* *

CPU COLLEGE
SCHOOL OF GRADUATE STUDIES
MASTER OF PROJECT MANAGEMENT (MPM)

Research Methods
The effect of Corporate social responsibility (CSR)and its impacts
on financial performance in case of five selected bank
Assignment
Prepared By: ID/Numbers

1,Yohannis Solomon ID/MPM/529/14

SUBMITED TO: [Link] Menber (PhD)

JANUARY21, 2022,
ADDIS ABEBA, ETHIOPIA
 Abstract

Corporate social responsibility (CSR) is a self-regulating business model that helps a

corporation to be socially accountable to itself, its stakeholders, as well as the public in general.
In a developing country like Ethiopia, the banking sector can play an active role as part of its
CSR activity while also benefiting i.e. attracting new customers, keeping existing customers
loyal, which in turn may have an impact on financial performance of the bank. The aim of the
study is to determine the effect of corporate social responsibility on the financial performance of
five commercial banks in Ethiopia. The study will employ both primary and secondary sources
of data. Primary data will collect using questioners with department heads responsible directly
for issues relating to CSR, while secondary data will obtain from annual reports and other
published documents of the banks. Econometric regression model will use to determine the
relationship between CSR and Financial performance for the period of 5 years from 2014 –
2019 and the data will be analyze by using statistical software SPSS. In the following study
corporate social responsibility will measure by Donation expense will be the dependent variable
and financial performance measured by the ROA, ROE, and ROS will be the independent
variable .The researcher included RMS, and NIM as control variables
Chapter one

Introduction

1.1 Background of the study

The start of the 21st century brought a few monetary scandals because of administrative
advantage and enormous size of bookkeeping extortion, lessening partners' trust in business
undertakings. The bookkeeping outrage at Enron, the Wall Street's emergency happened in 2008
and the Madoff scandals raised remarks alluded as ''a rot in business profound quality'' (Chih et
al., 2010). Generally, the social outcomes of these crises made reputational issue for associations,
restricting their intensity and productivity.

Previously mentioned analysis might actually clarify why business delegates, overall population
pioneers, governments, investors and different partners become advocates of the hypothesize as
indicated by which the organization can't seek after a technique to augment the monetary
outcome to the detriment of satisfying its commitments towards its workers, the climate and
society all in all. Because of this case, organizations start carrying out corporate social
responsibilities exercises and different methodologies that permit them to improve their standing
and reestablish stakeholders confidence. (Servaes and Tamayo, 2013).

In last decades the concept of corporate social responsibility has, growing is an exponential
manner. Corporate social responsibility is not a new thing of interest for the business in world.
However, corporate social responsibility is important because its influence all the aspects of a
bank’s operations. Corporate Social Responsibility is a concept with many definitions and
Practices. The concept of CSR originated in USA since 1950s but became more prevalent in
1970s (Srivastava, Negi and Pandey: 2012).

Karen Hogan et al (2014) on their CSR and Shareholder Return study locate that abundance
returns are decidedly identified with an association's Governance Disclosure score however
adversely identified with its Social Disclosure score. Overall, Community Spending as a Percent
of EBITDA has any impact on the incentive to the firm. They use Stakeholder Theory as a
hypothetical base for Bloomberg's Proprietary Quant Model with Environmental Disclosure
Score, Social Disclosure Score, Governance Disclosure Score, Corporate Governance Quotient
(CGQ) Index Score, CGQ Industry Score, and Global Metrics International (GMI) Overall
Global Rating Score Independent Variables.

The connection between CSR and Suppliers/Retailer likewise studded by various researchers
among these examinations. Study by Che-Fu Hsueh (2012) which utilize Qualitative Research
Analysis by to examine CSR Activity by utilizing KEJI Index model that have Labor Union
Existence and Labor Unionization Ratio as Independent Variable found that the proposed model
and calculation could give ideal recommending estimations of CSR execution levels and pay.

Inside and out examinations about CSR in the financial area in Turkey (Aylin P.A. 2012).
Results show that corporate social responsiblity and bookkeeping based marker has positive
relationships. As additionally discoveries meant there is caused based relationship existing
between factors anyway method of this relationship is range from monetary pointers to social
obligation. At the end of the day in Turkey, monetary execution of the organizations decide
social duty execution of the organizations. This demonstrated by utilizing Good Management
Theory, Resource Theory, and Instrumental Stakeholder Theory. Also, Principal Component
Analysis model utilizing ROE, ROA, ROS, obligation/resource proportion, Total Sale, Total
Asset, Employees, Equity, Profit Independent ROE, ROA, ROS, Debt/Asset Ratio, Total Sale,
Total Asset, Employees, Equity, Profit As An Independent Variable.

In Some investigations, the degree of CSR Disclosing shows that there is absence of unveiling,
the consequences of relapse models disprove a genuinely huge connection among ROA and
ROA with CRSDI. This is demonstrated by utilizing Stakeholder Theory and Content Analysis
Model by Fadma, Rachid (2012)

CSR can be concentrated from the purpose of Donation as free factor and utilizing Net Profit
Margin and Earning per Share as autonomous variable. Base on Stakeholder hypothesis the
subsequent result of Descriptive Analysis show that there is positive connection between the firm
divulgence of CSR and the Firm's Performance regarding Net Profit Margin and Earning per
Share. At the point when the firm goes through some cash on the general public (Donation), the
general public get advantage from it, yet it doesn't imply that society won't pay to the firm.
Society likewise pays to the firm in feeling of Goodwill or Reputation or great picture of
organization in the personalities of clients just as financial backers. Nadeem Iqbal et al (2014)
In another Quantitative Analysis Study by Sulaiman R.W. (2012) show that there is a huge
connection between the levels of bank's (CSR) and the bank's (CFP). There is a huge connection
between bank's size and (CFP). There is a huge connection between the degree of danger in the
bank and (CFP). There is a huge connection between the degree of promoting costs in the bank
and (CFP). (CSR) identify with society's necessities and the idea of encompassed climate. The
investigation depends on Stakeholders hypothesis and use CSR as an Independent Variable and
ROA as a Dependent Variable. SIZE, RISK, Advertising Intensity think about Constant.

In Africa, likewise a few examinations show that Accounting and market based Indices Earnings
per Share, Return on Capital Employed and Divided per Share, in deciding the effect of CSR on
monetary execution. The aftereffect of the basic relapse for speculation one indicated that
Earnings for every offer have a negative huge relationship with corporate social duty. In this
examination Positive Accounting hypothesis, utilizing Ex-post Facto research configuration
model is utilized. MICHAH C. OKAFOR (2016)

Instrumental Stakeholder Theory and Good Management Theory study utilizing Content
Analysis Model show that there is a critical positive connection between CSR divulgence and the
monetary exhibition of GCC Islamic banks. These outcomes confirm the theories and are
additionally in accordance with the hypothetical structure that predicts a positive connection
between the corporate social presentation and monetary execution of the Islamic financial
industry. Thus, it tends to be presumed that the higher the degree of CSR exposure, the better the
bank's benefit because of GCC Islamic banking. Elena Platonova et al (2016) utilize both
Descriptive and Regression Analysis to analyze CSR Disclosure Index, Individual Dimensions,
Size, and Capital Ratio, advance Ratio, Overhead Expense, Debt Ratio as Independent Variable.

The outcome shows CSR decidedly impacts productivity and stock returns. There by manifesting
that it pays to be socially capable. It clarifies from the finding that CSR, as important and back
asset, can be misused to make an upper hand for the firm. Shafat Maqbooln, M. Nasir Zameer
(2017) in there study Stakeholders Theory and Panal regression model where used to analyze
CSR and Profitability, SMR as Independent Variable.
1.2 Statement of the research problem
Tewelde (2012) the setting of Ethiopia and its interface with corporate social Responsibility has
shown utilizing Carroll's model. Albeit numerous models on CSR created in the West Prescribe
widespread utilizations of the segments and needs, the relevant variables in agricultural nations
as a rule and Ethiopia specifically may not permit the immediate selection of such models. In
Ethiopian setting, the training like numerous other African nations is on the monetary part of the
CSR and such accentuation might be to the detriment of different measurements. In such a
circumstance how we can accommodate the various parts is the significant provokes that should
be tended to.

As per Tewelde (2012),as per the conversation of CSR in Ethiopia plainly the lawful and moral
obligations are the most un regarding practice as it is the situation in the greater part of African
nations setting. In spite of the fact that, there is no 100% clear meanings of CSR on the planet.
There is extraordinary need to make understanding about CSR and moral way to direct the
business in practical manner. Furthermore, rarely to track down a particular type of corporate
social duty rehearses in the creating scene that could be seen from business points of view. Since
Ethiopia is one of the agricultural nations the way of thinking of corporate social obligation isn't
all around created. Corporate social responsibility of banks in Ethiopia is immaculate part. The
National Bank of Ethiopia (NBE) has mostly assume part of guideline on the financial
performance execution of business banks as relate to the standards and guidelines set by the
country to secure general society and create certainty on the administrations given by banks. To
give yearly reports by all banks enlisted by NBE once per year and to show their status could
considered as releasing CSR of banks. In any case, this is restricted to the degree of announcing
just monetary issue. In any case, the requirement for CSR requires more for the banks to give
uncommon consideration towards incorporation of social and ecological worries in their business
tasks to accomplish maintainable. This investigation paper has evaluated the training and part of
private business banks on corporate social duty in Ethiopia.

Tahir Islam et al. (2021) in there Study show the impediment of the Research they direct is that,
First, they utilized just purposive examining for information assortment with telecom
administrations clients from Pakistan. Second, their examination estimated its Constructs as
unidimensional, yet the Constructs contain Psychological, Financial, and Procedural Sub-
measurements; therefore, their investigation's generalizability is restricted. Subsequently, for
future exploration they prescribed to utilize multidimensional Constructs and apply similar
calculated model in different business sectors. Third, the outcomes depend on a Cross-sectional
investigation, so Longitudinal Research needed to check the connection between CSR and
Customer Outcomes and approve the examination's outcomes. CSR requires top administration's
responsibility and critical assets, so a Longitudinal Study could check Customer Responses to the
social activities the organization performs. Fourth, the reasonable model tried in there research
depended on telecom organizations in which certain Factors are Fixed, so the discoveries may
not be completely relevant in different societies. At last, they thought about just the telecom area.
Since hierarchical designs and culture differs from Industry to Industry.

A few examinations led by Fadma El Mosaid et al. (2012) zeros in just on Accounting Based
Performance Measurements and the investigation directed on eight Banks for a very long time
2009 and 2010. As a Future examination proposal, others can think about Market Based
Performance Measurement with Largest Sample. Furthermore, there study centers around CSR
divulgences in banks' yearly reports. Different types of correspondence channels, for example,
the bank's site, independent manageability type reports, papers and in-house magazines have
used to convey corporate social obligation exercises. Henceforth, future examination may think
about such revelations.

Different investigations show the CSR from the purpose of Profitability Majid K. furthermore,
Abdul M. (2013) Their investigation noticed that there is a positive connection between CSR
exercises, for example, climate situated duties, local area arranged obligations, clients duties
exercises and legitimate duties and productivity of the business association. Along these lines,
directors of the business association should actualize CSR exercises to upgrade their
productivity. It additionally noticed that there is a positive connection between CSR exercises
and piece of the overall industry of the business association. The discoveries of this examination
call for chiefs of the business association to impart their CSR endeavors to the clients, which can
at last prompt expanded piece of the pie. Additionally Camelia-D.H. (2018) on his examinations
about CSR and Profit The observational aftereffects of this exploration showed that there is a
connection between "Progressing nicely" and "Doing Good" utilizing calculated and
contemporaneous econometric investigation of the board information and the creativity
comprises likewise on the investigation of CSR exercises for the organizations that enrolled
misfortunes. Recommended for that CSR can see a future exploration course alludes to are
relative investigation with other European nations fabricating a full scale primary pointer like the
one from the investigation of Schwan. Our outcomes can help strategy creators receive vital
administrative change to improve the CSR practices and upgrade authoritative authenticity.
Proceeded with research on these lines guarantees the components that take key choices in the
organizations the chance to give them a significant upper hand in the momentum serious climate
and for the financial backers the disposition towards hazard. Camelia-D.H. (2018)

Zhiyu Cu et al. (2015) in their Research find that there is a requires a more cautious examination
concerning diverse institutional conditions and their parts in upgrading or hindering corporate
social activities., Our finding of the balance of firm size may accommodate the writing's
conflicting results with respect to CSR–CFP connections. They additionally see Due to the cross-
sectional plan; one can't infer that CSR responsibility produces frail deals development for little
firms. Future examination can likewise recognize distinctive CSR activities and their
presentation suggestions separately or potentially intelligently, notwithstanding asking about the
monetary outcomes of business morals and CSR, further scholarly undertakings can adopt a
humanistic strategy to look at other significant social out comes like wellbeing, fulfillment, and
equity.

This paper aim to shows the impact of corporate social responsibility on financial performance of
the banking sector in Ethiopia. Based on global banking sector the research aim to find
significant relationship between corporate social responsibility and banks financial performance.
Previously studies have mainly focused on the developed countries and the case of Ethiopia only
focus on commercial bank of Ethiopia there is less work done in country like Ethiopia to
measuring the impact of corporate social responsibility on financial performance. Because In less
developed countries, most of the firms are unaware with the importance of corporate social
responsibility and not put much attention on the corporate social responsibility. Now today
people having more much knowledge about corporate social responsibility companies who
works for the welfare of the society. (Bushra and Rabia 2017) Therefore, it is important to make
discussion and see the impact of corporate social responsibility on financial performance of
banking sector in Ethiopia.
It needs empirical investigation and study of existing CSR situation, awareness of CSR as
business strategy and ground to implement it. The problem is that the relationship between banks
and CSR practices are unclear. Therefore, the study will tries to assess CSR practices in
Commercial Banks in Ethiopia.

1.3 Basic Research Questions

At the end of the problems stated above the researcher developed the following basic research
questions

 What CSR initiatives that have been found to be valued most and marketing performance
measured by revenue market share in the Banking Industry?

 What the effects of CSR on sales volume are in terms ROE, ROA, ROS, increase in the
Banking Industry?

 What are the effects of CSR and profit (net interest margin (NIM)) in the Banking
Industry?

1.4 Objectives of the Study

The broad objective of the study is to assess CSR and its effect on financial performances of
commercial banks in Ethiopia.

1.4.1. Specific objectives

 This examination investigates the connection between CSR activities that discovered to
most and Marketing Performance estimated by Revenue market share.

 To assess the effect of CSR on sales volume increase in the banking industry based on
banks ROE, ROA, and ROS.

 To assess the relationship between CSR and profit in banking industry in terms of NIM.

1.5 Hypothesis of the study

H1: There is positive and significant relationship between CSR and Marketing performance.
H2: There is a positive and significant relationship between corporate social responsibility and
financial performance

H3: There is a positive and significant relationship between CSR and profit.

1.6 Significance of the study

The yield from the study will help banks, social association’s strategy engineers (policy makers)
and other concerned customers who have concerns on CSR of banks in Ethiopia to make
responsible business partnership. It will likewise fill in knowledge gap for different specialists
who seek to make profundity learn about the issue under the examination. Furthermore,
significantly, this research will instruct customers in settling on whether the ventures are truly
satisfying its obligation to the society or is simply flaunting to advance its business profit only.
(yenenesh 2015)

1.7 Scope and Limitation of the Study

This study laid emphasis on assessing Corporate Social Responsibility on financial performances
on available data of five selected commercial Banks, and this will be: Dashin bank, Abyssinia
Bank, Hibret Bank, Addis international bank, Zemen bank. From these banks, data will be
collect using both primary and secondary data. Primary data will be collect using questioners
with management in the position of deciding on CSR activities and secondary data will be collect
using annual reports and other published documents. Variables to carry out this research are
Donation Expense as the dependent variable and Return on Asset (ROA), Return on Equity
(ROE), Return on sales (ROS) as the independent variable whereas, Revenue market share
(RMS), and net interest margin (NIM) as a control variables.

Limitation of the study are due to difficulty of CSR measurement and unavailability of many
similar literatures for effect of CSR on Financial performance in the Ethiopian context therefore,
most references made from other studies undertaken outside of Ethiopia. The study focused on
selected Commercial Banks in the study is time taking and access for data collection for each
bank is impractical in such a limited time and budget the study only focus on five commercial
banks at head office level.
CHAPTER TWO

REVIEW OF LITERATURE

2.1 Review of Concepts and Theories

2.1.1 Corporate Social Responsibility

Concept and Definition of CSR Corporate social responsibility (CSR) is the way a corporation
achieves a balance between its economic, social, and environmental responsibilities in its
operations to address shareholder and other stakeholder expectations. It known by many names,
including corporate responsibility, corporate accountability, corporate ethics, corporate
citizenship, sustainability, stewardship, and triple-bottom line (economical, ethical, and
environmental).

CSR is a general management concern, it is important to all aspects of business, and it integrated
into a corporation’s operations through its values, culture, decision-making, strategy, and
reporting mechanisms. The ideas of Corporate Social Responsibility perceive essentially, it is
„doing right things‟. CSR about how organization’s existence affects stakeholders beyond own
insular interests, recognizing the impact of its operations on the community at large. Economical
arrangements that help society and the planet while developing business. By embracing CSR
system the organization activity can affect positivity, prompting feasible advancement and
money related increases. There has been an essential increment in concerning CSR recently
(Basu and Palazzo, 2008).

As it studied by many scholars and agreed that, it is quite difficult to have an agreed definition
that clearly reveals the concept of corporate social responsibility. How CSR defined and
concepts under the context of economic, social and environmental perspective of CSR assessed.
Hameed (2010) had provided the definition of the corporate social responsibility in such a way
that Corporate Social Responsibility (CSR) provides strategic framework for achieving
sustainability by considering the ethical concern in the society. Dahlsrud, (2008) quoted in the
works of Hameed and forward the very important definition which was included in the study is
that there is no as such correct definition of CSR. The most commonly used definitions of CSR
come from the Commission of the European Communities in 2001. “A concept whereby
companies integrate social and environmental concerns in their business operations and in their
interaction with their stakeholders on a voluntary basis.”Helg (2007) had forwarded definition of
CSR by stating: The European Foundation for Quality Management (EFQM) is a membership
based not for profit organization, created in 1988 by fourteen leading European businesses with a
mission to be the driving force for sustainable excellence. EFQM defines CSR as follows, “CSR
refers to a whole range of fundamentals that organizations are expected to acknowledge and to
reflect in their actions. It includes – among other things- respecting human rights, fair treatment
of the workforce, customers and suppliers, being good corporate citizens of the communities in
which they operate and conservation of the natural environment. It is better to look at definitions
of CSR that will help me to analyze the problem statement. NBE does not provide the definition
of CSR under the Ethiopian Commercial Banks’ law. For the purpose of this study, it is thus
important to adopt a working definition for CSR as a system of rules and institutions that
determine the roles and direction of banks. In this regard, Yeung (2011) defines key element of
CSR in the banking sector such as, understanding of financial services complexity, risk
management, strengthen ethics in the banking business, strategy implementation for financial
crisis, protection of customers’ rights and channels settings for customer complaints.(Yenenesh
2015)

Baker (2011) summarized the definition and scope of corporate social responsibility as
delivering the economic, social, legal, environmental and technological advantages to all
stakeholders of a firm in its business operation.

He also proposed that it is the role of managers to initiate and advice shareholders to implement
various social responsibility programs and by doing so enable the business organization to meet
its strategic objectives.

On the other hand, Moon (2004) stated that CSR is a difficult concept to separate it with other
concepts like ‘corporate citizenship, sustainable business, and environmental responsibility’ and
contextual in different areas in which the business is established and run its operation.

One of the known approaches by Carroll (1991) has covered the four major scope of CSR as;
Economic Responsibility; is about satisfying the very objective of business organizations to earn
as many profit as possible by exchanging goods and services in return.

In Legal Responsibility, the laws and standards set to govern the market in the business
processes should not violated.

The Ethical Responsibility states that companies must strive to fulfill the needs of the society
beyond the legal rules and requirements imposed by the law of a country.

Finally, Philanthropic Responsibility shows the commitment of firms to contribute to the

common well-being of the society.

Like other researchers Kotlerand Lee (2005), defined CSR as to give portion of the company’s
profit to develop and improve the quality of life of employees and the society. They said that it is
the responsibility of decision makers to implement programs, which improves the wellbeing of
the community in addition to their objective of achieving the target profit. Based on this
definition he proposed several key issues, the first issue is about the accountability of firms
followed by the companies’ obligation not to pollute the environment. The third issue he
addressed is that companies should improve the life of the society by encouraging education,
culture and other community improvements.

2.1.2 The Roles of Banks on Corporate Social Responsibility

Lenders are more sensitive to CSR activities of debtor in the area of less secure environment.
Research has also showed that less creditworthy borrowers who engage voluntarily in CSR
activities have higher credit spreads and shorter maturity of loans; banks meet a supervisory role
over companies. Within a credit approval process and subsequent verification, banks gain much
more information about the company than other interested parties do on the market do.
Therefore, they best placed to assess the level of socially responsible activities undertaken by the
company (Lenka and Jiri, 2014). Yeung (2011) has described role of banks in CSR that global
regulations imposed for banks is holding reserve against loans and achieving AAA grade ratings.
In the past years, some banks tried to bundle up loans to private customers and companies, and
selling these to one another on the inter-bank market. Mcllroy (2008 cited in Yeung (2011) these
securitized loans are often referred as asset-backed securities (ABSs) and are then sold on as
more complex financial instruments as collateralized debt obligations (CDOs). As the loans
removed from the banks‟ balance sheet, the banks were able to make further advances. The issue
raised since then is on the security of loans, transparency of risk to investors, and regulations
involved in further advances. As a socially responsible bank, it not only executes lawful banking
practice, but also practices wisely and prudentially with close supervision of transactions for
providing customer confidence under prosperous and glooming economic conditions. (NCA,
2006) cited in ZerayehuSime, KagnewWolde and TeshomeKetema (2013) has indicated that
banks play a key role in improving economic efficiency by channeling funds from resource
surplus unit to those with better productive investment opportunities. Banks also play key role in
trade and payment system by significantly reducing transaction costs and increasing
convenience. Intensive competition may lead to excessive risk taking by banks, which would
result in deterioration of the quality of banks’ lending portfolio and balance sheets. Yeung (2011)
defines key element of CSR in the banking sector such as understanding of financial services.

2.1.3 Corporate Financial Performance

Examination of the potential relationship between CSR and CFP has been the focus of many
research studies. Scholars and business analysts have devoted a significant effort attempting to
determine how much businesses should spend on CSR initiatives, how to maximize the return of
their CSR initiatives, and what initiatives to invest in to enhance market share and financial
performance. Several researchers have contributed to the study of the CSR-CFP relationship
(Aigner, 2016; Torugsa et al., 2012; Usman & Amran, 2015).

Researchers have found different ways to measure CFP, CSR, and the relationship between the
two. Some have delineated the measuring of financial performance into three categories
including investor-based, accounting-based, and market-based (Uwuigbe & Egbide, 2012).
Crisóstomo, Freire, and Vasconcellos (2011) added to the relationship study by creating a three-
dimensional argument on the CSR-CFP relationship positing that the relationship can be
positive, negative, or neutral.

The correlation between CSR and CFP, which varies on a situational basis following the capacity
of the stakeholders’ influence, was one of the themes present in the literature about CFP (Ameer
& Othman, 2012). Researchers identified institutional business systems as one of the many
dependent variables that explain the diversity of business returns from CSR actions (Wang, Duo,
& Jia, 2015). One study utilizing the absorptive perspective suggested that strategic CSR
regulates financial performance (Tang, Hull, & Rothenberg, 2012).

Jung’s (2016) study confirmed that CSR increases financial performance through differentiation.
Additional literature regarding CSR strategies determined that corporate activities focusing on
social benefits and socially responsible behaviors create a competitive advantage (Jung, 2016)
enhancing firm reputation and differentiating the company from competitors (Jung & Kim,
2015). There is a wealth of supporting evidence that differentiation strategies (Cruz, Boehe, &
Ogasavara, 2015) and the social reputations (Chen & Slotnick, 2015) of organizations influence
financial performance. Zhu, Sun, and Leung (2014) also discovered the definite link between
CSR and financial performance, and further discussed ethical leadership as a moderator between
the two.

Usman and Amran (2015) found that Nigerian companies that utilize CSR initiatives to
communicate social performance to their stakeholders experienced an enhancement in financial
performance with one exception. Company disclosures regarding human resources, customers,
and community involvement enhanced financial performance while environmental disclosures
had the opposite effect indicating that sharing environmental impact information may be
detrimental to company value in Nigeria (Usman & Amran, 2015). Luethge and Han (2012) also
examined CSR and social disclosure. However, their analysis of companies in China determined
that there was a positive relationship between social disclosure and firm size but no connection
between profitability and disclosure (Luethge & Han, 2012). Many variables could account for
the adverse findings such as cultural aspects or the communication medium used to convey
social disclosures.

An additional theme in recent studies is the discovery that CSR activities have a distinct and
positive effect on employee attitudes (Chun, Shin, Choi, & Kim, 2013). Corporate social
responsibility incorporates the provision of social benefits to all stakeholders including internal
stakeholders such as employees; therefore, organizations engaging in CSR activities have an
increased likelihood of delivering more support to employees (Suh, 2016; Farooq, Payaud,
Merunka, & Valette-Florence, 2014). Fu, Ye, and Law (2014) suggested that increased support
for employees could promote the feeling of obligation to respond to the company with amplified
commitment.
Scholars discovered that CSR initiatives enhance job satisfaction and employee commitment (De
Roeck, Marique, Stinglhamber, & Swaen, 2014). According to Hansen, Dunford, Boss, Boss,
and Angermeier (2011) employees interpret the CSR activities of their organization as a
character virtue increasing the level of trust employees have that the business will keep employee
welfare in mind. The improvement in employee attitudes translates into greater financial
performance for firms (Suh, 2016). Hofman and Newman (2014) and Oh, Chang, and Martynov
(2011) indicated that these findings are particular to North American employees leaving scholars
to question whether the outcomes might differ in other regions.

In conclusion, numerous studies have proven that organizational involvement in CSR practices
affect the social and financial performance of a firm. The enhancement in performance stems
from the effect of CSR on various stakeholders. Stakeholders affected the company’s
performance. In turn, other shareholders feel the effect of company performance. The entire CSR
process included employees, shareholders, and consumers. The influence of CSR initiatives
varies among the stakeholders. Stakeholders do not all share the same needs or wants. Therefore,
it can be challenging to manage stakeholder relationships. Successfully managing these
relationships is imperative to the longevity and sustainability of an organization.

Corporate social responsibility translates differently to varying regions, cultures, and sciences
(Ahen & Zettinig, 2015). Researchers should consider a further inquiry into additional factors
that influence the motivation of organizations to invest in CSR initiatives. Though the results of
CSR activities are the improvement of society or the environment, cultural and religious
influences of businesses also considered when analyzing the focus and motivation for
engagement in CSR.

2.1.4 Corporate Philanthropy

Many scholars view corporate philanthropy as a typical CSR strategy. However, 26 there is an
ongoing debate in scholarly research as to whether corporate philanthropy should play a role in
business or CSR (Aakhus & Bzdak, 2012; Carroll, 1999). Von Schnurbein, Seele, and Lock
(2016) suggest that corporate philanthropy and CSR stand apart from one another based on the
voluntary nature of philanthropy. However, Visser (2011) suggested that CSR is not only
charitable, but that business responsibility manifests in a philanthropy period in which
organizations support diverse social and environmental causes through sponsorships or
donations. Establishments also perform corporate philanthropy through corporate giving,
corporate volunteering, or corporate charitable foundations (Ducassy, 2013; Gautier & Pache,
2015). Interestingly, Kinderman (2012) discovered that business leaders concentrated
specifically on the importance of voluntarism in the policy documents.

One theme presented in the study of corporate philanthropy is the view that strategic corporate
philanthropy is at the intersection of social and economic values (Brower & Mahajan, 2013). The
Committee Encouraging Corporate Philanthropy (CECP) (2014) also recognized a positive
correlation between corporate philanthropy and profit margins. Since 2010, Fortune 100
organizations that donated 10% or more experienced an 11% increase in median revenues while
those who gave less than 10% experienced a 3% decrease in revenues (CECP, 2014).

Von Schnurbein, Seele, and Lock (2016) proposed in a recent article that the four fundamentals
of corporate philanthropy include economic, motivational, creative, and moral. La Cour and
Kronmann (2011) added that the ethical origins of the engagement of corporate philanthropy
trigger mistrust in public. Trust is a necessary element to establishing legitimacy and without
trust CSR efforts, despite the motive or execution, are ineffective. Barsky and Dvorak (2015)
offered and alternate view by suggesting that corporate philanthropy can be cost efficient and
utilized as a value creating marketing instrument through well-crafted corporate giving program.

2.1.5 Marketing Performance

Market share treated in various ways in academic research: as an independent variable (a market-
based asset driving company performance), and as a dependent variable (reflecting the
effectiveness of marketing efforts; Rego, Morgan, and Fornell, 2013). Market share treated in the
latter way in the current study—as evidence of the effectiveness of marketing efforts. In this
interpretation, market share considered as an intermediate performance outcome, with financial
performance being the ultimate effect.

Studies of market share have used two approaches to operationalization. One approach has been
to use unit sales data to calculate market share, whereas another uses sales revenue (Rego et al.,
2013). In the current study, the authors opted for the latter approach—focusing on sales revenue
—because of non-availability of unit sales data for the companies in the study sample.
Impact of CSR on Marketing Performance

Although the research findings are mixed (Cheng et al., 2014), a number of studies have reported
a positive effect of CSR on company performance (Wang, Chen, Yu, and Hsiao, 2015). A
significant proportion of the benefits identified may be considered marketing related
(Bhattacharya and Sen, 2010; Maignan, Ferrell, and Ferrell, 2005). Researchers have suggested,
for example, that engaging in CSR activities creates a reputation for the company as honest and
reliable and that customers consider the products and services of such companies as more
reliable and of better quality (McWilliams and Siegel, 2001). Engaging in CSR activities also
enhances the purchase intention of potential customers (Fagerstrøm et al., 2015). In other words,
CSR can be seen as akin to a marketing tool (Chahal and Sharma, 2006; Fagerstrøm et al., 2015),
and successful employment of this tool might help companies to build a competitive advantage,
leading to the enhancement of their marketing performance (Vorhies and Morgan, 2005).
Researchers have hypothesized that engaging in CSR activities might lead to improved
marketing performance, as measured by market share, sales value, and customers’ and channel
partners’ satisfaction and retention (Chahal and Sharma, 2006). In keeping with this
interpretation, studies have shown that CSR initiatives indeed can create marketing advantages
for companies, which can lead to improved financial performance (Lai et al., 2010). Studies have
demonstrated that CSR activities can have a positive effect on brand equity, as well as on brand
sales performance (Lai et al., 2010). CSR activities positively affect brand equity among all
stakeholders, not just customers (Torres, Bijmolt, Tribó, and Verhoef, 2012). Other recent
studies have demonstrated the significantly positive impact of brand equity on financial
performance, in both the short and the long term (Mizik, 2014). Marketplace polls also have
shown that customers tend to have a better perception of companies that engage in CSR
activities. One study found that “84 percent of Americans say they would be likely to switch
brands to one associated with a good cause, if price and quality are similar” (Bhattacharya and
Sen, 2004, p. 9).

The study also reported, “79 percent of Americans take corporate citizenship into account when
deciding whether to buy a particular company’s product, and 36 percent consider corporate
citizenship an important factor when making purchasing decisions (Bhattacharya and Sen, 2004,
p. 9). Customers even may be willing to pay a higher price for products and services of
companies that engage more in CSR activities (Servaes and Tamayo, 2013).

2.1.6 CSR and profit

Researchers around the world have analyzed corporate social responsibility topics. Fifka (2013)
studied whether there are different approaches to empirical research on determinants of
responsibility reporting starting from the geographic regions and found that there were different
approaches but resulted minor differences. Krisnawati (2014) developed a chronology of
theories applicable to CSR, their evolution, the link between them and the current state of
knowledge.

Freeman et al. (2010) considered that the interests of the various stakeholder groups are
common and that the value creation process best handled by managing stakeholder relations.
Another fundamental aspect of stakeholder theory is to identify stakeholders, how companies
interact with them. In other words, which stakeholders matter in decision-making processes, and
whether they have an advantage?

Donaldson and Preston (2018) identified two stakeholder groups: one in which management has
an obligation or duty and one that affects or affected by the entity. Their conclusion is that,
although management may need to take into account the interests of both groups, only the first
group is legitimate enough that management decisions act in its best interests.

Stakeholder theory closely related to value creation for the entity and the stakeholder. Dumitru
et al. (2018) studied the relationship between stakeholder theory and value creation through
integrated reporting and found that communication is an important element for value creation,
and that there are discrepancies in the content of disclosure reports that address different
stakeholder categories (investors, customers, and employees).

For our study, the most relevant is the stakeholder theory (1984) because it could interpreted as
an essential condition for CSR. It combines the wellbeing of the stakeholders with ethical
obligations, thus also maximizing the wealth for the society. Another important aspect of this
theory is the transparency through the extending of non-financial reporting. It also offers
guidance regarding the balance of the stakeholder interests based on sustainability and the
necessary management tools for business operation (2006). An important category of
stakeholders is employees and “CSR can have positive effects on employees’ motivation,
morale, commitment, and loyalty to the firm” (2018).

In a broader way, CSR represents achieving success in an ethical manner with respect to
people, community and environment. If philosopher Aristotle referred to good deeds, later the
utilitarian has, beginning with Bentham (2000) and Mill (1998), concentrated on this concept in
accordance with its effects and consequences, while Kant (993) had another vision, bringing the
ethics of duty into consideration.

In this vision, the attitude of a company to do well has as its goal the long-term economic
outcome, where for Kant the intention of an action is important, not its effect, when its ethical
and moral value is considered. He referred to the concepts of “necessary or owed duty towards
others” and “meritorious duty to others” showing that “the natural end that all beings have is
their own happiness”.

The ethical elements applied to the CSR concept manifested at the individual level by “being a
better person” and at the group level refers to the social behavior of the company and the people
within it, to “profit” and “CSR” values.

From all these theoretical positions, results an increasing concern of correlating the company’s
well-being with the well-being of society and the environment in which it operates. In this
group, the environmental concerns and the integration of companies could integrated, as well as
the way in which the rights and freedoms of the individual are respected as active members of
the company’s activities, which also attracts some concepts derived from the theory of law, such
as the social contract, universal and constitutional rights and labor law.

From the research done on key words “profit”, “profit” and CSR, it found that several
researchers were concerned about defining these concepts in published articles. Most have
considered that “profit” is associated with a profit-generating business, i.e., with being
profitable, while “CSR” with CSR. Kotler and Lee (2005) mentioned in their book the practical
aspects of CSR and formulated six options for “CSR” and twenty-five best practices for “doing
the most good for the company and the cause”.
The two concepts are often used together to capture the attention and understand that it can
create a win–win situation. Laszlo (2003) is the promoter of the responsibility–profitability
relationship and asserted that CSR brings value to the company in the long term.

The opposite concept of “profit” is “lossly” that is equivalent to financial losses from
companies, but which can recovered later through CSR actions. In addition, the opposite of
“CSR” is “loss” . These expressions have assimilated to a new concept, corporate social
irresponsibility (CSI) that describes the effect of harmful activities in which a company engages.

From the literature review, over the last twenty years, it found that there are theoretic,
qualitative and quantitative papers that have studied the correlation between the two concepts
“profit” and “CSR”. We selected the most relevant papers in the literature, from Web of Science
and other important databases.

From the theoretical point of view, Kittilaksanawong (2011) analyzed the conceptual framework
of CSR to identify long-term social objectives in line with stakeholders’ expectations, proposed
new CSR strategies, and pointed out that the practical implementation of CSR involves costs but
should considered as long-term investment. Kreps and Monin (2011) studied cases of
inconsistency between private and public moralization, identified some of the precursors of
moral consciousness, analyzed the expected positive or negative consequences and highlighted
the reasons why corporative actors show ambivalence in their public statements, exposing moral
frameworks and appreciating psychological complexity and multiple factors influencing moral
decision.
Falk and Heblich (2007) advocated the idea that CSR is a “win–win strategy”, showed the
evolution of CSR over time and argued for the planning process and the strategy of the CSR
activities, as a requirement to meet the stakeholders’ needs. Varadarajan and Kaul (2017)
proposed elements of innovation of the relationship through “alleviating negative environmental
impacts and social impacts of value chain activities”.

Rojas et al. (2006) highlighted that “the stakeholder approach may benefit from a number of
theoretical tools developed in the fields of organizational economics, business strategy and
finance”. Sneirson (2007) analyzed the arguments behind the stakeholder theory and identified
the following common justification: subsidies (grants) received by corporations from the state,
the size and economy of corporations, the economic effect of their activities, the separation of
shareholders from the control activity, and managerial discretion.

Based on the analyzed studies, Aspelund et al. (2017) found that the stakeholder theory
frequently invoked and “the international firms engage in CSR activities in order to satisfy
external stakeholders, rather than a deeply held commitment to ‘do good’”. He supports more
the idea of firmly adhering to the company’s ethical code, without accepting influences from the
host country, which may sometimes interfere with the company’s behavior and decisions, as
well as with the social rigors of the location, especially those who have a transnational
positioning and are trying to adapt to local conditions and requirements.

The conclusion of most theoretic articles showed a positive relationship between “profit”
and “CSR”, but this relationship could change under an inefficient market. The opinion
expressed by Karnani (2011) was contradicted by Rivoli and Waddock (2012) who claimed that
CSR is not “an illusion, but an integral part of human progress”.

In the qualitative research, on the analyzed topic, the authors used as methods: the review of the
sustainability reports, experimental studies and case studies.

Sherman (2015) analyzed the sustainability reports and provided an overview of the Triple
Bottom Line (TPL) concept and the way it changes how corporations report their CSR activities.
He concluded that there is a need for TBL reports to provide relevant, comparable, and
externally verified information about an organization to assess its relative economic,
environmental and social performance.

Popowska and Ratkowska (2015), based on the analysis of the sustainability reports of 13
multinational companies from products sector, proposed a definition and presented a method of
analyzing corporate global commitment to the CSR approach. provided insight into how
companies can create value for different stakeholder group and showed that businesses are aware
of the needs and expectations of different stakeholders and know how to fulfill them.
In experimental studies, Chernev and Blair (2017) demonstrated that social goodwill change the
consumers’ perceptions of the products of companies that are involved in social activities and
are perceived to have better performances, so “CSR can really translate into a profit”. In another
experimental study, Wilson, et al. (2017) summarized the design principles for ensuring a
socially responsible product and their impact on the world as a whole by minimizing the
negative environmental impact.

Looser and Wehrmeyer (2017) studied, through a qualitative analysis of a focus group of
managers from multinational companies and from small and medium companies (SMEs) from
Switzerland. the behavior regarding CSR, the differences in motives for CSR between large
companies (LC) and SMEs and “concluded that “CSR” matters more for some than “profit”, but
those who do good do not necessarily care whether they do well by CSR”.

The studied qualitative research highlighted a strong relationship between CSR and performance
and the companies must be more socially responsible for a better reputation, to meet the need of
the stakeholders.

2.1.7 CSR and Sales volume

Although the CSR concept discussed for decades, the literature has failed to provide a well-
accepted definition (McWilliams, Siegel, & Wright, 2006; for a review, see Carroll, 1999). One
commonly accepted definition calls CSR the ‘firm’s consideration of, and response to, issues
beyond the narrow economic, technical, and legal requirements of the firm’ (Davis, 1973: 312).

As with many definitions originating in Western countries, that definition excludes basic legal
responsibilities. In developing countries, where non-compliance, tax evasion, and fraud are
common, strictly following the rules and regulations may well be manifestations of a responsible
firm ( Dobers & Halme, 2009; Jamali & Mirshak, 2007). To make sure the concept of CSR is
relevant in the local context ( Li,Leung, Chen,&Luo,2012;Tsui,2007,2009), we define CSR more
broadly as embodying legal, ethical, and discretionary responsibilities.

Our definition underscores the importance for firms to integrate actively legal and ethical
guidance with business practices, such as by ensuring product safety and adequate information
disclosure, beyond philanthropy. Scholars have long debated CSR’s relationship to firm
performance. Some have taken the profit-maximizing view to argue that social responsibility
impairs shareholder value because it causes inefficient resource allocation, distracts from
maximizing profits, induces unnecessary costs, and disadvantages firms in economic competition
(Friedman, 1970; Jensen, 2002; McWilliams & Siegel, 1997). In contrast, others have taken a
stakeholder view to assert that corporations depend on relationships with many constituent
groups (stakeholders), which affect and affected by their decisions (Donaldson & Preston, 1995;
Freeman, 1984). Key stakeholder groups include employees, customers, suppliers, creditors,
communities.

2.2. Review of Empirical Literature

A study was carried out by Uvaneswaran&Hussien(2017) to assess investment on CSR and its
effect on financial performance covering 11 commercial banks for the period of five years (2012-
2016). The researchers analyzed data using descriptive statistics as well as econometrics via
multiple regression analysis which the researchers later modified to a single regression due to
existence of multicollinearity with the three independent variables they intended to study. The
study had taken financial performance in terms of Net profit before tax (NPBT)as the dependent
variable Y, and CSR activities in monetary value as the independent variable X. The findings
indicated a p-value of 0.000 proving there is a significant relationship between CSR activities
and NPBT at 1% significance level.

More over the above study determined in detail the type and exact figures that were invested in
various CSR activities and concluded that commercial banks generally engage in education
activities, followed by health and environment CSR activities.

Another study was carried out by Daniel (2014) with the objective of determining effect of CSR
on financial performance of banks in Kenya. Secondary data was used on 44 commercial banks
for the period of five years [Link] regression analysis was used to identify the
relationship between CSR and firm’s performance at 5% significance level. The researcher
measured financial performance in terms of Net profit before tax as the dependent variable Y and
investment in CSR measured using monetary spending on social activities as the independent
variable X. the findings indicated CSR has a positive and significant effect on firms’ financial
performance in addition the study revealed that CSR improves financial performance of all
commercial banks regardless of their size.

Yigit & Mukhtar(2017) aimed to examine the effect of CSR dimensions on corporate financial
performance (CFP) of commercial banks in emerging economies, namely Turkey and Nigeria.
Secondary data was used to collect data for the period of six years 2009-2014 from 12 selected
banks from turkey and 14 banks were selected from Nigeria stock exchange making the number
of observations 156. The researchers used Descriptive statics and Panel data multiple linear
regression analysis to determine the relationship between CSR and CFP. The researchers took
CFP as the dependent variable whereas CSR is corporate social responsibility score is the
independent variable. Size as a log of total assets and age as the number of years passed from the
foundation of the bank were the control variables. The study employed accounting based
measurement for financial performance using Return on asset (ROA) and net interest margin
(NIM). The findings show that CSR has a positive impact on CFP in Nigeria. However, there
was no statistically significant relationship between CSR and CFP in Turkey. Additionally, Bank
size and CFP were revealed to have a significant relationship.

Ofori [Link] (2014) studied the views of Ghanaian banks on CSR practices, the motives behind
their CSR activities and the relationship between CSR practices and their financial performance.
Both primary and secondary data was used with a sample size of 22 Ghanaian banks and
purposive sampling method was employed to select respondents from the banks. Moreover, to
determine the relationship between CSR and CFP correlations and regression analyses was used.
ROE and ROA were taken as the dependent variable while mean scores of banks’ CSR practices
were taken as the independent variable in addition debt ratio (DR), origin (ORIG), size (SIZE)
and growth (GROW) were the control variables. The researchers found that banks in Ghana view
corporate social responsibility practices to be a strategic tool; banks are motivated to practice
corporate social responsibility by legitimate reasons as much as they are motivated by
profitability and sustainability and positive relationship between corporate social responsibility
practices and financial performance, the financial performance of banks in Ghana does not
depend significantly on their corporate social responsibility practices instead it depends on other
control variables, like growth, origin, debt ratio, and size.

Szegediet al (2020) investigated corporate social responsibility (CSR) in Pakistan’s banking

sector, CSR disclosure practices and their impact on financial performance using data from the
period of 2008 – 2018. The researchers used content analysis to measure CSR disclosure and
panel data to determine the relationship between CSR and Financial performance. They findings
showed that CSR Disclosure had increased over time and as a result accounting based financial
performance measured by the return on equity (ROE) and return on assets (ROA) has also
improved however, market based measures were not affected by it.
Selcuk & Kiymaz (2017) studied the relationship between financial performance and corporate
social responsibility (CSR) of firms listed on Borsa Istanbul stock exchange during the period of
2009-2011 using return on asset (ROA) as the dependent variable and CSR disclosure in three
dimensions the depth of CSRD (the total number of sentences the company devotes to the seven
CSR dimensions in its annual report), depth of CSRD (the total number of pages dedicated to
CSR), and CSRD breadth (the number of CSR dimensions that the corporation refers to in its
annual report) as the independent variable while controlling size, liquidity, risk , R&d , leverage
and growth of the firms .The researchers found a negative relationship between CSR and
financial performance of firms who disclosed their CSR activities. However, larger and more
liquid firms have higher profitability than smaller and less liquid firms while highly levered
firms and firms with higher beta coefficients experience lower profitability and research and
development expenditures do not have a significant relationship with profitability.

Another study carried out by Taskin (2015) analyzed the bidirectional relationship between CSR
practices of Turkish banks and their financial performance which is proxied by ROE, ROA and
NIM where as content analysis was employed to find out the degree of CSR level while
controlling for Size. The researcher concluded that CSR scores were found to decrease ROA and
ROE, no statistical significance and thatbanks with more CSR practices have lower profitability.
However, CSR-index had a positive and significant coefficient, suggesting that banks with
higher CSR scores tend to charge higher NIMs from their customers. Lastly Size was found to
have a positive and significant effect on the ROA and ROE but a negative effect on the NIMS.

2.3 Review of Conceptual Framework

Corporate Social Responsibility Theories

One major theme in the literature about CSR is that companies who seek to improve their
community do well in business as a result (Boulouta & Pitelas, 2014). Contrasting themes
indicated that the primary focus of a business should be to increase profits and that CSR
investments conflict with that goal (Byerly, 2013). Bellow (2012) argued that efforts to be a
good corporate citizen not only benefits society as a whole, but also provides significant benefits
for the company. Bellow (2012) suggested that innovation could serve as a factor in ensuring that
company and social benefits align. There are several theories utilized by researchers studying
CSR. These approaches vary based upon the level of analysis and the aspect of CSR examined.
Scholars’ exploring CSR at the institutional level employ institutional theory (Aguinis & Glavas,
2012). Alternatively, researchers analyzing CSR at the individual level apply organizational
justice, social influence, needs, and self-determination theories (Rupp & Williams, 2011).
Furthermore, scholars concentrating on the organizational level tend to select resource-based
view of the firm theoretical frameworks (Barney, Ketchen, & Wright, 2011). I examined
institutional theory and stakeholder theory to provide a comparison of theories used in similar
studies. The focus of this study was on the CSR strategies that corporate leaders in Native
casinos use to enhance financial performance and market share. I employed stakeholder theory
because of its suitability and the cultural motivations related to this analysis.

2.3.1 Stakeholder theory

Stakeholder theory is a comprehensive generalized method that has the dual purpose of
explaining the structure and operation of a corporation and serving as a primary guide for the
business itself (Donaldson & Preston, 1995). Mansell (2013) stated that stakeholder theory plays
a significant role in exemplifying the importance of theorization about the social responsibilities
of organizations. Scholars proposed that through stakeholder theory, organizations have a moral
duty to operate as socially responsible entities even though the underlying goal of a company is
to maximize profits (Brown & Forster, 2013; Luethge & Han, 2012). Donaldson and Preston
(1995) viewed the corporation as an entity in which numerous internal and external stakeholders
accomplish various purposes.

Scholars also use stakeholder theory as a framework to examine stakeholder management

(Walley, 2013). This approach identifies the significance of relationships between organizations
and stakeholders, noting that these relationships influence the sustainability and level of success
experienced by the company (Hill & Jones, 1992; Stueb & Sun, 2015). Stakeholder theory
applies to any organization; however, each institution needs to conduct an individual
examination to determine which stakeholders exist (Spence, 2016). Managing the conflicting
agendas of stakeholders is imperative to the success of project management. Stakeholder theory
correctly includes suggestions that the sustained success and existence of an organization is
dependent on the unceasing support and approval of stakeholders (Luethge & Han, 2012).
Companies risk losing societal legitimacy when they neglect to incorporate stakeholder concerns
with strategic outlook (Brower & Mahajan, 2013). Epstein and Buhovac (2014) also found that
improving stakeholder relations by addressing social, environmental, and economic issues
imperative to those stakeholders improves business profitability and sustainability. Ayuso,
Rodríguez, García-Castro, and Ariño (2012) stated that stakeholder theory has connections with
literature examining CSR and sustainability. Usman and Amran (2015) established that the
longevity and sustainability of an organization are reliant on a successful balance between profit
maximization and social performance. Chabrak (2015) suggested that corporate managers focus
more than ever on equally attending to all stakeholders to maintain effective relationship
management.

Greenwood (2007) also applied stakeholder theory to the analysis of political implication
associated with stakeholder management. Walker (2013) explored the use of stakeholder
relationship management to affect and moderate regulatory processes. Furthermore, Walker
(2009) suggested that the application of stakeholder theory emphasizes how organizations
employ grassroots lobbyists to strengthen personal political, social, and economic interests.

Finally, Mansell (2013) discovered a substantial intersection between stakeholder theory and
CSR. Stakeholder theory incorporates the idea that CSP activities are necessary to respond to
stakeholders, enhance corporate reputation, and increase productivity supporting the presence of
a positive relationship between stakeholder theory and CSP (Inoue & Lee, 2011). Similarly,
Huang and Yang (2014) utilized stakeholder theory to confirm a significant positive CSP-CFP
relationship.

The importance of stakeholder identification.

Stakeholder identification is an action that requires an organization to recognize key

stakeholders who can affect organizational activities and who are affected by the activities of an
organization (Freeman, 1984; Kumar, Rahman, & Kazmi, 2016). Managing stakeholder
relationships is imperative to the success of any corporation. Gil‐Lafuente and Paula (2013)
stated that building sustainable relationships with stakeholders begins with stakeholder
identification. Many companies prefer that a specific department handle the identification of
stakeholders while others task managers with this duty. Hill and Jones (1992) and Stueb and Sun
(2015) confirmed that relationships with stakeholders play a significant role in the sustainability
of an organization through the lens of stakeholder theory (Hill & Jones, 1992; Stueb & Sun,
2015).

The basis of this review of the literature surrounding stakeholder identification is CSR strategy.
Most researchers agree upon the importance of stakeholder identification and categorization.
However, researchers have not adopted one universal identification or classification approach
(Kumar et al., 2016). Much of the current literature surrounding stakeholder identification relied
upon previously developed theories (Walley, 2013). Some studies utilized a managerial
perspective approach in which managers personally identified key stakeholders based upon their
perception of the stakeholder’s influence (Kumar et al., 2016). Byerly (2013) suggested that
organizations identify the stakeholders that create the operational atmosphere and then prioritize
them based upon their strategic importance to the company

Freeman’s approach (1984) focused on every stakeholder all at once. Furthermore, Freeman
divided stakeholders into two categories, internal and external (1984). Clarkson (1995)
categorized stakeholders as either primary or secondary 19 stakeholders with primary
stakeholders being critically vital to an organization’s success while secondary stakeholders have
a limited ability to affect the organization. Henriques and Sharma (2005) offered yet another
contrasting approach, which based the identification and classification of stakeholders upon their
dependence on resources. Epstein and Buhovac (2014) suggested that stakeholders are either
core stakeholders, who are evident and affect organizational decisions or fringe stakeholders who
are weak and impartial. Though scholars do not agree on the best way to identify stakeholders,
they do concur that it is an imperative step.

Institutional theory.

Researchers claim that this approach is appropriate as a lens for explaining the understanding and
acceptance of diverse attitudes and practices social contexts (Bondy, Moon, & Matten, 2012;
Powell & DiMaggio, 1991). There are an increasing number of scholars using institutional
theory as a framework for their studies. Brammer, Jackson, and Matten (2012) discussed the
utilization of this method to gain an understanding of CSR effectiveness in economic governance
through the exploration of boundaries between business and society. Additionally, CSR is
viewed as a set of voluntary actions that are performed at the discretion of an organization
(Brammer et al., 2012), unlike CSR theories that see CSR or stakeholder management as the
focus of an organization’s operational procedures (Walley, 2013).

Zilber (2012) indicated that institutional theory presents institutions as continuously developing
and evolving entities that support the identification of temporary organizational culture. This
indication compliments the theory that corporations are reflexive entities that adjust their
political CSR actions to account for the changes within 20 the political environment, suggesting
that companies are not political actors without prompting (Tan and Wang, 2011; Webb, 2012).
Finally, Bondy et al. (2012) attested that practitioners institutionalized CSR in society and that a
form of this institution is clearly visible in multinational corporations.

Comparable and Contrasting Models

Scholars have created several comparable and contrasting relationship models that researchers
use as a lens to view the relationship between corporations, stakeholders, and corporate social
responsibility. I chose to examine three models that focus on the relational impact of corporate
operations on stakeholders. In the following subsections, I provide a brief description of the
stakeholder model, input-output model, and corporate social performance model. I also discuss
some of the similarities and differences between these models.

Stakeholder model. The stakeholder model views both internal and external stakeholders as
equal groups that hold a valid interest in operational participation to create a return of benefits
for themselves (Donaldson & Preston, 1995). Each stakeholder group creates both an input and
output. In this model, no stakeholder group is more important than the other (Donaldson &
Preston, 1995). Ayuso et al. (2012) asserted that this model advises managers to consider the
needs and expectations of external stakeholders just as seriously as internal shareholder
demands. Additionally, scholars suggest that leaders utilize the stakeholder model to integrate a
CSR and stakeholder perspective into the strategic planning, and that daily operations ensure that
organizations are equipped to address stakeholder demands more efficiently (Brower & Mahajan,
2013). Similarly, social entity theory is a pluralistic model that compliments the contentions of
stakeholder theory and stakeholder model by suggesting that organizations should serve the
interests of multiple stakeholders rather than solely accommodating shareholder needs (Ayuso et
al., 2012).
Input-output model.

The input-output model is similar to the stakeholder model in that it suggests that companies
transform inputs from internal stakeholders such as investors, employees, and suppliers into
outputs that benefit customers (Donaldson & Preston, 1995). Hester and Adams (2013)
suggested that this model requires organizations to identify stakeholders and prioritize resources
to achieve organizational goals. The input-output model differs from stakeholder model in that
the focus of in put out put model are the stakeholders perceived to provide the biggest return
while stakeholder model asserts that all stakeholders are equal and leaders should invest equally
in them (Donaldson & Preston, 1995).

In comparison, the inside-out approach is a relationship model that suggests that leaders manage
company CSR actions by developing activities across boundaries, resulting in a more favorable
reputation with stakeholders (D’ Amato, Henderson, & Florence, 2009). D’Amato et al. (2009)
stated that companies make decisions regarding CSR activities and then communicate those
decisions directly to stakeholders. The authors explained that this model requires engagement
with stakeholders for the achievement of CSR goals. Therefore, stakeholders must act in unison
with the enterprise to reach sustainable development (D’ Amato, Henderson, & Florence, 2009).
Henisz (2013) asserted that the engagement of stakeholders creates value for the company and
for the community in which the company operates.

Corporate social performance model. Finally, Carroll (1979) created corporate social
performance model containing four components with the intention of promoting the integration
of economic and social interests within an organization. The four elements of CSP model are
economic, legal, ethical, and discretionary expectations (Carroll, 1979). Wood (1991) explained
that the CSP model evaluates the social responsibility of organizations at the institutional,
organizational, and individual levels by examining the company’s social outcomes at each level.
Arnaud and Wasieleski (2014) clarified that the CSP framework acts as a measurement for all
the corporate effects on societal well-being.
CHAPTER THREE

RESEARCH METHODOLOGY AND DESIGN

3.1 Research Methodology

For this study we will use quantitative approach, data type is panel data according to Hasiao
(2005) panel data contains more degrees of freedom and, less multi-collinearity than cross-
section or time series data; hence the econometric estimates are efficient. The source of data will
be mainly secondary as well as unstructured questionnaires with bank officers who are working
on positon of finance of the selected five banks to obtain additional information. Panel data will
be employ to study the data and observation will be analyze using SPSS.

3.2 Research Design

This study will employ a descriptive research design with the aim of describing the effect
corporate social responsibility has on financial performance of commercial banks in Ethiopia.
The study will use panel data for the period of five years starting from 2014 -2019 on banks who
are involved in CSR activities.

3.3 sampling design and techniques

The research will use a Non-probability Sampling, which is Purposive Sampling by thinking
about the CSR inclusion and accessibility of Data on the Banks to choose test from the Total
Population of 16 business banks.

3.4 Sample Size

According to Asmamaw Tilahun (2011) quoting the works of Babbie(1989:170) that the
aggregation of elements from which the sample is actually select is call population. The sample
frame will be design from the total number of commercial banks in Ethiopia (There are 16 banks
as total population). For the purpose of this study, the population is all private commercial banks
in Ethiopia. The research focus on Private Banks establish with major objective of generating
profit. The area in which private banks is open their branch is in the area where quick return
expect.

From the given numbers of banks, the study focus on total number five banks (Dashin bank,
Abyssinia Bank, Hibret Bank, Addis international bank, Zemen bank) of population assume and
sample will be taken. The sample is consider risk and compliance management, Audit, IBD and
operation practitioners (Directors, managers, analysts, recovery /monitors officers, Division
head/audit analysts /officers, Section Head) to require information and give interview.

3.5 Source of Data

The study will use both secondary and primary data necessary for the data analysis. Quantitative
secondary data will collect from published annual reports of banks. Primary data will collect via
semi-structured questionnaires from bank finance officers of the five commercial banks who
work directly in the area of finance. Accordingly, the study had 30 number of observations from
each bank.

3.6 Method of Data Analysis

The research will use quantitative tools such as tables and figures. As an analysis technique,
descriptive statistics and regression will employ to identify the effect of CSR on the selected
commercial banks performance. Classical linear regression model will use to analyze the
relationship between the dependent and independent and control variables at 5% significance
level. Corporate social responsibility will measure by Donation expense will be the dependent
variable and financial performance measured by the ROA, ROE, and ROS will be the
independent variable .The researcher included RMS, and NIM as control variables. The collected
data was analyzed using SPSS.

3.6.1 Model specification

This section involves the adoption of a model to explain the effect of the corporate social
responsibility on financial performance. Depending on pervious literature from the Ethiopian
context, a panel regression model will be employ and the model will be develop as follows

Donation expense= α + ROA + ROE + ROS + RMS + NIM + £

DON it= αi + β1*ROA it + β2*ROE it + β3*ROS it + β4*RMS it + β5*RNIM it + £

Where:

£ = error term

3.7 Reliability

Is fundamentally concern about consistency (Bryman& Bell 2007); it refers to which the data
collection and analysis procures have yield consistent findings. (Saunders et al 2009). The study
will be mainly base on primary data. The paper come up with an insight of the study through
analyzing the data in relation with the literature to find the answer for the research question. In
doing so the paper is us scientific articles and books from reliable databases system, various
times study report on the industry by different authors and responses from the respective officials
of companies and authorities. Hair et al., 2003 sit in (GebeyehuJalu, 2014) describes that
Cronbach measures the internal consistency of the items in a scale. It indicates that the extent to
which the items in a questionnaire are relate to each other. It also indicates that whether a scale is
one-dimensional or multidimensional. The normal range of Cronbach’s coefficient alpha value
ranges between 0-1 and the higher values reflects a higher degree of internal consistency.
Different authors accept different values of this test in order to achieve internal reliability, but the
most commonly accept value is 0.70 as it should be equal to or higher than to reach internal
reliability.
 4. Budgeting and Schedule
4.1 Budget Break Down
Materials and stationary Cost
Items Quantity Unit cost Total Remark
Stationary (Flash disc, Cd hand books pen, pack of paper bag 150.00
Materials (Books journdal, sample thesis. . . ) copy and 500.00
printing
Internet cots 150.00
Compeer cost for writing editing proposal and thesis 200.00
Proposal printing and binding 500.00
Thesis printing and laminating 500.00
Subtotal -1 2000
Transportation per diem Days 500
Subtotal- 2 2500
Contingency 400
Total 2900

4.2 Schedule of research time line

S/No Activities Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul
1 Selecting of research title
2 Approving of title
3 Preparing research proposal
4 Submitting proposal
5 Arranging literature
6 Collecting of sampling
7 Collection of Data
8 Preparing of questionnaire
9 Distributing of questionnaire
10 Collecting of questionnaire
11 Writing questionnaire
12 Conducting interview
13 Data analysis
14 Data interpretation
15 Completion of 1st draft
16 Completion of research
17 Submitting research
18 Defense of research

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