Corporate Social Responsibility Concept - Essay Example

RESEARCH BUSINESS PROPOSAL ON CSR Executive summary Corporate social responsibility(CSR) is a concept with a growing prevalence within and around the globe. This idea often overlaps with similar approaches such as corporate sustainability, corporate sustainable development, corporate responsibility, and corporate citizenship (Mackey et al, 2007). Whereas CSR lacks a universal definition, it is seen as the private sector's approach of integrating the economic, social, and environmental imperatives of their activities and thus CSR looks like the business organizations' pursuit of sustainable development.. In addition to integration into corporate structures and processes, CSR also frequently involves creating innovative and proactive solutions to societal and environmental challenges, as well as collaborating with both internal and external stakeholders to improve CSR performance (McDonald & Rundle-Thiele, 2008). The proposed research paper will address the issue of definition as well the nature of the challenges calling for public and private sector action on the CSR front. It also intends to outline components that can be used by businesses and other organizations to review and potentially enhance their performance in relation to CSR. It will further explore the best practices on the part of industry to attain positive and proactive outcomes on CSR. Additionally, the proposed research paper will also provide an outlook of Industry activities and initiatives that support the promotion of CSR and that define and provide pragmatic viewpoints on the linkages between CSR and innovation. It will also offer some recommendations for the further exploration of CSR. Table of Contents Title Page 1 Executive ... 2 Table of Contents 3 1.0. Introduction 4 1.1. Background .. 4 1.2. Problem Statement and objectives 5 1.3. Hypothesis.. 6 1.4. Importance and benefits of the study. 6 2.0. Literature review.... 6 2.1. Introduction .. 6 2.2. Summary of Articles.. 6 2.3. Discussion and Conclusion. 14 3.0. Research Methods 15 3.1. Introduction.. 15 3.2. Research design 15 3.3. Data collection method . 15 3.4. Ethical issues.. 16 3.5. Data analysis & Nature and form of results... 17 3.6. Variables 17 4.0. References 18 5.0. Appendix. 19 1.0. Introduction 1.1. Background There are different concepts and factors that are considered of importance in the operation and management of different types and forms of organizations. One of the said factors is the corporate social responsibility or CSR. The terms can be considered synonymous to corporate responsibility, corporate citizenship or responsibility in business. The main principle for the said concept is the need of the company to take responsibility on its operation on the basis of the fact that the establishment of an enterprise can affect the community and the environment one way or another (Catalyst Consortium, 2002). The detrimental effects of the continuous industrialization and modernization of the corporate world had turned the trend of the organizations and companies from the objectives of financial prowess solely towards expansion of aims and priorities in terms of responsibilities thus including the welfare of the environments and surroundings including the adjacent communities and other issues related to ethics and behaviours of the employees and the members of the company or organization. The CSR then can be defined on the basis of giving attention to three objectives that includes the profitability in the financial aspect, the social responsibility and the environmental issues and concerns (Catalyst Consortium, 2002). 1.2. Problem Statement and objectives Corporate social responsibility can be said as idea whereby business organizations consider the interests of society by taking obligations for the impact of their activities on customers, suppliers, employees, shareholders, communities and other stakeholders, as well as the environment (Orlitzkyet al, 2003). This responsibility is seen to go beyond the statutory responsibilities to comply with legislation and sees organizations freely taking further steps to improve the quality of life for employees and their families as well as for the local community and society at large (McDonald & Rundle-Thiele, 2008). The practice of CSR is subject to much debate and criticism. Those who support the idea argue that there is a strong business case for CSR, in that organizations benefit in multiple ways by operating with a perspective wider and longer than their own immediate, short-term profits while critics argue that CSR distracts from the fundamental economic role of businesses; others argue that it is nothing more than superficial window-dressing; still others argue that it is an attempt to pre-empt the role of governments as a watchdog over powerful multinational corporations (Catalyst Consortium, 2002). The main objectives and aims of the proposed research include the research, analysis and presentation of data related to corporate social responsibility. The said concerns will be achieved through the gathering of researches that had been conducted by different academic groups and authors and comparing results and methods that had been applied. Through the said procedures the areas that are covered and studied will be generally viewed. In turn then, the main output of the research conducted will be the presentation of the view on the said issue at a glance. The review of the published papers in CSR can be considered to present an access that can introduce the data in the said field of discipline. 1.3. Hypothesis CSR can give positive results for the company aside from the fact that every organizational entity should have the responsibility to care for and look after not only the financial welfare of the organization itself but also to the welfare of the community and the local environment where it belongs. 1.4. Importance and benefits of the study This study will help to determine the responses of the target population on the basis of different criteria such as customer satisfaction, corporate abilities and results of such reactions of the people. It will also aid in evaluating the main effects of CSR to the target market that can affect the profitability of the company. 2.0. Literature review 2.1. Introduction The literature for the proposed research paper will involve rigorous review of the following articles and other sources. See Appendix for more details on the said articles. 2.2. Summary of Articles. The four articles discuss related issues that mainly gravitate on the effects of corporate social responsibility with other factors such as firm performance and the satisfaction of customers. Luo, X. and Bhattacharya, C.B. (2006) Corporate Social Responsibility, Customer Satisfaction, and Market Value. Journal of Marketing, 70 (40), p.1-18. In the study undertaken by Luo and Bhattacharya, the main area covered is related to the interrelated functions of the corporate social responsibility, customer satisfaction and market value which refer to the firm itself (Luo and Bhattacharya, 2006). The said study was aimed to determine the responses of the target population on the basis of different criteria to CSR. Such factors include customer satisfaction, corporate abilities, etc. In addition it is mainly aimed to determine the main effects of CSR to the target market that can affect the profitability of the company (Luo and Bhattacharya, 2006). The study involved different theories and conceptual frameworks including the relationship of CSR to market value, customer satisfaction, and corporate abilities. Also, the main relationships between the concepts can be both positive and negative on the basis of the point of reference. Market value and customer satisfaction or consumption can be varying and can also be affected by the reputation of the company attributed to corporate social responsibility. Based on the said theories then the arbitrating effects of customer satisfaction between CSR and firm market value is included the hypothesis that had been tested along with the mediating effects of corporate ability on CSR and lastly, the restraining effect of the satisfaction of the customers to the previous notions is also included (Luo and Bhattacharya, 2006). A library based research design for gathering secondary information from multiple archival sources such as the COMPUSTAT, the Fortune America's Most Admired Corporations (FAMA), the American Customer Satisfaction Index (ACSI), the Competitive Media Reporting (CMR), and Centre for Research in Security Prices (CRSP) had been used to study the variables which includes the factors such as CSR, the corporate abilities, the customer satisfaction and the market value. Upon establishment of the sources of data, actual gathering of information was then undertaken through the data index and archival system. Assimilation of data then followed through: the CSR (from FAMA), customer satisfaction (from ACSI), product quality (FAMA), innovativeness capability (FAMA), Tobin's q and Stock return (CRSP, COMPUSTAT) (Luo and Bhattacharya, 2006). The study can be classified as a cross-sectional research analysis of the relationship between the variables that includes the relationship of CSR with consumer satisfaction and market value. The main considerations include updated values that are presented in databases and index collections. The variables that are involved are studied through the use of the measures that can determine the meaning of the values. Gathered data are then compared to a control data gathered from standard predictions and computations that includes research-and development (R&D) intensity, firm size, compensation intensity and ROA from COMPUSTAT. The main output then is a merged final data set (Luo and Bhattacharya, 2006). Based on the study then, the main relationship of CSR to the firm market value is gauged by the customer satisfaction which is considered as the mediator. In addition, the effects of CSR can be positive or negative due to the moderating effects of the corporate abilities of the firm. Although such results had been gathered, there are certain limitations with the research undertaken due to the fact that the study is the first marketing research on the relationship between the CSR and marketing value and that the results are mainly based on theoretical and secondary data. For that matter, it is important to have an actual exploration and research of the issue under study which is the relationship between CSR and market value of the firm for future research processes (Luo and Bhattacharya, 2006). Orlitzky, M., Schmidt, F.L., and Rynes, S.L. (2003) Corporate Social and Financial Performance: A Meta-analysis. Organization Studies, 24 (3), p.403-441. The research undertaken by Orlitzky, Schmidt, and Rynes in 2003 explores corporate social and financial performance through a comprehensive meta-analysis. The main objectives include presentation of a comprehensive review and meta-analysis on the relationship between corporate social/environmental performance (CSP) and corporate financial performance (CFP). The main basis of the study undertaken is the positive relationship between CSP and CFP based on the instrumental stakeholder theory discussing the importance of the stakeholders' satisfaction. In addition, there are other theories included on the study such as the stakeholder-agency theory which predicts the agreement between the two groups thus positive CSP-CFP relationship. The good management theory which implies that "CFP is directly associated with subsequent CSP" is also another basis of the study (Orlitzky, Schmidt, and Rynes, 2003). Based on the theoretical framework involved in the study, there are different hypothesis that are tested. One of the hypotheses involves the positive relationship between the corporate social performance and financial performance on a view across a wide variety of industry and study contexts. Another is the bidirectional causality between corporate social performance and financial performance. The third hypothesis is that "CSP is positively correlated with CFP because (a) CSP increases managerial competencies, contributes to organizational knowledge about the firm's market, social, political, technological, and other environments, and thus enhances organizational efficiency, and (b) CSP helps the firm build a positive reputation and goodwill with its external stakeholders." In addition, "a large proportion of cross-study variance is due to statistical or methodological artefacts (sampling error and measurement error)" and "consistent with stakeholder mismatching, after accounting for statistical artefacts, there will still be differences in the statistical associations between different sub-dimensions of CFP and CSP (after correct matching)" (Orlitzky, Schmidt, and Rynes, 2003). The main variables that are involved in the study are the CSP, CFP, measurable factors between them (artefacts, measurement strategies, competencies, learning and efficiency, reputation) which are monitored through Effect-size (r) meta-analysis that calculates population parameter estimates () by correcting for the aforementioned artefacts. The method of data collection is assimilation of published references through databases such as ABI/Inform Global and PsycINFO using keywords such as using the keywords 'organizational effectiveness and corporate social performance', 'organizational performance', 'profitability', 'economic success', and 'financial performance' on a cross-sectional analysis covering a 30-yr period of information in the issue under study. Data related to the variables had been gathered through inclusion and exclusion criteria and reliability measurement of the studies had been undertaken through statistical methods specifically for meta-analysis (Orlitzky, Schmidt, and Rynes, 2003). Based on the results, there is a positive relationship between CSP and CFP in different industries and disciplines. Although this is the case, reliability of CSP and CFP values serve as the main limitation of the study. Also, there is a need for defining moderators and other concepts such as the stakeholders. For that matter, increasing the reliability of the values under study such as the CSP and the CFP, standardization of the applied terms in the field that can be the source of misconception and redefinition of CSP in relation to social and environmental aspects are needed to be included in the objectives of the future research to be undertaken related to the issue. McDonald, L. M. and Rundle-Thiele, S.R. (2008) corporate social responsibility and bank customer satisfaction: a research agenda. International Journal of Bank Marketing, 26 (3). p. 170-182. McDonald and Rundle-Thiele explored corporate social responsibility through the specific application for bank customer satisfaction (2008). Included in the research objectives of is the evaluation of the possible effects and impacts of CSR on customer satisfaction, the differentiation of the CSR-related efforts to other initiatives targeting the customers and the determination of the hierarchy of CSR efforts and actions on the basis of customer evaluation. The guiding theory can be considered as the attempt to better understand situations of low customer satisfaction and achieve improved management techniques with satisfied customers and the application of CSR importance in a particular industry (McDonald and Rundle-Thiele, 2008). The hypotheses to be tested involve customer-centric initiatives resulting in increase of customer satisfaction as compared to CSR initiatives. Another is that customer-centric and CSR initiatives can increase customer satisfaction. The main variables in the study then are the CSR initiatives, customer-centric initiatives and customer satisfaction which are analysed through the use of library based research design. The initial phase in the achievement of the results is the search for studies and published references through databases and secondary information from multiple archival sources such as the Fortune America's Most Admired Corporations (FAMA) based on the inclusion and exclusion criteria and sampling cross-sectional basis. In addition, the relationships of the variables were determined through statistical methods such as multi-method approach, ANOVA and Best Worst (BW) method (McDonald and Rundle-Thiele, 2008). The main findings then include that customer satisfaction is one of the reasons for conducting CSR programs but not the sole one but there is no corresponding relationship between CSR and customer satisfaction, thus, CSR does not ensure customer satisfaction. The main limitation of the study then is that the application of the theories used is for the banking industry only thus the application in other fields of discipline can be taken as future research direction (McDonald and Rundle-Thiele, 2008). Mackey, A., Mackey, T.B., and Barney, J.B. (2007) Corporate Social Responsibility and Firm Performance: Investor Preferences and Corporate Strategies. Academy of Management Review, 32 (3), p.817-835. The relationship between corporate social responsibility and firm performance had also been explored by Mackey, Mackey, and Barney in 2007 with the focus on factors such as investor preferences and corporate strategies. Included in the research objectives is to be able to present a model that can determine the relationship between CSR and firm performance through investor preferences in target investments and the corporate strategies as affected by supply and demands related to CSR decisions (Mackey, Mackey, and Barney, 2007). The research is based on the test of the CSR and firm performance model in a semi-strong efficient market with publicly exposed assets with an assumption that CSR activities can improve firm cash flow performance. The main hypothesis that is needed to be proven is the positive correlation between CSR activities and firm value and the significance in measuring supply and demand trends in relation to CSR and firm value. The variables that are involved are CSR, firm performance, supply and demand values which were monitored through the use of library based research and theoretical investigation from data sources that are mainly based on different publications and index to achieve a cross sectional analysis (Mackey, Mackey, and Barney, 2007). Through the use of the model under study, it had been determined that CSR activities have positive effects on firm performance of there are favourable supply and demand conditions related to the firm, otherwise, such activities can have detrimental effects to the company's operation and financial assets. There is a need, though, for actual representation and simulation of the model used. Thus, an exploration of actual application of the model in the field experimentation and study can be beneficial (Mackey, Mackey, and Barney, 2007). 2.3. Discussion and Conclusion Based on the research results of the four articles that had been analysed one of the main points regarding corporate social responsibility that surfaced is that it has a potential positive effect n relation to the performance of the company as well as the satisfaction of the customers. The said generalization is covering cases wherein there are factors that can affect the said concepts such as the trends and conditions in supply and demand (Mackey, Mackey, and Barney, 2007) and the differences in application in different fields of discipline. The main basis of such conclusion is that contradictions to the positive effects of CSR to other concepts relating to the performance of the company correspond to certain limiting cases only (e.g. negative effects can occur if the conditions of supply and demand are unfavourable, then, the firm's performance can negatively affected). In addition, due to the unity in the results of different studies, it can be considered as a universal opinion that CSR can give positive results for the company aside from the fact that every organizational entity should have the responsibility to care for and look after not only the financial welfare of the organization itself but also to the welfare of the community and the local environment where it belongs. In terms of the limitations of the studies included in the review, it can be considered that most research and explorations related to the CSR issue are mainly based on theoretical data and library based. For that matter, reliability is continuous being questioned. In relation to the said scenario, it can be considered as an advantage to the knowledge pool in the field related to CSR if actual data observed are presented. Longitudinal research study although resource-extensive can also be considered as an important contribution to be able to have additional data that has the potentialities to explain unclear areas that cannot be simulated and predicted by theoretical models. 3.0. Research Methods 3.1. Introduction This research paper will take the form of exploratory whereby all information and data related to the subject matter shall examine in finer details. The research will be in form of a questionnaire or written survey. This will be is a simple, productive tool which will help the researcher in obtaining primary constructive information from respondents. 3.2. Research design The proposed research will utilize library based research design of secondary information from multiple archival sources such as the COMPUSTAT, the Fortune America's Most Admired Corporations (FAMA), the American Customer Satisfaction Index (ACSI), the Competitive Media Reporting (CMR), and Center for Research in Security Prices (CRSP) 3.3. Data collection method For this research paper secondary information will be collected by searching for studies and published references through databases such as ABI/Inform Global and PsycINFO using keywords such as using the keywords 'organizational effectiveness and corporate social performance', 'organizational performance', 'profitability', 'economic success', and 'financial performance'. 'Corporate social performance' For primary information the proposed research paper, random sampling technique will employed from whence a sample of 50 participants will be selected from the entire population of 200. All of the participants shall be provided with a questionnaire. The populations that will be researched will all key stakeholders within the business organizations including human resources managers, chief executive officers, business owners, the community surrounding firms among other significant members. A cover letter or introduction will be included with the survey so as to let the recipient know what the research will trying to accomplish with the survey and how valued his or her response is. In order entice recipients to respond an incentive will be offered. The Survey will avoid using technical or industry-specific jargon but it will rather offer easy-to-follow directions. Random sampling technique shall be used for this study because it is easy and the sample population obtained through this is methods represent the views of the entire population (Spoull, 1995). Further, more this method is very effective when dealing with a large population. The strength of this technique is that its results are easy to analyze and manipulate using the statistical tools. One weakness of this research techniques it can be biased and therefore its findings may fail to present the ideas of the selected population. 3.4. Ethical issues One of the ethical issues which will have to be addressed while carrying out this study is issues of confidentially. This is implying that all information given by the respondents shall be kept confidential. There are no other issues as the research will mainly deal with people who are conversant with the subject matter of the study. 3.5. Data analysis & Nature and form of results As this research will involve an exploratory design all data collected will be sorted so as to be used in testing the research hypothesis. The results of the questionnaire under will undergo a rigorous statistical analysis For this research Correlation analysis will be used. This form of statistical analysis measures the relationship between two or more items (Berg, 1995). The resulting value shows if changes in one item will result in changes in the other item. When comparing the correlation between two items, one item is called the "dependent" item and the other the "independent" item (Coffey & Atkinson, 1996). The goal is to see if a change in the independent item will result in a change in the dependent item .This information helps you understand an indicator's predictive abilities. 3.6. Variables CSR initiatives, Customer-centric initiatives, customer satisfaction. References Berg, B.L. (1995). Qualitative research methods for the social sciences (2nd ed.). Boston: Allyn and Bacon. Bhattacharya, C.B., Sankar Sen and Daniel Korschun (2008), "Using Corporate Social Responsibility to Win the War for Talent," MIT Sloan Management Review, 49 (2), 37-44; "The Good Company", The Economist (2005-01-20). Catalyst Consortium (2002) What is Corporate Social Responsibility USAID and Catalysts Consortium. Coffey, A., and Atkinson, P. (1996). Making sense of qualitative data. Thousand Oaks, CA: Sage. Kytle, Beth and Gerard Ruggie (2005). "Corporate Social Responsibility as Risk Management: A Model for Multinationals". Social Responsibility Initiative Working Paper No. 10. Cambridge, MA: John F. Kennedy School of Government, Harvard University. Luo, X. and Bhattacharya, C.B. (2006) Corporate Social Responsibility, Customer Satisfaction, and Market Value. Journal of Marketing, 70 (40), p.1-18. Mackey, A., Mackey, T.B., and Barney, J.B. (2007) Corporate Social Responsibility and Firm Performance: Investor Preferences and Corporate Strategies. Academy of Management Review, 32 (3), p.817-835. McDonald, L. M. and Rundle-Thiele, S.R. (2008) Corporate social responsibility and bank customer satisfaction: a research agenda. International Journal of Bank Marketing, 26 (3). p. 170-182. Orlitzky, M., Schmidt, F.L., and Rynes, S.L. (2003) Corporate Social and Financial Performance: A Meta-analysis. Organization Studies, 24 (3), p.403-441. Spoull, N.L. (1995). Handbook of research methods: a guide for practitioners and students in the social sciences. (2nd ed.). Metuchen, NJ: Scarecrow Press. Appendix 1. Summary Table for the Paper Luo, X. and Bhattacharya, C.B. (2006) Corporate Social Responsibility, Customer Satisfaction, and Market Value. Journal of Marketing, 70 (40), p.1-18. 1. Research objectives To determine the responses if the target population on the basis of different criteria such as customer satisfaction, corporate abilities and results of such reactions of the people. To determine the main effects of CSR to the target market that can affect the profitability of the company 2. Theory and Framework Different theories and conceptual frameworks including the relationship of CSR to market value, customer satisfaction, and corporate abilities. Main relationships between the concepts can be both positive and negative on the basis of the point of reference. Market value and customer satisfaction or consumption can be varying and can also be affected by the reputation of the company attributed to corporate social responsibility 3. Hypothesis Arbitrating effects of customer satisfaction between CSR and firm market value The mediating effects of corporate ability on CSR The restraining effect of the satisfaction of the customers to the previous notions is also included 4. Variables CSR, the corporate abilities, the customer satisfaction and the market value 5. Research Design Library based research design of secondary information from multiple archival sources such as the COMPUSTAT, the Fortune America's Most Admired Corporations (FAMA), the American Customer Satisfaction Index (ACSI), the Competitive Media Reporting (CMR), and Center for Research in Security Prices (CRSP) 6. Data Collection Method Data were then gathered through the data index and archival system Assimilation of data through: the CSR (from FAMA), customer satisfaction (from ACSI), product quality (FAMA), innovativeness capability (FAMA), Tobin's q and Stock return (CRSP, COMPUSTAT) 7. Research Environment Library research data archives and references. The main analysis is based on the said data that had been assimilated and organized 8. Time Dimension Cross-sectional research analysis of the relationship between the variables that includes the relationship of CSR with consumer satisfaction and market value The main considerations include updated values that are presented in databases and index collections 9. Control of Variables Through the use of the measures and values that can determine the meaning of the variables. Gathered data are then compared to a control data gathered from standard predictions and computations that includes research-and development (R&D) intensity, firm size, compensation intensity and ROA from COMPUSTAT. Resulted in merged final data set 10. Main Findings The main relationship of CSR to the firm market value is gauged by the customer satisfaction which is considered as the mediator The effects of CSR can be positive or negative due to the moderating effects of the corporate abilities of the firm 11. Limitations The study is the first marketing research on the relationship between the CSR and marketing value, thus, there are limitations in the results Based on theoretical and secondary data. 12. Directions of Future Research To have an actual exploration and research of the issue under study which is the relationship between CSR and market value of the firm. 2. Summary Table for the Paper Orlitzky, M., Schmidt, F.L., and Rynes, S.L. (2003) Corporate Social and Financial Performance: A Meta-analysis. Organization Studies, 24 (3), p.403-441. 1. Research objectives To present a comprehensive review and meta-analysis on the relationship between corporate social/environmental performance (CSP) and corporate financial performance (CFP) 2. Theory and Framework The positive relationship between CSP and CFP based on the instrumental stakeholder theory discussing the importance of the stakeholders' satisfaction The stakeholder-agency theory predicts the agreement between the two groups thus positive CSP-CFP relationship can be considered Good management theory: "CFP is directly associated with subsequent CSP" 3. Hypothesis "H1: Corporate social performance and financial performance are generally positively related across a wide variety of industry and study contexts." "H2: There is bidirectional causality between corporate social performance and financial performance." "H3: CSP is positively correlated with CFP because (a) CSP increases managerial competencies, contributes to organizational knowledge about the firm's market, social, political, technological, and other environments, and thus enhances organizational efficiency, and (b) CSP helps the firm build a positive reputation and goodwill with its external stakeholders." "H4a: A large proportion of cross-study variance is due to statistical or methodological artefacts (sampling error and measurement error)." "H4b: Consistent with stakeholder mismatching, after accounting for statistical artefacts, there will still be differences in the statistical associations between different sub-dimensions of CFP and CSP (after correct matching)." 4. Variables CSP, CFP, measurable factors between them (artefacts, measurement strategies, measure of competencies, learning and efficiency, reputation) 5. Research Design Effect-size (r) meta-analysis that calculates population parameter estimates () by correcting for the aforementioned artefacts. 6. Data Collection Method Searching for studies and published references through databases such as ABI/Inform Global and PsycINFO using keywords such as using the keywords 'organizational effectiveness and corporate social performance', 'organizational performance', 'profitability', 'economic success', and 'financial performance'. 'Corporate social performance' 7. Research Environment Library based research on different publications and index 8. Time Dimension Cross-sectional analysis 9. Control of Variables Based on the inclusion and exclusion criteria and reliability measurement of the studies included then statistical methods specifically for meta-analysis are used 10. Main Findings There is a positive relationship between CSP and CFP on the basis of results of different studies in different industries and disciplines. 11. Limitations In the reliability of the CSP and CFP values There is a need for defining moderators and other concepts such as the stakeholders 12. Directions of Future Research Increasing the reliability of the values under study such as the CSP and the CFP Standardization of the applied terms in the field that can be the source of misconception Redefinition of CSP in relation to social and environmental aspects 3. Summary Table for the Paper McDonald, L. M. and Rundle-Thiele, S.R. (2008) Corp orate social responsibility and bank customer satisfaction: a research agenda. International Journal of Bank Marketing, 26 (3). p. 170-182. 1. Research objectives To evaluate the possible effects and impacts of CSR on customer satisfaction To differentiate the CSR-related efforts to other initiatives targeting the customers To determine the chronology of CSR efforts and actions on the basis of customers evaluationWhile the positive effects of CSR are well documented, there has been little research seeking to understand the effects of CSR initiatives on customer evaluation 2. Theory and Framework An attempt to better understand situations of low customer satisfaction and achieve an improved management techniques with satisfied customers An application of CSR importance in a particular industry 3. Hypothesis "H1: Customer-centric initiatives will result in higher satisfaction for retail banking customers than CSR initiatives." "H2: Customer-centric initiatives are positively related to retail banking customer satisfaction, forming a customer-preferred hierarchy." "H3: CSR initiatives are positively related to retail banking customer satisfaction, forming a customer-preferred hierarchy." 4. Variables CSR initiatives, Customer-centric initiatives, customer satisfaction 5. Research Design Library based research 6. Data Collection Method Searching for studies and published references through databases and secondary information from multiple archival sources such as the Fortune America's Most Admired Corporations (FAMA) 7. Research Environment Library based research on different publications and index 8. Time Dimension Cross-sectional analysis 9. Control of Variables Based on the inclusion and exclusion criteria Computation of the relationship between variables through statistical methods such as multi-method approach, ANOVA and Best Worst (BW) method 10. Main Findings Customer satisfaction is one of the reasons for conducting CSR programs but not the sole one There is no one-to-one correspondence in the relationship between CSR and customer satisfaction; CSR does not ensure customer satisfaction 11. Limitations Application of the theories used in fields of discipline other than the banking industry 12. Directions of Future Research Study of the relationship and effects of CSR on customer satisfaction in other fields of discipline 4. Summary Table for the Paper Mackey, A., Mackey, T.B., and Barney, J.B. (2007) Corporate Social Responsibility and Firm Performance: Investor Preferences and Corporate Strategies. Academy of Management Review, 32 (3), p.817-835. 1. Research objectives To present a model that can determine the relationship between CSR and Firm performance through investor preferences in target investments and the corporate strategies as affected by supply and demands related to CSR decisions 2. Theory and Framework A test on the CSR and firm performance model in a semi-strong efficient market with publicly exposed assets With an assumption that CSR activities can improve firm cash flow performance 3. Hypothesis There is a positive correlation between CSR activities and firm value There is significance in measuring supply and demand trends in relation to CSR and firm value 4. Variables CSR, firm performance, supply and demand values 5. Research Design Library based research and theoretical investigation 6. Data Collection Method Data sampling for the model presented 7. Research Environment Sampling of data through library based research on different publications and index 8. Time Dimension Cross sectional analysis 9. Control of Variables Implementation and application of the model on the data gathered 10. Main Findings CSR activities have positive effects on firm performance of there are favourable supply and demand conditions related to the firm, otherwise, such activities can have detrimental effects to the company's operation and financial assets 11. Limitations The need for actual representation and simulation of the model used 12. Directions of Future Research Exploration of actual application of the model in the field experimentation and study Read More