Do investors care about CSR? Evidence from Polish public listed companies

Corporate social responsibility (CSR), ethics, and sustainability have become an inseparable part of the discourse of modern business. Applying linear regression and comparison of intervals of beta-coefficients, we focused on the mediating role of CSR in the relations between capital structure and its determinants. Examining the sample of European large caps, we observed that CSR companies are significantly more leveraged than non-CSR ones. The influence of the corporate income tax rate and depreciation and amortization on leverage does not differ significantly between CSR and non-CSR companies. Moreover, tax shields seem to be insignificant for both CSR and non-CSR companies. However, we should stress that, for depreciation and amortization, the beta coefficient has a different significance in the model of CSR companies, compared to the model of non-CSR companies. Also, the difference between the models regarding the relations of leverage and asset tangibility is worth noting. Non-CSR companies with a higher proportion of fixed assets have lower leverage. This result was not confirmed for CSR companies. The hypothesis that CSR replaces the role of collateral cannot be confirmed. Available cash influences leverage negatively in both models, supporting the pecking-order theory. This result is much stronger for non-CSR companies compared to CSR ones. This study found fewer statistically significant differences between CSR and non-CSR companies regarding capital structure determinants than were expected.

PurposeOwing to the dearth of studies in Africa on corporate social responsibility (CSR) and community satisfaction with them, this study aims to examine the case of WAPCO and its host communities.Design/methodology/approachThrough the use of a simple structured questionnaire, the authors collected data from key respondents including community development leaders, community chiefs, market women leaders, youth development leaders, religious leaders and other opinion leaders in and around the locations of WAPCO's Plants. The authors also extract some useful information from the company's annual reports. In analyzing the data, both a descriptive approach and some measures of linear association are adopted.FindingsThe authors found that, although the proportion of resources committed to CSR is small, CSR expenditure rises with the firm's sales. Further, the host community displays a great knowledge of the adverse effects of the company's operation; however, reactions are minimal. This is attributed to the company's elaborate governance structure and CSR practices as well as to a high level of host community satisfaction with them. However, there is the budding predisposition for the company's activities to generate conflict with workers from the community and the community as a whole in the future.Research limitations/implicationsThe study is limited by the facts that some data extracted from the company's annual reports are taken as given, and by an inability to carry out a large‐scale survey of opinions as planned due to unwillingness of the community individual members to cooperate. Besides, the study is based on a single firm in the manufacturing industry. Thus, caution should be exercised in the interpretation and generalization of these results.Practical implicationsThe company's CSR is rated as satisfactory; nonetheless, involving the community more in the design of its CSR programs is imperative. The idea of institutionalization of collective bargaining procedures in CSR activities is relevant not just to WAPCO, but also to other companies, especially those with much environmental impact, like the oil companies. It is also suggested that a grassroots approach be taken in studying the CSR profile of companies, especially in a developing economy, like Nigeria; in order to serve as early warning signs of conflicts.Originality/valueThe study adopts both theoretical and empirical approaches to associate a company's CSR practice with the immediate community needs or satisfaction so as to forestall the replication of the kind of crisis observed in the Nigerian oil industry. To one's knowledge, no prior study in Africa has taken such a holistic and balanced approach.

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This conceptual analysis explores communication strategies for effective Corporate Social Responsibility (CSR) and stakeholder engagement in the oil and gas industry. The oil and gas sector faces increasing scrutiny from stakeholders, including communities, governments, NGOs, and investors, regarding its social and environmental impact. Effective communication is crucial for companies to build trust, manage expectations, and demonstrate their commitment to CSR. The analysis discusses key communication strategies that companies can employ to enhance CSR and stakeholder engagement. These strategies include transparency, dialogue, collaboration, and storytelling. Transparency involves providing clear and accurate information about the company's CSR initiatives, performance, and impact. Dialogue involves engaging with stakeholders to understand their concerns, gather feedback, and address issues. Collaboration involves partnering with stakeholders to co-create solutions and maximize the impact of CSR initiatives. Storytelling involves sharing compelling narratives about the company's CSR efforts to inspire stakeholders and build a positive reputation. The analysis also highlights the importance of tailoring communication strategies to the specific context of the oil and gas industry. This includes addressing the unique challenges and sensitivities associated with oil and gas operations, such as environmental risks, community impacts, and regulatory complexities. Overall, the analysis emphasizes the importance of communication in driving effective CSR and stakeholder engagement in the oil and gas industry. Companies that adopt transparent, dialogue-driven, collaborative, and storytelling-based communication strategies are more likely to build trust, enhance their reputation, and create positive social and environmental impact.

Objective: Corporate Social Responsibility (CSR) is a concept of running a company that is more and more implemented among companies around the world. Not only companies are more and more interested in CSR, but also the financial community. The objective of this study is to research the influence of CSR on the investment risk level among companies whose shares are listed on the Warsaw Stock Exchange. Research Design & Methods: In this study, an analysis and assessment of literature was used as well as empirical research whose scope covers the period of 2009–2017. In empirical research for investments in shares of companies included in the RESPECT Index there were estimated risk measures and their levels were compared with levels of those risk measures for investment in WIG. Findings: Companies from the RESPECT Index were characterised by higher total risk and lower systematic risk. Moreover, the results of skewness and kurtosis were mixed. Implications / Recommendations: The practical implication of this study is showing companies whose shares are listed on the Warsaw Stock Exchange and which implemented CSR. Moreover, mixed results of this study demonstrate that investing in shares of CSR companies is a complex issue, because the results depend on the kind of risk that is analysed. This is important knowledge in investment risk management. Information about companies that implemented CSR and about the risk level of those companies is important to investors who want to invest in CSR companies as well as to the managers of companies, because the influence of CSR on the investment risk level is indicated. Contribution / Value Added: Investing in CSR companies is a complex issue and its results depend on risk measure. The added value of this study is to compare risk levels for investment in shares of companies included in the RESPECT Index with risk levels for investment in WIG. Moreover, this study contributes to a better understanding of the consequences of implementing CSR in a company as well as better understanding of a company’s attractiveness for investors. Article classification: research article JEL classification: G32, M14

Measuring and managing the social value created by a diverse construction business

The relevance of the research is that the research of corporate social responsibility (CSR) of companies and their implementation of sustainable development are necessary tools for analysing the impact of CSR on reputation. This, in turn, makes it possible to analyse the communication channels through which CSR projects are covered. Accordingly, CSR research and sustainable development of companies are important both for further development of recommendations on channels of effective communication about responsible actions of companies and factors that will affect the reputation. The main objectives of the article are to demonstrate the role of LEGO Group, The Walt Disney Company, and Rolex projects and programs on CSR and sustainable development on the company’s reputation, to analyse the main social networks of companies through which CSR of companies is demonstrated. Reputation management has become so important because companies are being built at a time that is driven by new reputational market forces that affect companies around the world. Besides, corporate social responsibility and sustainable development of the company have the greatest impact on the company’s reputation. Research shows that corporate responsibility helps to restore and improve reputation. Moreover, a purpose-driven goal is directly proportional to a stronger reputation. Non-financial reports, usually according to GRI standards, or sustainable development reports, which show how effectively and positively the company affects the environment, economy, and society, are the tools by which a company highlights and demonstrates its responsibility. The article analyses corporate websites, social networks, and non-financial reports of the researches companies for 2018–2019. When a company creates a sustainable, ethical policy that goes beyond government regulations, it builds the trust of its customers. And the company’s well-planned media strategy will allow others to learn about the progress and results of projects and increase its reputation.

Research on recruitment shows that jobseekers display positive attitudinal and behavioral responses to potential employers' corporate social responsibility (CSR), while corporate social irresponsibility (CSI) works contrariwise. However, few studies have examined how jobseekers react to companies that show the two attributes in an inconsistent way. This study investigates how jobseekers' perceptions of a company, shaped by its CSR history, are changed based on its recent CSR/CSI practices. It also examines how jobseekers' moral traits affect their perceptions of and behavioral intentions toward the company, influenced by the (in)consistency of its CSR. The results of a scenario‐based experiment with 203 subjects show that jobseekers perceive a company with a strong (vs. weak) CSR history as warmer and infer that its CSR motive is genuine. However, when they obtain information about the company's recent CSI practices, they tend to perceive that the motivation of the previous CSR is not genuine and are less likely to be attracted by the company. This tendency is amplified when the jobseekers have a strong propensity to belong to ethical organizations. This research contributes to the literature on the effects of the (in)consistency of a company's CSR on its external stakeholders.

One of the most pressing issues for companies to overcome in order to thrive in today's economically volatile and competitive environment is corporate social responsibility (CSR). This research seeks to discover the advantages of CSR integration for company growth by examining the effect of consumers' CSR views on their buy intentions via the mediating roles of brand equity, brand credibility, and brand reputation. The research takes a quantitative approach by surveying female internet cosmetics shoppers. The 380 replies are analyzed using PLS-SEM software. The findings suggest that consumers' views on a company's CSR have an impact on their propensity to buy the brand in the future. The relationship between consumer views of a company's CSR efforts and their desire to make a purchase is mediated by their evaluation of the brand's equity, credibility, and reputation. The findings represent a valuable resource for academics doing empirical research on the topic, since no prior studies have used a complete strategy to confirming the effect that CSR exerts via brand credibility, brand reputation, and brand equity. This document is also useful for managers and marketers who want to learn how to create effective marketing strategy and brand management methods.

Objective: Our objective was to verify the existence of isomorphism within actions aimed at Corporate Social Responsibility (CSR) of companies in the Sustainability Index (ISE) of BM FBovespa. Method: In this qualitative research study, we completed a content analysis of sustainability reports and information from the official websites of ISE companies. Originality / Relevance: Past studies related corporate social responsibility and isomorphism and analyzed them as the motivation and influence for the presentation of sustainability reports. However, these studies have failed to identify whether there is isomorphism in Corporate Social Responsibility actions. Results: When reviewing all private Brazilian companies, the financial institutions sector was the one that presented the most isomorphic processes. We also verified that multinational companies suffer limited isomorphic pressures; additionally, no isomorphism was verified in companies that have the state as the majority partner. Theoretical / methodological contributions: This research contributes to the study of the process of isomorphism in relation to Corporate Social Responsibility, by analyzing data divulged by the companies (verifying similarities of the adopted actions).

Corporate social responsibility strategies in competition and their implications

Corporate Social Responsibility (CSR) can work as an effective means towards minimising business risk and maintaining amicable relationships with diverse groups of stakeholders. While many studies have examined the impacts of CSR on firm value and customer perceptions, little is known about the effects of a philanthropic engagement of the private sector on external stakeholder groups, such as local communities in developing countries. This paper examines welfare effects of six community-based water supply projects that were supported by a thermal power plant in Sri Lanka as part of the company's CSR strategy. The implications of these CSR activities are analysed from the perspective of the project beneficiaries, the majority of them poor smallholder farmers. Household production and labour income functions are estimated from survey data to analyse two pathways through which the water projects affect the beneficiaries' lives. First, the households get individual access to water that allows for the irrigation of home gardens, increases land productivity and changes households' farm output and income (irrigation channel). Second, the projects have an indirect effect on households' income via a time channel, i.e. the effect that due to the individual water access the households save time as there is no need any more to fetch water from far away water bodies or wells. This allows for a reallocation of labour time for other productive income-generating activities. Despite the considerable costs that households have to bear for an individual water connection, the study finds a systematic, positive net income effect of the projects on the beneficiaries via both the irrigation and the time channel. Qualitative evidence supports these findings and also reveals additional positive, non-monetarised project impacts. As the water projects would not have been realised without the subsidiary financial support of the power plant, it is concluded that the company's CSR engagement is increasing the welfare of the beneficiary communities.

The article defines and summarizes the prerequisites for the growth of the corporate business social responsibility scale. Corporate features of business social responsibility ensuring in joint-stock companies have been established. The structure and components interaction features of the joint-stock company's corporate social responsibility ensuring mechanism have been identified. The prerequisites for the corporation (an enterprise formed and operated in the organizational and legal form of a joint-stock company) subjectness achievement while establishing a set of business corporate social responsibility obligations has been determined. The connection nature between the target orientations of the joint-stock company stakeholder's involvement in corporate relations participation and corporate social responsibility obligations formation has been identified and systematized. The fundamental regularities of the joint-stock company stakeholder's reflexive interaction mental space formation have been considered through ensuring corporate social responsibility. The complex subject nature of the business's corporate social responsibility formation has been established as a consequence of achieving balance while satisfying both the equity investment specific contractual conditions and a joint-stock company's wide range of public obligations. The coalition nature of determining the joint-stock company's obligations and agreements regarding establishing the scope of corporate social responsibility has been revealed. The priority of the institutional toolkit usage to form and support the mechanism of ensuring a joint-stock company's corporate social responsibility has been proven. The unique reflexive nature of the requirements for the corporate culture mechanism forming within the joint-stock company's corporate social responsibility ensuring mechanism has been revealed. The crucial means for institutionalising a joint-stock company's requirements and obligations have been determined within the business's corporate social responsibility framework. The strategic aspects of a joint-stock company's corporate development management in the context of business's social responsibility ensuring have been summarized.

Impact of a gaming company's CSR on residents' perceived benefits, quality of life, and support

This study examines the effectiveness of Corporate Social Responsibility (CSR) management by PT Huadi Nickel Alloy Indonesia in the coastal area of Bantaeng Regency, with a focus on the integration indicator. The research employs a qualitative method with a descriptive approach, utilizing interviews as the primary data collection technique, complemented by observations and relevant documents. The findings reveal that PT Huadi Nickel Alloy Indonesia has demonstrated commendable efforts in establishing relationships and communication with the community, government, and other stakeholders. This integration is evident from the coordination and collaboration in CSR program planning and implementation, active involvement of the community and local employees, and the benefits experienced by the community. The company's commitment to CSR is reflected in its efforts to align its programs with the needs and aspirations of the local community, as well as its adherence to government regulations and industry standards. However, the study also identifies areas for improvement, particularly in capturing and responding to the community's needs for additional CSR programs. The research suggests that by continuously strengthening communication, collaboration, and sensitivity to community aspirations, PT Huadi Nickel Alloy Indonesia can enhance the effectiveness of its CSR management, thereby providing broader and more sustainable benefits to the communities surrounding the industrial area. This can be achieved through regular stakeholder engagement, needs assessments, and the incorporation of community feedback into the company's CSR strategy and decision-making processes. The study contributes to the understanding of CSR integration and its impact on business and society, while also highlighting the need for further research to address its limitations and explore new avenues for investigation. Future studies may consider expanding the scope to include other indicators of CSR effectiveness, such as sustainability, transparency, and accountability, as well as examining the long-term impacts of CSR initiatives on the socio-economic development of the region.