Whether Corporate Social Responsibility Is Good for a Company's Profit Margins - Case Study Example

Corporate Social Responsibility of Toyota Introduction Corporate social responsibility (CSR) is a management concept where organisations integrate environmental and social concerns present in business interactions and operations with the stakeholders’ interests (Aguilera, et al., 2007). It is a means though which companies are able to achieve a balance between the social, economic and environmental imperatives. At the same time, it addresses expectation of the stakeholders and shareholders. Through Corporate Social Responsibility activities, companies make valuable contribution to charity, poverty reduction, sponsorships and philanthropic activities (Aguilera, et al., 2007). The key CSR issues are environmental management, responsible sourcing, eco-efficiency, stakeholder engagement, community and employee relations, labour standards and proper working conditions, good governance, gender balance, social equity, community relations, anti-corruption measures and human rights (Yang and Crowther, 2012). CRS activities enhance a company’s reputation as well as goodwill (Vilanova, Lozano and Arenas, 2009). Properly implementation of the concept of CSR can easily bring along multiple competitive advantages mentioned below: Increased profit and sales Enhanced access to markets and capital Improved quality and productivity Improved brand reputation and image Better risk management and decision making process Decreased operation cost and increased savings Efficient and effective human resource base (Orlitzky, Siegel and Waldman, 2011). The current essay provides models and theories for the Japanese multinational company, Toyota, so that it can conduct the CSR activities more efficiently and effectively (Rodrigo and Arenas, 2008). The essay has been developed by incorporating models and theories of Milton Freeman and Edward Friedman, which serve the purpose of explaining the necessity of CSR activities in an organisation and the ways to transform the same into a profit making organisational activity (Genasci and Pray, 2014). The theories will guide the company to carry out extensive CSR activities for the purpose of making profit and increasing the organisational reputation in eyes of the stakeholders. The theoretical frameworks, perspectives and propositions can assist Toyota to earn profits from the CSR activities (Yang and Crowther, 2012). 2. Literature review The gradual emergence of corporate social responsibility reflects a world that expects value, demand responsibility and accountability for every action undertaken by a business and individual. It is becoming increasingly important for a business to connect organizational success with social progress (Yang and Crowther, 2012). Shared value does not merely concern social responsibility, sustainability and philanthropy, but also economic success. Corporate social responsibility activities take into account the way in which a company utilizes profit as well as earn the same. Freeman’s theory of shared values takes this concept of CSR activities further. He argues on the importance of every company in order to interact with society and address to the societal problems for driving new business, satisfying the stakeholders and create a source of untapped profit. Making profit after satisfying the stakeholders’ interest by attending to major CSR issues is vital for facilitating organizational growth and expansion. A recent survey has shown that about 74 per cent of the respondents agree that the corporate social activities helped to increase profits of their companies (Yang and Crowther, 2012). They added that effective corporate citizenship improved the organization’s bottom line only by undertaking right strategies in business (Basu and Palazzo, 2008). Many researchers also found that in consumer industries, sound corporate financial performance is majorly associated with corporate social performance. These units share a positive correlation. CSR activities such as, starting new schools in rural areas, keeping the area around industries free of pollution, planting trees, conducting poverty elevation programs, making donations and maintaining healthy environment within workplaces, can lead to an increase in revenue and goodwill of a company (Russo and Perrini, 2010). Hence, the sole motive of wealth maximization and satisfying the shareholders cannot prove to be fruitful for any business. As a result, classical theories on CSR activities are strictly opposed by many organizations and the case study provides complete details about the same (Yang and Crowther, 2012). Summing it up, it can be rightly stated that profit making is important for every business, which enables a business to survive. It is the life blood of any business. In order to maintain competitiveness in a business, it is important to give due importance to both the stakeholders and shareholders associated with a company (Yang and Crowther, 2012). The balance between a company’s profit making activity and its responsibilities towards the stakeholders, along with the shareholders, must be maintained to upkeep business growth (Walker, Bourne and Shelley, 2008.). The Freeman’s model of CSR activity satisfies the profit motive besides giving equal importance to needs of the stakeholders (Yang and Crowther, 2012). It would be appropriate for Toyota to follow the methodologies of Freeman while performing CSR activities. The methodologies of Freeman can be utilized by Toyota in its own stride so as to increase profitability and satisfy the company stakeholders and shareholders. Profit should be the prime motive of Toyota for performing CSR activities as it is an essential component without which a business cannot function efficiently. CSR activities based on Freeman’s methodologies can enhance the profit margins of Toyota to a great extent (Yang and Crowther, 2012). The model has enabled a number of companies to undertake CSR activities and earn better profits. 3. Methodology Companies should follow fresh frameworks, perspectives and propositions so as to enhance quality of the CSR activities and increase profitability. Freeman’s CSR framework can be followed by companies like, Toyota, to ensure swift flow of capital into the business (Aguinis and Glavas, 2012). The framework guides the right integration between stakeholders and profitability through the CSR activities that can be used effectively by any organisation. The Freeman and Friedman’s framework is thoroughly explained below: Fig 1: Milton Friedman and Ed Freeman models (Source: Aguinis and Glavas, 2012) Milton Friedman’s vs. Ed Freeman’s Classic Model - The theories of Milton Friedman states that primary aim of every company is to accumulate profit for the purpose of redistributing the same amongst the shareholders. The model is described in three parts (Yang and Crowther, 2012). The theory contains a hypothesis that states that every organisation is an artificial person and hence, cannot be socially responsible (Beal, 2014). The second hypothesis of the theory states that social responsibilities are a concern of the corporate executives and stakeholders. The third hypothesis states that if any company focuses on the aspect of corporate social responsibilities, it can act against the business owners and shareholders (Yang and Crowther, 2012). On the other hand, Freeman’s theory focuses on benefits of the stakeholders. Freeman considered profit as a consequence of the company activities and not a primary cause. He strongly opposed to Friedman’s idea about the company’s focus being on shareholders and not on stakeholders like, employees and supplier’s clients, who facilitate continuation of business. As per Friedman’s view of firms, shareholders are considered as the owners of any organisation and every company has a binding duty to increase profit earned and give primary importance to shareholders’ needs (Scherer and Palazzo, 2011). Freeman recommends methods that can enable the management to give suitable rewards to the groups of stakeholders belonging to a particular company. He regarded the employees, suppliers, government, communities, financiers and customers as valued stakeholders of a company. Freeman stated that profit can easily be earned, if a company effectively meets the stakeholders’ needs who are affected by business decisions. Views: The theories and hypothesis of Friedman is unjustifiable to an extent as every business should have a motive to increase profit and simultaneously be socially responsible towards the external environment. Hence, adapting a synergistic approach can help to satisfy both the corporation and stakeholders (Scherer and Palazzo, 2011). This can entail direct or indirect profit to the business in future, increase the profit motive of a corporation and do justice to the stakeholders. Therefore, profit motive of any organisation, after satisfying the shareholders’ interests, is not justifiable. The disadvantages of the Friedman’s theory can be highlighted through the aspects mentioned below (Mainardes, Alves and Raposo, 2011): There will be lost opportunity for any company to build goodwill and equity. It can hurt the corporate image in eyes of the public. The socially conscious investors might exclude themselves from the company. It can alienate stakeholders from the company. It can lower organisational competitiveness due to lack of corporate social responsibility. Fall in profit can occur due to lack of responsibility towards the stakeholders. Hence, Freeman’s theory is quite valid in stating that organisations can never operate in complete isolation from the external environment where it operates. The government, cultural and technical variables affect economic environment of a company (Will and Hielscher, 2014). Every organisation should contribute towards enhancing well-being of the entire community, which can facilitate effective fulfilment of goals and increased profitability of the company (O’Riordan and Fairbrass, 2008). The failure of Friedman’s recommendations can be cited through the example of companies such as, Enron, the US Banking system, the U.S. Housing market and Stanford financial group. The Freidman’s approach negatively impacts the bottom line of any business and in is unsustainable in long run (Z. Tang and J. Tang, 2012). Application of stakeholder’s mapping model: The stakeholder’s mapping model can be a suitable structure for companies to increase profit margins. It can be utilised for determining the stakeholders’ needs, their rate of retention and ways to satisfy them, thereby improving organisational profitability (Beal, 2014). The model is described in a detailed manner below. Figure: 2- Stakeholder mapping model (Source: Aguinis and Glavas, 2012) Organizations can gain by way of identifying and defining concerns of the stakeholders and increasing their level of commitment and resistance towards it through their need fulfilment (Werther Jr and Chandler, 2010). Conducting CSR activities is a major way to attract the stakeholders and retain their loyalty towards a company. These activities can enable companies to flourish and receive global acceptance. Effective CSR mapping strategy should incorporate the following aspects (Freeman, et al., 2010): 1. It is important to recognise the potential gaps, conflicts, incompatibilities and contradictions between the stakeholders’ requirements for preparing a sound reconciliation strategy. Companies can plan CSR activities after understanding these gaps to reap maximum profit. 2. It is also equally important to ensure smooth communication, monitor changes in attitude and facilitate two-way information access with the stakeholders. Such actions will help companies to gain maximum profit. 4. Case study Freeman’s CSR model has the required capability to support Toyota in its attempt to maximise profit. Stakeholders such as, employees, suppliers, analysts, activist, regulators, news media and community organisations, demand accountability of the companies not only for performance, but also for the entire supply chain activities and changing sets of corporate social responsibility (Gable and Shireman, 2005). These consumer pressures and societal demands have led to a shift in the economic paradigm, where the CSR activities are needed, so as to force the companies beyond bottom line. Thus, Toyota must align the business strategies and ethics for satisfying all stakeholders’ expectations (Verbeke and Tung, 2013). The most appropriate approach towards business for organisations lies in being fully integrated partners in the communal development, as opposed to merely making profit and serving the needs of shareholders (Freeman and Velamuri, 2008). Toyota can multiply the society’s wealth besides its own by prudent investment of resources. Instead of focussing solely on wealth maximisation based on the classic models of business, it would be fruitful for Toyota to follow the stakeholder’s view that takes into account issues, which can impact long-term sustainability and company profits, such as, the consumers (Genasci and Pray, 2008). Toyota should follow the theory of instrumental stakeholders, which suggests a positive relationship between the corporate financial and corporate social profitability. It can incorporate the triple bottom line approach, which describes separate social, environmental and financial bottom lines (Windsor, 2013). This approach can help Toyota focus on the finances and consider its impact on economy, society and environment equally. Toyota will also be able to enhance the goals related to sustainability in business practices (Torres, et al., 2012.). Following the Friedman’s CSR model can lead to lowering of the bottom line of Toyota, but Freeman’s CSR methodologies using the triple bottom line approach can cause a rise in goodwill and profit of the company. Shareholders and stakeholders can be equally satisfied through proper CSR activities of Toyota (Genasci and Pray, 2008). Appropriate CSR activities will entail greater goodwill, recognition, a sense of security amongst the stakeholders and increase in the profit margin (Scherer and Palazzo, 2011). The sole motive of making profit and satisfying the shareholders can result in downfall of the company. Therefore, Freeman’s CSR framework can be effective in terms of profitability and satisfaction of the stakeholders, who form a part of the business (Reynolds and Yuthas, 2008). Toyota should adopt a stakeholder mapping approach so as to infer the needs of various stakeholders associated with the company and modify them accordingly. The CSR activities towards the stakeholders can be arranged effectively by Toyota if it maintains a mapping model of the stakeholders. Toyota can implement the stakeholder mapping model in order to focus and fulfil the needs of each stakeholder and gain profit. Few examples of profit making through proper division of the CSR activities can be cited as follows: 1. Employees are the most valuable stakeholders for any company. So, a company should take the initiative to satisfy the employees’ needs (Williams, 2014). Many companies like, PNC financial services group, offer paid time off to the employees for volunteering in different organisations, instead of providing several perquisites as of the competitors (Ferrero, Michael Hoffman and McNulty, 2014). AT&T Company had introduced a creative engagement program for the employees, where they are allowed to use creativity to bring about a positive change in the community. The initiative has helped the company to experience a 3.6% increase in revenue. These are the few examples related to companies whose CSR approaches have improved employee engagement and showed a positive bottom line result (Cornelissen, 2014). 2. Suppliers are also regarded as a highly valued stakeholder of any company. Fujitsu Group has the policy to maintain harmonious relation with the suppliers and carry out procurement activities that are socially responsible. They published CSR procurement guidelines that clearly stated requirements like, respect for labour, human rights, fair trading and safety. Besides that, they instructed their suppliers to maintain a strict compliance while formulating the guidelines. There was 2% increase in revenue of Fujitsu owing to all these initiatives made (Collier and Esteban, 2007). 3. Consumers- Pax Cult is a company that donates 10 per cent of its profit to a company chosen by the customers. This initiative has helped customers of the company to feel that their money is being utilised for global welfare. This is a very unique CSR activity carried out by Pax Cult, which has enabled the company to attract more customers. Opening of NGO’s, donating huge share of money and tree plantation activities are also conducted by various well-known companies (Olander and Landin, 2005). Mitsubishi Electric Group had started Environmental Vision 2021 for the development of a suitable environment. It made initiatives to reduce the carbon emissions and build a recycle based society, thereby leading to increased organisational sales by a reasonably high margin (Castellini, 2014). 4. Government- The Companies Act 2013, which was enacted by the government, required companies to inform about various metrics related to the corporate social responsibilities (Bondy, Moon and Matten, 2012). Hence, PWC India took initiative to work in the best interest of the government. It released a handbook of corporate social responsibility in India, which provided guidelines for the industry pertaining to maintaining compliance with the list of regulations on environmental issues (Russo and Perrini, 2010). The act encouraged companies to spend 2 percent of average net profit in the CSR activities like, elimination of extreme poverty and hunger, support to education, environmental sustainability, improvement of maternal health, reduction in rates of mortality, women empowerment, gender equity, combating malaria, aids and other such diseases (Laplume, Sonpar and Litz, 2008). This activity had helped PWC to attract attention of the stakeholders and gain huge cash flows in business (Carroll and Shabana, 2010). These are certain examples supporting the fact that adopting and mapping the Freeman’s stakeholder approach as per the company’s need while conducting the CSR activities can help Toyota to increase bottom line as well as gain huge margins of profit in long run. Stakeholders are, thus, vital assets of any company who can be satisfied through proper CSR activities, which can in turn enable Toyota to conduct a more profitable business (Lyon and Maxwell, 2008). 5. Discussion The Freemans framework is considerably justified in respect to the subject matter. The framework contains guidelines that could enable companies to design a stakeholder approach for performing CSR activities and subsequently gain profit. The framework provides the following principles (Brown and Forster, 2013): The stakeholder approach rightly emphasizes on promotion and relationship of the shared interests and active management of the entire business environment. It ensures integration of the stakeholders’ interest with purpose of the firm. Good management of the stakeholders can retain their support towards the firm. The approach presents a single strategic framework, which is sufficiently flexible to deal with environmental shifts and does not need the managers to adjust to a new strategic paradigm. The primary aim of this strategy is not to maximize the shareholders’ wealth, unlike the traditional theories. The stakeholder framework requires balancing multiple objectives and relationships. The stakeholder approach can rightly be described as a process of strategic management, which provides a new direction to a firm. Hence, stakeholders of any company can be best managed and retained with the help of sound CSR activities carried out by the management, which can in turn contribute towards fulfilling the motive of profit making. Toyota can also maintain the profit margin and gain acceptance among the stakeholders with the help of proper CSR activities (Genasci and Pray, 2008). This action might add to the cost of the company initially, but will ensure increase in the number of stakeholders as well as revenue in long run. Therefore, integration of the stakeholders approach with the corporate social responsibility can initially prove to be costly for any company, but the results can be fruitful with the passage of time. The integration will add to the profit, goodwill, investors, suppliers and customers as well as enhance the company’s global visibility and competitiveness (Russo and Tencati, 2009). Freeman’s framework that has been used for formulating a suitable CSR model for Toyota is adequately sound for earning greater profit. The only disadvantage of the framework lies in the fact that it gives importance to satisfaction of the stakeholders’ need, without considering the role of shareholders (Lee, 2011). So, the framework that is to be applied by Toyota requires taking into account interests of the shareholders equally while performing the CSR activities. The main focus of the company will be to satisfy the stakeholders through effective CSR activities, which can increase its goodwill and profit margin. When Toyota is able to maximize the wealth, it can easily satisfy profit expectations of the shareholders. The same framework holds true for all other companies who have the motive to gain profit through their CSR activities. It should include few, but major CSR activities, that can attract a large number of stakeholders towards the company (Lindgreen and Swaen, 2010). The profit gained from the CSR activities should be retained by the company and a proportion should be distributed to the shareholders as well, which will allow Toyota to equally satisfy all the individuals associated. The incorporation of corporate governance within the organization can help Toyota to treat stakeholders in a more socially responsible manner (Bridoux and Stoelhorst, 2014). Such incorporation will increase the number of stakeholders within as well as outside the organization. The principles of OECD advocate that the stakeholders play a key role in ensuring a smooth flow of external capital to the organizations and should be protected by every law. They should be given access to all kind of disclosures (Bondy, Moon and Matten, 2012). Companies with good corporate governance practices attract more investors and stakeholders. Therefore, it would be wise for Toyota to follow the Freeman’s model for satisfying the stakeholders by implementing sound corporate governance. It can help the company to attract a huge number of investors, thereby securing a profitable business through inclusion of appropriate CSR activities. Freeman’s methodologies for CSR activities can be a significant source of revenue for top companies like, Toyota, if it is strategized appropriately and moulded as per needs of the organizations. Toyota can apply the Freeman’s framework in a gradual manner in order to gain maximum profit from the CSR activities. The framework is adequately efficient to maintain the profit margins of any company. 6. Conclusion Corporate social responsibility is an inseparable part of any business and can turn out to be a profit making activity if strategized appropriately. Presently, the top companies primarily aim to earn higher profits while performing the CSR activities as profit is the life-blood of any business that facilitates its survival. The CSR activities help companies to enhance visibility in the global market. With the changing market scenario and increase in the expectations of stakeholders from a business, it becomes increasingly important to conduct proper corporate socially responsible activities. Such initiatives motivate the stakeholders to remain a part of the company. Friedman’s theory stated that a company should make profit for wealth maximization of the shareholders solely. The Freeman’s model of CSR was against this theory and required every company to carry out the CSR activities for satisfying the needs of all stakeholders equally. The current essay was in favour of the Freeman’s CSR methodologies and focused on giving equal importance to the valuable shareholders of a company by way of wealth maximization. Besides that, it also favoured the usage of the stakeholder mapping model for carrying out the required activities. The model enables companies to recognize the stakeholders’ needs, evaluate them as well as realize the rate of stakeholders’ retention to be maintained. The Japanese multinational automotive manufacturing company, Toyota, can also follow the Freeman’s stakeholder approach and use the stakeholder mapping model in order to carry out the CSR activities and gain maximum profit. Incorporating corporate governance in the business activities can assist in benefiting socially and economically. The company can gain in long run by following the triple bottom line approach at the same time. Balancing the people, planet and profits efficiently and giving equal importance to each of these activities can facilitate future organizational prosperity. The recommended ways can enable Toyota to measure the bottom line effectively, where social performance runs parallel to profit making. Toyota will be able to solve the most challenging problems and take decisions that are socially, financially and environmentally responsible. Toyota can subsequently optimize profit and enhance contribution towards the society wherein it operates. There are various examples mentioned in the essay, which indicate that conducting CSR activities on the basis of methodologies and models mentioned above can benefit companies financially in long run. Reference List Aguilera, R. V., Rupp, D. E., Williams, C. A. and Ganapathi, J., 2007. Putting the S back in corporate social responsibility: A multilevel theory of social change in organizations. Academy of management review, 32(3), pp. 836-863. 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