Your SlideShare is downloading. ×
Rmit university company project
Rmit university company project
Rmit university company project
Rmit university company project
Rmit university company project
Rmit university company project
Rmit university company project
Rmit university company project
Rmit university company project
Rmit university company project
Rmit university company project
Rmit university company project
Rmit university company project
Rmit university company project
Rmit university company project
Rmit university company project
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

Rmit university company project

546

Published on

Published in: Business
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
546
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
4
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. Abstract<br />As a result of the GFC, many companies, especially financial institutions, are spending a substantial amount of money on CSR reporting to gain stakeholders’ trust and confidence. The paper aims at providing banks (Macquarie and Westpac) with a better understanding of the actual costs associated with CSR reporting, and its perceived relationship with company performance, to help banks make informed decisions in regard to CSR reporting. The paper is based mainly on primary data collected from an online survey, as well as academic literature on CSR and company reports. Research discovered that companies having 1,000-10,000 employees spend around $1,019,779 on CSR reporting, while companies having 10,000- 50,000 employees spend about $777,380 on CSR reporting annually. However, this figure may change significantly depending on the industry background, company size, location, level of legal requirements and degree of commitment to CSR, etc. As both Macquarie and Westpac fell into the 10,000-50,000 employee group, with no material additional expenses, they were expected to spend roughly $777,380 p.a. on CSR reporting. However, as Westpac was much larger in size and more committed to CSR, Westpac was expected to incur higher costs than Macquarie. Even though the costs of CSR reporting were high, the research paper found out that there was a strong perception that CSR reporting had positive influence on company performance among Australian companies.<br />Table of Contents<br /> TOC o "1-3" h z u 1. Introduction PAGEREF _Toc286020612 h 3<br />2. Literature Review PAGEREF _Toc286020613 h 3<br />2.1 CSR PAGEREF _Toc286020614 h 3<br />2.2 CSR Reports PAGEREF _Toc286020615 h 4<br />2.3 CSR reporting in the Australian banking industry PAGEREF _Toc286020616 h 4<br />2.5 Impact of CSR on company performance PAGEREF _Toc286020617 h 5<br />3. Methodology PAGEREF _Toc286020618 h 5<br />3.1 Research ethics PAGEREF _Toc286020619 h 5<br />3.2 Procedure and time frame PAGEREF _Toc286020620 h 5<br />3.3 Analysis plan PAGEREF _Toc286020621 h 5<br />3.4 Validity and reliability PAGEREF _Toc286020622 h 5<br />3.5 Assumptions PAGEREF _Toc286020623 h 5<br />3.6 Limitations PAGEREF _Toc286020624 h 5<br />4. Results PAGEREF _Toc286020625 h 5<br />4.1 Types of CSR reports used PAGEREF _Toc286020626 h 5<br />4.2 Hours spent on CSR reporting PAGEREF _Toc286020627 h 5<br />4.3 Allocation of human resource on CSR reporting PAGEREF _Toc286020628 h 5<br />4.4 Total Expense PAGEREF _Toc286020629 h 5<br />4.5 Perceived benefits of CSR reporting PAGEREF _Toc286020630 h 5<br />5. Discussion PAGEREF _Toc286020631 h 5<br />5.1 CSR reporting PAGEREF _Toc286020632 h 5<br />5.2 Main costs PAGEREF _Toc286020633 h 5<br />5.3 Relationship between cost and size PAGEREF _Toc286020634 h 5<br />5.4 Perceived benefits of CSR reporting PAGEREF _Toc286020635 h 5<br />6. Conclusion PAGEREF _Toc286020636 h 5<br />7. References PAGEREF _Toc286020637 h 5<br />8. Appendices PAGEREF _Toc286020638 h 5<br />1. Introduction <br />Between 2007 and 2010, the world economy experienced what was considered the worst global financial crisis since the Great Depression in the 1930s. One of the underlying reasons behind the crisis was the excessive risk taking from financial institutions. As a result, there has been growing interest on the social responsibility aspect of organizations, especially those in the financial industry. Companies are using corporate social responsibility (CSR) reports to communicate their commitment to all stakeholders to gain trust and confidence. Some incur significant costs to have this message delivered. The paper aims at providing banks with a better understanding of the actual costs associated with CSR reporting, and its perceived relationship with company performance, to help banks make informed decisions in regards to CSR reporting.<br />In particular, this research paper looks at Macquarie and Westpac, who are both global investment banking and diversified financial service groups located in Australia. Macquarie is located in Sydney and has 14,657 employees. They rely heavily on marketing to profitable firms to drive around $8,312 million in revenue, with a net profit of approximately $1,050 million for the financial year ending on 31st March 2010 ADDIN EN.CITE <EndNote><Cite><Author>Company360</Author><Year>2011</Year><RecNum>33</RecNum><DisplayText>(Company360 2011a)</DisplayText><record><rec-number>33</rec-number><foreign-keys><key app="EN" db-id="e2vfdvaf4rzr58erdsqv9txx0sresp05td0a">33</key></foreign-keys><ref-type name="Report">27</ref-type><contributors><authors><author>Company360</author></authors></contributors><titles><title>Macquarie Group Limited</title></titles><dates><year>2011</year></dates><publisher>Dun &amp; Bradstreet Australia &amp; New Zealand Pty Ltd</publisher><urls></urls></record></Cite></EndNote>(Company360 2011a). Westpac is also cited in Sydney, with 36,533 employees in total. They serve around 10 million customers through more than 1,400 branches, driving annual revenue of around $39,219 million, with a net profit of roughly $6,350 million for the financial year ending on 30 September 2010 ADDIN EN.CITE <EndNote><Cite><Author>Company360</Author><Year>2011</Year><RecNum>32</RecNum><DisplayText>(Company360 2011b)</DisplayText><record><rec-number>32</rec-number><foreign-keys><key app="EN" db-id="e2vfdvaf4rzr58erdsqv9txx0sresp05td0a">32</key></foreign-keys><ref-type name="Report">27</ref-type><contributors><authors><author>Company360</author></authors></contributors><titles><title>Westpac Banking Corporation</title></titles><dates><year>2011</year></dates><publisher>Dun &amp; Bradstreet Australia &amp; New Zealand Pty Ltd</publisher><urls><related-urls><url>http://www.company360.com.au/C360/Downloads/567e4b00-34c6-4565-ae64-b40aaf1091c4/CompanyReport_DUNS751016502.pdf</url></related-urls></urls></record></Cite></EndNote>(Company360 2011b). Both banks are very supportive of CSR, especially Westpac, as it even made CSR one of its strategic priorities and earned the recognition of being Australia’s most socially responsible company ADDIN EN.CITE <EndNote><Cite><Author>Westpac</Author><Year>2010</Year><RecNum>35</RecNum><Pages>3</Pages><DisplayText>(Westpac 2010, p. 3)</DisplayText><record><rec-number>35</rec-number><foreign-keys><key app="EN" db-id="e2vfdvaf4rzr58erdsqv9txx0sresp05td0a">35</key></foreign-keys><ref-type name="Report">27</ref-type><contributors><authors><author>Westpac</author></authors></contributors><titles><title>Annual Review and Sustainability Report 2010: Sustainability matters</title></titles><dates><year>2010</year></dates><urls></urls></record></Cite></EndNote>(Westpac 2010, p. 3). <br />The purpose of this report is to estimate the cost of CSR reporting incurred by major Australian banks and discuss the perceived implications CSR has on banking performance. This research is prepared for Telstra Corporation Limited. <br />2. Literature Review<br />2.1 CSR<br />Even though CSR is a widely recognized concept, there is no universally accepted definition of the term 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 ADDIN EN.CITE 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 ADDIN EN.CITE.DATA (Okoye 2009; Wan Saiful 2006). Some definitions describe CSR very generally. For example, according to McWilliams and Siegel ADDIN EN.CITE <EndNote><Cite ExcludeAuth="1"><Author>McWilliams</Author><Year>2001</Year><RecNum>20</RecNum><DisplayText>(2001)</DisplayText><record><rec-number>20</rec-number><foreign-keys><key app="EN" db-id="e2vfdvaf4rzr58erdsqv9txx0sresp05td0a">20</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>McWilliams, Abagail</author><author>Siegel, Donald</author></authors></contributors><titles><title>Corporate Social Responsibility: a theory of the firm perspective</title><secondary-title>Academy of Management Review</secondary-title></titles><periodical><full-title>Academy of Management Review</full-title></periodical><pages>117-127</pages><volume>26</volume><number>1</number><keywords><keyword>SOCIAL responsibility of business</keyword><keyword>SUPPLY &amp; demand</keyword><keyword>EQUILIBRIUM (Economics)</keyword><keyword>FINANCIAL performance</keyword><keyword>LABOR market</keyword><keyword>PROFIT maximization</keyword><keyword>DEMAND (Economic theory)</keyword><keyword>FINANCIAL management</keyword><keyword>PERSONNEL management</keyword><keyword>BUSINESS ethics</keyword><keyword>AGENCY theory</keyword><keyword>HYPOTHESIS</keyword></keywords><dates><year>2001</year></dates><publisher>Academy of Management</publisher><isbn>03637425</isbn><accession-num>4011987</accession-num><work-type>Article</work-type><urls><related-urls><url>http://search.ebscohost.com/login.aspx?direct=true&amp;db=buh&amp;AN=4011987&amp;site=ehost-live&amp;scope=site</url></related-urls></urls><remote-database-name>buh</remote-database-name><remote-database-provider>EBSCOhost</remote-database-provider></record></Cite></EndNote>(2001), CSR refers to the voluntary actions taken by firms that benefit society in a way that is beyond the interest of the firm and the requirements of the laws. Another definition refers to CSR as: “A commitment to improve community well-being through discretionary business practices and contribution of corporate resources” ADDIN EN.CITE <EndNote><Cite><Author>Philip</Author><Year>2005</Year><RecNum>21</RecNum><Pages>3</Pages><DisplayText>(Philip &amp; Nancy 2005, p. 3)</DisplayText><record><rec-number>21</rec-number><foreign-keys><key app="EN" db-id="e2vfdvaf4rzr58erdsqv9txx0sresp05td0a">21</key></foreign-keys><ref-type name="Book">6</ref-type><contributors><authors><author>Kotler Philip</author><author>Lee Nancy</author></authors></contributors><titles><title>Corporate social responsibility: doing the most good for your company and your cause</title></titles><dates><year>2005</year></dates><pub-location>Hoboken</pub-location><publisher>John Wiley &amp; Sons</publisher><urls></urls></record></Cite></EndNote>(Philip & Nancy 2005, p. 3). <br />On the other hand, some definitions focus on more specific aspects of CSR. According to Hond, Bakker and Neegaard ADDIN EN.CITE <EndNote><Cite ExcludeAuth="1"><Author>Hond</Author><Year>2007</Year><RecNum>22</RecNum><DisplayText>(2007)</DisplayText><record><rec-number>22</rec-number><foreign-keys><key app="EN" db-id="e2vfdvaf4rzr58erdsqv9txx0sresp05td0a">22</key></foreign-keys><ref-type name="Book">6</ref-type><contributors><authors><author>Frank den Hond</author><author>Frank G. A. de Bakker</author><author>Peter Neergaard</author></authors></contributors><titles><title>Managing corporate social responsibility in action: talking, doing and measuring </title></titles><dates><year>2007</year></dates><pub-location>Burlington</pub-location><publisher>Ashgate Publishing</publisher><urls></urls></record></Cite></EndNote>(2007), CSR has two major aspects: the moral and ethical aspect, and social and environmental aspect. This research paper focuses more on the social and environment aspect of CSR. According to the European Commission ADDIN EN.CITE <EndNote><Cite ExcludeAuth="1"><Author>EuropeanCommission</Author><Year>2010</Year><RecNum>23</RecNum><DisplayText>(2010)</DisplayText><record><rec-number>23</rec-number><foreign-keys><key app="EN" db-id="e2vfdvaf4rzr58erdsqv9txx0sresp05td0a">23</key></foreign-keys><ref-type name="Web Page">12</ref-type><contributors><authors><author>EuropeanCommission</author></authors></contributors><titles><title>Sustainable and responsible business: Corporate Social Responsibility</title></titles><volume>2011</volume><number>11th January</number><dates><year>2010</year></dates><urls><related-urls><url>http://ec.europa.eu/enterprise/policies/sustainable-business/corporate-social-responsibility/index_en.htm</url></related-urls></urls></record></Cite></EndNote>(2010), CSR refers to the social and environment concerns that businesses voluntarily integrate in their interactions with their stakeholders.<br />2.2 CSR Reports<br />There are a wide range of reports that companies use to report their CSR: triple bottom-line reporting, People, Planet and Profit reporting, National Greenhouse and Energy Reporting System (NGERS), Carbon Disclosure Project (CDP), Energy Efficiency Opportunities (EEO), Environment and Resource Efficiency Plans (EREP), etc. These reports can either be compulsory or voluntary, depending on the company’s industry background, size, and location, etc. ADDIN EN.CITE <EndNote><Cite><Author>Doig</Author><Year>2009</Year><RecNum>40</RecNum><DisplayText>(Doig 2009)</DisplayText><record><rec-number>40</rec-number><foreign-keys><key app="EN" db-id="e2vfdvaf4rzr58erdsqv9txx0sresp05td0a">40</key></foreign-keys><ref-type name="Personal Communication">26</ref-type><contributors><authors><author>Andrew Doig</author></authors><secondary-authors><author>Lisa Corbyn</author></secondary-authors></contributors><titles></titles><dates><year>2009</year><pub-dates><date>24th November</date></pub-dates></dates><urls></urls></record></Cite></EndNote>(Doig 2009). <br />2.3 CSR reporting in the Australian banking industry<br />
    • According the Australian Bankers’ Association ADDIN EN.CITE <EndNote><Cite ExcludeAuth="1"><Author>ABA</Author><Year>2006</Year><RecNum>27</RecNum><DisplayText>(2006)</DisplayText><record><rec-number>27</rec-number><foreign-keys><key app="EN" db-id="e2vfdvaf4rzr58erdsqv9txx0sresp05td0a">27</key></foreign-keys><ref-type name="Report">27</ref-type><contributors><authors><author>ABA</author></authors></contributors><titles><title>CAMAC discussion paper: corporate social responsibility</title></titles><dates><year>2006</year></dates><urls></urls></record></Cite></EndNote>(2006), the Australian banking industry is one of the leading industries in the area of CSR not only in Australia but also internationally. Many banks have recognized very early that they have responsibilities towards not only shareholders but also to a broad range of stakeholders. It is because while the effect Australian banks have on the environment may not be very significant compared to other industries like mining or construction, their influence on Australian social aspect is substantial ADDIN EN.CITE <EndNote><Cite><Author>ABA</Author><Year>2006</Year><RecNum>27</RecNum><DisplayText>(ABA 2006)</DisplayText><record><rec-number>27</rec-number><foreign-keys><key app="EN" db-id="e2vfdvaf4rzr58erdsqv9txx0sresp05td0a">27</key></foreign-keys><ref-type name="Report">27</ref-type><contributors><authors><author>ABA</author></authors></contributors><titles><title>CAMAC discussion paper: corporate social responsibility</title></titles><dates><year>2006</year></dates><urls></urls></record></Cite></EndNote>(ABA 2006).
    • 2. While some components of CSR reporting are compulsory for some industries in Australia, given the initiatives taken by Australian banks in CSR reporting, they are currently not subject to any mandatory requirements ADDIN EN.CITE <EndNote><Cite><Author>ABA</Author><Year>2006</Year><RecNum>27</RecNum><DisplayText>(ABA 2006)</DisplayText><record><rec-number>27</rec-number><foreign-keys><key app="EN" db-id="e2vfdvaf4rzr58erdsqv9txx0sresp05td0a">27</key></foreign-keys><ref-type name="Report">27</ref-type><contributors><authors><author>ABA</author></authors></contributors><titles><title>CAMAC discussion paper: corporate social responsibility</title></titles><dates><year>2006</year></dates><urls></urls></record></Cite></EndNote>(ABA 2006). They are, however, under the governance of Corporation Act and ASX Listing Rules. Under the ASX Listing Rule 3.1, companies are required to disclose any information that can be reasonably expected to have material effect on the company share price ADDIN EN.CITE <EndNote><Cite><Author>ASX</Author><Year>2005</Year><RecNum>28</RecNum><DisplayText>(ASX 2005)</DisplayText><record><rec-number>28</rec-number><foreign-keys><key app="EN" db-id="e2vfdvaf4rzr58erdsqv9txx0sresp05td0a">28</key></foreign-keys><ref-type name="Web Page">12</ref-type><contributors><authors><author>ASX</author></authors></contributors><titles><title>Continuous Disclosure: Listing Rule 3.1</title></titles><volume>2011</volume><number>11th January </number><dates><year>2005</year></dates><urls><related-urls><url>http://www.asx.com.au/ListingRules/guidance/gn08_continuous_disclosure.pdf</url></related-urls></urls></record></Cite></EndNote>(ASX 2005). According to the Australian Bankers’ Association ADDIN EN.CITE <EndNote><Cite ExcludeAuth="1"><Author>ABA</Author><Year>2006</Year><RecNum>27</RecNum><DisplayText>(2006)</DisplayText><record><rec-number>27</rec-number><foreign-keys><key app="EN" db-id="e2vfdvaf4rzr58erdsqv9txx0sresp05td0a">27</key></foreign-keys><ref-type name="Report">27</ref-type><contributors><authors><author>ABA</author></authors></contributors><titles><title>CAMAC discussion paper: corporate social responsibility</title></titles><dates><year>2006</year></dates><urls></urls></record></Cite></EndNote>(2006), this requirement is likely to cover significant information regarding to the social and environmental aspects of the company operations.
    • 3. Thus, as Australian banks fulfill the requirements under the above regulators, they can make their own decision about which aspect of CSR they want to report on. On the bright side, this empowers Australian banks with the right and responsibilities to focus on what matters to their stakeholders the most ADDIN EN.CITE <EndNote><Cite><Author>Sweeney</Author><Year>2008</Year><RecNum>16</RecNum><DisplayText>(Sweeney &amp; Coughlan 2008)</DisplayText><record><rec-number>16</rec-number><foreign-keys><key app="EN" db-id="e2vfdvaf4rzr58erdsqv9txx0sresp05td0a">16</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Sweeney, Lorraine</author><author>Coughlan, Joseph</author></authors></contributors><titles><title>Do different industries report Corporate Social Responsibility differently? An investigation through the lens of stakeholder theory</title><secondary-title>Journal of Marketing Communications</secondary-title></titles><periodical><full-title>Journal of Marketing Communications</full-title></periodical><pages>113-124</pages><volume>14</volume><number>2</number><keywords><keyword>SOCIAL responsibility of business</keyword><keyword>INDUSTRIES -- Social aspects</keyword><keyword>INDUSTRIAL sociology</keyword><keyword>CORPORATE culture</keyword><keyword>SOCIAL impact</keyword><keyword>ISSUES management</keyword><keyword>INDUSTRIAL management</keyword><keyword>MARKETING strategy</keyword><keyword>STRATEGIC planning</keyword><keyword>SOCIAL action</keyword><keyword>annual reports</keyword><keyword>Corporate Social Responsibility</keyword><keyword>stakeholder theory</keyword></keywords><dates><year>2008</year></dates><publisher>Routledge</publisher><isbn>13527266</isbn><accession-num>31334358</accession-num><work-type>Article</work-type><urls><related-urls><url>http://search.ebscohost.com/login.aspx?direct=true&amp;db=buh&amp;AN=31334358&amp;site=ehost-live&amp;scope=site</url></related-urls></urls><electronic-resource-num>10.1080/13527260701856657</electronic-resource-num><remote-database-name>buh</remote-database-name><remote-database-provider>EBSCOhost</remote-database-provider></record></Cite></EndNote>(Sweeney & Coughlan 2008). On the other hand, this leads to confusion and waste of resources as some of the CSR reports companies use have some overlap and duplicate areas, which could have been avoided with a clearer guideline of what companies are expected to report on ADDIN EN.CITE <EndNote><Cite><Author>Doig</Author><Year>2009</Year><RecNum>40</RecNum><DisplayText>(Doig 2009)</DisplayText><record><rec-number>40</rec-number><foreign-keys><key app="EN" db-id="e2vfdvaf4rzr58erdsqv9txx0sresp05td0a">40</key></foreign-keys><ref-type name="Personal Communication">26</ref-type><contributors><authors><author>Andrew Doig</author></authors><secondary-authors><author>Lisa Corbyn</author></secondary-authors></contributors><titles></titles><dates><year>2009</year><pub-dates><date>24th November</date></pub-dates></dates><urls></urls></record></Cite></EndNote>(Doig 2009).
    • 4. 2.4 Cost of preparing CSR Report
    • 5. There is very limited research done of the actual cost of preparing CSR reports. Given that CSR is a “context dependent concept” ADDIN EN.CITE <EndNote><Cite><Author>Wan Saiful</Author><Year>2006</Year><RecNum>18</RecNum><Pages>182</Pages><DisplayText>(Wan Saiful 2006, p. 182)</DisplayText><record><rec-number>18</rec-number><foreign-keys><key app="EN" db-id="e2vfdvaf4rzr58erdsqv9txx0sresp05td0a">18</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Wan Saiful, Wan-Jan</author></authors></contributors><titles><title>Defining corporate social responsibility</title><secondary-title>Journal of Public Affairs</secondary-title></titles><periodical><full-title>Journal of Public Affairs</full-title></periodical><pages>176-184</pages><volume>6</volume><number>3/4</number><keywords><keyword>SOCIAL responsibility of business</keyword><keyword>STRATEGIC planning</keyword><keyword>BUSINESS planning</keyword><keyword>BUSINESS ethics</keyword><keyword>BUSINESS</keyword></keywords><dates><year>2006</year></dates><publisher>John Wiley &amp; Sons, Inc.</publisher><isbn>14723891</isbn><accession-num>23453087</accession-num><work-type>Article</work-type><urls><related-urls><url>http://search.ebscohost.com/login.aspx?direct=true&amp;db=buh&amp;AN=23453087&amp;site=ehost-live&amp;scope=site</url></related-urls></urls><electronic-resource-num>10.1002/pa.227</electronic-resource-num><remote-database-name>buh</remote-database-name><remote-database-provider>EBSCOhost</remote-database-provider></record></Cite></EndNote>(Wan Saiful 2006, p. 182), it is very hard to determine the actual measures of CSR. According to Rowan Barber ADDIN EN.CITE <EndNote><Cite ExcludeAuth="1"><Author>Barber</Author><Year>2010</Year><RecNum>39</RecNum><DisplayText>(2010)</DisplayText><record><rec-number>39</rec-number><foreign-keys><key app="EN" db-id="e2vfdvaf4rzr58erdsqv9txx0sresp05td0a">39</key></foreign-keys><ref-type name="Personal Communication">26</ref-type><contributors><authors><author>Rowan Barber</author></authors><secondary-authors><author>Fiona Norrie</author></secondary-authors></contributors><auth-address>rowan@asbg.net.au</auth-address><titles></titles><dates><year>2010</year><pub-dates><date>18th May</date></pub-dates></dates><urls></urls></record></Cite></EndNote>(2010), some main costs related to CSR reporting are: notification cost, education cost, permission cost, administrative cost, record keeping cost, enforcement cost, and publication cost.
    2.5 Impact of CSR on company performance<br />Similar to CSR’s definition, there is no universally accepted view on the impact CSR has on the company performance. Many believe that CSR has positive influence on company performance. In particular, they argue that companies who are socially responsible are likely to be financially successful 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 ADDIN EN.CITE 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 ADDIN EN.CITE.DATA (Kanji & Chopra 2010; Mackey, Mackey & Barney 2007). Not only does CSR help improve organizations’ profit, it also helps improve company reputation ADDIN EN.CITE <EndNote><Cite><Author>Mattila</Author><Year>2010</Year><RecNum>7</RecNum><DisplayText>(Mattila, Hanks &amp; Kim 2010)</DisplayText><record><rec-number>7</rec-number><foreign-keys><key app="EN" db-id="e2vfdvaf4rzr58erdsqv9txx0sresp05td0a">7</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Mattila, Anna S.</author><author>Hanks, Lydia</author><author>Kim, Ellen Eun Kyoo</author></authors></contributors><titles><title>The impact of company type and corporate social responsibility messaging on consumer perceptions</title><secondary-title>Journal of Financial Services Marketing</secondary-title></titles><periodical><full-title>Journal of Financial Services Marketing</full-title></periodical><pages>126-135</pages><volume>15</volume><number>2</number><keywords><keyword>SOCIAL responsibility of business</keyword><keyword>CUSTOMER relations -- Management</keyword><keyword>CUSTOMER services</keyword><keyword>MANAGEMENT</keyword><keyword>MORTGAGE banks</keyword><keyword>FINANCIAL services industry</keyword><keyword>ADVERTISING</keyword><keyword>FINANCIAL institutions</keyword><keyword>advertisement</keyword><keyword>corporate social responsibility</keyword><keyword>distrust</keyword><keyword>financial services</keyword><keyword>mortgage</keyword></keywords><dates><year>2010</year></dates><publisher>Palgrave Macmillan Ltd.</publisher><isbn>13630539</isbn><accession-num>53412303</accession-num><work-type>Article</work-type><urls><related-urls><url>http://search.ebscohost.com/login.aspx?direct=true&amp;db=buh&amp;AN=53412303&amp;site=ehost-live&amp;scope=site</url></related-urls></urls><electronic-resource-num>10.1057/fsm.2010.10</electronic-resource-num><remote-database-name>buh</remote-database-name><remote-database-provider>EBSCOhost</remote-database-provider></record></Cite></EndNote>(Mattila, Hanks & Kim 2010), market value ADDIN EN.CITE <EndNote><Cite><Author>Mackey</Author><Year>2007</Year><RecNum>6</RecNum><DisplayText>(Mackey, Mackey &amp; Barney 2007)</DisplayText><record><rec-number>6</rec-number><foreign-keys><key app="EN" db-id="e2vfdvaf4rzr58erdsqv9txx0sresp05td0a">6</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Mackey, Alison</author><author>Mackey, Tyson B.</author><author>Barney, Jay B.</author></authors></contributors><titles><title>Corporate Social Responsibility and Firm Performance: investor perferences and corporate strategies</title><secondary-title>Academy of Management Review</secondary-title></titles><periodical><full-title>Academy of Management Review</full-title></periodical><pages>817-835</pages><volume>32</volume><number>3</number><keywords><keyword>SOCIAL responsibility of business</keyword><keyword>BUSINESS ethics</keyword><keyword>CORPORATIONS -- Finance</keyword><keyword>CORPORATE profits</keyword><keyword>INDUSTRIES -- Social aspects</keyword><keyword>SOCIAL accounting</keyword><keyword>SOCIAL responsibility</keyword><keyword>CHARITY -- Social aspects</keyword></keywords><dates><year>2007</year></dates><publisher>Academy of Management</publisher><isbn>03637425</isbn><accession-num>25275676</accession-num><work-type>Article</work-type><urls><related-urls><url>http://search.ebscohost.com/login.aspx?direct=true&amp;db=buh&amp;AN=25275676&amp;site=ehost-live&amp;scope=site</url></related-urls></urls><remote-database-name>buh</remote-database-name><remote-database-provider>EBSCOhost</remote-database-provider></record></Cite></EndNote>(Mackey, Mackey & Barney 2007), employee commitment ADDIN EN.CITE <EndNote><Cite><Author>Brammer</Author><Year>2007</Year><RecNum>9</RecNum><DisplayText>(Brammer, Millington &amp; Rayton 2007)</DisplayText><record><rec-number>9</rec-number><foreign-keys><key app="EN" db-id="e2vfdvaf4rzr58erdsqv9txx0sresp05td0a">9</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Brammer, Stephen</author><author>Millington, Andrew</author><author>Rayton, Bruce</author></authors></contributors><titles><title>The contribution of corporate social responsibility to organizational commitment</title><secondary-title>International Journal of Human Resource Management</secondary-title></titles><periodical><full-title>International Journal of Human Resource Management</full-title></periodical><pages>1701-1719</pages><volume>18</volume><number>10</number><keywords><keyword>ORGANIZATIONAL commitment</keyword><keyword>SOCIAL responsibility of business</keyword><keyword>JOB satisfaction</keyword><keyword>BANKS &amp; banking</keyword><keyword>GROUP identity</keyword><keyword>banking</keyword><keyword>corporate social responsibility</keyword><keyword>gender</keyword><keyword>justice</keyword><keyword>training</keyword></keywords><dates><year>2007</year></dates><publisher>Routledge</publisher><isbn>09585192</isbn><accession-num>27176302</accession-num><work-type>Article</work-type><urls><related-urls><url>http://search.ebscohost.com/login.aspx?direct=true&amp;db=buh&amp;AN=27176302&amp;site=ehost-live&amp;scope=site</url></related-urls></urls><electronic-resource-num>10.1080/09585190701570866</electronic-resource-num><remote-database-name>buh</remote-database-name><remote-database-provider>EBSCOhost</remote-database-provider></record></Cite></EndNote>(Brammer, Millington & Rayton 2007), and customer loyalty ADDIN EN.CITE <EndNote><Cite><Author>Maignan</Author><Year>2001</Year><RecNum>29</RecNum><DisplayText>(Maignan &amp; Ferrell 2001)</DisplayText><record><rec-number>29</rec-number><foreign-keys><key app="EN" db-id="e2vfdvaf4rzr58erdsqv9txx0sresp05td0a">29</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Isabelle Maignan</author><author>O. C. Ferrell</author></authors></contributors><titles><title>Corporate citizenship as a marketing instrument - Concepts, evidence and research directions</title><secondary-title>European Journal of Marketing</secondary-title></titles><periodical><full-title>European Journal of Marketing</full-title></periodical><pages>457-484</pages><volume>35</volume><number>3/4</number><keywords><keyword>SOCIAL responsibility of business</keyword><keyword>SOCIAL marketing</keyword><keyword>SOCIAL service</keyword><keyword>BUSINESS ethics</keyword></keywords><dates><year>2001</year></dates><isbn>03090566</isbn><accession-num>5475807</accession-num><work-type>Article</work-type><urls><related-urls><url>http://search.ebscohost.com/login.aspx?direct=true&amp;db=buh&amp;AN=5475807&amp;site=ehost-live&amp;scope=site</url></related-urls></urls><remote-database-name>buh</remote-database-name><remote-database-provider>EBSCOhost</remote-database-provider></record></Cite></EndNote>(Maignan & Ferrell 2001), etc. While this impact may not be immediate, it may have significant effect on the long term. On the other hand, some believe that engaging in CSR is very costly ADDIN EN.CITE <EndNote><Cite><Author>Scholtens</Author><Year>2009</Year><RecNum>30</RecNum><DisplayText>(Scholtens 2009)</DisplayText><record><rec-number>30</rec-number><foreign-keys><key app="EN" db-id="e2vfdvaf4rzr58erdsqv9txx0sresp05td0a">30</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Scholtens, Bert</author></authors></contributors><titles><title>Corporate Social Responsibility in the International Banking Industry</title><secondary-title>Journal of Business Ethics</secondary-title></titles><periodical><full-title>Journal of Business Ethics</full-title></periodical><pages>159-175</pages><volume>86</volume><number>2</number><keywords><keyword>SOCIAL responsibility of business</keyword><keyword>BANKS &amp; banking, International</keyword><keyword>BANKS &amp; banking -- Ratings &amp; rankings</keyword><keyword>BUSINESS ethics</keyword><keyword>STAKEHOLDERS</keyword><keyword>PERFORMANCE</keyword><keyword>Banking Industry</keyword><keyword>Corporate Social Responsibility</keyword></keywords><dates><year>2009</year></dates><isbn>01674544</isbn><accession-num>37321608</accession-num><work-type>Article</work-type><urls><related-urls><url>http://search.ebscohost.com/login.aspx?direct=true&amp;db=buh&amp;AN=37321608&amp;site=ehost-live&amp;scope=site</url></related-urls></urls><electronic-resource-num>10.1007/s10551-008-9841-x</electronic-resource-num><remote-database-name>buh</remote-database-name><remote-database-provider>EBSCOhost</remote-database-provider></record></Cite></EndNote>(Scholtens 2009); and that there is no correlation or negative correlation between CSR and company performance 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 ADDIN EN.CITE 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 ADDIN EN.CITE.DATA (McWilliams & Siegel 2001; Surroca, Tribó & Waddock 2010). <br />
    • In the Australian banking industry, a recent research done by the Australian Centre of Corporate Social Responsibility ADDIN EN.CITE <EndNote><Cite><Author>Black</Author><Year>2011</Year><RecNum>25</RecNum><DisplayText>(Black et al. 2011a)</DisplayText><record><rec-number>25</rec-number><foreign-keys><key app="EN" db-id="e2vfdvaf4rzr58erdsqv9txx0sresp05td0a">25</key></foreign-keys><ref-type name="Report">27</ref-type><contributors><authors><author>Leeora Black</author><author>Magalie Marais</author><author>Jackie Allender</author><author>Rick Lambell</author><author>Natasha Malinda</author><author>Tom Sweeney</author><author>Sara Bice</author></authors></contributors><titles><title>The state of CSR in Australia: Annual Review 2010/2011 - Industry Snapshot </title></titles><dates><year>2011</year></dates><publisher>Australian Centre for Corporate Social Responsibility</publisher><urls></urls></record></Cite></EndNote>(Black et al. 2011a) has found that the financial sector has one of the highest CSR budget compared to other industries, and spending on environment management is expected to increase significantly in 2010/2011 ADDIN EN.CITE <EndNote><Cite><Author>Black</Author><Year>2011</Year><RecNum>24</RecNum><DisplayText>(Black et al. 2011b)</DisplayText><record><rec-number>24</rec-number><foreign-keys><key app="EN" db-id="e2vfdvaf4rzr58erdsqv9txx0sresp05td0a">24</key></foreign-keys><ref-type name="Report">27</ref-type><contributors><authors><author>Leeora Black</author><author>Magalie Marais</author><author>Jackie Allender</author><author>Rick Lambell</author><author>Natasha Malinda</author><author>Tom Sweeney</author><author>Sara Bice</author></authors></contributors><titles><title>The state of CSR in Australia: Annual Review 2010/2011 - Summary Report</title></titles><dates><year>2011</year></dates><publisher>Australian Centre for Corporate Social Responsibility</publisher><urls></urls></record></Cite></EndNote>(Black et al. 2011b). While Australian banks are spending a substantial amount on CSR, Pomering and Dolnicar ADDIN EN.CITE <EndNote><Cite ExcludeAuth="1"><Author>Pomering</Author><Year>2009</Year><RecNum>13</RecNum><DisplayText>(2009)</DisplayText><record><rec-number>13</rec-number><foreign-keys><key app="EN" db-id="e2vfdvaf4rzr58erdsqv9txx0sresp05td0a">13</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Pomering, Alan</author><author>Dolnicar, Sara</author></authors></contributors><titles><title>Assessing the Prerequisite of Successful CSR Implementation: Are Consumers Aware of CSR Initiatives?</title><secondary-title>Journal of Business Ethics</secondary-title></titles><periodical><full-title>Journal of Business Ethics</full-title></periodical><pages>285-301</pages><volume>85</volume><keywords><keyword>SOCIAL responsibility of business</keyword><keyword>CONSUMERS</keyword><keyword>BANKS &amp; banking</keyword><keyword>MANAGEMENT science</keyword><keyword>SOCIAL marketing</keyword><keyword>AUSTRALIA</keyword><keyword>banks</keyword><keyword>communication</keyword><keyword>consumer awareness</keyword><keyword>corporate social responsibility</keyword></keywords><dates><year>2009</year></dates><isbn>01674544</isbn><accession-num>37143252</accession-num><work-type>Article</work-type><urls><related-urls><url>http://search.ebscohost.com/login.aspx?direct=true&amp;db=buh&amp;AN=37143252&amp;site=ehost-live&amp;scope=site</url></related-urls></urls><electronic-resource-num>10.1007/s10551-008-9729-9</electronic-resource-num><remote-database-name>buh</remote-database-name><remote-database-provider>EBSCOhost</remote-database-provider></record></Cite></EndNote>(2009) found that Australian consumers have low awareness of banks’ engagement in CSR, and suggested firms to better communicate their CSR effort to consumers to gain consumers’ support and loyalty.
    • 6. Overall, there have been many studies done on the CSR topic about its importance and its effects on organizations. However, research on the actual cost of doing CSR is very limited. The paper aims at finding out the costs of CSR reporting and their links to company performance. In particular, it aims at answering the research questions: what are the actual costs of CSR reporting in the Australian banking industry and what are the perceived effects of CSR reporting on banks’ performance?
    3. Methodology <br />The purpose of this paper is to identify answers for the questions: what are the actual costs related to CSR reporting that Macquarie and Westpac incur, and what are the perceived implications of these costs on the company performance? This research paper uses the positivist paradigm with linear-recursive reasoning structure. According to Hallebone and Priest ADDIN EN.CITE <EndNote><Cite ExcludeAuth="1"><Author>Hallebone</Author><Year>2009</Year><RecNum>31</RecNum><Pages>186</Pages><DisplayText>(2009, p. 186)</DisplayText><record><rec-number>31</rec-number><foreign-keys><key app="EN" db-id="e2vfdvaf4rzr58erdsqv9txx0sresp05td0a">31</key></foreign-keys><ref-type name="Book">6</ref-type><contributors><authors><author>Erica Hallebone</author><author>Jan Priest</author></authors></contributors><titles><title>Business &amp; Management Research: Paradigms &amp; Practices</title></titles><dates><year>2009</year></dates><pub-location>Basingstoke, UK</pub-location><publisher>Palgrave Macmillan</publisher><urls></urls></record></Cite></EndNote>(2009, p. 186), the positivist paradigm is the research paradigm that “epistemologically accesses an external, observable social reality via the human senses. Its scientific method is structured, enabling replication, with aims of producing generalizations”. The logic of inquiry used in the research paper is a combination of induction and deduction (Hallebone and Priest 2009, p.183). In particular, using the data collected, it generalized the characteristics of companies according to their company size, and applied those general characteristics to it Macquarie and Westpac to predict their characteristics. <br /> <br />The paper is based mainly on primary data collected from an online survey, as well as academic literature on CSR and company reports. To collect primary data, a questionnaire was built. The questionnaire consisted of 11 questions inquiring about both quantitative and qualitative aspects of CSR. Quantitative data covered areas such as company size, total hours invested in preparing CSR reports by staff level, staff level salary, and additional expenses incurred in preparing CSR reports. On the other hand, qualitative data covered areas such as industry background, name of major CSR reports, and extra financial benefits received in preparing CSR reports. The questionnaire is included in Appendix 3. <br />3.1 Research ethics<br />This research paper was completed in an ethical manner. Consent for primary data generation was acquired by the report client from Telstra Corporation. The paper reports research data and literary information in a valid manner.<br />3.2 Procedure and time frame<br />The questionnaire was constructed on Saturday December 4th 2010, and was available online from December 4th 2010 to January 5th 2011. All responses were collected to analyze on January 6th 2011. <br />3.3 Analysis plan <br />There were 24 responses to the online questionnaire sent to a population of 50 members of the Australian Sustainable Business Group. Out of the 24 responses collected, this paper analyzes the result from 20 responses only. It is because the research paper focuses on ASX200 while 4 of the responses came from small size companies, which are not likely to be in the ASX200. <br />The remaining 20 responses were divided into two groups depending on their size: 1,000-10,000 fulltime equivalent employees and 10,000-50,000 fulltime equivalent employees. Data analyzed was divided into quantitative and qualitative data. In terms of quantitative data, actual costs of preparing CSR reports were calculated by adding salary expense and other expenses. As these expenses vary across companies, an average was calculated. In terms of qualitative data, it was analyzed mainly by using mode method, and/or by calculating the percentage of the repeated responses compared to the total responses.<br />3.4 Validity and reliability <br />The questionnaire was the result of several discussions among a group of 15 MBA students under the supervision of one teacher. The questions were chosen from a range of popular questions under the same topic, re-worded, typed and sent to Dr. Turlough. Dr. Turlough then re-assessed the content and the validity of the questions, adjusted it and sent it to the Australian Sustainable Business Group in Sydney and Melbourne. The participants were senior managers from large organizations, who were very interested in finding out the results of the survey. The survey response rate was 48%. <br />3.5 Assumptions <br />A number of assumptions were made in analyzing the primary data collected. First, it was assumed that all respondents answered the survey truthfully and their answers reflected what actually happened in the companies. Secondly, it was assumed that the sample collected represented the population of the ASX200 companies. In addition, a number of assumptions were made to calculate the actual costs of CSR reporting. These assumptions will be mentioned at the appropriate section. <br />3.6 Limitations <br />There were a number of limitations that hindered the efficiency and effectiveness of the data analysis as well as the usefulness of the result. Firstly, there was a major change in the direction of the research paper, which shifted the focus from secondary data to primary data. As the process of collecting primary data was time-consuming, the time available to analyze primary data and prepare the research paper was shortened. Secondly, although the responses collected came from a wide range of industry backgrounds, none of them came from the banking industry, which is the industry this research paper focuses on. As a result, it may not reflect the actual costs incurred by the banking industry. And finally, information about the actual costs Macquarie and Westpac spent in preparing CSR reports are not readily available. Thus, the costs were estimated, which may be significantly different from the actual costs.<br /> <br />4. Results <br />After careful analysis of the data collected from the questionnaire, a number of significant findings were established.<br />4.1 Types of CSR reports used<br />According to our research, companies used a wide range of reports to communicate their CSR commitment. While some of these reports may be compulsory, many are voluntary.<br />Figure 1: Popular CSR Reports<br />Figure 1 shows the six most popular CSR reports used by companies in the sample population. The most widely used environment report was NGER (79%), followed by environment section of annual report, board reporting, and legal environmental requirements, each with 75%. Triple bottom line and EEO reports were also very popular among the chose companies with 63% each. <br />Both Macquarie and Westpac used an annual report as a means of reporting their CSR. In particular, Macquarie had Sustainability and Risk Management sections within their annual report ADDIN EN.CITE <EndNote><Cite><Author>Macquarie</Author><Year>2010</Year><RecNum>34</RecNum><Pages>42-61</Pages><DisplayText>(Macquarie 2010, pp. 42-61)</DisplayText><record><rec-number>34</rec-number><foreign-keys><key app="EN" db-id="e2vfdvaf4rzr58erdsqv9txx0sresp05td0a">34</key></foreign-keys><ref-type name="Report">27</ref-type><contributors><authors><author>Macquarie</author></authors></contributors><titles><title>Macquarie Group 2010 Annual Report</title></titles><dates><year>2010</year></dates><urls></urls></record></Cite></EndNote>(Macquarie 2010, pp. 42-61), while Westpac had a separate Sustainability Report ADDIN EN.CITE <EndNote><Cite><Author>Westpac</Author><Year>2010</Year><RecNum>35</RecNum><DisplayText>(Westpac 2010)</DisplayText><record><rec-number>35</rec-number><foreign-keys><key app="EN" db-id="e2vfdvaf4rzr58erdsqv9txx0sresp05td0a">35</key></foreign-keys><ref-type name="Report">27</ref-type><contributors><authors><author>Westpac</author></authors></contributors><titles><title>Annual Review and Sustainability Report 2010: Sustainability matters</title></titles><dates><year>2010</year></dates><urls></urls></record></Cite></EndNote>(Westpac 2010). Compared to Macquarie, Westpac’s report on Sustainability was a lot more comprehensive. In addition, both Macquarie and Westpac prepared Carbon Disclosure Project (CDP) report ADDIN EN.CITE <EndNote><Cite><Author>CDP</Author><Year>2010</Year><RecNum>36</RecNum><DisplayText>(CDP 2010a, 2010b)</DisplayText><record><rec-number>36</rec-number><foreign-keys><key app="EN" db-id="e2vfdvaf4rzr58erdsqv9txx0sresp05td0a">36</key></foreign-keys><ref-type name="Web Page">12</ref-type><contributors><authors><author>CDP</author></authors></contributors><titles><title>CDP 2010 Information Request: The Westpac Group </title></titles><volume>2011</volume><number>11th January</number><dates><year>2010</year></dates><urls><related-urls><url>https://www.cdproject.net/Sites/2010/51/19051/Investor%20CDP%202010/Pages/DisclosureView.aspx</url></related-urls></urls></record></Cite><Cite><Author>CDP</Author><Year>2010</Year><RecNum>38</RecNum><record><rec-number>38</rec-number><foreign-keys><key app="EN" db-id="e2vfdvaf4rzr58erdsqv9txx0sresp05td0a">38</key></foreign-keys><ref-type name="Web Page">12</ref-type><contributors><authors><author>CDP</author></authors></contributors><titles><title>CDP 2010 Information Request: Macquarie Group Limited</title></titles><volume>2011</volume><number>11th January</number><dates><year>2010</year></dates><urls><related-urls><url>https://www.cdproject.net/Sites/2010/38/21438/Investor%20CDP%202010/Pages/DisclosureView.aspx</url></related-urls></urls></record></Cite></EndNote>(CDP 2010a, 2010b) and National Greenhouse and Energy Report (NGER) ADDIN EN.CITE <EndNote><Cite><Author>CDP</Author><Year>2010</Year><RecNum>37</RecNum><DisplayText>(CDP 2010c; GEDO 2010)</DisplayText><record><rec-number>37</rec-number><foreign-keys><key app="EN" db-id="e2vfdvaf4rzr58erdsqv9txx0sresp05td0a">37</key></foreign-keys><ref-type name="Web Page">12</ref-type><contributors><authors><author>CDP</author></authors></contributors><titles><title>National Greenhouse and Energy Report: Westpac Banking Corporation</title></titles><volume>2011</volume><number>11th January</number><dates><year>2010</year></dates><urls><related-urls><url>https://www.cdproject.net/Sites/2010/51/19051/Investor%20CDP%202010/Shared%20Documents/Attachments/InvestorCDP2010/RisksOpportunities-RegulatoryRisks/NGER%20Annual%20Report%202009GC_%20091023[1].pdf</url></related-urls></urls></record></Cite><Cite><Author>GEDO</Author><Year>2010</Year><RecNum>41</RecNum><record><rec-number>41</rec-number><foreign-keys><key app="EN" db-id="e2vfdvaf4rzr58erdsqv9txx0sresp05td0a">41</key></foreign-keys><ref-type name="Web Page">12</ref-type><contributors><authors><author>GEDO</author></authors></contributors><titles><title>Publication of data under section 24 of the National Greenhouse and Energy Reporting Act 2007</title></titles><volume>2011</volume><number>11th January</number><dates><year>2010</year></dates><publisher>Department of Climate Change and Energy Efficiency</publisher><urls><related-urls><url>http://www.climatechange.gov.au/government/initiatives/national-greenhouse-energy-reporting/~/media/publications/greenhouse-report/NGER-data-pdf.ashx</url></related-urls></urls></record></Cite></EndNote>(CDP 2010c; GEDO 2010). In these reports, Macquarie and Westpac measured and disclosed their greenhouse gas emissions and climate change strategies. Once again, the information provided by Westpac in the CDP report and NGER was much more comprehensive than Macquarie’s. <br />4.2 Hours spent on CSR reporting <br />Our research shows that the number of hours spent on CSR varies according to company size and company background. The industry spent most time reporting CSR is manufacturing. On average, manufacturing companies spent 5,400 hours p.a. on CSR. On the other hand, the industry spent the least time reporting is consulting services with just 80 hours p.a. This huge difference may be the result of different legal requirement; different effects the company operations have on environment, or different attitude towards protecting the environment, etc. <br />4.3 Allocation of human resource on CSR reporting<br />According to our research, the allocation of human resource on CSR reporting varied slightly between the 1,000-10,000 employee group and the 10,000-50,000 employee group (Appendix 1). However, as the variation was insignificant, this paper looks at the average allocation of human resource between the two groups.<br />Figure 2: Estimated time allocation on CSR reporting<br />Figure 2 shows the estimated time allocation on CSR reporting for the entire sample population. As can be seen, staff/specialists are the most heavily involved in the preparation of CSR report (53%), followed by Middle/Senior Managers (26%). This indicates that the majority of the preparation for CSR reports is done by staff and middle/senior managers (79%). Contractors/Vendor/Suppliers are quite involved in the process of preparing CSR (15%) while Directors/Executives are the least involved in CSR reporting (6%). <br />While the time spent by contractors/vendor/suppliers represented only 15% of the total time spent on CSR reporting, a significant number of companies were involving them in the CSR reporting process. According to our research, 83% of companies in the 10,000-50,000 employee group used contractors/vendor/suppliers in preparing CSR reports; while 77% of companies in the 1,000-10,000 employee group used contractors/vendor/suppliers in preparing CSR reports. This rate was quite high. One of the reasons that may encourage companies to hire contractors in preparing CSR reports is company size. As contractors are often specialized in their job, it might be easier and cheaper for the companies to hire contractors to deal with CSR reporting, with the support from company employees. On the other hand, companies may involve vendor/suppliers due to the interrelated relationship between the company and its vendor/suppliers in preparing the CSR report. <br />4.4 Total Expense<br />Total expense is the sum of salary expense, overhead costs, professional development, production and marketing, external consultants, and other expenses.<br />Figure 3: Components of total expense<br />Figure 3 shows the components of total expense for the two groups. Details on the actual cost of each component are listed in Appendix 2. As can be seen, the distribution of costs was different between two groups. This shows the diversity in how much companies spent on each category. There was no “rule” on what to spend or how much to spend. Companies spent on what they found necessary. <br /> Figure 4 shows the total expense for the two groups. According to our research, companies having 1,000-10,000 fulltime equivalent employees spent an average of $1,019,779 p.a. on CSR reporting. A third of this total went to wages payment ($312,795) while the other one-third went to other expenses like software development and licensing, support and training, and travelling, etc. The remaining one-third was divided among production and marketing, external consultants, overhead costs and professional development. <br />Figure 4: Total expense<br />On the other hand, companies having 10,000-50,000 fulltime equivalent employees spent an average of $777,380 p.a. on CSR reporting. More than half of this total expense ($400,000) was to external consultants for services like legal advice, auditing or verification. The second major expense group was wages expense ($207,630). The remaining expenses went to overhead costs, professional development, and production and marketing. <br />As there was very limited information on how much Macquarie and Westpac spent on CSR reporting, the costs incurred needed to be estimated. As both Macquarie and Westpac fell into the 10,000-50,000 employee group, and on the assumption that they did not incur any material additional expenses, they were expected to spend roughly $777,380 p.a. on CSR reporting. However, as Westpac was much larger in size and more committed to CSR, Westpac was expected to incur higher costs than Macquarie. <br />4.5 Perceived benefits of CSR reporting<br />From our research, it can be seen that the costs of CSR reporting were not small. However, the majority of the ASX200 still chose to report CSR due to the perceived extra benefits that they can gain such as enhanced reputation, open new market opportunities, reduce risk, gain support from stakeholders, especially from external customers and internal employees. <br />5. Discussion<br />5.1 CSR reporting<br />As discussed in the literature review section, the fact that there is no compulsory requirement in the banking industry may make it a little confusing for companies as they do not know what they should follow. In addition, as there are many CSR reports with similar reporting criteria available, the situation is further complicated. <br />However, it is also true that the lack of compulsory requirements empowers banks with the freedom to engage in CSR activities to the extent it sees fit. Between Macquarie and Westpac, it is clear that Westpac invested more on CSR than Macquarie. It may be because Westpac is larger in size, has more customers and employees, generates more profit, or simply because Westpac is more serious about its impact on environment and society. <br />It would be beneficial if the Australian government or related agencies provide guidance (not compulsory requirement) on CSR reporting. When the guidance is not available, banks should pay attention to which reports other players in the industry are using, and avoid using reports with similar criteria. <br />5.2 Main costs<br />Our findings suggest that there are three major costs associated with CSR reporting: external consultant expense (legal advice, auditing, verification, etc.), wages expense, and software development and licensing. The fact that companies involve external consultants heavily in the reporting process may hint that CSR requirements are very complicated and it is more efficient and cost-effective for companies to outsource. Yet, substantial employee time is devoted to CSR reporting even when external consultants are involved. The fact that companies are spending a substantial amount in software development and licensing indicates that CSR reporting is moving towards a computerized system where the data collection is more efficient. <br />5.3 Relationship between cost and size<br />
    • As can be seen from our results, companies in the 1,000-10,000 employees group spent more money on CSR reporting than those in 10,000,-50,000 employees group ($1,019,779 vs. $777,380). Generally, it is reasonable to expect that larger companies spend more money on CSR reporting given the size and complexity. This indicates that there are other factors with significant influence on the cost of CSR reporting, other than company size. For example, large companies may be more efficient in CSR reporting.
    5.4 Perceived benefits of CSR reporting<br />While literature review shows mixed views in relation to CSR’s effect on company performance, our result indicates very strong perception that CSR reporting has positive effect on company performance. This is probably why Australia is ahead of other countries when it comes to CSR reporting.<br />According to our survey result, the perceived benefits of CSR range from enhancing reputation to gaining support from stakeholders, especially external customer and internal employee. However, as discussed in the literature review section, Australian consumers have little awareness of banks engaging in CSR. The gap between companies’ perception and consumers’ perception identifies the area banks should work on. Even though banks spend substantial amount of money on CSR, they may not be very effective in communicating their CSR process with their stakeholders. Thus, in addition to CSR activities, banks should pay more attention to the way CSR is reported to stakeholders. If banks can effectively tailor CSR reporting in a way that gains stakeholders’ support, they will earn competitive advantage. However, banks should be careful not to appear as simply using CSR as a means of advertising.<br />6. Conclusion<br />As a result of the GFC, many companies, especially financial institutions, are spending a substantial amount of money on CSR reporting to gain stakeholders’ trust and confidence. This research paper aims at estimating the actual costs of CSR reporting incurred by Macquarie and Westpac, and identifying the perceived links between CSR reporting and banks’ performance. <br />The paper is based mainly on primary data collected from an online survey, as well as academic literature on CSR and company reports. The research discovered that companies used a wide range of CSR reports. Among the costs associated with CSR reporting, the three main types are external consultant expenses, wages expense, and software development and licensing. From the data collected, companies having 1,000-10,000 employees spend around $1,019,779 on CSR reporting, while companies having 10,000- 50,000 employees spend about $777,380 on CSR reporting annually. However, this figure may change significantly depending on the industry background, company size, location, level of legal requirements and degree of commitment to CSR, etc. As both Macquarie and Westpac fell into the 10,000-50,000 employee group, with no material additional expenses, they were expected to spend roughly $777,380 p.a. on CSR reporting. However, as Westpac was much larger in size and more committed to CSR, Westpac was expected to incur higher costs than Macquarie. Even though the costs of CSR reporting were high, the research paper found out that there was a strong perception that CSR reporting had positive influence on company performance among Australian companies. <br />7. References<br /> ADDIN EN.REFLIST ABA 2006, CAMAC discussion paper: corporate social responsibility.<br />ASX 2005, Continuous Disclosure: Listing Rule 3.1, viewed 11th January 2011, <http://www.asx.com.au/ListingRules/guidance/gn08_continuous_disclosure.pdf>.<br />Barber, R 2010, to F Norrie, 18th May.<br />Black, L, Marais, M, Allender, J, Lambell, R, Malinda, N, Sweeney, T & Bice, S 2011a, The state of CSR in Australia: Annual Review 2010/2011 - Industry Snapshot Australian Centre for Corporate Social Responsibility.<br />Black, L, Marais, M, Allender, J, Lambell, R, Malinda, N, Sweeney, T & Bice, S 2011b, The state of CSR in Australia: Annual Review 2010/2011 - Summary Report, Australian Centre for Corporate Social Responsibility.<br />Brammer, S, Millington, A & Rayton, B 2007, 'The contribution of corporate social responsibility to organizational commitment', International Journal of Human Resource Management, vol. 18, no. 10, pp. 1701-19.<br />CDP 2010a, CDP 2010 Information Request: Macquarie Group Limited, viewed 11th January 2011, <https://www.cdproject.net/Sites/2010/38/21438/Investor%20CDP%202010/Pages/DisclosureView.aspx>.<br />CDP 2010b, CDP 2010 Information Request: The Westpac Group viewed 11th January 2011, <https://www.cdproject.net/Sites/2010/51/19051/Investor%20CDP%202010/Pages/DisclosureView.aspx>.<br />CDP 2010c, National Greenhouse and Energy Report: Westpac Banking Corporation, viewed 11th January 2011, <https://www.cdproject.net/Sites/2010/51/19051/Investor%20CDP%202010/Shared%20Documents/Attachments/InvestorCDP2010/RisksOpportunities-RegulatoryRisks/NGER%20Annual%20Report%202009GC_%20091023[1].pdf>.<br />Company360 2011a, Macquarie Group Limited, Dun & Bradstreet Australia & New Zealand Pty Ltd.<br />Company360 2011b, Westpac Banking Corporation, Dun & Bradstreet Australia & New Zealand Pty Ltd.<br />Doig, A 2009, to L Corbyn, 24th November.<br />EuropeanCommission 2010, Sustainable and responsible business: Corporate Social Responsibility, viewed 11th January 2011, <http://ec.europa.eu/enterprise/policies/sustainable-business/corporate-social-responsibility/index_en.htm>.<br />GEDO 2010, Publication of data under section 24 of the National Greenhouse and Energy Reporting Act 2007, Department of Climate Change and Energy Efficiency, viewed 11th January 2011, <http://www.climatechange.gov.au/government/initiatives/national-greenhouse-energy-reporting/~/media/publications/greenhouse-report/NGER-data-pdf.ashx>.<br />Hallebone, E & Priest, J 2009, Business & Management Research: Paradigms & Practices, Palgrave Macmillan, Basingstoke, UK.<br />Hond, Fd, Bakker, FGAd & Neergaard, P 2007, Managing corporate social responsibility in action: talking, doing and measuring Ashgate Publishing, Burlington.<br />Kanji, GK & Chopra, PK 2010, 'Corporate social responsibility in a global economy', Total Quality Management & Business Excellence, vol. 21, no. 2, pp. 119-43.<br />Mackey, A, Mackey, TB & Barney, JB 2007, 'Corporate Social Responsibility and Firm Performance: investor perferences and corporate strategies', Academy of Management Review, vol. 32, no. 3, pp. 817-35.<br />Macquarie 2010, Macquarie Group 2010 Annual Report.<br />Maignan, I & Ferrell, OC 2001, 'Corporate citizenship as a marketing instrument - Concepts, evidence and research directions', European Journal of Marketing, vol. 35, no. 3/4, pp. 457-84.<br />Mattila, AS, Hanks, L & Kim, EEK 2010, 'The impact of company type and corporate social responsibility messaging on consumer perceptions', Journal of Financial Services Marketing, vol. 15, no. 2, pp. 126-35.<br />McWilliams, A & Siegel, D 2001, 'Corporate Social Responsibility: a theory of the firm perspective', Academy of Management Review, vol. 26, no. 1, pp. 117-27.<br />Okoye, A 2009, 'Theorising Corporate Social Responsibility as an Essentially Contested Concept: Is a Definition Necessary?', Journal of Business Ethics, vol. 89, no. 4, pp. 613-27.<br />Philip, K & Nancy, L 2005, Corporate social responsibility: doing the most good for your company and your cause, John Wiley & Sons, Hoboken.<br />Pomering, A & Dolnicar, S 2009, 'Assessing the Prerequisite of Successful CSR Implementation: Are Consumers Aware of CSR Initiatives?', Journal of Business Ethics, vol. 85, pp. 285-301.<br />Scholtens, B 2009, 'Corporate Social Responsibility in the International Banking Industry', Journal of Business Ethics, vol. 86, no. 2, pp. 159-75.<br />Surroca, J, Tribó, JA & Waddock, S 2010, 'Corporate responsibility and financial performance: the role of intangible resources', Strategic Management Journal, vol. 31, no. 5, pp. 463-90.<br />Sweeney, L & Coughlan, J 2008, 'Do different industries report Corporate Social Responsibility differently? An investigation through the lens of stakeholder theory', Journal of Marketing Communications, vol. 14, no. 2, pp. 113-24.<br />Wan Saiful, W-J 2006, 'Defining corporate social responsibility', Journal of Public Affairs, vol. 6, no. 3/4, pp. 176-84.<br />Westpac 2010, Annual Review and Sustainability Report 2010: Sustainability matters.<br />8. Appendices<br />Appendix 1: Estimated time allocation on CSR reporting<br />Estimated time proportion10,000-50,000 employee group1,000-10,000 employee groupAverageDirectors/Executives6%5%6%Middle/Senior Managers23%29%26%Staff/Specialists59%49%53%Contractors/Vendor/Suppliers12%17%15%100%100%100%<br />Appendix 2: Total Expense<br />Expenses 10,000-50,000 employee group 1,000-10,000 employee groupSalary Expenses207,630312,795Overhead Costs98,75025,056Professional Development18,50024,429Production and Marketing52,500165,000External Consultants400,00095,000Other0397,500Total777,3801,019,779<br />Appendix 3: Survey Questionnaire<br />

×