a study on relationship of corporate social responsibility
TRANSCRIPT
A Study on Relationship of Corporate Social Responsibility (CSR) and
Financial Performance of Corporates in Context to Cement Industry in
India
Mrs. Suman T D, Research Scholar, Rayalaseema University, Kurnool, AP
Assistant Prof. ,PES College of Engg, Mandya, Karnataka
Dr. Prakash B Yaragol, Research Guide, Rayalaseema University, Kurnool, AP
Prof. Dept. of MBA, CMR Inst. of Technology, Bengaluru
Dr. K R Pundareeka Vitala, Co-Guide, Rayalaseema University, Kurnool, AP
Prof. PG Dept. of Commerce, Presidency College, Bengaluru
Abstract
Corporate Social Responsibility (CSR) entails ethical and social responsibility of the
corporate’s towards society as a whole. CSR refers to all those activities that is intended to
serve the interest of the society at its best contributing the betterment of human in the society.
CSR is a bridge that connects the accelerated business with sustainability of society and
environment. CSR is that path of success of Science and Technology that joins the path of
peace and prosperity in life. This connecting path is very much essential otherwise progress
of business and profits cannot be attained and sustained. Hence sustainability of corporates is
a function of environmental sustainability and social sustainability. In this context, the study
makes an attempt to understand and evaluate the CSR practices of selected companies of
Cement Industry after the amendment of Companies act 2013. The study carries out panel
data multiple regression in order find out whether there exists any relationship between CSR
spending and Business’s performance using three measures namely EPS, Net Profit (N/P) and
Market Capitalization.
Key Words: Corporate Social Responsibility (CSR), Environment Sustainability, Social
Sustainability, Panel Data Multiple Regression Analysis.
Introduction: In the developing country like India where socio-economic inequalities exist hand in hand,
the responsibility of corporates in respect to CSR increases to cover larger spectrum of
stakeholders. Under such circumstances, expectations from corporates to entail societal
responsibility for achieving overall socio economic growth increases and extend support to
the development of backward regions, upliftment of women and weaker sections.
Environmental, Social concerns tend to take primary attention over business gains in short
term. Therefore it should become an important part of business strategies to device projects
that satisfy the anticipations of various participants in several socio- economic situations.
Today there is a paradigm shift from “Profit only” to “People, Planet and Profit”, and the
competitive advantage created so brings a meaningful difference and adds to sustainable
growth of where citizens and corporate citizens do coexist. As many concepts such as
corporate ethics, corporate citizenship, sustainability and stakeholder management keeps
overlapping CSR is gaining more and more importance. Social development depends on
these concepts and perspective’s as they are interdependent and interlinked with each other.
Literature Review: Juan Herrera, Carlos de las Heras-Rosas (2020) in his article “Corporate Social
Responsibility and Human Resource Management: Towards Sustainable Business
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Organizations” in their research tries to find link between CSR and Human Resource
Management. For the purpose factors of economic, environmental and social sustainable
business is considered. In the longitudinal analysis carried out, issues like green management,
competitive advantage, performance and satisfaction and continues to explore different
approaches integration related to CSR and HRM.
Ana Belen Tulcanaza-Prieto, HoKyun Shin, Younghwan Lee and Chang Won Lee
(2020) in their journal article names “Relationship among CSR Initiatives and Financial and
Non-Financial Corporate Performance in the Ecuadorian Banking Environment” describes
the relationship between corporate social responsibility and firm’s performance with
reference to Ecuadorian Banking Environment. In this studies financial performance is
measured by considering indictors namely ROA and ROE and used non-financial
organizations performance constructs to measure whether CSR influence the non-financial
organization performance using dimensions like customer’s brand trust and customer’s
satisfaction.
Sudershan Kuntluru (2019) in his study tries to analyse the impact of mandate CSR
spending on firm’s performance using indicators like ROA and ROE. The was conducted
using data collected from 1460 firms over three years period from 2015 to 2018. the outcome
of the study showed a negative impact of CSR spending on firm’s performance.
Objectives: 1. Understand the trends in Earnings Per Share (EPS), N/P, MC and CSR Expenditure of
companies under study from Cement Industry in India
2. Examine the practices of CSR and its spending patterns of companies under study
from Cement Industry in India
3. Determine the impact of CSR Initiatives with Corporate’s performance using
measures namely EPS, Net Profit, Market Capitalization using panel data multiple
regression analysis.
Hypothesis: H01: There is no difference in spending pattern of CSR among the companies selected for the
purpose of study from the Cement Industry in India
H02: There is no impact of Initiatives of CSR on EPS, N/P and MC
Methodology: The study is descriptive and analytical in nature based on literature review. It helps to
describe the CSR practices post amendment of Companies Act, 2013 of the companies
selected for the purpose of the study. It is analytical in nature as the study helps to determine
the relation of CSR Initiatives and Financial performance of corporate using indicators like
EPS, N/P, and MC. Further ANOVA test (Single Factor) is employed to compare the CSR
expenditure of the companies under the study of Cement Industry. Secondary data is used in
the study.
Sampling Technique:
Samples are derived based on Judgemental Sampling technique. The companies under the
study is chosen based on their Market Cap ranking. As CSR activities are mandatory for
those companies performing well this criterion is used. Top 11 Cement companies in India
have been considered for the purpose of the study. The following companies have been
considered – “Ultratech Cement Limited” (UCL), “ACC Limited” (ACC), “Shree Cement
Limited” (SCL), “India Cement Limited” (ICL), “Dalmia Bharat Limited” (DBL), “Ramco
Cements Limited” (RCL), “JK Cements Limited” (JKCL), “Birla Corporation Limited”
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(BCL), “JK Lakshmi Cements Limited” (JKLCL), “Orient Cement” (OC), and “KCP
Limited” (KCPL).
Single Factor ANOVA Test:
A Single Factor ANOVA is a statistical measure used to test means of several population
under study is equal. In other words, analysis of variance helps to compare the means of two
or more group values. In this study the spending patter of CSR across the companies is
compared with each other.
Panel Data Multiple Regression Analysis:
Panel analysis is employed for those data set having both the times series and cross sectional
characteristics. In other words, the application of panel data is extensive as it is suitable for
both time series and cross sectional data in one model. The panel data multiple regression
analysis helps to control the cross sectional and time effect while computing the coefficients
in the regression model.
CSR activities identified by the Companies Act 2013:
“CSR1: Project related to Healthcare and Sanitation, poverty and malnutrition, elimination of
hunger, preventive healthcare, Swach Bharat Kosh set-up by the Central Government.”
“CSR2: Project related to Promotion of Education, employment enhancing vocation skills for
children, women, elderly and the differently abled livelihood enhancement.”
“CSR 3: Projects related to Empowerment of women, ensuring gender equality, setting up
homes and hostels for women and orphan, old age homes, day care centres and other facilities
for senior citizens, measures for reducing inequalities faced by socially and economically
backward groups.”
“CSR 4: Projects related to Environmental sustainability, ensuring ecological balance,
protection of flora and fauna, animal welfare, agro forestry, also conservation of natural
resources and maintaining quality of soil, air and water clean Ganga Fund set-up by the
Central Government for rejuvenation of river Ganga.”
“CSR 5: Projects related to protection of national heritage, art and culture, building public
libraries, promotion and development of traditional art and handicrafts.
CSR6: Projects related to ensure that the armed forces veterans, war widows and their
dependents are benefited.”
“CSR7: Projects on training and promotion of rural sports, nationally recognised sports,
Paralympic sports and Olympic sports”
“CSR8: Contribution to the Prime Minister’s national relief fund for the schedule caste,
tribes, other backward classes, minorities and women”
“CSR9: Donations or funds provided to technology incubators located within academic
institutions which are approved by the central govt.”
“CSR10: Project related to Rural development.”
“CSR11: Project on development of Slum area.”
Cement Industry
Cement in Indian economy has played a vital role in the development of infrastructure,
generating employment opportunities to more than a million people and after deregulation of
the industry in 1982, it has managed to attract large investments from domestic as well as
foreign. As per the recent government initiatives of developing 98 smart cities all over India,
the cement industry is to benefit at large. Another important factor which adds to the
development of this sector is the raw material availability- limestone and coal for making
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cement. India being the second largest Cement manufacturer and consumer in the global
market, the growth in sales of cement in India accounted to 13.6 per cent for the FY 2019.
1.1 Descriptive Statistics of companies of Cement Industry
Rs. in Millions other than EPS
Company Mean Standard
Deviation Minimum Maximum
Ultratech Cement
Limited
EPS 84.14333 8.023861 73.44 95.74
Net Profit 23073.33 2221.798 20150 26280
MC 948207.66 229765.83 599750 1196376
CSR Spending 578.156 106.415 483.68 749.6
ACC Limited
EPS 40.008 10.2709 31.43 53.44
Net Profit 9658 3800.4 5920 15070
MC 276338 32645.38 249950 330210
CSR Spending 246.3 45.147 204.5 311.6
Shree Cement
Limited
EPS 288.3333 104.2318 122 397
Net Profit 8904.15 4157.609 4263.3 13840
MC 488578.5 154521.2 252450 650330
CSR Spending 205.3833 76.00148 115.7 313.2
India Cement
Limited
EPS 1.858333 3.856778 -5.29 5.45
Net Profit 568.9842 1185.726 -1624.03 1733.5
MC 35307.5 11213.51 27587 56382
CSR Spending 29.9186 17.53482 12.146 55.361
Dalmia Bharat
Limited
EPS 5.481667 1.809513 3.09 7.65
Net Profit 486.9333 383.7555 -84.2 1010
MC 124410 95656.76 20630 255510
CSR Spending 9.14 1.006479 8.1 10.7
Ramco Cements
Limited
EPS 18.33333 8.334667 6 27
Net Profit 4388.467 2011.997 1377 6492.9
MC 120520 54058.44 51170 173380
CSR Spending 101.28 46.82357 66.6 179.7
JK Cements
Limited
EPS 29.235 15.06967 13.88 48.89
Net Profit 2136.395 1098.316 970.3 3418.73
MC 60581.58 8485.614 48978 70980
CSR Spending 49.0214 12.41062 32.22 66.9
Birla Corporation
Limited
EPS 20.34 4.706685 14.95 27.79
Net Profit 1566.31 362.4 1151.3 2140
MC 46006 15040.2 29874 69980
CSR Spending 43.133 8.34778 34.691 56.71
JK Lakshmi
Cements Limited
EPS 6.055 3.284447 -0.56 8.12
Net Profit 734 334.8287 62.8 956
MC 41816.67 7522.007 27660 48520
CSR Spending 20.9546 10.65418 12.28 33.891
Orient Cement
EPS 3.308333 3.627569 -1.57 9.51
Net Profit 692.5835 756.9856 -343.82 1947.8
MC 253.306 96.14541 144.6 364.7
CSR Spending 38.7468 7.873671 26.773 45.99
KCP Limited
EPS 5.48 1.875313 2.54 7.24
Net Profit 691.6833 223.2018 344.9 933.5
MC 9532.05 3028.865 3996.5 11978.8
CSR Spending 7.6006 2.127454 5.4 10.89
(Source: Compiled by the writer, Eviews)
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2.2 Graph indicating Trend patterns of
Earnings per Share of companies under study
of Cement Industry
2.3 Graph indicating Trend patterns of N/P of
companies under the study of Cement Industry
2.4 Graph indicating Trend patterns of MC of
companies under studyof Cement Industry
2.5 Graph indicatng Trend patterns of CSR
Expenditure of companies under the study of
Cement Industry
-50
0
50
100
150
200
250
300
350
400
450
2014 2015 2016 2017 2018 2019
Earnings per Shares
UCL ACC SCL ICL
DBL RCL JKCL BCL
JKLCL OC KCPL
-5,000
0
5,000
10,000
15,000
20,000
25,000
30,000
2014 2015 2016 2017 2018 2019
N/P (Rs. in Millions)
UCL ACC SCL ICLDBL RCL JKCL BCLJKLCL OC KCPL
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
2014 2015 2016 2017 2018 2019
MC (Rs. in Millions)
UCL ACC SCL ICL
DBL RCL JKCL BCL
JKLCL OC KCPL
0
100
200
300
400
500
600
700
800
2015 2016 2017 2018 2019
CSR Expenditure (Rs. in Millions)
UCL ACC SCL ICLDBL RCL JKCL BCLJKLCL OC KCPL
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Practices of CSR among the companies of
Cement Industry
2.6 Ultratech Cement Limited (UCL)
2.7 ACC Limited
2.8 Shree Cement Limited (SCL)
2.9 India Cement Limited (ICL)
2.10 Dalmia Bharat Limited (DBL)
2.11 Ramco Cements Limited (RCL)
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2.12 JK Cements Limited (JKL)
2.13 Birla Corporation Limited (BCL)
2.14 JK Lakshmi Cements Limited (JKLCL)
2.15 Orient Limited (OL)
2.16 KCP Limited (KCPL)
2.17 Graphs indicating CSR Exp. on various
Initiatives of CSR as per the Companies Act,
2013 (Amendment) of Companies under study
of Cement Industry for five from 2015 to 2019
0
200
400
600
800
1000
1200
CSR Initiatives (Rs. in Millions)
UCL ACC SCL ICL DBL RCL
JKCL BCL JKLCL OL KCPL
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As per the above graph 2.17 expenditure in various initiatives of CSR according to the
Companies Act of 2013 (Amendment), it is wittnessed that all the companies are expending
larger sum on “Promotion of Education and Employability (CSR 2)” & “Preventive
Healthcare, Sanitation, safe drinking water (CSR1)”, and “Rural Development Projects (CSR
10)”, followed by initiatives like “Promoting Women Empowerment and Gender Equality
(CSR 3)”, “Environmental Sustainability (CSR 4)”, & “Protection of National Heritage, art
and culture(CSR 5)”, “Promotion of Sports (CSR 7)”. However, “Benefits for armed veterans
and war widows and their dependents (CSR 6)”, “Donation to PM’s relief fund (CSR 8)”,
“Provide fund to institutions approved by the Central Government (CSR 9)” and “Slum area
Development (CSR 11)” are ignored by the company.
Hypothesis Testing:
ANOVA (Single Factor) Test:
For the purpose of analysing the spending pattern across the selected companies of Cement
Industry ANOVA test (Single Factor) is employed.
H01: There is no difference in CSR expenditure of companies under the study of Cement
Industry in India
H1: There is difference in CSR expenditure of companies under the study of Cement
Industry in India
2.18 Single Factor ANOVA
In the table 2.18, the p-value is less than 0.05 as such it is found that null hypotheses cannot
be accepted and alternative hypothesis is accepted. Therefore, it is concluded that there is
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difference in CSR expenditure of companies under study on different initiatives as per the
Companies Act, 2013 (Amendment).
Multiple Regression Analysis:
In order to establish any relationship between initiatives of CSR and variables like EPS, N/P
and MC exists panel data multiple regression analysis is used. Panel Data Analysis is
employed when the data set includes both time factor and cross sectional features. In this
scenario panel data analysis is best suited. Under the multiple regression analysis Initiatives
of CSR and CSR expenditure is independent variable and EPS, Net Profit and MC is
dependent variable.
EPS/Net Profit/MC = Ω𝑖 + 𝛽1 CSR Exp. + 𝛽2 CSR1 + 𝛽3 CSR2 + 𝛽4 CSR3 + 𝛽5 𝐶𝑆𝑅4 + 𝛽6 𝐶𝑆𝑅5 + 𝛽7 𝐶𝑆𝑅7
+𝛽8 𝐶𝑆𝑅10 + µ
H02: There is no relation between Initiatives of CSR on EPS, N/P and MC
H2: There is no relation between Initiatives of CSR on EPS, N/P and
2.18 Panel Multiple Regression Analysis
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The null hypothesis for EPS, Net Profit and MC is rejected as the Prob.(F-statistic) is less
than 0.05. Hence the alternative hypothesis is accepted. In other words, it is evident that there
is significant impact of CSR on EPS, Net Profit and MC. The adjusted R Square i.e.
coefficient of determination is 0.63, 0.91 and 0.95 of EPS, N/P and MC indicating 63%, 91%
and 95% variation is explained by the relationship respectively.
In multiple regression model, unit change in Initiatives of CSR (CSR_n) and Total CSR
Expenditure (CSR Exp.), there is proportionate change in EPS/Net Profit/MC. The following
equations indicates the relation.
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EPS = 14.98712 + 0.217164CSR Exp – 2.134219CSR1 – 0.874585CSR2 + 3.070757𝐶𝑆𝑅3 + 7.004281𝐶𝑆𝑅4
+12.31628𝐶𝑆𝑅7 + 1.652971𝐶𝑆𝑅10 +µ
Net Profit = 425.9711 + 38.65492CSR Exp + 26.79504CSR1 + 63.97680𝐶𝑆𝑅10 + µ
Market Cap. = 5468.461 + 1698.14CSR Exp + 2465.455CSR3 + 9022.475CSR4 + 3805.61𝐶𝑆𝑅10 + µ
Total CSR expenditure, “Preventive Healthcare (CSR1)”, “Rural Development Projects
(CSR10)”
have relation of EPS, N/P and MC.
Findings:
1. The trends in EPS, Net Profit and MC shows steady increasing trend. Shree Cement
Limited shows the unstable trend, however tops the trend followed by Ultratech
Cement Limited and ACC Limited. As far as Net Profit and Market Capitalization is
concerned, Ultratech Limited, Shree Cement Limited and ACC Limited top’s the
charts among all other companies. CSR spending also shows the same trends.
However ACC Limited spent more than the prescribed limit in the initial years and
later reduced the spending on CSR matching the prescribed limit as per the law.
2. The CSR spending of all the companies have been in excess of prescribed norms of
2% of the average profit of the three years. Amongst all the companies under study
India Cement Limited, JK Cement Limited, Orient Limited, and JK Lakshmi Limited
spend directly on CSR projects whereas Dalmia Bharath Limited has established its
own trust for implementation of CSR projects.
3. The companies of cement industry considered under this study have ignored all the
union territories and few stated completely namely, Goa, Himachal Pradesh,
Arunachal Pradesh, Daman and Diu, Dadra and Nagar Haveli, Manipur, Meghalaya,
Puducherry, Sikkim, Tripura, Nagaland, Mizoram, and Lakshadweep. Whereas major
CSR funds gaining states being Maharashtra, Karnataka, Tamil Nadu, Gujarat,
Andhra Pradesh, New Delhi, Haryana.
4. Initiatives of CSR as per the Companies Act of 2013 (Amendment), it is found that
all the companies are spending substantial amount on “Promotion of Education and
Employability (CSR 2)” and “Preventive Healthcare, Sanitation, safe drinking water
(CSR1)”, and “Rural Development Projects (CSR 10)”, followed by other initiatives
like “Promoting Women Empowerment and Gender Equality (CSR 3)”,
“Environmental Sustainability (CSR 4)”, and “Protection of National Heritage, art and
culture(CSR 5)”, “Promotion of Sports (CSR 7)”. However, “Benefits for armed
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veterans and war widows and their dependents (CSR 6)”, “Donation to PM’s relief
fund (CSR 8)”, “Provide fund to institutions approved by the Central Government
(CSR 9)” and “Slum area Development (CSR 11)” have been ignored by the
company.
5. The spending pattern among the companies under study is not same, this is
statistically proved by using ANOVA (Single Factor) test.
6. As a result of panel regression analysis CSR initiatives have significant impact on
EPS, Net Profit and Market Capitalization, where the adjusted R square being 63%,
91% and 95% explaining the variation in the relationship.
EPS = 14.98712 + 0.217164CSR Exp – 2.134219CSR1 – 0.874585CSR2 + 3.070757𝐶𝑆𝑅3 +
7.004281𝐶𝑆𝑅4 +12.31628𝐶𝑆𝑅7 + 1.652971𝐶𝑆𝑅10 +µ
Net Profit = 425.9711 + 38.65492CSR Exp + 26.79504CSR1 + 63.97680𝐶𝑆𝑅10 + µ
Market Cap. = 5468.461 + 1698.14CSR Exp + 2465.455CSR3 + 9022.475CSR4 + 3805.61𝐶𝑆𝑅10 + µ
7. The major issues regarding CSR- (i) CSR is considered by many companies as a fiscal
requirement and do not consider it as its social responsibility, (ii) lack of consensus
with reference to CSR activities with that of Local agencies and corporates is leading
to duplication of activities. This is again resulting in competitive spirit rather than
collaborative approaches, (iii) lack of knowledge about CSR projects and no serious
effort to build confidence in the local communities about such initiatives. (iv) lack of
well-organized agencies to provide services in the remote and rural areas to ensure
healthy implementations.
8. The major concerns of CSR – (i) inclusion of Indian companies as per the amendment
and excluding foreign and non-profit organization falling in the same category as
Indian companies, (ii) creation of general awareness of CSR amongst the public
especially the rural, (iii) the CSR spending should be considered as long term
investment and should not be spending year by year (short term projects).
Conclusion:
Cement industry of India is the second largest cement market in terms of productions as well
as consumption. With the expectation of increase in 5.7 per cent of India cement production
in the coming years, its one the booming industry in India. Cement being one of the industry
which is contributing to greenhouse effect and global warming, CSR is required at most to
this industry. The concept of CSR which is rooted in the business system of the Indian
corporates needs to move from theory to concrete action. One of the important challenges
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faced in this context is requirement of more reliable indicators of progress in the field of
CSR.
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