6 CORPORATE SOCIAL RESPONSIBILITY IMPACT ON THE ...

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CORPORATE SOCIAL RESPONSIBILITY- IMPACT
ON THE PROFITABILITY & SALES OF INDIAN
SELECTED ORGANIZATIONS

ASHISH TRIPATHI

Research Scholar, Shri Venkateshwara University Gajraula, India

Dr KIRTI AGARWAL
Director, ITERC College Ghaziabad, Ncr
Supervisor, Shri Venkateshwara University, Gajraula

ABSTRACT

The present-day conception of corporate social responsibility (CSR) implies that
companies voluntarily integrate social and environmental concerns in their operations and
interaction with stakeholders. The notion of CSR is one of ethical and moral issues
surrounding corporate decision making and behavior, thus if a company should undertake
certain activities or refrain from doing so because they are beneficial or harmful to society is
a central question. Social issues deserve moral consideration of their own and should lead
managers to consider the social impacts of corporate activities in decision making. This paper
focuses the impact of CSR on the profitability and actual annual sales of selected Indian
organizations.

Keywords: CSR, Profitability, Performance

INTRODUCTION

Corporate Social Responsibility is about how corporations can make themselves good
citizens – that is to say by doing the co-operative and supportive things that citizens do
among each other. This is a very distinct position from the 'traditional' ruthless and self
interested stance of business. Corporations do much good in the course of their business

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activities, supplying us with products and services of many kinds. They do this, however, not
out of a moral sense of goodness, but because they create value for their shareholders by
doing so. CSR recognizes a different relationship to the world, in which businesses are not
merely exploiters of opportunities in creating value, but in which businesses coexist with
populations, governments and many other kinds of organization in creating the world in
which we live. CSR is about a feeling of duty or obligation that goes beyond the duties and
obligations laid down by law. CSR is essentially a voluntary initiative by business, which
governments both nationally and internationally will often try to encourage, but are reluctant
to regulate. It is a continuation of the motivation that led earlier businesses into the field of
philanthropy, which in turn gradually developed into a broader concept of the responsibility
of stewardship.

Although there have been some specific initiatives taken by certain corporations with
regard to CSR, they have focused on corporate philanthropy, following the principles of
Gandhian social trusteeship to a large extent. However, the efforts often seem rather irregular
and inconsistent. Therefore, (local as well as multinational corporations’ roles in India with
regard to CSR practices remain quite ambiguous, vague, controversial, and unresolved.
Conflicting evidence (e.g. Ruud 2002, Kumar et al. 2001) in CSR studies of Indian
companies clearly shows that their role in this context is yet to be determined clearly. While
the principles of Gandhian trusteeship seem to be present in some form, the extent of its
influence is inconclusive.

EVOLUTION OF CSR IN INDIA

The evolution of corporate social responsibility in India refers to changes over time in
India of the cultural norms of corporations' engagement of corporate social responsibility
(CSR), with CSR referring to way that businesses are managed to bring about an overall
positive impact on the communities, cultures, societies and environments in which they
operate.[1] The fundamentals of CSR rest on the fact that not only public policy but even
corporates should be responsible enough to address social issues. Thus companies should
deal with the challenges and issues looked after to a certain extent by the states.

Among other countries India has one of the oldest traditions of CSR. But CSR
practices are regularly not practiced or done only in namesake specially by MNCs with no
cultural and emotional attachments to India. Much has been done in recent years to make
Indian Entrepreneurs aware of social responsibility as an important segment of their business
activity but CSR in India has yet to receive widespread recognition. If this goal has to be
realised then the CSR approach of corporates has to be in line with their attitudes towards
mainstream business- companies setting clear objectives, undertaking potential investments,
measuring and reporting performance publicly.

CURRENT STATE OF CSR IN INDIA

CSR is not a new concept in India. Ever since their inception, corporates like the Tata
Group, the Aditya Birla Group,and Indian Oil Corporation, to name a few, have been
involved in serving the community. Through donations and charity events, many other
organizations have been doing their part for the society. The basic objective of CSR in these
days is to maximize the company's overall impact on the society and stakeholders. CSR
policies, practices and programs are being comprehensively integrated by an increasing

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number of companies throughout their business operations and processes. A growing number
of corporates feel that CSR is not just another form of indirect expense but is important for
protecting the goodwill and reputation, defending attacks and increasing business
competitiveness. Companies have specialised CSR teams that formulate policies, strategies
and goals for their CSR programs and set aside budgets to fund them. These programs are
often determined by social philosophy which have clear objectives and are well defined and
are aligned with the mainstream business. The programs are put into practice by the
employees who are crucial to this process. CSR programs ranges from community
development to development in education, environment and healthcare etc.[7]

For example, a more comprehensive method of development is adopted by some
corporations such as Bharat Petroleum Corporation Limited, Maruti Suzuki India Limited.
Provision of improved medical and sanitation facilities, building schools and houses, and
empowering the villagers and in process making them more self-reliant by providing
vocational training and a knowledge of business operations are the facilities that these
corporations focus on. Many of the companies are helping other peoples by providing them
good standard of living. Also, corporates increasingly join hands with non-governmental
organizations (NGOs) and use their expertise in devising programs which address wider
social problems.

THE SCOPE OF CSR GLOBALLY

Given that there is ‘no consensus’ as to what constitutes corporate social
responsibility, the broad and optimistic statements made by some governments, the EU, the
UN and numerous NGOs must be approached with caution. They may form a recognisable
and active policy, but what corporations do in practice is a different matter.
Provided that they remain within the law, corporations have a great deal of freedom in how to
behave. Vogel asks us some questions that we will consider later in this module:
• Are companies morally obligated to insist that their contractors pay a ‘living wage’

rather than market wages?
• Are investments in natural resource development in poor countries with corrupt

governments always, sometimes or never irresponsible?
• Are environmental expenditures necessarily wealth-enhancing?
• Is it irresponsible to produce weapons or nuclear power or to make money from

gambling?

REVIEW LITERATURE

Simons, J., (2008)- emphasised that the firms will experience divergent degrees of internal,
external and lateral pressures to engage in CSR, as firms are embedded in different national
business systems. Blomback, A. and C. Wigren, (2009) – according to him corporate social
responsibility is going to be very important concept and research topic in the study of the
organizations. Saeed, (2010) - depicts that CSR initiatives in India are now taken by many
corporate firms. Especially for the of packaging materials, these companies are doing work in
the field of Environment care, Health care, Education, Community welfare, Women's
empowerment and Girl Child care. Companies like Hindustan Unilever started work on CO2
reduction also. Sharma, Nishi (2011)- recommended a list of core thrust areas for reporting

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CSR activities by the Indian banks as: children welfare, community welfare, education,
environment, healthcare, poverty eradication, rural development, vocational training,
women's empowerment, and protection to girl child, employment. Ahmed et al. (2012)
suggested that the CSR can increase both long term profitability and sustainability as well as
enhance the reputation.

PROBLEM STATEMENT

The purpose of this research is to arrive at a clear conceptualization of CSR in the
context of an emerging Asian market. India – as an up-and-coming emerging Asian giant –
was chosen as the research setting to endow the study with a more specific perspective. The
present research has an attempt to understand the status and progress and initiatives made by
large firms of India in context to CSR policy framing and implementation. Data has been
collected from the official websites of the firms, in-person interviews and through structured
questionnaire. The CSR initiatives in context to profitability, sales, investment, health,
education, environment and various other sectors may be rated and identified subject to
availability of the data.

OBJECTIVES OF THE STUDY

• To analyze the CSR strategy adopted by selected organizations
• To find out the challenges of selected organizations in practicing of its CSR

programmes
• To focus whether Corporate Social Responsibility guarantee the customers‘ confidence

level in the organization
• to evaluate and compare CSR performance levels .

RESEARCH METHODOLOGY & DESIGN

Research design is the structuring of investigation aimed at identifying variables and
their relationship to one another. A research design encompasses the methodology and
procedures employed to conduct scientific research. A research design mainly consists of
two types of research: Qualitative Research and Quantitative Research

Qualitative research & Quantitative research
Qualitative researchers aim to gather an in-depth understanding of human behavior

and the reasons that govern such behavior. The objective of quantitative research is to
develop and employ mathematical models, theories and/or hypotheses pertaining to
phenomena. Quantitative data is any data that is in numerical form such as statistics,
percentages, etc. In this study, the research design used is the quantitative & survey design.
A survey research design is one in which the sample subject and variables that are being
studied are simply being observed as they are without any attempt to control or manipulate
them.

DATA COLLECTION: The data is both primary data as well as secondary data. Primary
Data: Primary data that has been collected from first-hand-experience is known as primary
data. Primary data has not been published yet and is more reliable, authentic and objective.

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The primary data method of my research work is the questionnaire method, interview method
and survey method. Secondary Data: Secondary data collected from books, journals and
periodicals, internet, e - journals, general websites, weblogs, and financial statement reports
and records.

SAMPLE SIZE & SAMPLING PROCEDURE

The study population is very large, 300 questionnaire had been distributed among the
sampled companies from the top level management, middle level management , CSR
managers , and others which should be a good representation of the population based on
stratified sampling. But only 260 questionnaire returned by respondents, rest were unfilled
,half filled & lost . For the sake of convenience, only 250 response has been incorporated for
analysis purposes. This cuts across the various departments in the organisation such as
corporate affair department, customer services department, retail department, marketing
department and others.

SAMPLE AREA - Sample area Delhi (NCR).

STATISTICAL TOOLS

SPSS (Statistical Package Software for Social Sciences) was used to analyze the data
to get the Correlation Coefficient for satisfying hypothesis. Both descriptive and inferential
statistics will be used for analyses. Frequencies, percentages and cross-tabulation of variables
was used for descriptive statistics while percentage analysis, tabulation etc also was used for
testing the hypotheses.

CSR PRACTICES BY DIFFERENT CORPORATES

There are different companies which are involved in CSR activities. Almost all
companies have initiate, funded and implemented, significant community development
schemes. These companies now help to build schools and hospitals, launch micro-credit
schemes for local people and assist youth employment programs. Following are different
companies which are contributing to the well being of society.

160000 ONGC
140000 GAIL
120000
100000

80000
60000
40000
20000

0
123 4

FIGURE 1:- CONTRIBUTION OF OIL COMPANIES

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70000 Maruti Suzuki
60000 Bajaj Auto
50000 Mahindra & Mahindra
40000
30000
20000
10000

0
1 234

FIGURE 2:- CONTRIBUTION OF AUTOMOBILE COMPANIES

160000 NESTLE(INDIA)
140000 LTD
120000
100000 COCA COLA

80000
60000
40000
20000

0
1234

FIGURE 3:- CONTRIBUTION OF FOOD BEVERAGES COMPANIES

160000 ITC LTD
140000
120000 LARSEN & TOUBRO
100000 LTD
NTPC
80000
60000
40000
20000

0
1 23 4

FIGURE 4:- CONTRIBUTION OF OTHER COMPANIES

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DATA ANALYSIS & INTERPRETATIONS

HYPOTHESIS TESTING

Null hypothesis
H1: Corporate Social Responsibility has no significant impact on the profitability of
organizations
H2: Actual Amount of Investment in CSR activities made by the sample organizations has no
significant correlation with Actual Annual Sales

Alternate Hypothesis
H1: Corporate Social Responsibility has a significant impact on the profitability of sample
organizations
H2: Actual Amount of Investment in CSR activities made by the sample organizations has a
significant correlation with Actual Annual Sales

----------------------------------------------------------------------------------------------------------------

H1: Corporate Social Responsibility has no significant impact on the profitability of
organizations

TABLE 1: CORRELATIONS ACTUAL AMOUNT SPENT ON CSR & PROFITABILITY

OF OERGANIZATIONSFOR 2013-14

Profitability in Rs.

Crore

Actual amount Pearson Correlation .957**

spent on CSR inSig. (2-tailed) .000

crores (Rs.) N 12

Profit ('11-'12) in Pearson Correlation .743*

Rs. Crores Sig. (2-tailed) .022

N 12

Profit ('12-'13) in Pearson Correlation .800**

Rs. Crores Sig. (2-tailed) .010

N 12

Profit ('13-'14) in Pearson Correlation 1

Rs. Crores Sig. (2-tailed)

N` 12

INTERPRETATION

As per the results of the Pearson‟s Correlation Test performed on the sample the
following interpretations can be arrived at:

There is a significant positive correlation between the Actual Amount of Investment
in CSR activities made by the sample companies and the Actual Annual profit of these
companies during the years. In this case the Pearson‟s Correlation Coefficient is 0.957. Thus
it can be interpreted that in all years the actual annual profit was strongly correlated to the

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CSR investment made by sampled companies which has been considered as a constant
benchmark.

H2: Actual Amount of Investment in CSR activities made by the sample organizations has no
significant correlation with Actual Annual Sales

TABLE 2: CORRELATIONS OF SAMPLED COMPANIES FOR 2012-13
AND 2013-14 (from Ist Ap-31st March)

Sale in Rs. Crores

Actual amount Pearson Correlation .890**
spent on in crore Sig. (2-tailed) .001
(Rs.) N 12
Sales ('11-'12) in Pearson Correlation .985**
Rs. Crores Sig. (2-tailed) .000
N 12
Sales ('12-'13) in Pearson Correlation .985**
Rs. Crores Sig. (2-tailed) .000
N 12

Sales ('13-'14) in Pearson Correlation .800**
Rs. Crores Sig. (2-tailed) .010
N` 12

INTERPRETATION

As per the results of the Pearson‟s Correlation Test performed on the sample the
following interpretations can be arrived at:

1. There is a significant positive correlation between the Actual Amount of
Investment in CSR activities made by the sample companies in 2013-14 and the Actual
Annual Sales of these companies in 2007-08 and 2008-09. In the second case the Pearson‟s
Correlation Coefficient is 0.890, thus is significant at 0.01 level of confidence. Thus the null
hypothesis was rejected as the p values in the cases were less than 0.05. Thus it can be said
that there is a positive linear relationship between the sales with the CSR investment made by
companies in the sense that as an increase in sales may lead to increase in CSR activities and
vice-versa.

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TABLE 3: CSR INVESTMENT, SALES & PROFITABILITY OF SAMPLED
COMPANIES (2011-2014)

Company Actual Sales in Profit in Industry Category
amount spent Rs. crores Rs. crores

on CSR in
crore (Rs.)

GAIL India Ltd. 46.0 58000 1650 Oil and Gas
Nestle (India) Ltd, 0.9 920 1007 Food Beverages
Bajaj Auto 2.9 2700 1076 Automobiles
Larsen & Toubro Ltd 46.2 35000 1166 Heavy Engineering

Mahindra & Mahindra Ltd. 18.3 21500 1303 Automobiles

NTPC 4.2 1220 1691 Heavy Engineering

Wipro 5.5 42500 1076 Information
Technology
ITC Ltd 43.8 7500 2009 Transport
Oil & Natural Gas 140.0 80000 4832 Oil and Gas
Corporation Ltd.
Tata Consultancy Services 4.7 34800 983 Information
(TCS) Technology
Coca Cola 6.4 47700 1450 Food & beverages

Maruti 13.6 18500 1101 Automobile

INTERPRETATION

It is clear from the above results that there is a correlation between Sales and CSR
Investment. More companies need to start disclosing their CSR Investment to help us
understand the impact better. CSR has a wide-ranging effect across the globe especially in
emerging markets. As discussed in this thesis, in India CSR is still at a very nascent stage.
Corporate leaders and their general counsels have to give compliance issues a higher priority
as they recognize the risk of increased scrutiny on the legal angle of their global operations.
Companies report legal compliance, making a stronger indicator of actual working
conditions. The socially responsible investment community would do well to separate out
legal requirements and form one assessment on these, and then evaluate a company on
"beyond compliance” issues. Legislation also needs to be made more universal (with certain
culture specific modifications). Most importantly, a regular monitoring of a company's CSR
activities is required both by the state and by the company itself. Upper management must be
persuaded to support not only CSR goals, but regulatory recommendations as well especially
regarding disclosure of CSR investment. Every company (especially MNCs) needs to
emphasize on CSR activities to strengthen their market position, improve goodwill and
thereby profitability and last but not the least to give back something positive to the society
and environment.

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FINDINGS OF THE STUDY

On the basis of the analysis it was found that with respect to health care initiatives firms
those are going for CSR initiatives are: Nestle, TCS, ITC and Maruti. With respect to
education sector firms named: wipro TCS, and ONGC are taking initiatives. With respect to
environment initiatives firms promoting the same are: Maruti & NTPC. Thus its very much
clearer from the results that IT and Auto sector is common in the three sector that is health,
education and environment, while Heavy Engineering sector has focused yet only upon
health care initiatives.

CONCLUSION

It can be concluded that wipro and TCS are the leading firms with respect to CSR
initiatives. And this also shows that Auto and IT sector are more into the implementation of
CSR initiatives. Automobile is somewhat lagging behind in the initiation of social
responsibility practices. Although ITC is the leading firm with respect to CSR initiatives but
still incomparision to other sectors and firms other sector is only into health care initiatives.
Government has to take some steps to impose or motivate auto firms, so that they can also
start investment in the social responsibility initiatives. The majority of the respondents (85
percent, including all the companies of Indian origin) had no doubts regarding the company’s
focus on financial competitiveness first, arguing that a company suffering financially can
never do viable work with regard to CSR issues. Two companies opined that it is possible to
focus simultaneously on the triple bottom line, and that true financial success must
encompass social and environmental factors. Companies were not explicitly forthcoming on
their position in India, although stressing that internationally they would follow the triple
bottom line principle. It is likely that in India they focus primarily on financial
competitiveness, but were reluctant to admit it. Therefore, CSR to them is a more methodical
form of giving back to the society than philanthropy. This is an interesting differentiation
between CSR and corporate philanthropy in India, as many scholars would interpret both
instances only as different levels of corporate philanthropy, and not CSR – which would
include the businesses, or even corporates.

All the Indian subsidiaries of foreign firms revealed that their CSR-related activities
in India are congruent with those of their global headquarters, although they are customized
locally. For example, if a global MNC has education as one of its CSR principles, the Indian
unit may undertake special programs on adult literacy and afternoon schools for children in
slums. A majority (57 percent) also mentioned that they incorporate CSR activities into their
core corporate strategy and processes. However, upon further probing, it was revealed that in
fact the CSR programs undertaken are closely related to their core business (i.e. healthcare),
but is not actually integrated in the sense of a business case for sustainability.

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