82 2019, XXII, 1
Business Adminis a ion and Managemen
DOI: 10.15240/ ul/001/2019-1-006
In oduc ion
When implemen ing sus ainable de elopmen
p inciples, business should play he co e ole,
and he co po a e social esponsibili y is one o
he examples o he ac i e ole o en e p ises
in implemen ing sus ainable de elopmen
goals. The co po a e social esponsibili y
(CSR) desc ibes he companies ha a e awa e
o hei mission and ake esponsibili y o
hei impac on socie y in gene al. The CSR
is i al o sus ainabili y, compe i i eness,
ad ance o companies and de elopmen o
he wo ld economy. The CSR p o ides bene i s
o isk con olling, allows cos sa ings and
s ipula es a o dabili y o he capi al, acili a es
s akeholde s’ ela ionships and imp o emen
o human esou ce managemen . In p ac ice,
human igh s and co po a e social esponsibili y
ha e become an impo an aspec o business
s a egies o many companies.
The co po a e social esponsibili y is cen al
o he sus ainabili y, compe i i eness and
inno a ion o he economy o each coun y and is
igh ly linked o he success when implemen ing
Sus ainable De elopmen Goals (SDGs) by
wo ld coun ies. The impo ance o CSR has
inc eased in ecen yea s, aking in o accoun he
i id g ow h o ins i u ion, unds, a ious online
pla o ms and po als ha a e dealing wi h he
CSR and inspi ing en e p ises o Imp o e hei
p ac ices, acco ding o a ious esponsibili y
p ac ices and c i e ia (Guens e e al., 2010;
Ghoul e al., 2011). O e all, he CSR de i ni ion
co e s qui e di e en kinds o socially esponsible
beha iou s. All hese esponsible beha iou s can
be alloca ed o h ee a eas: en i onmen al, social
and go e nance (ESG) ac o s.
The En i onmen al dimension co e s
obliga ions o in eg a e en i onmen al
conside a ions in o all he ac i i ies o companies,
o example, he designing, manu ac u ing,
supplying and dis ibu ing o p oduc s.
The Social dimension is associa ed wi h
posi i e human esou ces managemen ,
aking in o accoun human igh s equi emen s
and includes app op ia e aining, ca ee
de elopmen , employee pa icipa ion, quali y o
wo king condi ion s anda ds.
The Go e nance dimension is linked o he
companies’ ela ionship and in e ac ion wi h
a ious sha eholde s such as cus ome s and
supplie s, egula ion bodies, s a egic alliances
e c. The main beha iou al p ac ices include he
p e en ion o in e es con l ic s, co up ion, ai
in o ma ion supply o consume s e c.
The e is a d ama ic g ow h o o ganiza ions
ha a e ocused on he na ional and in e na ional
le els by p o iding ad ice and implemen ing
a ious p ojec s and p og ams a ound he
wo ld. The e a e hund eds o CSR ha a e
epo ing ini ia i es and ools all o e he wo ld.
The e a e a ious public policies o p omo e he
CSR ha a e implemen ed in di e en coun ies.
These ends o d ama ic g ow h o he CSR
ac i i ies indica e ha li e a u e on he CSR
ha e al eady shi ed om he issues, which a e
ele an o he companies’ mission and alue
o he CSR o he i m, o he p ocesses by
which companies enac hei socie al impac s
by implemen ing CSR and o he socie al
ou comes o his. The e o e, nowadays, he
main issue is how socie ies and coun ies can
bene i om he CSR, especially in e ms o
dealing wi h majo sus ainable de elopmen
challenges, such as po e y, educa ion, heal h,
ene gy and en i onmen . Recen scien i i c
discussion on he assessmen o impac s o
he CSR and measu es o p omo e he CSR
p o ides con adic o y esul s and i ndings.
The e o e, he aim o his pape is o analyse
and ca ego ize public policies and measu es o
p omo e he CSR and assess he CSR impac s.
In o de o achie e his aim, he ollowing asks
ha e been se :
POLICIES TO PROMOTE CORPORATE
SOCIAL RESPONSIBILITY (CSR)
AND ASSESSMENT OF CSR IMPACTS
Jin ao Lu, Licheng Ren, Wen ang Lin, Yi an He, Jus as S eimikis
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1. To analyse and sys ema ize ecen li e a u e
on he CSR;
2. To discuss he main policies and measu es
and epo ing ini ia i es o p omo e CSR
and hei dynamics;
3. To analyse measu es o he assessmen o
CSR impac s;
4. To analyse he CSR impac on Sus ainable
De elopmen Goals;
5. To p o ide policy ecommenda ions based
on he conduc ed analysis.
The s uc u e o he pape : in he i s
sec ion o pape , he li e a u e e iew on he
CSR and i s impac s is p o ided; in he second
sec ion, he main policy ools, aiming a he
p omo ion o CSR and epo ing equi emen s,
a e sys ema ized; in he hi d sec ion, he
measu es o assess he impac s o CSR
c i ically is analysed; in he ou h sec ion,
he ques ions o linking CSR impac wi h
sus ainable de elopmen goals a e de eloped,
and he impac o CSR on SDGs is analysed;
in he i h sec ion, he conclusions and policy
implica ions a e p o ided.
1. Li e a u e Re iew
Recen ly, he e ha e been published nume ous
pape s ha a e s ill dealing wi h he CSR
concep . Nume ous de i ni ions o CSR we e
de eloped; howe e , no clea de i ni ion has
been p o ided, making he measu emen o
CSR and i s di i cul impac s (Ko le & Lee, 2005;
Ca oll, 2008; Tu ke , 2009; Aguinis & Gla as,
2012; Eccles e al., 2012; Lee & K isnawa i,
2014; Max i eld, 2015). The CSR ac i i ies in
li e a u e co e he in eg a ion o social issues
in o he design o p oduc s and manu ac u ing
p ocesses, adop ing p oac i e human esou ce
managemen ools and mechanisms, ad ancing
he goals o communi y and NGO de elopmen s,
ensu ing be e s anda ds o en i onmen al
p o ec ion by implemen ing pollu ion aba emen
and he ecycling o was e e c.
Simila ly, he e is s ill no declining in e es
among schola s in he p ecu so s and he esul s
o CSR; howe e , o bo h academicians and
policy make s, he analysis o CSR is s ill qui e
chao ic, and he e a e no commonly ag eed
heo e ical assessmen amewo ks and
measu emen echniques o he CSR impac s.
The empi ical me hods a e lacking heo e ical
amewo k and ha e no been ag eed among
schola s and p ac i ione s. In addi ion, i is
di i cul o analyse he SCR an eceden s and
con sequences o he CSR by applying one
single discipline.
Mos o he pape s ha a e analysing he
consequences o CSR ocus on he ela ion
be ween CSR and i m pe o mance. These
s udies examined mainly he changes in s ock
p ices o sho - un and used hem as a p oxy
o he assessmen o companies’ pe o mance.
Some s udies applied eg ession analysis o
assessing he p o i abili y based on he e u n
on asse s. They applied he e u n on asse s
as a dependen a iable in he eg ession
model and ied o answe he ques ion whe he
i ms do well by doing good. The esul s o
hese s udies showed con adic o y i ndings:
nega i e ela ion be ween he CSR and e u n
on asse s o no ela ion a all. Some s udies
ound a posi i e ela ionship be ween CSR and
he i ms’ p o i s (Lenz e al., 2017; P ice & Sun,
2017; Va ada ajan & Kaul, 2017; A ms ong
& G een, 2013; Lee & Max i eld, 2015; Maye ,
2015).
The e is no consis ency in he esul s o
hese s udies, dealing wi h he impac s o CSR
on i ms’ pe o mance. This is due o a ious
inconsis encies linked o he de i ni ion o CSR,
de i ni ion o i m pe o mance and indica o s
o his pe o mance, a iances o samples,
esea ch design, changes o e he ime, which
we e no p ope ly aken in o accoun (Che ne
e al., 2015; Aspelund, 2017).
The e o e, he empi ical esea ch dealing
wi h he impac o CSR on i ms’ pe o mance is
con using and no conclusi e a all. Acco ding
o Wang e al. (2016), his is linked o he
applica ion o di e en CSR meanings, no
heo e ically soundly de i ned measu es o he
CSR and wide di e ences in he esea ch
me hodologies.
McWilliams and Siegel (2000) emphasized
he weaknesses o he e en s udy me hodol-
ogy o assess he consequences o he CSR
ha a e applied in mos s udies. McWilliams
and Siegel (2000) p o ed in hei pape ha he
esul s o all e en s udies on he CSR ha we e
published in op managemen jou nals we e
un eliable and had e y se ious l aws in bo h
esea ch design and implemen a ion. Mo eo e ,
hey ques ioned he applica ion o con en ional
eg ession o he analysis o he ela ionship
be ween co po a e social esponsibili y and i m
pe o mance.
Ba on (2001) made a dis inc ion be ween
al uis ic CSR and s a egic CSR, and Hillman
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84 2019, XXII, 1
Business Adminis a ion and Managemen
and Keim (2001) p o ed ha empi ical es s o
he ela ion be ween CSR and i m pe o mance
should disagg ega e CSR ac i i ies based on
his p inciple. The s a egic CSR is add essed
by he s akeholde managemen , and he
al uis ic CSR is a ge ing social issues. Hillman
and Keim (2001) applied disagg ega ed model
and epo ed ha he e is a posi i e ela ionship
be ween he i m economic pe o mance
and s a egic CSR, and he e is a nega i e
ela ionship be ween he al uis ic CSR and
he i m’s economic pe o mance.
Though, in li e a u e, he e has been made
many a emp s o de i ne he de e minan s o
CSR, i is s ill unclea wha is he main eason
o companies o employ o no employ he
CSR disclosu e p ac ices e en now (C illy
e al., 2016; Se aes & Tamayo, 2013; Eps ein,
Buho ac, 2016). The e is a conside able
inc ease in li e a u e on he CSR disclosu e;
howe e , only a limi ed numbe o pape s a e
dealing wi h he ela ionship be ween he CSR
pene a ion and ins i u ional ac o s ha ha e
an impac on he CSR disclosu e (Desai, 2016;
Collucia e al., 2018).
Acco ding o Campbell (2007), he
esponsible beha iou o companies is
a ec ed by such ins i u ional ac o s as ollows:
cul u al ai s, egula ions, he p esence o
ins i u ionalized no ms on he CSR disclosu e,
co up ion pe cep ion le el e c. These ins i u ional
d i e s ha e a sys ema ic e ec on he CSR
beha iou o i ms. Some s udies p o ed ha
CSR pene a ion is highe in coun ies ha ha e
weake ins i u ions. Jackson and Apos olakou
(2010) ha e in es iga ed he impac o di e en
ins i u ional ac o s on he CSR policies o he
selec ed Eu opean i ms and showed ha i ms
ha a e ope a ing in Anglo-Saxon coun ies
(libe al ma ke economies) ha e a highe le el o
CSR pene a ion and disclosu e han i ms in he
o he Eu opean coun ies ha a e ha ing mo e
egula ed economies like he Medi e anean
o Con inen al coun ies. The s udy (Jackson
& Apos olakou, 2010) e ealed ha i ms in
coun ies wi h s onge ins i u ions a e able o
each jus he minimum s anda d o CSR wi hou
seeking o he bes o highes esul s. Ano he
s udy by El Ghoul e al. (2017) showed ha he
CSR disclosu e alue is g ea e in coun ies
wi h weake ins i u ions and mo e laissez- ai e
go e nmen s. Howe e , o he s udies ound
a posi i e ela ionship be ween he s ong
ins i u ions and CSR pene a ion (Dhaliwal e
al., 2012). Ioannou and Se a eim (2012) p o ed
ha he cul u al ai s, poli ical sys em in he
coun y and educa ion sys em ha e he mos
signi i can impac on he CSR disclosu e. Cahan
e al. (2016) examined he impac o quali y o
ins i u ions on he CSR disclosu e le el and
showed ha all hese ac o s ha e a posi i e
and s ong impac on he CSR pene a ion and
pe o mance. I could be concluded ha he
highe is he quali y o ins i u ions in he coun y,
he highe is he pene a ion o he CSR. Ga cia-
Sanchez e al. (2016) examined he CSR
pe o mance o i ms in 20 de eloped coun ies
and showed ha companies in coun ies wi h
s ong ins i u ional en i onmen make all e o s
o ensu e hei CSR disclosu e. In addi ion, he
i ms ha a e ope a ing in coun ies wi h highe
long- e m o ien a ion, collec i ism, eminism
and unce ain y a oidance a e mo e keen on
he CSR disclosu e. The s udy by Colucia e
al. (2018) p o ed ha a s ong legal sys em in
he coun y has a posi i e impac on he CSR
pe o mance and disclosu e. The e o e, he
main conclusion is ha social, poli ical and legal
ac o s ha e an impac on he anspa ency
o co po a e beha iou o companies. The
ollowing ins i u ional ac o s ha a e he mos
impo an o he le el o CSR disclosu e, i.e.,
egula o y quali y, ule o law and oice and
accoun abili y, ha e a posi i e impac on he
CSR disclosu e. Such ac o s as poli ical s abili y
and go e nance e ec i eness ha e insigni i can
impac on he CSR pene a ion (Colucia e al.,
2018).
The e o e, he li e a u e on CSR can be
b oadly di ided in o h ee g oups, based on he
con en o s udies: (1) an eceden , (2) ou come
and (3) p ocess o ien ed. The “an eceden ”
ca ego y s udies analyse he main ac o s ha
de e mine i m’s engagemen in he CSR. The
policies and measu es and epo ing ini ia i es
can be ea ed as he d i ing o ces o CSR.
The li e a u e o “ou come” ca ego y examines
he consequences o CSR. These s udies a e
add essing he assessmen o CSR impac s.
The hi d g oup o s udies analyse he “p ocess”
o CSR decision making o implemen a ion
and how a ious s akeholde s espond o
he co po a e social ac i i ies (Wang e al.,
2016). This g oup o li e a u e ies o i nd he
linkages be ween he e ec i eness o policies
and epo ing ini ia i es and s akeholde s’
engagemen and help o pu sue sus ainable
de elopmen goals by esponsible companies.
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The e is a clea end o concep ual shi
o he a icles in he “ou come” g oup om
i nancial ou comes o non- i nancial, social and
o ganiza ional ou comes. Schola s end o be
mo e in e es ed in a b oade cons ual o he
ole o businesses and co po a ions in he
socie y as well as p o iding he mechanisms
(likely media ing ac o s), h ough which he
CSR is linked o he i nancial pe o mance.
2. Policies and Repo ing Ini ia i es
o P omo e he CSR
Today, Eu ope is ega ded as a leade in he
CSR and CSR policies. Go e nmen s a e
ying o p omo e CSR policies because CSR
p ac ices can help o mee he sus ainable
de elopmen policy objec i es o he coun y on
a olun a y basis. This mo i a ion is linked o he
policy objec i es ha a e ela ed o sus ainable
de elopmen goals and en i onmen al
p o ec ion as well as o o eign policy such as
de elopmen assis ance and aid. The e o e,
mos go e nmen s in he Eu opean Union (EU)
ha e an inc easingly ac i e ole in p omo ing
CSR ac i i ies. The policies o p omo e CSR
can be g ouped in o ou main a eas:
1. Raising awa eness o companies and
gene al public abou he CSR and building
i ms’ capaci ies o implemen CSR;
2. Imp o ing he disclosu e and anspa ency
o companies CSR;
3. Fos e ing he Socially Responsible
In es men (SRI);
4. Leading in he CSR ac i i ies by p o iding
example such as public p ocu emen
o applying SRI in go e nmen al unds,
applying CSR in public companies e c.
All public policies o p omo e he CSR can
be g ouped in o 4 clus e s:
 Legal ins umen s ha a e p esc ibing he
desi ed choices and ac ions by making use
o he s a e’s legisla i e powe s such as
laws, di ec i es and egula ions;
 Economic ins umen s ha p o ide ini ia i es
o in l uence beha iou wi h i nancial and
ma ke measu es, such as awa ds, axes,
ax allowances and subsidies;
 In o ma ional ins umen s a e based on
pe suasion by p o iding ele an in o ma ion,
o example, educa ion, aining in o ma ion
campaigns and websi e pla o ms;
 Ne wo king ins umen s ha a e based on
he ne wo king o s akeholde s, assuming
ha di e en s akeholde s a e in e es ed
in joined e o s o achie e he sha ed
objec i es, like s akeholde o ums,
nego ia ed olun a y ag eemen s and
public-p i a e pa ne ships e c.
Public policies and measu es o p omo e
he CSR and a numbe o ini ia i es in he g oup
o he EU coun ies a e p o ided in Tab. 1.
The Eu opean Union Membe S a es
and associa ed coun ies can be alloca ed
in o 5 g oups based on hei geog aphical
and cul u al ai s and hei wel a e models:
Scandina ian (No way, Sweden, Finland,
Iceland), Anglo-Saxon (The UK, I eland),
Medi e anean (Spain, I aly, Po ugal, G eece,
Mal a, Cyp us), Con inen al (Ge many, Aus ia,
Belgium, Swi ze land, F ance, Luxembu g) and
T ansi ional (Li huania, La ia, Es onia, Bulga ia,
Romania, Hunga y, Slo enia, Slo akia, The
Czech Republic) (S eu e e al., 2012). The
numbe o policy ins umen s o p omo e CSR
is p o ided o he g oup o coun ies. As one
can no ice om Tab. 1, Anglo-Saxon coun ies
and Scandina ian coun ies a e leade s in he
public policies ha a e a ge ing CSR.
In many EU membe s a es, he olun a y
e o s by i ms o measu e and epo on CSR
o sus ainabili y pe o mance we e ollowed
by a ious numbe s o manda o y disclosu e
equi emen s, which a e implemen ed by he
go e nmen al egula ion. This is especially he
case o he EU coun ies, whe e new epo ing
equi emen s ha e been in oduced by he
legal ac s laws such as i ms’ laws, accoun ing
laws and o he ins umen s ha add ess he
epo ing equi emen s and CSR disclosu e
equi emen s.
Cu en ly, he e a e almos 400 sus ainabili y
epo ing ins umen s ha a e implemen ed all
a ound he wo ld. These epo ing ini ia i es
can be ea ed as ins umen s o p omo e
CSR. The s udy (KPMG, 2016) ound o e
400 ins umen s in 64 wo ld coun ies. These
ends indica e he inc easing commi men s
o coun ies and i ms o p omo e high
anspa ency and sound accoun abili y.
Howe e , a la ge numbe o di e en CSR
disclosu e ins umen s make a big p oblem o
epo ing companies and go e nmen s. The
ha moniza ion o CSR epo ing ins umen s
is a majo goal o he in e na ional ins i u ions,
policy make s and egula o s, s ock exchange
ope a o s, indus ial union and associa ions,
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s anda d se ing au ho i ies and schola s ha
a e engaged in de elopmen and c ea ion o
ad anced epo ing ools. In 2013, 180 CSR
epo ing ins umen s we e iden i i ed in 44 wo ld
coun ies (KPMG, 2013). The e is he d ama ic
g ow h o he CSR epo ing ins umen s in
Eu ope, Asia Paci i c and La in Ame ica. Tab. 2
p esen s he ends in CSR epo ing a ound
he wo ld.
S a e egula o s inc easingly encou age
i ms o disclose in o ma ion ha is linked o he
CSR p ac ices in hei annual epo s. A ound
70% o he o al CSR epo ing ins umen s in
2016 we e manda o y. A ound 30% o he CSR
epo ing ins umen s we e olun a y (KPMG,
2016).
In mos coun ies, CSR epo ing
ins umen s a e ocused mainly on la ge
companies and s a e-owned en e p ises. The
la ges companies in he s ock exchange and
companies ope a ing in high-impac sec o s a e
equi ed o disclose non- i nancial in o ma ion,
Public policies o p omo e CSR
Legal Economic In o ma i e Ne wo king
Laws and
o he legal ac s
ha indica e
commi men s o
CSR and epo ing
equi emen s o
he non- i nancial
in o ma ion
disclosu e
Subsidies ela ed
o CSR ac i i ies,
ax allowances
and b eaks o
co po a e cha i y
ac i i ies
Resea ch and
educa ional
ac i i ies, i.e.,
in eg a ion o CSR
in he cu icula o
seconda y schools,
uni e si ies,
wo kshops, aining
e c.
Ne wo ks
and s a egic
pa ne ship
on CSR, SRI
o olun a y
ag eemen , public
p ocu emen
ne wo ks
Legal ac s on
CSR epo ing o
Disclosu e laws o
pension unds e c.
Awa ds o he bes
CSR epo s o he
bes CSR company
awa ds o “naming-
and-shaming” wi h
blacklis s
Guidelines on
CSR epo ing o
In o ma ion on CSR
epo ing
CSR con ac poin s,
Mul i-s akeholde
o ums: GRI, Global
Compac e c.
Laws ha p ohibi
ce ain in es men s
o Laws on SRI in
go e nmen al and
pension unds e c.
Tax incen i es o
ene gy sa ing,
pollu ion educ ion,
enewables e c.
In o ma ion on
SRI: b ochu es o
SRI guidelines and
s anda ds
Cen es, pla o ms,
con ac poin s
and p og ammes
o CSR and
ne wo king
Go e nmen al
Ac ion plans on
CSR
P oduc o
company labels
Mul i-s akeholde
ini ia i es, including
he de elopmen
o managemen o
epo ing ini ia i es
and ools such
EMAS, SA800, GRI
e c.
Scandina ian 5 3 5 7
Con inen al 5 2 4 9
Anglo-Saxon 7 4 7 10
Medi e anean 3 1 4 4
T ansi ional 2 2 1 6
Sou ce: au ho s’ own compila ion based on S eu e (2010), S eu e e al. (2012),
Pimen el e al. (2016), Halkos and Skouloudis (2016), Alba eda (2007)
Tab. 1: Public policies o p omo e CSR
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as hese i ms ha e i nancial and human
esou ces o such epo ing p ac ices, while
smalle companies do no ha e he capaci y o
epo .
The main policy ins umen s ha
a e equi ing sus ainabili y epo ing a e
go e nmen al egula ion, codes o conduc ,
a ious in o ma i e and some economic
measu es, s anda ds and o he public policies
such as go e nmen ac ion plans, s a egies
and na ional schemes. Mo eo e , i ms a e
equi ed o demons a e esponsible ax
s a egies and ensu e he paymen o axes.
A sus ainabili y a ing such as he Dow Jones
Sus ainabili y Index is d i ing he esponsible
axa ion policies in o he e alua ion c i e ia o
he SRI as well.
O e 60 pe cen o he ins umen s ha we e
iden i i ed in 2016 co e he epo ing on speci i c
en i onmen al o social opics. The emaining
ins umen s encou age he epo ing on
gene al sus ainabili y in o ma ion. The numbe
o ins umen s on social in o ma ion disclosu e
almos doubled since 2013. A ound hal o he
epo ing ins umen s on social issues a e in
he EU. Se e al EU membe s a es in esponse
o he EU’s CSR S a egy ha e implemen ed
na ional ac ion plans o add ess he CSR, o
example, Spain has adop ed he S a egy o
Co po a e Social Responsibili y 2014-2020.
O he coun ies ha e de eloped na ional CSR
ac ion plans (F ance, Swi ze land, No way).
The EU has in oduced manda o y
equi emen s o epo ing on speci i c
en i onmen al o social issues as well as on
wide non- i nancial pe o mance indica o s
(policies, isks and ou comes ha a e ela ed o
en i onmen , social issues, espec o human
igh s, an i-co up ion issues, di e si y e c.).
The e o e, he numbe o epo ing ins umen s
has con inued o g ow signi i can ly since 2013
in he EU, as in 2016, 155 ins umen s we e
iden i i ed compa ed o 80 in 2013. Some o
hem a e linked o he ansposi ion o he EU
Non-Financial Repo ing Di ec i e. New EU
epo ing ins umen s we e linked o he GHG
emissions ading.
The e a e many CSR epo ing ins umen s
and CSR disclosu e ini ia i es; howe e , i
is impo an o assess he impac , con ex
and d i e s behind each ins umen and
answe he ques ion how e ec i e a e hese
ins umen s and o wha ex en does he CSR
epo ing ini ia i es b ing he wo ld nea e o
he sus ainable wo ld, p ojec ed by he 2030
Agenda o Sus ainable De elopmen .
3. Assessmen o CSR Impac s
The e a e se e al s udies ha a e dealing wi h
he assessmen o CSR impac s (Gjølbe g,
2009; Hame , 2005; Foo e, Ga ney, & E ans,
2010; Jankalo a, 2013; Jankalo a, 2016).
The main CSR assessmen app oaches a e
gene alized in Tab. 3.
As one can see om Tab. 3, some CSR
assessmen ools a e cons uc ed o epo ing
pu poses, some a e mo e linked wi h he
assessmen o companies’ ac i i ies, and some
a e cons uc ed o he sel -assessmen o
companies. The e a e ools ha can be used
o all hese pu poses, as SA8000 o EMAS.
The e a e business excellence models as
well ha a e o en applied as amewo ks o
he assessmen o CSR p ac ices in i ms. The
mos popula and well-known models a e he
EFQM Excellence Model ha was elabo a ed
in Eu ope and The Malcolm Bald ige Model o
Pe o mance Excellence ha was de eloped
2006 2010 2013 2016
CSR epo ing
Ins umen s
Manda o y CSR
epo ing ins umen s 35 58% 94 62% 130 72% 248 65%
Volun a y CSR
epo ing ins umen s 25 42% 57 38% 50 28% 135 35%
To al CSR epo ing
ins umen s 60 151 180 383
Coun ies 19 32 44 71
Sou ce: KPMG (2016; 2013)
Tab. 2: T ends in he CSR epo ing and disclosu e
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88 2019, XXII, 1
Business Adminis a ion and Managemen
in he USA. Jankalo á and Radosla (2017)
ha e sys ema ized he CSR assessmen ools
and me hods and ound ha he Malcolm
Bald ige Model o Pe o mance Excellence is
mo e sui able o he assessmen o CSR in he
i m as he EFQM Excellence Model (Foo e,
Ga ney, & E ans, 2010).
The independen agencies (Dow Jones
om Swi ze land, FTSE om he UK, Global
100 in he US e c.) deal wi h he a ing o he
CSR o i ms. They ha e c ea ed hei own
indexes o measu e he CSR pe o mance o
i ms (Hamme , 2005). A decision o include
i ms in he index calcula ion depends on he
i ms’ ul i lmen o speci i c c i e ia ha is se by
he independen agencies. The mos popula
and well-known in e na ional indexes a e Dow
Jones Sus ainabili y Index, FTSE4Good Index,
E hibel Index and MSCI Wo ld ESG Index.
The Dow Jones Sus ainabili y Wo ld
Enla ged Index (DJSI Wo ld Enla ged)
assesses he pe o mance o he op 20% o
he wo ld la ges 2,500 i ms in he S&P Global
B oad Ma ke Index in e ms o CSR. I is one
o he mos impo an wo ld indices o socially
esponsible in es ing (SRI).
The FTSE4Good Global Index was
de eloped by he FTSE In e na ional and
E hical Resea ch Se ices (EIRIS). The aim o
he index is o assess he pe o mance o i ms
a ound he wo ld ha mee globally ecognised
CSR s anda ds. I is as well among he mos
impo an indexes o socially esponsible
in es ing.
The E hibel Sus ainabili y Index (ESI)
Excellence Global collec s he bes -in-class
i ms in ela ion o he CSR ac oss a ious
sec o s and egions in Eu ope, No h Ame ica
and Asia Paci i c. I is cons uc ed as a ee-
l oa weigh ed index ha is combining he CSR
assessmen alues wi h he sec o weigh s on
he S&P Global 1200.
CSR Assessmen App oach
o Ins umen
Tool
o epo ing
Tool
o sel -
assess men
Tool
o assessmen
o companies’
ac i i ies
Wo ld’s Mos E hical Companies +
Global 100 Mos Sus ainable Co po a ions +
OHSAS 18001 + + +
Social Accoun abili y – SA 8000 + + +
ISO 14000 + + +
EMAS + + +
KPMG Su ey +
GHG P o ocol + + +
Ca bon Disclosu e P ojec (CDP) + + +
Global Repo ing Ini ia i e (GRI) + +
Wo ld Sus ainable De elopmen Council
o Business ++
Dow Jones Sus ainabili y Index +
FTSE4good Index + +
The ECPI Global ESG Alpha Equi y Index + +
MSCI Wo ld ESG Index + +
ECPI Global ESG Alpha Equi y Index + +
Sou ce: au ho s’ own compila ion based on Alba eda (2007),
Pimen el e al. (2016), Halkos and Skouloudis (2016)
Tab. 3: CSR assessmen app oaches
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MSCI Wo ld ESG Index consis s o la ge
and mid-cap i ms and p o ides he assessmen
o i ms, acco ding o high en i onmen al, social
and go e nance pe o mance c i e ia ha is
ela i e o hei sec o pee s.
The Wo ld’s Mos E hical (WME)
companies’ designa ion was c ea ed by he
E hisphe e Ins i u e. I co e s he wo ld i ms
by p omo ing e hical s anda ds and shaping he
u u e indus y s anda ds. The assessmen and
selec ion p ocedu es o i ms a e based on he
p op ie a y a ing sys em.
The Global 100 assesses he Mos
Sus ainable Co po a ions in he Wo ld. This
sus ainabili y equi y index is de eloped by he
Co po a e Knigh s ad iso y g oup.
KPMG’S In e na ional Su ey o Co po a e
Responsibili y Repo ing is an analysis o
co po a e non i nancial epo ing o i ms and
includes he assessmen o CSR disclosu e
p ac ices among he 100 la ges i ms in he
selec ed coun ies.
The main aim o he sus ainabili y indexes
is o measu e he pe o mance o companies
ha mee ce ain CSR c i e ia and p o ide
in es o s wi h SRI oppo uni ies. These
indexes ha e a posi i e impac on he socially
and en i onmen ally esponsible in es men s
all a ound he wo ld. Some independen
ins i u ions ha a e issuing indexes as well wan
o inc ease he awa eness abou he CSR and
SRI and p omo e socially and en i onmen ally
esponsible beha iou . Howe e , he e is
a big p oblem wi h hese indexes due o he
lack o he objec i i y (Jankalo a, 2016).
The collec ed da a canno be eliable as i
comes om pe sonal in e iews, websi es,
annual epo s e c. Despi e he e i i ca ion
by he independen ins i u ion, hese epo s
a e subjec i e and lack anspa ency. The
independen a ing agencies apply hei own
no disclosed me hodology because i is
hei expe ise, and hey ha e in es ed big
esou ces in i s c ea ion. The majo p oblem
wi h indexes is ha hey a e di e en in
he analysed and applied indica o s o he
applied CSR assessmen and scales, and
i is e y di i cul o compa e hese indexes.
The incompa abili y o indexes as well causes
he a ie y o de i ni ions o CSR (Jankalo a,
2016).
Fo he CSR epo ing o i ms, he mos
impo an a e hese s anda ds: Global Repo ing
Ini ia i e, Wo ld Business o Sus ainable
De elopmen Repo ing P ojec , UN Global
Compac , ISO 14001, SA 8000, OHSAS 18001,
Ca bon Disclosu e P ojec , GHG p o ocol e c.
The GRI Sus ainabili y Repo ing Guidelines
a e he mos widely used CSR and sus ainabili y
epo ing amewo k in he wo ld, which
allow p i a e i ms and public o ganiza ions
o epo on hei CSR pe o mance, based
on he economic, en i onmen al, social and
go e nance c i e ia. The GRI Guidelines
p esen a se o impo an issues and p inciples,
s anda d disclosu es and implemen a ion
manuals o de eloping he CSR epo s.
The Wo ld Business Council o Sus ainable
De elopmen (WBCSD) is a global associa ion
o i ms ha is seeking o p omo e s a egic
issues linked o he CSR and sus ainabili y.
I p esen s a well-de eloped pla o m o
companies o ne wo k, sha e bes p ac ices
and p oblema ic issues.
The Global Compac was de eloped by
he Uni ed Na ions as a s a egic ini ia i e o
i ms o implemen he en uni e sally accep ed
p inciples on human igh s p o ec ion, labou
s anda ds, en i onmen al p o ec ion and
anspa ency.
Ca bon Disclosu e P ojec (CDP) is an
in e na ional o ganiza ion ha is coope a ing
wi h he ma ke o ces in o de o encou age
companies o measu e, manage and disclose
impo an en i onmen al in o ma ion ha is
linked o he GHG (g eenhouse gas) emissions
and ake ac ion o mi iga e clima e change.
The GHG P o ocol is an accoun ing ool
o he assessmen o GHG emissions by
encou aging con ibu ion o mi iga e clima e
change. I p esen s he GHG emission
accoun ing amewo k o a ious p og ams
a ound he wo ld.
ISO 14001 is an en i onmen al
managemen sys em s anda d ha has been
de eloped by he In e na ional O ganiza ion o
S anda diza ion (ISO). I p esen s a amewo k
o a p i a e company o public o ganiza ion
in se ing up an en i onmen al managemen
sys em and moni o ing i s pe o mance.
The SA 8000 s anda d is an audi able
ce i i ca ion s anda d. I imposes equi emen s
o human igh s p o ec ion, implemen a ion o
socially accep able p ac ices in he wo kplace
o wo ke s and hei amilies. SA 8000
was de eloped by he Social Accoun abili y
In e na ional (SAI) by applying he same
app oach as o ISO 14001.
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90 2019, XXII, 1
Business Adminis a ion and Managemen
OHSAS 18001 is an occupa ional heal h
and sa e y managemen sys em s anda d ha
has been de eloped by he Occupa ional Heal h
and Sa e y Ad iso y Se ices (OHSAS) P ojec
G oup. The s anda d aims o help o ganiza ions
o manage he occupa ional heal h and sa e y.
As he e a e many a ious CSR assessmen
ools, i is e y di i cul o assess he numbe
o socially esponsible companies in speci i c
coun ies o all o e he wo ld, and his is an
impo an p oblem o de i ning CSR pene a ion
and assessing he impac o public policies by
aiming a he p omo ion o CSR.
The e we e se e al a emp s o de elop
a mul idimensional CSR index o imp o e
he knowledge o global CSR ends and
de elopmen s (Gjolbe g, 2009; Halkos &
Skouloudis, 2016). Gjolbe g’s index was
based on nine in e na ional CSR a iables ha
a e linked o socially esponsible in es men
a ings, subsc ip ions o global CSR ini ia i es,
CSR accoun ing and epo ing schemes and
en i onmen al o social managemen sys em
s anda ds (Halkos & Skouloudis, 2016).
Recen ly, a CSR index ha has been de eloped
by Gjolbe g in 2009 was used and ex ended
by Halkos and Skouloudis (2016) in o de o
ob ain na ional CSR sco es. While Gjolbe g
(2009) had applied he calcula ion o mula o
20 OECD coun ies, Halkos and Skouloudis
assessed he da a ela ing o 86 coun ies,
selec ing he yea 2012 as he e e ence pe iod
and as a iables using 16 in e na ional CSR
ini ia i es, en i onmen al and social s anda ds,
CSR ankings and e hical in es men s ock
exchange indices. The a iables ha we e
included in Halkos and Skoloudis (2016) CSR
index a e p esen ed in Tab. 5 whe e coun ies
a e anked in e ms o CSR pene a ion based
on he CSR index.
CSR
Ra ing Coun y GRI ISO 14000 Global
Compac SA 8000 WBCSDE CSR Index
1 Swi ze land 110 2,856 153 5 9 20.64
2 Sweden 196 9,486 296 1 2 19.50
3 Finland 162 1,480 79 1 5 18.99
4 Denma k 66 1,128 370 4 4 12.59
5 The UK 283 17,559 473 1 7 9.64
6 The Ne he lands 216 2,739 144 4 10 9.27
7 No way 88 1,319 24 1 8 8.04
8 Aus alia 87 3,938 151 - 6 6.17
9 Spain 154 13,053 1,483 14 3 4.21
10 F ance 177 6,318 78 2 9 2.58
11 Po ugal 17 5,555 63 33 4 2.30
12 Singapo e 56 1,254 81 - - 0.77
13 Japan 205 23,901 290 2 27 -0.25
14 Canada 128 1,172 78 - 5 -0.76
15 Belgium 135 1,063 86 2 1 -1.22
16 I aly 145 26,655 27 1,309 4 -1.56
17 Ge many 329 12,176 480 11 11 -3.93
18 Hong Kong 1,023 4 - -5.40
19 Iceland 2 90 24 - - -5.70
20 The USA 353 5,251 119 1 38 -11.02
Sou ce: au ho s’ own compila ion based on Halkos and Skouloudis (2016)
Tab. 4: Rankings o op 20 coun ies based on he CSR index and numbe
o CSR en e p ises in 2017
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P ice, J. M., & Sun, W. (2017). Doing
Good and Doing Bad: The Impac o Co po a e
Social Responsibili y and I esponsibili y
on Fi m Pe o mance. Jou nal o Business
Resea ch, 80, 82-97. h ps://doi.o g/10.1016/j.
jbus es.2017.07.007.
Pimen el, L., B anca, A., & Ca alao-Lopes, M.
(2016). In e na ional Compa isons o Co po a e
Social Responsibili y. In e na ional Jou nal o
Economics & Managemen Sciences, 5(2).
h ps://dx.doi.o g/10.4172/2162-6359.1000327.
Se aes, H., & Tamayo, A. (2013). The
Impac o Co po a e Social Responsibili y on
Fi m Value: The Role o Cus ome Awa eness.
Managemen Science, 59, 1045-1061.
h ps://doi.o g/10.1287/mnsc.1120.1630.
S eu e , R. (2010). The Role o Go e nmen s
in Co po a e Social Responsibili y:
Cha ac e ising Public Policies on CSR in
Eu ope. Policy Sciences, 43(1), 49-72.
h ps://doi.o g/10.1007/s11077-009-9084-4.
S eu e , R., Ma inuzzi, A., & Ma gula,
S. (2012). Public Policies on CSR in
Eu ope: Themes, Ins umen s, and Regional
Di e ences. Co po a e Social Responsibili y
and En i onmen Managemen , 19(4), 206-227.
h ps://doi.o g/10.1002/cs .264.
Tu ke , D. (2009). Measu ing Co po a e
Social Responsibili y: A Scale De elopmen
S udy. Jou nal o Business E hics, 85(4),
411-427. h ps://doi.o g/10.1007/s10551-008-
9780-6.
Va ada ajan, R., & Kaul, R. (2017). Doing
Well by Doing Good Inno a ions: Alle ia ion o
Social P oblems in Eme ging Ma ke s h ough
Co po a e Social Inno a ions. Jou nal o
Business Resea ch, 86, 225-233. h ps://doi.
o g/10.1016/j.jbus es.2017.03.017.
Wang, H., Tong, L., Takeuchi, R., & Geo ge,
G. (2016). Co po a e Social Responsibili y:
An O e iew and New Resea ch Di ec ions.
Academy o Managemen Jou nal, 59, 534-544.
h ps://dx.doi.o g/10.5465/amj.2016.5001.
Yoo, D., & Lee, J. (2018). The E ec s o
Co po a e Social Responsibili y (CSR) Fi and
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h ps://doi.o g/10.3390/su10082956.
Jin ao Lu
School o Economics and Managemen
Taiyuan Uni e si y o Science and Technology
and
Resea ch Cen e o Co po a e
Social Responsibili y
Taiyuan Uni e si y o Science and Technology
P.R.China
[email p o ec ed]
Licheng Ren
School o Economics and Managemen
Taiyuan Uni e si y o Science and Technology
and
Resea ch Cen e o Co po a e
Social Responsibili y
Taiyuan Uni e si y o Science and Technology
P.R.China
[email p o ec ed]
Wen ang Lin
School o Economics and Managemen
Taiyuan Uni e si y o Science and Technology
P.R.China
[email p o ec ed]
Yi an He
School o Economics and Managemen
Taiyuan Uni e si y o Science and Technology
P.R.China
[email p o ec ed]
Jus as S eimikis
Li huanian Ins i u e o Ag a ian Economics
Di ision o Fa ms and En e p ises Economics
Li huania
[email p o ec ed]
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98 2019, XXII, 1
Business Adminis a ion and Managemen
Abs ac
POLICIES TO PROMOTE CORPORATE SOCIAL RESPONSIBILITY (CSR)
AND ASSESSMENT OF CSR IMPACTS
Jin ao Lu, Licheng Ren, Wen ang Lin, Yi an He, Jus as S eimikis
The Co po a e social esponsibili y (CSR) concep is linked o he company’s esponsibili y o
i s impac on he socie y. The CSR is impo an o sus ainabili y, compe i i eness and inno a ion
o he economy o each coun y and is igh ly linked o he success in app oaching Sus ainable
De elopmen Goals (SDG) by he wo ld coun ies. SDGs p o ide many bene i s and oppo uni ies
o companies and in e ms o isk managemen , inc ease he access o capi al, imp o emen o
s akeholde s’ ela ionships e c. The li e a u e on CSR has shi ed om analysing he ques ions
on whe he companies should engage in socie al challenges o whe he and how coun ies and
people bene i om hese in e en ions in add essing sus ainable de elopmen challenges, such
as po e y, educa ion, heal h, ene gy and en i onmen . The ecen scien i i c discussion on he
assessmen o CSR impac s p o ides con adic o y esul s and i ndings. The e o e, his pape aims
o shed mo e ligh on his issue and p o ide clea policy ecommenda ions based on he conduc ed
analysis.
The pape analyses and compa es he main policies ha a e aiming a he p omo ion o CSR,
including epo ing ini ia i es and equi emen s. The measu es o assess he impac o CSR a e
discussed as well based on a ious epo ing incen i es ha a e guiding companies on how o
assess and ac ually measu e he e ec s o hei ac i i ies by se ing quan i a i e indica o s. The
dynamics o socially esponsible companies and sus ainabili y epo ing ini ia i es a e p o ided by
indica ing he e ec i eness o he implemen ed policies and o he ini ia i es o p omo e he CSR;
howe e ; he main emphasis o he pape is he impac o CSR on he socie al challenges such as
Sus ainable De elopmen Goals and in eg a ion o SDGs in he CSR assessmen .
Key Wo ds: Co po a e social esponsibili y, sus ainable de elopmen goals, policies o p omo e
CSR, impac s o CSR.
JEL Classi i ca ion: M14, Q56.
DOI: 10.15240/ ul/001/2019-1-006
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