Corporate Social Responsibility Information Disclosure Research Articles

The effect of corporate governance elements on corporate social responsibility reporting of listed companies in Vietnam

This paper examines the impact of various corporate governance characteristics on the disclosure of corporate social responsibility (CSR) information in the context of developing markets during the COVID-19 pandemic. We used data from the annual reports of the top 100 companies listed on the Ho Chi Minh Stock Exchange from 2019 to 2021 to investigate the relationship between board independence, board size, CEO duality, foreign ownership, government ownership, and the disclosure level of CSR reporting. We employed a content analysis to measure CSR disclosure level by using the CSR reporting index (CSRRI) with 17 items. The panel regressions including three techniques like the pooled-ordinary least squares (OLS), fixed effects model (FEM), and random effects model (REM), were used to analyze the data, and FEM) shows its best fit to the model. The results suggest that board independence and government ownership correlate positively and significantly with companies’ decisions to disclose CSR information. In contrast, board size, CEO duality, foreign ownership and was found to be insignificant. Our study extends the literature on CSR particularly in developing countries where governments play a significant role in promoting economic development. It also evaluates the CSR disclosure level of the top listed companies in Vietnam. Since then, the paper’s results provide several insights to the policymakers to identify the corporate governance characteristics that will promote CSR reporting in Vietnam’s listed companies.

The Quality of Corporate Social Responsibility Information Disclosure and Enterprise Innovation: Evidence from Chinese Listed Companies

The Chinese government has implemented a series of corporate social responsibility (CSR)-related policies in recent years, aiming to achieve high-quality economic development and transformation. To assess the effectiveness of these CSR policies, this study empirically explores the relationship between the quality of CSR information disclosure and corporate innovation performance using data from A-share listed companies in Shanghai and Shenzhen, China, from 2009 to 2020. The results show that: (1) Improvement in the quality of CSR information can significantly improve corporate innovation performance. (2) Further analysis reveals that the improvement of CSR information quality not only helps to reduce the agency costs and alleviate the financing constraints of enterprises but also reduces the cost of external interpretation of corporate innovation projects and conveys a good corporate image by attracting the attention of analysts and the media, which all contribute to the improvement of corporate innovation performance. This study further refines the mechanism of the impact of CSR disclosure on firms’ innovation performance, which may provide guidance to governments in developing and improving CSR disclosure systems in the future.

Corporate social responsibility reporting and capital structure: Does board gender diversity mind in such association?

AbstractThis research aims to shed light on the effect of corporate social responsibility (CSR) disclosure on capital structure, a significant strategic policy for all listed companies. Furthermore, it aims to explore the moderating effect of the presence of female directors on corporate boards on the relationship between CSR disclosure and capital structure. We use an international sample of 48 countries for the years 2007–2019 collected from the Thomson Reuters database. This study uses the GMM procedure to estimate the model of the association between the disclosure of CSR information and capital structure and the moderating effect of board gender diversity in such relationship. Drawing on agency theory, the results support the negative relationship between CSR disclosure and capital structure. Moreover, our findings also reveal that board gender diversity does not moderate the association between CSR disclosure and capital structure.

Corporate social responsibility disclosure and corporate creditworthiness: Evidence from the UK

AbstractThis study investigates the way in which corporate social responsibility (CSR) practices are perceived by the U.K. bond market. In this respect, we distinguish between the two ambiguous subdimensions – that is, CSR disclosure and CSR performance. We analysed the association between CSR disclosure and the cost of corporate bonds by means of a multi‐theoretical framework combining economics with social theories. We also examine the moderating effect of the CSR performance on this relationship. We estimate a random‐effects GLS regression and random‐effects ordered probit regression using a sample of companies belonging to the FTSE 100 index during the 2013–2017 period. We find that bondholders and credit rating agencies incorporate CSR disclosure into their assessment and evaluation of the firms' creditworthiness. Mainly, our results show that bondholders encourage and value CSR reporting primarily for companies with weak CSR performance, but stop doing so once the company reach a certain level of CSR performance. We further examined each CSR disclosure subdimension and aspects of corporate creditworthiness through a disaggregated analysis. Both environmental and community relations disclosures are significant in corporate creditworthiness, whereas only responsibility disclosure is related to credit ratings. Finally, results highlight that disclosure of CSR information is especially relevant to financially healthy firms. Our findings have several implications for academics, practitioners, and policymakers in understanding the consequences of CSR disclosure and CSR performance on bond markets and credit rating.

Ex-Auditor CEOs and Corporate Social Responsibility (CSR) Disclosure: Evidence from a Voluntary Period of Sustainability Report in Indonesia

This study examines the relationship between ex-auditor CEOs in companies and corporate social responsibility disclosure in the Indonesian setting, where the presence of ex-auditor CEOs is increasing every year. We use the sample of 581 firm-year observations from 106 firms that published sustainability reports on the Indonesian Stock Exchange from 2010–2020. The results show that CEOs with an auditor background are more likely to disclose CSR information. This suggests that the auditor background of the CEO can affect corporate decision making, specifically the decision of CSR disclosure, because their auditing experience is also related to a monitoring mechanism of voluntary information, such as CSR disclosure. Moreover, auditors are practically accustomed to being required to have professional judgment when carrying out their work, so they are more aware and careful in terms of running a sustainable business by disclosing the CSR. This study enhances the literature by providing insights into the disclosure practice of CSR among firms with ex-auditor CEOs that are robust to Heckman’s two-stage model and the Coarsened Exact Matching test. This study provides empirical evidence of a relationship between ex-auditor CEOs and CSR information disclosure and several additional analyses in the period of a voluntary sustainability report in Indonesia.

Distances Matter: Parent’s CSR Reputation and CSP of Multinational Enterprises’ Subsidiaries

Prior studies found that foreign subsidiaries of multinational enterprises (MNEs) suffer from liability of foreignness (LOF). According to stakeholder theory, foreign subsidiaries may be able to improve their legitimacy of business practices and overcome LOF by demonstrating social commitments to host-country constituents through corporate social responsibility (CSR). This study doesn’t only investigate whether the distances between the MNE home countries and China (host country) affect multinational enterprises (MNEs) foreign subsidiaries’ corporate social performance (CSP), but also examines how sub-national institutions affect the subsidiaries engaging in CSR in China. The study further tests the moderating role of parent’s CSR reputation. Using the data from 2009 to 2015 in the blue books of corporate social responsibility issued by Research Center for Corporate Social Responsibility Chinese Academy of Social Sciences (CASSCSR), the study adopts the top 100 foreign-invested enterprises in China as our sample. The CASSCSR collected the CSR information via their CSR reports, financial reports and official websites; they did an all-around research and valuation on their current CSR information disclosure. The results show the effect of distances on subsidiaries’ CSP in China, and highlight the importance of parent’s CSR reputation as a mechanism that may induce foreign subsidiaries to engage in CSR in China.

The ANALISIS PENERAPAN INFORMASI PENGUNGKAPAN CSR BESERTA FAKTOR- FAKTOR YANG MEMPENGARUHINYA BERDASARKAN TEORI AGENCY, LEGITIMASI, STAKEHOLDER DAN TEORI KONTRAK SOSIAL

This research explored the Application of Corporate Social Responsibility (CSR) Disclosure Information and the influencing Factors Based on Agency Theory, Legitimacy, Stakeholders and Social Contract Theory. The purpose of this study was to determine how much the composition of the board of commissioners, leverage ratio, profitability ratio and company size simultaneously and partially affects the disclosure of corporate social responsibility (CSR) information. The data used in this study was secondary data, namely data sourced from the Indonesia Stock Exchange. The main data sources used in this study were the company's annual report and the LQ30 company sustainability report, and the methods used in this study were quantitatively descriptive, that is, research that reveals the magnitude or smallness of the influence or the relationship between variables expressed in numbers, by collecting data that are supporting factors on the influence between the variables in question, then analyzed. The results showed that all independent variables, namely the composition of the board of commissioners, leverage ratio, profitability ratio and company size together had a significant influence on CSR. The composition variables of the board of commissioners had a significant influence on the disclosure of CSR information, while the variables of leverage ratio, profitability ratio, and company size did not have a significant influence on the disclosure of CSR information.
 
 Keywords: Disclosure of CSR information, Composition of the Board of Commissioners, Leverage Ratio, Profitability Ratio, and Company Size

Returnee Executives, Corporate Social Responsibility, and Stock Price Synchronicity.

Executive characteristics have a significant impact on corporate decision-making, corporate sustainable behavior, and stock market performance, which may influence the corporations’ sustainable development in the long run. The role of returnee talents in the corporate sustainable development has received extensive academic attention. Using data of Chinese A-share listed companies over the period of 2008–2018, we find that there is a negative relationship between executives’ foreign experience and stock price synchronicity. We also prove that corporate social responsibility (CSR) has a significant mediating effect on the relationship between returnee executives and stock price synchronicity. The returnee executives tend to pursue long-term sustainable activities and improve CSR engagement quality, thereby reducing stock price synchronicity. Our extended analysis reveals that the benefit of returnee executives is more pronounced for non-SOEs and for firms located in regions with a low degree of marketization. This study has some implications for the Chinese firms in relation to their CSR information disclosure behavior, and it gives suggestions to strengthen capital market efficiency for the sustainable development of corporations.

Executive Characteristics Considering Heterogeneity and Corporate Social Responsibility Information Revealed Relationship Research

<p>This article analyzes the relationship between the characteristics of executive team and corporate social responsibility information disclosure. In the analysis of executive characteristics, three adjustment variables of age heterogeneity, tenure heterogeneity and academic heterogeneity are introduced. Moderating effect on corporate social responsibility information disclosure. The research results show that the average tenure of the senior management team in the sample company has a significant positive effect on corporate social responsibility; after introducing heterogeneity variable adjustment, age heterogeneity significantly negatively regulates the relationship between the proportion of women in the executive team and corporate social responsibility. The term heterogeneity significantly negatively regulates the relationship between education level and corporate social responsibility.</p>

Effect of corporate governance on corporate social responsibility in Vietnam: state-ownership as the moderating role

Purpose This study aims to investigate the association between corporate governance (CG) and the corporate social responsibility (CSR) information disclosure as well as the moderating role of state-ownership between CG and CSR disclosure. Design/methodology/approach To examine the relationship between CG and CSR disclosure, this study used the feasible general least squares and generalized method of moments method on a sample of 165 non-financial quoted companies over the 2015–2018 period, which account for about three-fourths of the Vietnamese stock exchange. Findings The findings suggest that enterprises with smaller board size consisting mainly of independent directors have a higher CSR disclosure level. Moreover, when the chief executive officer is concurrently the chairman of the board, the level of CSR disclosure falls. Additionally, the moderating role of state ownership enhances CSR disclosure. Research limitations/implications The empirical results of this study form a solid foundation for policymakers and other stakeholders’ decisions in investing or establishing policies. Originality/value This study provides empirical evidence on the relationship between CG and CSR disclosure in Vietnam – a developing country with no legal requirement on CSR disclosure. Moreover, this study emphasizes the moderating role of state ownership between CG and CSR disclosure, which clarifies the role of state ownership in establishing CG mechanisms.

Corporate Social Responsibility (CSR) Disclosures in Group Affiliated Firms and Politically Connected Family Firms: Empirical Evidence From a Traditional Society

This paper explores whether the political connections in group-affiliated firms and family firms have any impact on the corporate social responsibility disclosure (CSRD) practices in a traditional society. Using a total sample of 792 company year observations from the Dhaka Stock Exchange (DSE) from 2010-2018, this paper documents that the firms, which are group affiliated and which are family controlled, are positively significant to CSRD, indicating more disclosure of CSR information. However, when the family firms are politically connected, the CSRD is negatively significant. Without denying the benefits of alternative theoretical lenses adopted in disclosure studies, this paper tries to identify whether elements of “traditionalism” such as display of loyalty to master, domination and control, as characterized by (Weber, 1978), can be used to explain the determinants of social and environmental disclosure in developing/ traditional economy. This paper contributes to the CSR literature by providing an alternative theoretical perspective for traditionalist societies and connecting political affiliation and ties of family firms and group affiliated firms with CSR disclosure. It provides a deeper insight into the dynamics and interplay between group affiliated firms and family controlled firms, its ownership structures and governance mechanism with the disclosure practices in a traditional setting.

The impact of CSR on the financing cost of Jordanian firms

PurposeThe purpose of this paper is to examine the impact of corporate social responsibility (CSR) disclosure on the firms’ weighted average cost of capital (WACC) of Jordanian industrial firms listed in the Amman Stock Exchange (ASE) over the 2009–2019 period. In particular, this paper examines whether stockholders and creditors value CSR information disclosure positively when they decide to provide financing to the firm.Design/methodology/approachTo investigate the relationship between the firm's disclosure of CSR and its WACC within Jordanian industrial firms, this study used the generalized method of moments. This study first describes the variables and then the model specification. The dependent variable is the WACC, calculated as the weighted average cost of debt and the cost of equity. For the main independent variable, this study used the CSR disclosure index developed by Abu Qa'adan and Suwaidan (2019), which includes 42 items of information classified into four categories: environmental information, human resources information, community involvement information and product/services to customer information. The sample includes 42 industrial firms listed in the ASE over the period 2009–2019.FindingsThis study finds find that there is no impact of total CSR disclosure on the WACC. However, firms that do not disclose enough information and engage in socially responsible activities related to the environment and the human resources are considered high risk to the market participants (i.e. creditors and equity holders) and consequently are penalized by being charged high financing costs. Furthermore, profitable firms that engage in CSR activities are seen to be highly risky.Research limitations/implicationsAs the period chosen for the study is considered a period of an economic slowdown in Jordan, it is highly likely that the impact of the economic slowdown increased the required return on investment by equity holders. The results of the study are consistent with the idea that managers regard CSR as philanthropy rather than as a necessary activity that leads to the sustainability of their businesses. On the other hand, it could be that investors do not give any attention to the CSR information provided by the firm, and hence, their required return is determined by other factors.Originality/valueThis research contributes to the literature on CSR in the following: first, contrary to previous research that examines the impact of CSR on a firm's value or its cost of equity capital, this study will examine the effect of CSR disclosures on the company’s WACC. Second, this research examines the CSR disclosure in a small market where information asymmetry is high, thus the authors suggest that their CSR disclosure is one channel through which firms can reduce this information asymmetry and improve their performance.

The Impact of CEO Duality and Financial Performance on CSR Disclosure: Empirical Evidence from State-Owned Enterprises in China

This paper studies the effects of a firm’s financial performance (FP) and chief executive officer’s (CEO) duality on the quality of corporate social responsibility (CSR) disclosure in the context of state-owned enterprises (SOEs) among Chinese A-share-registered companies. The results depict a negative relationship between CEO duality and CSR disclosure. Our results demonstrate that better-performing firms disclose CSR information more frequently and of higher quality compared with firms with poor financial performance. This role of financial performance in the quality of CSR disclosure is generally valuable in public enterprises; however, it is relatively sluggish in state-owned enterprises the outcomes indicate that the dual leadership structure reduces assessments and renders CEOs less liable to their stakeholders. Therefore, this study offers valuable information and details for regulators to improve corporate governance and CSR from the perspective of stakeholder theory.

How Do Remuneration Committees Affect Corporate Social Responsibility Disclosure? Empirical Evidence from an International Perspective

The main goal of this study is to analyze whether the existence of remuneration committees tend to disclose more corporate social responsibility (CSR) information. In addition, we test the moderating role played by the proportion of independent directors on boards of directors with the relationship between the constitution of remuneration committees and CSR disclosure. Previous research does not appear to have addressed these questions. The research questions proposed are tested using an international sample of 28,610 listed companies, and we took into consideration information on industrial companies from the Middle East, developed Asian and Pacific countries, both emerging and developed European countries, Africa, Latin America and North America. These findings provide evidence that the existence of remuneration committees is more likely to disclose CSR information, and the existence of independent board members positively moderates the association between the existence of remuneration committees and CSR disclosure. We expand on earlier empirical literature concerning corporate governance and CSR issues.

Board directors' home regions and CSR disclosure: evidence from France

PurposeThe aim of this paper is to examine the impact of directors' home regions on corporate social responsibility (CSR) disclosure. Specifically, the authors aim to determine whether Anglo-American, European, French, other European and other regional directors' presence affects CSR disclosure differently.Design/methodology/approachThis empirical study uses panel data analysis of all listed firms on the SBF 120 from 2008 to 2019. The environmental, social and governance (ESG) scores are collected from the Bloomberg database and indicate the extent of CSR information disclosure by French companies. The paper is based on a dynamic generalized method of moments panel estimator that makes it possible to control for unobservable heterogeneity and endogeneity and reduces estimation bias.FindingsThe findings of this study provide evidence that home region diversity and the presence of Anglo-Americans on a board are positively and significantly associated with ESG disclosure and environmental disclosure, whereas they are negatively associated with social and governance disclosure. Surprisingly, when directors come from European countries, they disclose less ESG and environmental information. Nevertheless, when only French directors are present, the company tends to divulge all dimensions of CSR. Indeed, while there is a significant positive influence of French directors on ESG disclosure, the presence of other European directors displays negative and statistically significant regression coefficients.Research limitations/implicationsThis study may be interesting the French policy makers who can now pay more appropriate attention to directors' nationality or region. Thus, firms should identify the foreign directors who can support their strategy with relevant experience in terms of CSR. This could help to change the opinion of some companies that consider the internalization of the board as a constraint rather than an opportunity. These results will be useful for French-listed companies in setting the criteria for the appointment of foreign directors. It may be interesting to recruit directors across European boundaries.Practical implicationsThis paper attempts to provide a better understanding of the effects of the home regions of directors on CSR disclosure in order to enlighten corporate managers whose companies operate in different cultures given that they have to deal with this aspect. In this international business environment, CEOs should increasingly consider the international CSR experience of directors to be a resource. In addition, this study may be of relevance to French market authorities, which constantly encourage firms to diversify the profiles of directors on their boards and recruit more international members.Originality/valueThis study is the first to evince that the disclosure of each CSR disclosure score differs depending on the directors' home regions. Unlike previous studies, the authors focused simultaneously on the resource-based view (RBV) and institutional theory.

Targeted Poverty Alleviation Information Disclosure and Equity Financing Cost

ABSTRACT This study analyses the market response of listed companies’ Targeted poverty alleviation information disclosure on the basis of equity financing cost. Results show investors’ positive feedback to such disclosure and reduced equity financing cost. Moreover, mediation effect tests show that the decrease of information asymmetry between investors and companies plays a part of the mediating role. These findings indicate that Targeted poverty alleviation has a policy spillover effect, and listed companies’ participation can balance social welfare and self-interest. This study enriches research on corporate Targeted poverty alleviation’s economic consequences and provides new evidence for corporate social responsibility information disclosure–equity financing cost relationship.

Influences of Economic Policy Uncertainty on Corporate Social Responsibility Information Disclosure

Under the general background of negative impacts brought by economic policy uncertainty (EPU), companies have been motivated to foster a good and healthy company image, arouse high attention from investors, and mitigate crises by initiatively releasing their social responsibility report. To explore the impacts of EPU on corporate social responsibility information disclosure, using the sampled data of Chinese A-share listed companies and EPU indexes during 2008-2017, the impacts of EPU on the voluntariness to release social responsibility report, information quality, and future rating were tested; the intermediate mechanisms in the influence of EPU on corporate social responsibility information disclosure were explored; meanwhile, whether the influence of EPU on corporate social responsibility information disclosure varied with voluntariness/compliance, nature of corporate property right, market system environment, and corporate financial performance was explored. Results show that when the EPU is aggravated, the corporate voluntariness to release a social responsibility report is significantly enhanced, including the information disclosure quality, but the expected future social responsibility rating gradually decline. Operation and sales play a partial mediating role in the effects of EPU on facilitating corporate voluntariness to release social responsibility report and improving the disclosure quality, whereas the return on stocks only plays a partial mediating effect in the influence of EPU on the corporate voluntariness to disclose social responsibility report. Meanwhile, the EPU influences corporate social responsibility information disclosure behaviours differently among the samples with different release requirements, natures of property right, market system environments, and financial performances. The conclusions enriches studies on the microeconomic effects generated by economic policy uncertainties and extends studies regarding macro-factors driving companies to make social responsibility information disclosure decisions, thus providing an important reference for the government to formulate or adjust economic policies and for enterprises to execute information disclosure.

Corporate Social Responsibility Disclosure: Responding to Investors' Criticism on Social Media.

Companies use corporate social responsibility (CSR) disclosures to communicate their social and environmental policies, practices, and performance to stakeholders. Although the determinants and outcomes of CSR activities are well understood, we know little about how companies use CSR communication to manage a crisis. The few relevant CSR studies have focused on the pressure on corporations exerted by governments, customers, the media, or the public. Although investors have a significant influence on firm value, this stakeholder group has been neglected in research on CSR disclosure. Grounded in legitimacy theory and agency theory, this study uses a sample of Chinese public companies listed on the Shanghai Stock Exchange to investigate CSR disclosure in response to social media criticism posted by investors. The empirical findings show that investors’ social media criticism not only motivates companies to disclose their CSR activities but also increases the substantiveness of their CSR reports, demonstrating that companies’ CSR communication in response to a crisis is substantive rather than merely symbolic. We also find that the impact of social media criticism on CSR disclosure is heterogeneous. Non-state-owned enterprises, companies in regions with high levels of environmental regulations, and companies in regions with local government concern about social issues are most likely to disclose CSR information and report substantive CSR activities. We provide an in-depth analysis of corporate CSR strategies for crisis management and show that crises initiated by investors on social media provide opportunities for corporations to improve their CSR engagement.

Do creditors value corporate social responsibility disclosure? Evidence from Ghana

Purpose Drawing on risk mitigation theory, this study aims to examine the link between corporate social responsibility (CSR) disclosure and the cost of debt financing (CDF). In particular, this paper seeks to determine whether firms with higher CSR disclosure scores have a lower CDF. Design/methodology/approach This paper uses a panel data analysis of non-financial Ghanaian firms listed on the Ghana Stock Exchange from 2006 to 2019. The CSR index constructed from firms’ annual reports and sustainability reports is used as a proxy for the extent of CSR information disclosures by Ghanaian companies. Findings The empirical results demonstrate that CDF is positively related to CSR disclosure scores. Besides, the results show that the levels of long-term debt increase with CSR disclosure in a highly risky industry. However, the finding does not meet the lenders’ expectations in terms of CSR attracting favourable debt financing sources. Research limitations/implications The research is based only on the quantity of the CSR information disclosed by Ghanaian companies and does not account for the quality of the CSR disclosures. The empirical model omits some control variables such as the age of the firm and external business conditions. The results should not be generalized, as the sample was based on three listed industries in Ghana for 2006–2019. Originality/value This study extends the scope of previous studies by examining the importance of CSR disclosures in financing decisions. More precisely, it focuses on the relatively little explored relationship between the extent of CSR disclosures and access to debt financing. Moreover, this study focuses on the rather interesting empirical setting of Ghana, which is characterized by its low level of CSR awareness. Achieving a better understanding of the effects of CSR information is useful for corporate managers desiring to meet lenders’ expectations and attract debt financing sources.

The Corporate Social Responsibility of Polish Energy Companies

If corporate social responsibility (CSR) is expected to work efficiently, there should be a standardised approach for implementation of the CSR concept for all businesses, including companies operating in the energy sector. Although many companies declare compliance with CSR standards, further investigation should be undertaken to evaluate if and how those standards have been applied in practice. The aim of this research is to examine the level of standardisation of the CSR activities within Polish energy companies and explore the good practices developed by those companies. The Polish energy companies have been selected for the investigation as the literature review we conducted demonstrates that there is limited research in this area and there is a knowledge gap regarding how Polish energy companies apply CSR regulation in practice. To accomplish the stated aims, the following research questions were developed: (1) What is the essence of applying the CSR concept in Polish energy companies, and at what level of development is the concept applied? (2) To what extent do Polish energy companies have a common approach to the CSR concept, and in what areas are there differences? (3) To what extent have Polish energy companies applied global CSR standards and solutions? (4) Is there a gap between the declared measures of CSR and their actual implementation in Polish energy companies? The research methodology of this study is based on a systematic literature review of the sources acquired from databases such as ProQuest, Emerald, SCOPUS and the Jagiellonian University Library. The multiple case study approach was identified as the most suitable research tool. Companies for the study were selected according to their affiliation to the energy sector and listing on the main market of the Warsaw Stock Exchange. These two assumptions allowed us to base this study on the largest Polish energy companies that have international status. Six areas of CSR annual report disclosures have been identified and used for the investigation and analysis. This research looks at similarities and difference between these six aspects of CSRs disclosed by Polish energy companies. The investigation allows us to conclude that the top three energy companies use similar tools to build their CSR strategies: formalised CSR concept, published CSR reports, disclosure of CSR information on the company website, CSR related activities offered to stakeholders, obtained CSR certificates, and CSR awards. This indicates the existence of a standardised approach to CSR across Polish energy companies.