism is the power of the business, which influences the
society. Both internally as well as externally, the power of the social causes affected the society.
In the research report on corporate citizenship, Davis (1973) gave the idea among business

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citizenship with considering the global impact. In these days with the help of technology, we see
the impact of globalization in the “Integrative social contract theory” Donaldson (1982) showed
that mainly from the philosophical thought of Locke relationship between society and business is
considered.
Integrativetheories:
In these types of theories, we can see the relation, which integrate the social demands with the
society, between businesses for its existence, growth and continuity. According to Sethi (1975)
social issues, responsiveness and processes are managed within the organization, which are
known as “Issue Management”.
Stakeholder’s management is another important part of these types of theories. When the focus
and generic responsiveness move from general public responsibility principle towards
stakeholders, it is known as stakeholder’s management. In the year 1979, Carroll put a view over
Corporate Social Performances (CSP). According to him there are three basic elements must be
notified when we want to define the CSP.
Ethical theories:
This is the last and fourth group of theories where we get an ethical approach between the
relationship of society and business. According to these theories, different firm should follow
some principals for the betterment of the society. In these types of theories, the discussion was
made on Universal rights, Sustainable development and the common good approach. In the
research report of Cassel (2001), CSR has been discussed over human rights. The sustainable
development approach is developed more in macro level rather than in corporate level. The last
and third approaches are made on the common goods approach. Approaches that are more

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common are made from both stakeholder approach as well as sustainable development; however,
it considers a different philosophical approach (Garriga & Mele, 2004).
In the following chart we discussed over the hypothesis over the four theories-
Type of theory Approaches Short description Some key
references
Instrumental
Theories
 Maximization of
shareholders
value
 For competitive
advantages
different
strategies are
taken
 Marketing
strategies for
specific cause.
 Value
maximization
in long term
basis
 In the
competitive
market, the
companies are
willing to pay
in social causes.
 Different
strategies are
made for the
bottom of the
economic
pyramid
Friedman (1970),
Jensen (2000),
Porter and
Kramer(2002)
Political Theories  Corporate
constitutionalism
 Theory based on
Integrative social
contract
 Special business
citizenship
 Socially
recognized
altruistic
activities are
used as an
instrument for
marketing
 Depending on
the social
power, social
responsibilities
are arises.
Davis (1960, 1967),
Donaldson and
Dunfee(1994),
Integrative Theories  Issue
management
 Public
responsibility
 Management of
the stakeholders
 On the social
and political
issues, a
corporate
process has a
special
response.
 Social
performances
Mitchell et al.
(1997), Angel and
Mitchell (1999),
Swarnson (1995)

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are taken under
special law.
 Interests of the
stakeholders
will be
balanced
Ethical Theories  Stakeholders
normative theory
 Universal rights
 Sustainable
development
 The common
good
 Fiduciary duties
are made over
stakeholders
 Frameworks
made on human
rights
 Common good
of the society is
originated
Freeman (1984,
1994),
Donaldson and
Peterson (1985)
(Garriga & Mele,2004)
MeasurementofFinancial Performances:
Measuring the financial performances of a firm apparently may look easy. However, it has
certain complexity. By which instrument is needed to get the required result, which may make a
complexity within the researcher. Manipulations within the organization and difference in using
various standards make it difficult to show the real financial position of the firm, whereas biased
report also confused the investors. In the research, report of Ullman in the year of 1985 found
that a perfect market measurement would help the investor to make a decision over their
investment (Tsoutsoura, 2004) .
Chapter-3
Research Methodology:
Introduction
According to Allen and Gale (2010), to submit the research report in time, the researcher uses a
blue print of his research work, which is known as research methodology. In the research work

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by Alfaro et al. (2008) it was mentioned that to find out the most appropriate way to achieve the
research objective one must use the research methodology. In the context of the aims, objectives
and hypothesis of the study, the methodology should choose by the researcher. Berger and De
young (2009) stated that research methodology justified every choice of the research and the
rational causes of the study, which is mentioned above.
ChapterStructure:
At the time of conducting the research study, the following steps are followed-
According to Davis and Flannery (2008) the basic research stated the objectives of the research
and methodology, which are selected by the researcher to make an evaluation the investment
opportunity in the emerging market. In the initial stage of research, the philosophy and
perspective of the research should explain. (Emerson, 2007) Granter and Alexander (2010) stated
that, the research report is all about the process of the research, which comes as per the features
of the study. In case of research design, the researcher shows the way, how the data will be
analyzed in order to make the evaluation of the investment opportunity in the emerging market
like India (Haldane and May 2011).
In the data collection, stage the focus made on the detailing of the data collection in order to
analyze the types of data, which it contains. (Lopez, 2009). In the year 2008, Merton stated that
the research method is the type of method, which has been chosen in order to conduct the
research study. Briefing of the chapter, with a link of the next chapter explained in the chapter
summary.
In this chapter, discussion is made on the various stages of the dissertation. What are the main
approaches have been taken, and how the research leads with the help of the approaches

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concludes to the conclusion is discussed over here. It will also discuss how the data are collected
to answer the research collections. This report also discussed about how the researches will be
conducted and motivated the readers for the chosen method. The reader will understand the
research and get a chance to criticize the work process. The conclusion of the research will make
a better understanding over the relationship of Corporate Social Relationship and Financial
Performances. What are positive and negative effects if a company is reporting to CSR is it
marketing gimmick only, or it really helps to improve the financial performance of the company.
To find the answers of these questions are the main objectives in the dissertation. To find the
answers the following questions and sub questions have been asked to different organizer as well
as people from different level of a company.
Interview questions-
1. What does CSR mean to the employees of a corporate?
2. Is it important for the corporate to appreciate the social setting within which they perform
and positive contribution to it?
3. In the last five years, what extent the knowledge and awareness about CSR is improved?
4. Does CSR help to improve the goodwill of a company?
5. Are the companies using CSR as a marketing strategy?
6. The companies, which are contributing a portion of their profit to the social causes, are
they able to attract more customers.
7. Is Corporate Social Responsibility depending on the organization level of an employee?
8. Does CSR help to motivate the employees of an organization?
9. To what extent does the company involve in charitable work?

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Research model and approach
Research Basics:
As Persons and Vincent (2007), stated in their research report by analyzing
the risk factors of foreign investment a proper decision should make on the
investment opportunity in India. As research methodology is the architectural
blue print, it will help to complete the research in time.
Research Onion:
.Research Onion is nothing but a model, which looks like an Onion. According
to Tarashev and Zhu (2008), it gives a clear picture of the research
methodology. The steps of the research methodology are designed as the layers
of the onion. An explicit framework of the research with appropriate methods
and suitable strategy are explicit in the research onion (Wehinger, 2008). To
get the optimum result from the research every layers should uncover
sequentially. The following figure will help to understand the process.

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(alizaracelis, 2009)
Research Philosophy:
The first layer of the research Onion is about the research philosophy. In the initial stage,
the research study should set in this stage. The researcher (Krainer and Lopez 2008)
should choose the philosophy for the decision-making criteria in foreign emerging
market. The prospective of the research can be derived from the chosen philosophy.
However according to Gorton and Pennacchi, (2008) there are three types of philosophy,
among which Axiology should be used.
Justification behind the selected philosophy-Axiology:
The value of the study that affected the global market is referring in the Axiology
philosophy, which has the similarity with the research study. As the basic objective of

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this report is to find out the relationship between CSR and financial performance of a
company, so Axiology philosophy will appropriate to study this method.
Research Approach:
The research approach is the second layer of the research onion. There are two types of research
approach can be found related to the research study those are the inductive approach and the
deductive approach.
For quantitative analysis, the inductive approach is appropriate. According to Davies and
Flannery (2008), it is an experimental type approach by using various statistical tools.
On the other half the qualitative analysis are examined in the deductive approach.
However, the design of the research approach is depended on the researcher. The
internal factors of the research topic will understand by the researcher (Cantor and
Thomas, 2007).
Justification behind the chosen research approach-Inductiveand deductive:
As per the research, report related to the inductive approach for economic and risk factor data the
inductive approach should be appropriate in this case. As the research study mainly involves
in the study about the invest opportunity and profitability analysis including risk
analysis, in order to get the appropriate result, this needs to evaluate the global and
country economic report, mainly from the secondary source. These reasons state that some
statistical tools are used for the assessment of the quantitative analysis. Therefore, the inductive
approach is good for this report, whereas the deductive approach is also applicable, as the report

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needs to analyze the relation between corporate social Responsibility and Financial performance
of a company.
Research Design:
The third layer of the research onion is the research design. Depending on the objectives and
characteristics of the research, the design of the research varies. According to Cook and
Spellman (2009) there are three types of research studies can be found like exploratory,
explanatory and descriptive? In the explanatory design of the research, the involvement of the
existing theories can be found. The existing theories are the main support to conduct research
study (Allen and Gale, 2010).
According to Bell and Young (2010), the new findings that can be established from the research
study described in the exploratory research. On the other hand, descriptive research design
is all about the historical and current statement of the identified event (Daniels and
Ramirez, 2011).
Justification behind the selected research design:
Exploratory research design can be used for this report. As the main objective of this
report is to identify the risk related to the decision-making criteria in foreign
investment in the emerging market option. Hence, the economic and political
performance of the country should be measured to understand the risk or to find a
new objective. Therefore, exploratory research would be the best option to design this
research.

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Researchcollection
Research data can be collected in two basic ways like primary research and secondary research.
Primary research is based on the historical data and statistical data, whereas the secondary
research will include the research made on the other researchers. The current study is all about to
find the relation between CSR and Financial Performance of a firm.
In the basic level, any number of methods can be used to gather information, as
each method has its own advantages and disadvantages. In recent days, the
researcher designs the research methods in formal and informal way rather than fitting
into one category the methods generally fit along continuum. Whereas the range of
the continuum is huge, which can be stated from scientific method or nonscientific or
it can be ranged from formal to a casual way. According to Austin and Pinkleton
(2006) if a research method is nonscientific, that does not mean that it have no
advantages or practical application in the society. One can use such information for
organizational decision-making process even the method of those studies are non-
scientific.
In this dissertation, this method has been used. Here the research has been
supplemented by a focus group, questionnaires and corporate interviews.
Focus group
In case of group discussion, apart from interviewing individual person, a group interview is
conducted, which will shave money and time as well. In Frankfurt Institute of social research, the
group discussion method is shown as a method of interrogation. Many researchers use these

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methods for various reasons. However, it is up to the researcher to find out the right conception
from the group. As focus group is conducted and discussion is made, the consumer will able to
gain an insight level of awareness. The general views will understand by the consumers on the
topic. These focus groups also made a great help in working with the questionnaire and research
process will be aided.
Another objective of group discussion is to analyses a common problem within a group.
However, a group can be divided in basic two types like homogenous and heterogeneous group.
In Homogeneous group people comes from same background, whereas in case of heterogeneous
people comes from different background sector. A heterogeneous group is intended to increase
various dynamic discussions in order to many different perspectives.
Questionnaire
In a data collection process, the developmental process of a survey item demands various
choices. Some of the choices follow directly to the aim of study and one linked with other
collection.
Questionnaire for the project based on the debate on the impact of CSR in the financial
performance of a company. The range of agreement and disagreement are divided in five types
like-Strongly agree-5, Agree-4, Neutral-3, Disagree-2, strongly disagree-1.The questionnaire are
consist of two parts. First part is consisting of different questions relating to the company,
employee and laws; whereas the second part is consisting of the basic information details of the
person.
Section-A
Statement Agreement

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1. The company strive to lower their operating cost
2. The productivity of the employees are closely monitored
3. The management make long term strategies for the business
4. The company is able to maximize their profits
5. Laws are maintained for the benefits of the employees
6. The company is giving enough money to the charity
7. Different measurement are taken to reduce the wastage
8. Recycle products are using for the office use
9. Wastage materials are going for recycling
10. Regular training is performed for the up gradation of the employees
11. Keep workplace clean and neat
12. Confidential procedure has been taken for the employees to report the
misconduct in the work
13. The company conducts various seminar relating to the aspects of society
and nature
14. Every rules and regulations are followed and maintained regarding the
nature clauses
15. In developing a new product does the organization consider the
environmental impact?
16. The company is providing clear and accurate information in the labeling
of the product
17. All the quarries of the customers are maintained in time?
18. The firm helps to balance the corporate and private life of the employees

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19. The employees are also involved in charitable work
20. The local community benefitted in case of employment by the company
Section-B
 Name of the employee-
 Name of the employer-
 Date of birth-
 Education level-
 Primary-
 Secondary-
 Junior college-
 Bachelor’s degree-
 Graduate degree-
 Others-
Work experience in years-
Position in the organization-
 Top level-
 Upper level-
 Middle level-
 Lower level-
 Junior level-
Type of the organization-
o Public sector-
o Private sector-
o Social sector-
o Multinational organization-
o Defense-
o Others-
Number of the employees in the organization-
Thank you for answering the above questions.

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Concerns
A method can be formal or informal way but that does not mean it will go without benefits. In
reality, practitioners use informal research methods to solve different problems.
Secondary data
This dissertation gives the conclusion, among which a large part is collected from the secondary
data. . The secondary data helps to understand CSR in a better way, and in collection of data and
other issues. Libraries, online database and different books. Databases are the main source of
secondary database. For answering the research questions recent and up to dates secondary data
are used. However, the researcher may get different difficulties analyzing the critical issues as
the consumers or the organizers do not always say the truth while answering.
Processofdata analysis
In this research report, annual reports from different companies (more than 100) have been used.
We choose the companies from different sectors like manufacturing, service, and industry to get
the overall picture as well as to get the individual industry picture.
The difficulty comes when we have to measure CSR. Different types of methods can be used to
measure CSR. However, Fortune survey, the KLD index, the (Toxic Release Inventory) TRI
index, various other personally designed survey instruments and other content analysis are used
by researcher (Chand 2006). For the research and competitive analysis, a universal measure for
CSR is required.
According to Unerman (2000), content analysis is used for measuring CSR reporting, as there is
a limited scope for universal measurement. A content analysis is “a method of codifying the text
of a piece of writing into various groups (or categories) depending on selected criteria”.

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Chapter-4
Analysis
After the verse and specialized review of the subject CSR, with the help of the literature review,
a better understand is made on the topic of CSR and the related topics. In this dissertation,
various quantitative techniques have been used to make a support on the theoretical issues, which
have been found during the course of work. Focus group discussion, different interviews and
survey questionnaire are used to analyze the relation between CSR reporting and Financial
Performance of a company.
Surveyquestions
Based on 250 people the survey on corporate responsibility has been made. Among them 120
were women and 130 were men. The participants came from different age group. Between the
age group of 20-30 there are 86 participate, whereas from the age group 31-40 there are 92
persons and 72 participate are from the age group of 41-50. Among these people 83 belong to
large corporate organization, 34 are from government agencies, 67 of them are self-employed,
and the remaining 66 were homemakers.
In the next section, the detailed analysis of each questions and the percentage of response
received is discussed. In the questionnaire, it contained nine questions. Participants are asked
various questions in relating CSR to understand the relationship of CSR and Financial
Performance in a better way. This measure will help the researcher to make a hypothesis on the
relation.
1. What CSR mean to the employees of a corporate?
CSR has different impact to the different level of customers. Some of them take it as a
part of organizational responsibility, whereas some of them think that an organization

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uses the CSR as a marketing gimmick only. The major part of them takes it as a social
responsibility. Here we consider the amount of percentages of people and depending on
them, we tried to find the relation between CSR and financial performances.
Organizational responsibility 34%
Marketing gimmick only 21%
Social responsibility 45%
The participants to answer the above question stay within main three aspects like yes, no
and maybe. Maximum (60%) of them find it in a positive note. Whereas, 305 take it as a
negative note and 10% of them are confused about it. Can’t find it else positive or
negative
yes 60%
No 30%
May be/ Not sure 10%
Organisational
responsibility
Marketing gimmick only
Social responsibility

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3. In the last five years to what extent the knowledge and awareness about CSR has been
improved.
In these days of globalization the corporate people are became more aware about their
social responsibility. Maximum number of participants 55%) agreed with this answer,
whereas 10% of them deny it. According to 45% of the participants, there are no changes.
Yes 55%
No 10%
It remain same 45%
yes
No
May be/ Not sure

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4. Is CSR helps to improve the goodwill of a company?
As many of the participants consider CSR as a marketing gimmick, most of them are
show a positive note as CSR work to improve the goodwill of a company. Most of the
participants consider CSR as a catalyst; however, 45% of the participants found negative
relation among goodwill and CSR reporting. Five percent of the people found no relation
among goodwill and CSR.
Yes 55%
No 45%
Remain same 5%
Yes
No
It remain same

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There is a huge debate made on if CSR is a marketing strategy or not. Maximum of the
participants consider CSR as a marketing strategy. To better the financial performance
most of the companies are using CSR as a marketing strategy, whereas 32% think that the
companies report CSR for their social duties.
yes 68%
No 32%
Yes
No
Remain same
yes
No

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they able to attract more customers.
This question is the extension of the previous question. Maximum participants consider
that the companies are able to attract customers by reporting CSR. 20% of the
participants consider that there will be no changes to attract the customers, 3% of the
participants are uncertain about the changes.
Yes 77
No 20
Maybe 3
7. Is corporate Social Responsibility depends on the organization level of an employee?
Is social responsibility depends on the level of an employee is the most philosophical
question asked to the employees. Asocial responsibility should not bounded by the level
of employment. Society is equal to all. So it will be injustice to the society if the
Yes
No
Maybe

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responsibility limited by the level of employment. Most of the participants agree with the
above statement. Whereas 45% of the participants show, disagree with the statement.
yes 45
No 55
8. Is CSR helps to motivate the employees of an organization?
Motivation is a crucial factor, which lead the employees to work better in the difficult
situation, or make a better production for the organization. A crunch of social
responsibility will motivate the employees to work better, as they found that the society
would be benefitted by their work. However, 40 % of the participants show their
disagreement with above statement and 10% found no relation between CSR and
motivation.
yes 50%
No 40%
No change 10%
yes
No

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9. To what extent does the company involved in charitable work?
The employee of any company can tell about the company’s involvement in charitable
work. It is a positive note in the research that 34%of the people said that the companies
are doing some charitable work, Where 23 percent of the participants said that their
companies involvement in charitable work is very minimum. However, 43% did not
found any relation between their organization’s involvements in charitable work.
maximum 34
minimum 23
nil 43
yes
No
No change

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Focusgroup discussion
The perception and understanding of the relation between CSR and financial performance have
been understood by focus group discussion. During the focus group discussion it is found that all
the participants are appreciate the practice of social responsibility in today’s context. As the
government is trying to improve the social condition by taking different measures to minimize
poverty, and spread education among the entire citizen, the corporate houses also must do
something to improve the society.
As it cannot be denied that corporate is also a part of society. So CSR reporting must be levied
by the as a rule to the corporates. However some of the corporates think that CSR reporting will
increase the cost of the company, other says it does not increases. As money flows in the society
in a circular motion, so it may be find in other stages. As well as CSR, reporting will help to
increase the goodwill, as well as help to increase the brand prospective among the consumers. As
well as the sales figure will increase, and it will help to repeat the business.
maximum
minimum
nil

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The other part of the group also mentioned that, though some of the companies are using CSR as
marketing gimmick only, not all of them are rubbish. There are also some true corporations made
by some of the companies towards the society. For some of them CSR is a “Potent weapon”
which is used to rebuild the fallen image of a company. As the companies are able to gain the
shareholder’s trust by CSR reporting.
Chapter-5
Result and findings
In this dissertation, a extensive research made on the debate concerning the legitimacy and value
of CSR reporting of the businesses. Different views are made on the topic of that is wealth
maximization should be the main goal of a company, or the companies have other social
responsibilities too. In the research it is found that most of the people are aware about certain
benefits for a business for socially responsible, however most of the benefits are still facing
difficulties in terms of quantity and measurement.
In this study, we address the relation between Corporate Social responsibility and financial
performance. By using different quantitative and qualitative methods, questionnaire and focus
group discussion, we try to find out the relationship. Either it is positive or negative or there is no
relation between CSR reporting and financial performances.
An argument is made to support the view that the firms, which are having strong financial
performances, are more able to report their social abilities. The question is different when it is
asked about their willing ness. The companies with strong financial performance are able to
perform its responsibilities towards the society and its employees in a better way. These
allocations will lead them for better public image; they are now able to acquire employees that

44 | P a g e
are more skilled. From the part of government, they also find some added advantages. On the
other hand, when the companies are finding difficulties in financial allocation or other resources
for their project, they are unable to perform their social responsibilities. This theory is known as
Slack resources theory introduced by Waddock and Graves in the year 1997.
The companies can apply CSR in different behavioral way. As in different ways CSR can be
applied by the companies in different ways, it is difficult to generalize them. However, in this
study we find some certain ways like environmental protection, charity work, sponsorship and
work environment, which can be applied by the companies. For any company it is easy to apply
the environmental causes in their various aspects like using nature friendly container, or using
nature friendly car or can guide the employees to become more environmental friendly. The
other ways are like investing money for the unprivileged children education and supporting in
some human rights.
Implications for practitioners
As CSR is a growing concept in the recent years, companies are starting to see benefits from
participating in CSR. Customers are now more willing to buy from those companies who are
reporting to CSR. In the following list, the most important aspects of CSR are followed down.
 Considering the time concept investing in CSR is good for these days. As the consumers
are also aware about different social activities, they also want to invest in the companies,
which are reporting to CSR.
 The stakeholders also must inform about the CSR reporting made by the company. As it
will increase the sales ratio, motivate the employees and improved goodwill.

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 A balance should be maintained between CSR investment and profit maximization.
Investing too much in CSR activities may challenge the company in profit maximization.
However, the stakeholders may not consider minimum investment as CSR activates.
 From the viewpoint of a customer, a company will be a good citizen first. Then its
financial performance will be measured.
 As society is changing, in near future the CSR will become so important, that different
law will be applicable. Therefore, it is better if the companies stated reporting to CSR.
Implicationsforfutureresearch
In this report, we make a study on the relation of CSR and financial performance, however still
there are various important areas of CSR, which are untouched by the researchers. Some of them
are listed below-
 Now the interest and customer demand is very high. However, it can be changed in near
future. So a study can be conduct to analyze if there have been any changes made on the
CSR engagement yes or not.
 The researcher will make their research on more than one company, on depending on
that they can find the similarities as well as the differences among the CSR reporting.
Chapter-6
Recommendations and conclusions
This dissertation is made to understand the ad vantages of corporate social Responsibility in
terms of marketing strategy, managing reputation and the most important is to generate profit.
Here we also discussed how the CSR practices of various corporations could change the mind of
the consumers and their perceptions. As a detail investigation is also made on the history of CSR,
it helps us to understand the increasing importance of CSR in the following years.

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Research questions has addressed, with various methods which are used to collect proper data
and make them for the analyze purpose. After various qualitative and Quantitative research
methods, the topic of the dissertation is become simple to understand. For both researchers as
well as managers it is important to identify the relation between the CSR reporting and financial
performances.
In this dissertation, we aimed to understand the advantages of CSR in the world of business in
terms of branding, management the reputation, and the most importantly in terms of profit.
Argument is made to support that the firms which are having good financial performance, having
more resources available for investment in social causes like relation with the employee,
environmental concerns, a relation with the community. The companies, which are having solid
financial performances, are more likely to invest in the long-term strategic ways such as
providing services for their employees and related community. This type of strategic
management helps to improve the public image and better the relationship with the community.
As a result, these companies will attract employees that are more skilled. On the other side, the
financial problems of the companies can usually allocate their resources within a shorter horizon.
This theory is known as Slack Resources Theory.
Other arguments also said that the financial performance of a company also depends on good
social performance. As Waddock and Graves stated in the year 1997 that the shareholder
expectations have to be met before it becomes troublesome issue that may cause problem in
future. It also stated that the companies, which are socially responsible, having an enhanced
brand, image as well as good will among the customers. The power of accomplishment the
employees and the business partner can also be achieved by the companies, which are reporting
CSR (Corporate Social Responsibilities). These companies are having less risk of negative

47 | P a g e
events. CSR reporting companies’ principles are more transparent to the employees and the
customer and having less corruption. Moreover, they can run less risk for paying heavy fines for
environment pollution. It is also less risky for them of having negative social events, which may
hamper their good will. It also helps them to save advertising cost and litigation.
Depending on the causality two different can be made on relationship of corporate social
responsibility and financial performances. However, the study may not find the casual
collections. Never the less we found a positive relation between Corporate Social Responsibility
and Financial Performances. This relationship is statically significant which shows a series of
bottom line benefits can be done through social responsible corporate performance. Future
research on this topic can be made in number of direction. We can conclude that the CSR
theories mainly focus on four points 1. The objectives should be met and long-term profit should
be achieved, two. The business will be used in a more responsible way, 3. The social demand
should be integrated, four. A contribution should be made on good society by doing what is
ethically correct. The instrumental, political integrative and value theories do not make a specific
approach for which the aspects are considered as other group theories. Further research is
required to be made to find out the features of the theories with its advantage and disadvantage in
a more explicit way. A new theory can be developed which may overcome the limitations of the
previous theories. For this, one requires accurate and depth knowledge of the presence scenario
of world with a sound and vivid ethical foundation.
So here, we can conclude on the point that may the companies are having differences in CSR
reporting, though the government must imply some rules and regulations to work over this
method. In these days of globalization, it is a duty of the corporate organization to make the
world a better and safe place to live. A point should consider on behalf of our children, who are

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the future citizen of our country. Our liability is towards them is more than generating profit. So
considering the social changes every corporation must maintain a balance between CSR
reporting and wealth maximization.

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Appendix-1
Questionnaire-
Questionnaire for the project based on the debate on the impact of CSR in the financial
performance of a company. The range of agree and disagree divided in 5 types like-Strongly
agree-5, Agree-4, Neutral-3, Disagree-2, strongly disagree-1.The questionnaire are consist of two
parts. First part is consisting of different questions relating to the company, employee and laws;
whereas the second part is, consist of the basic information details of the person.
Section-A
Statement Agreement
21. The company strive to lower their operating cost
22. The productivity of the employees are closely monitored
23. The management make long term strategies for the business
24. The company is able to maximize their profits
25. Laws are maintained for the benefits of the employees
26. The company is giving enough money to the charity
27. Different measurement are taken to reduce the wastage
28. Recycle products are using for the office use
29. Wastage materials are going for recycling
30. Regular training is performed for the up gradation of the employees
31. Keep workplace clean and neat
32. Confidential procedure has been taken for the employees to report the
misconduct in the work

50 | P a g e
33. The company conducts various seminar relating to the aspects of society
and nature
34. Every rules and regulations are followed and maintained regarding the
nature clauses
35. In developing a new product, does the organization consider the
environmental impact?
36. The company is providing clear and accurate information in the labeling
of the product
37. All the quarries of the customers are maintained in time?
38. The firm helps to balance the corporate and private life of the employees
39. The employees are also involved in charitable work
40. The local community benefitted in case of employment by the company
Section-B
 Name of the employee-
 Name of the employer-
 Date of birth-
 Education level-
 Primary-
 Secondary-
 Junior college-
 Bachelor’s degree-
 Graduate degree-
 Others-
Work experience in years-
Position in the organization-
 Top level-
 Upper level-

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 Middle level-
 Lower level-
 Junior level-
Type of the organization-
o Public sector-
o Private sector-
o Social sector-
o Multinational organization-
o Defense-
o Others-
Number of the employees in the organization-
Thank you for answering the above questions.
Interview questions-
1. What CSR mean to the employees of a corporate?
3. In the last five years about what extent the knowledge and awareness about CSR is
improved.
4. Is CSR helps to improve the goodwill of a company?
able to attract more customers.
7. Is corporate Social Responsibility depends on the organization level of an employee?
8. Is CSR helps to motivate the employees of an organization?
9. To what extent does the company involved in charitable work?

52 | P a g e
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