the impact of corporate social responsibility (csr) on business performance

By following the rules of the organization above, and doing well CSR activities, companies can build their strong reputation and reliable in the view of public, so they can make sharehol

THE IMPACT OF CORPORATE SOCIAL RESPONSIBILITY (CSR) ON BUSINESS

DECLARATION OF ORIGINALITY AND WORD COUNT

I hereby declare that the graduation project is based on my original work except for quotations and citations which have been duly acknowledged I also declare that it has not been previously or concurrently submitted for any other course/degree at Help University College

or other institutions The word count is 12,718 words

LE MINH HOANG

17th October 2011

ACKNOWLEDGEMENT

This project would not have been made possible without the assistance, support and encouragement of many people I wish to take this opportunity to thank all the people who have helped me during the time of completing the dissertation

Firstly, I would like to express my deep gratitude to my supervisor Dr Le Van Lien, International School, Vietnam National University Hanoi He has kindly helped me and supported me all the way through For that, I am very grateful I also would like to express my thank to Ms Sumathi and Ms Shenba, Help University College, who initiated the project and give so much instruction and support

Additionally, I would like to thank the interview participants who took their precious time to help me to conduct the interview I also would like to extend my special thanks to my family,

my friends, and other people who have help me to carry out the survey I want to thank them for all their support, interest and valuable hints

LE MINH HOANG

THE IMPACT OF CORPORATE SOCIAL RESPONSIBILITY (CSR)

fastest-TABLE OF CONTENTS

DECLARATION OF ORIGINALITY AND WORD COUNT 1

ACKNOWLEDGEMENT 2

ABSTRACT 3

CHAPTER 1: INTRODUCTION 9

1.1 Research background 9

1.2 CSR in Vietnam 10

1.2.1 Government actions and policies 10

1.2.2 CSR practices, opportunities, and challenges 11

1.3 Problem statement 12

1.4 Research objectives 14

1.5 Research methods 14

CHAPTER II: LITERATURE REVIEW 15

2.1 CSR definition 15

2.2 Research related studies and concepts 15

2.2.1 Model "pyramid" of Carroll 15

2.2.2 Triple Bottom Line 16

2.2.3 CSR and Sustainability investing 18

2.2.4 CSR and Business ethics 19

2.2.5 CSR Report 19

2.3 Hypothesis 20

2.3.1 CSR and the role of manager 20

2.3.2 CSR and the role of employees 21

2.3.3 CSR and the role of customers 22

CHAPTER 3: RESEARCH METHODOLOGY 23

3.1 Research objectives 23

3.2 Research methodology 23

3.3 Data sources 23

3.3.1 Primary data 23

3.3.2 Secondary data 24

3.4 Research method 24

3.5 Research tool 24

3.5.1 Questionnaire 24

3.5.2 Personal interview 25

3.6 Sampling 25

3.6.1 Sampling population 25

3.6.2 Sample frame 25

3.6.3 Sample size 25

3.7 Limitations 26

CHAPTER 4: FINDING AND ANALYSIS 27

4.1 Management 29

4.1.1 Finding from the questionnaire survey 29

4.1.2 Actual CSR disclosure by firms 34

4.1.3 Overall assessment of management’s responses 34

4.2 Employees 36

4.2.1 Finding from employee questionnaire survey 36

4.2.2 Overall evaluation of employee’s responses 40

4.3 Consumers 41

4.3.1 Finding from consumer questionnaire survey 41

4.3.2: Overall evaluation of consumer’s responses 45

4.4 Overall discussion 46

CHAPTER V: CONCLUSION AND RECOMMENDATION 48

5.1 Conclusion 48

5.2 Recommendation 48

5.3 Limitation of study 49

5 4 Suggestion for the future research 50

References 51

Appendix 55

LIST OF FIGURES, DIAGRAM, AND IMAGES

Figure 2.1 The Carroll’s “Pyramid of CSR” 16

Figure 2.1 Triple Bottom Line 18

Figure 4.1: Respondents 27

Figure 4.2: Employee categories 28

Figure 4.3: Consumer categories 28

Figure 4.4 Distribution of responses from management survey 29

Figure 4.5 Distribution of responses from management survey (percentage) 33

Figure 4.6 Distribution of responses from employees' survey 36

Figure 4.7: Distribution of response from employee’s survey 39

Figure 4.8: Distribution of responses from consumer survey 41

Figure 4.9: Distribution of responses from consumer survey (percentage) 45

LIST OF ABBREVIATIONS

CSR Corporate Social Responsibility

IAS International Accounting Standard WTO world trade organization

APEC Asian pacific economic organization ASIAN Association of southeast Asian nations NGO Non-governmental Organization

VSA Vietnamese Accounting Standard

CHAPTER 1: INTRODUCTION

1.1 Research background

The concept of Corporate Social Responsibility (CSR) has issued in the early of the 1970s, CSR has become very popular for the companies especially companies which are running business in the developed countries With the major relationship between business and society reflected by CSR, nowadays, CSR is not only the current affairs of companies which are running business in the developed countries, it also is the current affairs of companies which are running business in the developing countries

With the three major issues of CSR are labor, environment, and finance Companies are paying more attention on the CSR in the way performing well CSR activities to improve competitive advantages and reputation in the market The companies take care about their internal stakeholders such as employees’ healthcare, working environment will raise their loyalty, it will lead to increase productivity and may lead to increase profit for companies Nowadays, companies are influenced by many parties which are related to CSR Especially, international companies which are not running business in only one country, so they have to follow law in control of CSR of each country they do business More than that, they have to follow the rules of World Trade Organization (WTO) or other organization such as Integrated Reporting Committees (IRC), and World Council for Sustainable Development (WBCSD) which are applied for over the world By following the rules of the organization above, and doing well CSR activities, companies can build their strong reputation and reliable in the view

of public, so they can make shareholders confident to invest, customers also prefer to buy their products and services, and governments also have sympathy with them and may offer more benefits to attract them to invest in that country

1.2 CSR in Vietnam

Vietnam is a developing country, so in the previous the government and companies are not pay much attention on the CSR However, with the globalization trend and especially after joined World Trade Organization (WTO) on 11th January 2007, Vietnam’s economy is entering more deeply into the world economy, so to capture the benefits in this case Vietnam has to change the attitude of CSR to get the accept of goods and services distribution into developed countries However, Vietnam economy is still small and much lower development

to compare with the developed countries, even to compare with some countries in the ASIAN such as Thailand, Singapore, and Malaysia Therefore, the pressure of catching up these economies lead the CSR is to be ignore sometimes and still is a new concept in Vietnam even Vietnam has joined most of the economic and political organization and association in the world such as WTO, ASEAN, ASEM, APEC, IMF, World Bank, and some General Agreement on Tariff and Trade (GATT) with some countries, so companies in Vietnam will try to reduce cost pay for CSR to maximize profit

1.2.1 Government actions and policies

Vietnam was running centralize economy until 1986, in this period Vietnam economy is closed so companies is under the control of government, and they don’t have to face CSR pressure from government, and the government also ignore CSR concept However, from

1986 Vietnam is following the open door policy With many competition advantages such as low labor cost, plentiful resources, Vietnam has easy to attract a lot of investors to invest in there and Vietnam has got very successful with the high economic growth However, Vietnamese government focuses too much on the economic growth and may be ignore the

CSR activities, so it allow many companies to bring old technology into Vietnam, and the foreign companies also take these advantages to maximize profit by ignore or maximize reducing CSR cost This is reason lead to many problems Vietnam has to face such as social problem Awareness of these problems, Vietnamese Government has created many regulations such as Environment Protection Law, Labor Law, and Consumer Protection Law More than that, in the recent year Vietnam has established environment police department to manage and punish companies which make pollution In additional, Vietnam also offers more benefits for companies with advanced technologies when invest in Vietnam, and avoid companies with old technologies

1.2.2 CSR practices, opportunities, and challenges

With the awareness of CSR and the traditional and culture of companies, many companies when invest in Vietnam had practiced very well CSR activities such as set up charitable funds and do many social activities of Coca-cola Vietnam, Honda Vietnam, Dutch lady However, some foreign companies are still tried to ignore CSR activities to maximize their profit and they have made some scandal related to CSR such as Vedan Vietnam has made pollution in Thi Vai river The companies that ignore CSR may forgot that CSR also brings some opportunities for them For example, the European Union, Japan require products imported must follow the ISO 9000 and14000 series (which focus on the environmental management standards) So doing well CSR in this case will allow companies to export products to these countries Even realized that CSR may bring some opportunities for companies, but some of them are still in a divided mind to pay more for CSR or not because CSR activities will cost quite a lot of money and time More than that, the awareness about CSR of customers in

Vietnam is still limited, so companies which have strong CSR activities may face a challenges when compete with companies do not apply CSR because these companies have to pay no or less cost on CSR so their products and services may cheaper Another challenge is lacking of law enforcement in Vietnam For example, companies do CSR activities sometimes may not get tax deduction because laws relate to CSR are not perfect, so companies will be loss money and the profit also reduce

1.3 Problem statement

When companies export their products and services, they have to satisfy the demand of customers, more than that, Vietnam has joined many economic and political organization and association in the world such as WTO, ASEAN, ASEM, APEC, IMF, World Bank, and some General Agreement on Tariff and Trade (GATT) so CSR become more and more popular and sometimes is the necessary condition for companies do export their products and services More than that, the living standard of Vietnamese is much higher than in the year 1990s so they also require not only high quality product, they also require companies have to protect environment The employees also have many choices when they apply for job, so if companies want to attract high skill employees, they must offer more welfare for them and the Government also has choice to select the investors, so investors will try the best to show their CSR activities to get more support from Vietnamese Government

Even the Vietnamese government and public in Vietnam are paying more for the CSR, there are still many problems related to CSR made by both foreign and inland companies Most of the CSR problems related to the environment pollution In the recent year, the hottest scandal

related to CSR is the case of Vedan Vietnam which is Taiwan international company Vedan has made pollution in Thi Vai river, which affected many people live and doing business around Thi Vai river This problem lead to the result that customer in Vietnam reject the products of Vedan

Another problem related to CSR is the unsafe products Many companies in Vietnam have problem with unsafe product such as products over date usually be renew to cheat customers Food and drink also is the main field that related to unsafe product that make many people got food poison, more than that, in Vietnam also discovery the milk with melamine This is serious problem because it affect direct to the health of customers Chemical also is the field that involved in the unsafe products with many case find out the 3-MCPD in the products More than that, many medicines in Vietnam is the fake medicines, so it is not useful in cure for customers, and sometimes these medicines contain poison for the patients

Working condition of employees also is the problem relate to CSR in Vietnam The research show that in Vietnam in 2009 there were 6200 working accidents (increased 7, 09 %) The causes of these accidents are mainly from the human (employers’ mistakes are 75%, the employees' mistakes are 18, 5%) Total damage to property is more than 42 billion and more than 450,000 working days In the whole country, 26,700 workers have had occupational diseases Even the labor law has issued in Vietnam, some companies are still ignore the safety

of employees because they want to reduce cost or to meet the progress of the project as in the case of Keangnam group More than that, some companies do not take care about the working condition and have too much overtime working with no higher salary was lead to many strike such as in Binh Duong, Hai Duong

1.4 Research objectives

This research will focus on summarize the CSR concepts and its definitions Evaluate the awareness of both inland and foreign companies in Vietnam about CSR concept, practices, its importance and benefits This research also gives the recommend some solution for companies in Vietnam to raise the CSR activities

1.5 Research methods

Besides using the second data, in this research will distribute the questionnaire and conducts the study of managers, employees, and customers in Hanoi Interview also can be use in this research by interviewing each individual from managers, employees, customers for the survey

CHAPTER II: LITERATURE REVIEW

2.1 CSR definition

The concept of CSR has been used widely since 1960s, from 1960s to 2011 is very long period, so with the development of economic, social, the definition of CSR also changes to meet the requirement of the fact Nowadays, there are many definition of CSR introduced by many researchers and organizations According to the World Business Council for Sustainable Development in it publication “Making good business sense” by Lord Holme and Richard Watts, the definithion of CSR is “The continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large” [1] Because CSR is affect direct or indirect to the company’s performance, employees’ motivation, customers’ loyalty and company’s reputation, so each company will choose the way to do CSR to meet the requirement of customers, employees, and society

2.2 Research related studies and concepts

2.2.1 Model "pyramid" of Carroll

Together with the development of economic, the concept of CSR also develop very fast so we can easy to find out many different view of CSR each view may suitable for a certain country, industry, or company However, the pyramid of A.Carroll (1999) is comprehensive and acknowledged over the world In this model CSR included economic, legal, ethical and charitable All of these components will response to maximize economic benefits, competitive advantages, efficiency and growth With the motto “a good company – a great corporate

citizen”, CSR is the necessary condition for business get success and strong CSR also is the profit of company owners More than that, company is a part of society, so any activity of company will affect on the society depend on the size of company

Figure 2.1 The Carroll’s “Pyramid of CSR”

2.2.2 Triple Bottom Line

Triple Bottom Line was first mention in 1981 by Freer Spreckley, there are three bottom lines are economic line, social line and environmental line In the previous, the managers are mostly followed the profit objective However, if they forget the environment and society, so how long can they make profit, remain profit So they should also take care about the environment and social line to make profit in the durable way

A company has bad relationship with employees or local community may difficult to develop, even exist If company and employees are not in good relationship, the employees will not try hard to work, so the productivity will be less, the high skill employees may not prefer to work anymore, and more than that, it may lead to the strikes which make company cannot running All of the activities about result to the performance of company become less effective and the profit also decrease If company has good relationship with employees, they can motivate them to work more effective and efficient, so it will make the profit increase To

do that company should improve working condition, set up a good welfare policies, have policy to award employees when they are working with the effective and efficient, and also should take care about employees’ family such as offer healthcare insurance for their wife or children Besides having good relationship with the employees, companies also should have good relationship with the local community because people living in the local community may be is the major customers or the employees are also living there To have good relationship with local community, companies should do volunteer and communicate with local people by support the fees for the local community activities, motivate employees to join these activities to make close to them Even these actions are useful for companies, but companies also should consider about the cost to ensure that it is not affect on the profit of company

Figure 2.2 Triple Bottom Line

Another factor that company should consider is environment Most of companies realize that negative impact on environment will make the falling in reputation of company, and customers also tend to avoid products and services of company However, if company takes care about environment and protects it, the public will have more sympathy about company and this may become an advantage of company To do this, company can choose many ways such as saving raw materials, reduce waste or recycle it However, to protect environment, company may have to pay a lot of money for new technology, and other costs Therefore, company should consider the way to protect environment to make it become an advantage of company, not a cost burden for company

2.2.3 CSR and Sustainability investing

Sustainability investing mention the clearly recognition that economic, social, environmental and ethical are the factors that directly affect business strategy In some case, company wants

to protect environment by invest for new technology However, it cost too much money and company has to face falling in profit for this environment protection So company may change its strategy to apply the technology which may cost less but also protect environment less More than that, in some case it is responsible investing, so company has to consider how to invest to make the balance between ethical and sustainable investing If they have no ability to invest in one time, company should divide it into various processes to get on the sustainability investment and protect environment

2.2.4 CSR and Business ethics

“Business ethics is expressed as the standards and principles are social as well as the business world recognizes, as the rules of behavior, the professional relationship between managers with one another, or between managers value to society in the process of conducting business activities, allowing managers to behave honestly and responsibility to the community and with each other Business ethics is a manifestation of the balance between the interests of managers in implementing the business objectives with the interests of the employees work for managers, customer benefits, the partners and the interests of the community in general”

So when doing more CSR activities, company will raise their business ethics but it also put them into the situation of choosing between profit and business ethics which one is more important and necessary at that time

2.2.5 CSR Report

Nowadays, both internal and external are not only pays attention on the financial report of

company, they also interest on the CSR report of company The CSR report is very important for stakeholders such as for customers who have the trend of supporting for environment will choose products and services of company which is investing more money for CSR Because CSR can build up the reputation of company and attract customers so investors also prefer to invest in company which is performing well CSR CSR report also helps government and other organization to monitor, control, and evaluate CSR activities to make decision such as allow company which is well CSR performing to expand its activity, and close down company that are not paying for CSR activity Even the CSR report has been an annual report

as same as annual financial report in the world, but in Vietnam the CSR report is not get enough interest of company There are still many companies did not make CSR report, some companies makes annual CSR report but these reports are not made for business purposes

2.3 Hypothesis

2.3.1 CSR and the role of manager

Nowadays, the managers act an important role in company such as making decision, strategies, or even setting up the vision for company Therefore, manager’s decision will affect directly on the company’s performance, so each company will have its own performance result depend on the manager So company will do more CSR activities if the manager has awareness of CSR to response for society, customers, employees, and environment CSR brings many advantage for company, so managers usually use CSR as a tool to make up their company’s reputation, building strong relationship with customers, employees, society, and also improve the effective and efficient to increase profit

Nevertheless, CSR was enter into Vietnam quite late so a lot of managers in Vietnam don’t have enough knowledge about CSR so only a few companies in Vietnam involve in CSR activities More than that, the foreign companies in Vietnam are mostly well CSR performance in other countries but when they doing business in Vietnam they did not perform CSR well This problem may result from the lacking of laws related to CSR in Vietnam, so managers with the important role in decision making have decided to reduce CSR activities to maximize profit More than that, some managers decide their company to show up CSR only

in words and media but not in their action

: Managers’ attitude toward CSR and CSR reporting is positive

2.3.2 CSR and the role of employees

As we know that the role of managers of company in CSR is very important, however, in company we should consider another force that also very important in performing CSR that are employees especially accountants Accountants with the important role in the company will be involved in the introduction of CSR information on products pricing and financial reporting, accountants will evaluate and give advises for managers to make decision about CSR The employees of company also act a certain role in the CSR performance of company They are the people that will receive the benefits of CSR performances but they also are people perform CSR, so they will know everything perform by company, and they also act as

a good channel to let public know about CSR activities of company

: Employees’ attitude toward CSR reporting is moderate

2.3.3 CSR and the role of customers

The role of customers also very important, most of customers evaluate CSR through the product of company, so if product meets the requirement of customers such as quality and price will make a good image of company in the mind of customers The most important that

is customers are the people that will consume the products and services of company, so doing well CSR will increase company’s reputation, it is useful for company to attract more customers, so the revenue of company also increase

: Consumers’ attitude toward CSR reporting is moderate

CHAPTER 3: RESEARCH METHODOLOGY

3.1 Research objectives

The purpose of this project is to give the definition of CSR and its concepts and studies Through this definition of CSR and its concepts and studies, we will have a view of CSR in the world and in Vietnam More than that, this project will find out how managers, employees especially accountants, and customers understand, attend, and react to the CSR So we can find out the impact of CSR on the company’s performance Finally, through research we can understand more about the fact of CSR in Vietnam, so we can make some advises for company to make the best decision about CSR

3.2 Research methodology

in this research we will use both qualitative and quantitative method, we also use questionnaire survey manager, employees, customers The interview also be use, but the second data will mostly be used

3.3 Data sources

3.3.1 Primary data

Primary data is the data observed or collected directly from first-hand experience [2] Nowadays, we have many ways to collect primary data such as interviews, questionnaires, case studies, observation Primary own the strength of assessment based on the fact and we can avoid bias from data but we also have to spend quite a lot of time to collect and assess the data, so in this project will be most base on the questionnaires and interview

3.3.2 Secondary data

Secondary data is the data that have been already collected by and readily available from other sources Such data are cheaper and more quickly obtainable than the primary data and also may be available when primary data cannot be obtained at all [3] With the information technology today we can easy to collect the secondary data and it also much cheaper and save

a lot of money to compare to collect primary data The most useful tool to collect secondary data today is internet, it can help us save a lot of time and money Besides that we also can used the traditional tools such as books, news papers, magazines

3.4 Research method

There are many way to collect both primary and secondary data The survey research will be used widely and considered as the best-suited approach To collect the primary data the survey method will be used, which includes questionnaire and personal interview from managers, customers and employees about awareness and the impact of CSR on business performance of companies in Vietnam Besides that, the research will also gather the secondary information from its annual reports, news paper websites

3.5 Research tool

3.5.1 Questionnaire

The questionnaires of survey will be divided into three pattern for three different objectives of survey that are managers, employees, and customers The questions aim to evaluate the

managers, employees, and customers’ attitude toward CSR and their performance The respondent can have five choices to answer the questions that are: 1= "strongly agree"; 2=

"agree"; 3 = "neutral/no opinion"; 4 = "disagree"; 5 = "strongly disagree"

3.5.2 Personal interview

In this research, I will interview some managers, and employees especially accountants of various companies by face to face and telephone The questions are mainly the same as the survey question

30 management questionnaire patterns, 200 consumer questionnaire patterns and 180

employee questionnaire patterns have been sent out

3.7 Limitations

In the period of doing the research, some problems related to survey research are happened They are the following problems:

 Firstly, the survey researches are sent to many people in the society who are lacking

of the knowledge about CSR, so they cannot answer the survey questions or misunderstand the questions

 Secondly, although the respondents do not understand the survey questions, they still answer them in the unintentional way by tick in order to appear smarter or informed This will lead to the information become uselessly

 Finally, the interview adopted for this study represents the limitation of which the reliability of information may be comprised through interviewer or respondent bias

CHAPTER 4: FINDING AND ANALYSIS

After the questionnaires have sent out, the responds summarized as in the figure 4.1

Figure 4.1: respondents

respond Management pattern

Figure 4.2: employee categories

Gender Number of employees

Figure 4.3: consumer categories

in the Appendix

4.1 Management

4.1.1 Finding from the questionnaire survey

The figure 4.4 will indicate the percentage of response distribution and descriptive statistics about the survey on management

Figure 4.4 Distribution of responses from management survey

4 It is the responsibility of the managers to

carry out CSR reporting?

Number of choosing

7 Reducing cost to maximize profit for

your company by cutting CSR activities is

necessary

Number of choosing

8 You think offer more value related to

CSR will encourage employees working

more effective and efficient

Number of choosing

9 You suppose to reserve part of

company’s income for CSR

Number of choosing

1) Strongly agree 2) Agree 3) Neutral 4) Disagree 5) Strongly disagree

In the first question for managers were “I heard about CSR” The respondents were mostly answered either “strongly agree" or "agree” with 95% This means that the managers in Vietnam also knew about CSR, however, there are still have respondents have no opinion (5%) when they choose “Neutral” but no one choose "disagree" or "strongly disagree” it mean that even the manager is the people which owned high education but still have a certain managers in Vietnam confuse about the concept of CSR

In the second question which focus more by asked “I am understand the meaning Corporate Social Responsibility” From the answers we find out that 65% respondents choose “strongly agree" and "agree" It is still is very high but has the percentage has decreased compare to question 1, it mean that even the managers in Vietnam heard about CSR concept but it does not mean they can understand it The respondents choose “Neutral” also stay at 20% and the respondents choose "disagree" and "strongly disagree" is 15%

Next question I ask about “Company may have benefits from CSR disclosure” There are 60% respondents choose “strongly agree" and "agree" but still have 25% of respondents choose

“Neutral” and 15% of them choose "disagree" and "strongly disagree" It means that most of people understand the meaning of CSR concept thinks their companies can get benefit from CSR disclosure such as improve companies’ reputation But there are still exists quite large percentage of respondents confuse or do not think their companies can get benefit from CSR disclosure, this may result from miss understanding the concept of CSR

The fourth question asked about “It is the responsibility of the managers to carry out CSR reporting” The aim of this question is still checking the understanding and attitude of manager about their responsibilities As the result show that there are 65% of respondents choose “strongly agree" and "agree" this mean that most of manager understand that carry out CSR reporting is their responsible There are 20% of respondents choose “Neutral”, and 15% choose "disagree" or "strongly disagree” Compare this result to the result in question 2 when

we access the understanding of managers about CSR, we can find out that managers who are confuse or not understand about CSR will still confuse or believe that they have no responsible to carry out CSR reporting

Question 5 was asked “5 CSR is important for your company” and the result show that 45% choose “strongly agree" and "agree", 10% choose “Neutral” and 45% choose "disagree" or

"strongly disagree” This means that if managers understand the concept of CSR will believe that it is important for company, but if they are confuse or do not understand the concept of CSR, they will think CSR is not important for company

Next question is related to CSR cost in company, and the question was “CSR is cost burden for your company” After calculate the result of survey show that there are 35% of respondents choose “strongly agree" and "agree", it meet the result of the question about when respondents do not understand the concept of CSR and believe that it is not important for company Managers understand the concept of CSR will not think CSR is cost burden for your company, so there are still 30% of respondents choose "disagree" or "strongly disagree” and 35% choose “Neutral”

The seventh question is aim to access more and deeply to support for question sixth by asking

“Reducing cost to maximize profit for your company by cutting CSR activities is necessary” The managers who believe that CSR is cost burden for your company will choose to cutting CSR activities, so there are 50% of respondents choose “strongly agree" and "agree" But managers who do not think CSR is cost burden for your company are still hold their opinion steady by 30% choose "disagree" or "strongly disagree”, and 20% of respondents have no idea

by choosing “Neutral”

Next question asked “You think offer more value related to CSR will encourage employees working more effective and efficient” The result show that there are 80% of respondents choose “strongly agree" and "agree", 10% choose “Neutral” and 10% choose "disagree" or

"strongly disagree” Through this result we can find out that almost of managers believe that