We study more closely the relationship between CSR and labour compensation shares in Table 5 (and in Appendix Table C in the Supplementary Materials for CSR heterogeneity), both without (columns 1, 3 and 5) and with (columns 2, 4 and 6) controls for differences in firm-level productivity. It examines letters from the board chair, CEO and/or senior CSR lead to gain a deeper underst... Citation: Overall, our findings offer evidence that CSR may have an independent positive impact on firm-level efficiency in Vietnam; and that this positive productivity effect is driven more by the engagement of (smaller) domestic firms in local community CSR initiatives than more strategic CSR initiatives by larger corporations (state and/or foreign owned). That's what consumers are going to expect. Columns 3 and 4 in Table 3 look at the possible differential effects of different types of CSR (management and community). Our results show a positive relationship between CSR adoption and firm efficiency. H1: There is a positive relationship between CSR provision and firm-level productivity. 2017 ��e Ê�T랜�`��eB The positive relationship found between the aggregate CSR index and labour productivity is driven mainly by community-related CSR initiatives. From a policy perspective understanding the relationship between firm performance and corporate governance in competitive and non-competitive industries, respectively, is important for designing appropriate industrial policy (Giroud & Mueller, 2010). This may in turn reduce firm-level dynamics and industry-level productivity. Value maximization, stakeholder theory, and the corporate objective function, Economic perspectives on corporate social responsibilities, Investigating external environmental pressure on firms and their behaviour in Yangtze River Delta of China, The impact of governance and transparency on firm investment in Vietnam, Corporate social responsibility: A theory of the firm perspective, Technology transfers, foreign investment and productivity spillovers, Industry switching in developing countries, The transmission of socially responsible behaviour through international trade, Business Office for Sustainable Development. Manage cookies/Do not sell my data we use in the preference centre. Section 2 presents key concepts that underpin our analysis, while Section 3 defines our quantitative measures of CSR and competitiveness. COUNCIL POST. On the one hand, Ockenfels and Weimann (1999) find evidence that communism undermines people’s propensity for voluntary pro-social activities. Columns 3 and 4 in Table 3 look at the possible differential effects of different types of CSR (management and community). Bagnoli and Watts (2003) agree that the provision of CSR and industry-level competition will be inversely related, so a trade-off exists between the optimal level of CSR activities and firm-level efficiency. Using the nationwide HHI index does not qualitatively change the overall picture. Our systems will continue to remind you of the original timelines but we intend to be highly flexible at this time. CSR, productivity and sectoral competitiveness – static and dynamic GMM estimates. In this review article, the author takes another look at the well-known Carroll's Pyramid of Corporate Social Responsibility (CSR). International Journal of Corporate Social Responsibility Share of firms complying with existing labour laws. Authors: Majid Khan, James C. Lockhart and Ralph J. Bathurst, Citation: Thomson Reuters Corporate responsibility indices, Chapter 21: Corporate social responsibility in Vietnam, Measuring corporate social responsibility: A scale development study, The Global Compact leaders summit 2004 – final report, The ten principles of the UN Global Compact, The corporate social performance–financial performance link, Components of CEO transformational leadership and corporate social responsibility. "[CSR is] about everyone, both corporate and individual citizens of the world, behaving responsibly in all areas of human existence", "the JCSR hopes to make the greatest impact possible globally in the thriving field of CSR and all its related areas". More specifically we assume: (4) a i , t = δ C S R i , t + c i , t + μ i + ξ i , t (4), where we allow for heterogeneity in TFP by including controls for location, industry, ownership form (state or foreign), exporter status (indicator variable taking the value one if the firm exports and zero otherwise), research and development (R&D) (indicator variable taking the value one if R&D takes place in-house and zero otherwise), production of intermediates or goods for final use (indicator variable taking the value one if final goods are produced and zero otherwise) and compliance with labour laws, summarised by c. Unobserved heterogeneity in the form of firm-specific effects is denoted by μ i and a random error term by ξ . Appendix Figure 2 in the Supplementary Materials shows throughout the firm size distribution, that firms actively engaging in CSR activities tend to compensate their employees at a lower rate of total generated value added than their counterparts, which are less involved in CSR activities. 2002. Employees fear that their jobs will be terminated. Finally, CSR is a means to reduce or manage CSR-related risks such as the avoidance of negative press coverage. Competitive and non-competitive sectors do not show a huge gap in the value of capital, which averages 103 million VND in sectors with weak, and 111 million VND in sectors with high, competition. As a response to the current climate, we’re seeing many large businesses participate in a phenomenon that I would describe as “inconvenient social enterprise.”. CSR summary statistics, by HHI quintiles. Applying a transaction cost argument, philanthropy through corporations (delegated monitoring) is optimal if transaction costs are lower for corporations than for investors. Moreover, CSR impacts are found to be stronger for firms in non-competitive industries. *, **, *** indicate significance at a 10 per cent, 5 per cent and 1 per cent level, respectively. International Journal of Corporate Social Responsibility Does corporate governance matter in competitive industries? This is not surprising as provision of CSR is found to be productivity enhancing and failure to control for this will tend to bias estimates towards zero. 56, No. Competitive and non-competitive sectors do not show a huge gap in the value of capital, which averages 103 million VND in sectors with weak, and 111 million VND in sectors with high, competition. Focusing on different manifestations of CSR, we also contribute to understanding how these potential added benefits from CSR are distributed among stakeholders and workers. International Journal of Corporate Social Responsibility Firms most likely to experience such reciprocity are firms with a stronger dependency on, and financial engagement with, local community actors. Assuming it takes time for output to reach its new long-run level whenever factors of production are changed and to make serial correlation of the residual less likely, we estimate the following dynamic specification as a robustness check: (6) y i , t = λ y i , t − 1 + ( 1 − λ ) β x i , t + δ 1 C S R i , t + δ 2 H H I i , t + δ 3 C S R ⋅ H H I i , t + c i , t + μ i + η i , t (6). However, managerial slack and decreasing profits are also observed in cases where the delegated responsibilities to firm executives lead to outcomes favouring the interests of stakeholders other than shareholders. To ensure that we are merging identical firms across the two databases and over time, we checked that no major changes took place within the organisation of firms with respect to changes in location (province and district), changes in sector (at the 2 and 4-digit ISIC levels), and changes in legal structure. Privacy A strong community-related CSR effect is therefore not surprising in this context where firms are deeply rooted in the local community. Summary statistics, by HHI quintiles. Registered in England & Wales No. International Journal of Corporate Social Responsibility 5 A total of 19 per cent do not do any form of management CSR, whereas 61 per cent do not involve themselves in community-related CSR activities. The concept of corporate social responsibility … 2020 3. 2018 5 Howick Place | London | SW1P 1WG. We also considered measures computed at the 4-digit ISIC level when constructing the nationwide concentration index. International Journal of Corporate Social Responsibility While this database contains 226 key indicators, it only covers 4,600 companies worldwide (Thomson Reuters, 2014), which limits the suitability for single-country studies. 12. One key way of looking at improvements in CSR, which we pursue here, is that they form part of developing a modern enterprise in a competitive environment. These types of certificates are included in management CSR due to the voluntary nature in Vietnam of adopting such standards and obtaining certifications.
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