(TIỂU LUẬN) EFFECTS OF CORPORATE SOCIAL RESPONSIBILITY ON EXPORT PERFORMANCE IN VIETNAMESE EXPORTING FIRMS

FOREIGN TRADE UNIVERSITY HO CHI MINH CITY CAMPUS -*** MID-TERM REPORT Major: International Business Economics Subject: International Business EFFECTS OF CORPORATE SOCIAL RESPONSIBILITY ON EXPORT PERFORMANCE IN VIETNAMESE EXPORTING FIRMS Class: K57 CLC3 Student’s name Student ID Pham Vo Thuy Linh Nguyen Thi Diu Hien Tran Thien Long Phan Tien Anh Phan Khuong Duy 1801015433 1801015291 1801015467 1801015123 1801015228 Supervisors: MA Le Thi Thanh Ngan Dr Nguyen Thi Phuong Chi Ho Chi Minh City, October, 2020 i TABLE OF CONTENT INTRODUCTION PURPOSE OF RESEARCH LITERATURE REVIEW CSR 1.1 Definition 1.2 Characteristics of CSR 1.3 Approach to CSR Export performance 10 2.1 Definition 10 2.2 Characteristics of Export performance 10 2.3 Determinants of Export performance 13 2.4 Measures 17 Relationship between CSR and Export performance 24 3.1 CSR to Export performance 24 3.2 Export performance to CSR 25 3.3 Sample review 26 3.4 Methodology review 26 HYPOTHESIS 29 REFERENCES 31 ii LIST OF TABLES Table 1: Characteristics of studies reviewed 11 Table 2: Objective and Subjective measures 18 Table 3: Economic versus Non-economic measures 21 LIST OF FIGURE Figure 1: Research model 29 LIST OF ABBREVIATIONS ABBREVIATIONS CSR SMEs MNCs CPTPP EVFTA FTAs S SM SML ML MEANING Corporate Social Responsibility Small and Medium Enterprises Multinational Corporations Comprehensive and Progressive Agreement for Trans-Pacific Partnership European-Vietnam Free Trade Agreement Free Trade Agreements Small (Firm size) Small and Medium (Firm size) Small, Medium and Large (Firm size) Medium and Large (Firm size) INTRODUCTION An issue that emerges in the new era is that firms cannot just focus on economic performance and ignore social and environmental concerns However, due to the increased global competitions and public awareness of sustainability, firms should act to be socially responsible and contribute to the local community and society at large, and it is increasingly unacceptable to engage in unethical business practices, including child labor, environmental pollution Firms are now creating their CSR strategy as a competitive edge in the global market The concept of CSR appeared many decades ago (from Bowen, 1953), it gradually became the focus of companies that emphasize the importance of sustainability in order to not only seek for profit but also protect the environment and social equity Although it is gradually becoming the focus of firms from developed countries, corporate social responsibility (CSR) is still far from commonplace in Vietnam In Vietnam, the CSR concept is mostly driven by MNCs, development agencies of Western donor countries and other international organizations (Hamm, 2012) However, more than 97 percent of registered enterprises are small and medium enterprises (SMEs) (Shinozaki, 2012) The implementation and application of CSR in Vietnamese enterprises is facing many difficulties and limitations because of the limitation in the financial resources, personnel and the size of the business Moreover, Vietnamese SMEs focus more on maximizing profits than on social responsibility Recent studies concluded that SMEs are playing an essential role in the national economy, especially in Vietnam According to the report of the Asian Development Bank, Vietnamese SMEs account for up to 97.4 percent of all registered firms Furthermore, recent researches have shown that CSR benefits both business and society, both large and small and medium enterprises (Udayasankar, 2007) However, awareness of CSR strategy of SMEs in Vietnam and their CSR activities are inadequate In the context of increased globalization, many free trade agreements have been effective such as CPTPP and EVFTA These new generation FTAs create many opportunities for exporting firms of Vietnam into big import markets According to official statistics of the General Department of Customs, the total value of goods exchanged between Vietnam and the European Union (EU28) in 2017 reached USD 50.46 billion, accounting for 11.8% of the country's total import and export turnover However, our exporting markets are mostly demanding countries with strict requirements on technical and the origin of the product Therefore, Vietnam exporting firms should put CSR on the top priority to integrate into their business strategy in order to take the advantage from the FTAs In the next session, the paper provides a comprehensive review of many approaches to analyze the CSR aspects and export performance of firms Following this, the relationship between CSR and export performance of exporting firms in Vietnam are analyzed Finally, the research concludes the hypothesis and makes judgement about CSR and export performance before ending with some recommended areas for further research PURPOSE OF R ESEARCH This study is a contribution to the CSR and export performance literature in developing countries, particularly in Vietnam First, it introduces an explicit approach to measure CSR and export performance Second, it suggests that CSR has an important role in financial performance and sustainable development of exporting firms Third, this study puts forward recommendations to raise awareness of CSR implementation among Vietnamese companies, especially exporting ones LITERATURE REVIEW CSR 1.1 Definition There are many CSR definitions from different periods These concepts come from a very narrow economic point of view that CSR is about maximizing profits for shareholders However, there are also scholars who look at this issue more broadly From 1950 to 1969: During this period, many academic studies about CSR were first announced CSR develops mainly on words rather than action, the Administrators gradually exposed to the concept of CSR, but very few businesses implement CSR activities (Carroll, 2008) Bowen, 1953 developed one of the earliest concepts of "Corporate social responsibility Social'' that is Social Responsibilities of the businessmen The research aimed at propagating and calling on the business not to invade the rights of others; call for business to carry on various charity campaigns to make up for the inequity in the society The studies of 1963 McGuire referring to the idea of CSR is that a company must exceed the compliance of the Government and benefit the community From 1970 to 1989: Carroll (2008) referred to this period as an acceleration of CSR awareness This period still had many words say rather than action But gradually there are some initiative regarding the legal aspects There were some regulations to require business to establish institutional regulations to solve the environmental problems and the product safety In 1970, Friedman’s studies concluded that there is only one responsibility of business that is to maximize the profit while shall not engage in misleading and cheating action The research reassured the importance of CSR in the business environment In 1971, CED (Sustainable Development Committee) defined CSR as the operation of business that serves the needs of the community and increases social satisfaction Carroll’s research in 1979 indicated that CSR covered communal expectations in economics, law, ethics and charity campaigns in a certain time Carroll (1979) developed the famous “pyramid” model that clearly describes the concept of CSR corresponding to four regions: Economics, law, ethics and charity From 1990 to 1999: Some non-profit organizations that included A group of entrepreneurs had been established to urge companies to behave more responsibly From 2000 to now: In this period, the concerns about CSR have significantly increased There are more actual actions from business to engage in CSR However, serious and long – term strategies are scarce Many clear and solid definitions of CSR also appear in this period According to Kotler et al (2015), CSR is a commitment by a company to improve the welfare of society by performing certain activities and increasing the availability of resources to perform them ISO 26000 standard in 2010 established the concept of CSR that standards of social responsibility consist of core elements: Corporate governance, child rights, employee rights, transparent organization’s structure, consumers and contributions to the society On the whole, the above definitions of CSR indicate that, whether under which expressions, the connotation of CSR basically has a common point: Besides developing own interests, seeking profits, developing reputation, etc Enterprises are always associated with the sustainable development of the social community 1.2 Characteristics of CSR According to Hamidu et al, (2015) some main characteristics of CSR are summarized below: (i) Voluntary CSR was defined to be a set of corporate actions which are discretionary and extend beyond what the law has governed companies Nowadays, many companies consider responsibilities as voluntary activities which comply with societal moral standards and strategically help to reduce or avoid additional regulation (ii) Multiple stakeholder orientation The main focus of CSR is to benefit a variety of different stakeholders other than just shareholders Stakeholders which can be defined as "any group or individual who can affect or is affected by the achievement of the organization's objectives" (Clarkson, 1995) Obviously, there are strong relationships between corporations and various stakeholders such as consumers, employers, suppliers, and local communities In other words, the interests of all stakeholders form the basic of all goals pursued by management of businesses (iii) Managing externalities: Externalities in CSR refers to all kinds of elements not expected in the decision-making process of businesses that impact a third party not directly related to the production or consumption of the product Environmental pollution is a typical example as a negative externality Regulation can force firms to minimize or compensate for the cost of the negative externalities, such as pollution fines, but CSR can be a better solution of managing externalities like taking more safety measures and reduction of pollution by applying ecofriendly technology Many other CSR activities can deal with externalities involving workers rights, employees’ welfare, relationship between corporates and stakeholders, (iv) Alignment of social and economic responsibilities Whilst CSR may represent the shift from a narrow focus on shareholders and profitability to a broader focus on the interests of various stakeholders, it should not, however, conflict with profitability Many definitions of CSR emphasize that it is about finding a point where social and economic benefits meet This feature has raised difficult questions for managers of companies: “How can firms benefit economically from being socially responsible?” or “How to put the society’s progress at the heart of a company’s economic success?” (v) Beyond philanthropy CSR activities sometimes are misunderstood as philanthropic works or community development projects CSR extends beyond philanthropy because of the impacts it has on profitability, human resource management, marketing, and logistic support which are all part of the core functions of business organizations Moreover, CSR can be considered as an essential part of business strategy due to its potential capability to satisfy stakeholder expectations and to achieve organizational objectives simultaneously 1.3 Approach to CSR According to previous research, strategic CSR is defined as instances in which companies go beyond compliance, engaging in actions that can advance social and environmental causes while seeking to capture value for the company through stakeholder management and by remaining consistent with their business strategy (Baron, 2001; Husted & De Jesus Salazar, 2006; McWilliams & Siegel, 2001; Porter & Kramer, 2006; Windsor, 2007) CSR could be conceptualized based on product - level differentiation and firm - level differentiation (McWilliams & Siegel, 2001; McWilliams, Siegel, & Wright, 2006; Porter & Kramer, 2006) Regards the firm-level CSR-based differentiation strategy, it refers to companies’ social and environmental actions that are valued by stakeholders while a product-level CSR-based differentiation strategy relies on technical product attributes (Barin Cruz et al., 2015) Barin Cruz’s study adopts product-level and firm-level CSR as the components of a CSR-based differentiation strategy of export firms to build and sustain their overall differentiation-based export strategies In detail, this research investigates the effects of tripod strategy including internal resources, export intensity of market and institutional-based factors on a firm’s decision to adopt a product-level or firm-level CSR- 21 financial measures include product-related and market-related indicators and other miscellaneous measures Another major means of conceptualizing export performance is based on capturing the strategic outcome of exporting The main thrust here is that firms often have a set of strategic goals, as well as financial goals, in exporting (Cavusgil and Zou 1994) This view holds that attainment of strategic goals such as improved competitiveness, increased market share, or strengthened strategic position should be considered an integral part of export performance Studies that adopt this view often measure export performance as the attainment of strategic goals such as market share, strategic presence in the export market, or competitive position (e.g., Cavusgil and Kirpalani 1993; Cavusgil and Zou 1994; Johnson and Arunthanes 1995) Table 3: Economic versus Non-economic measures Export intensity Export intensity growth Export sales efficiency Economic measures Sale-related Export sales growth Export sales return on investment Export sales volume Export market share 22 Export market share growth Marketrelated Gaining foothold in the market Market diversification Rate of new market entry Export success General Meeting expectations Strategic export performance Reputation of the firm compared to competitors Quality of distributor relationships Non-economic measures Quality of customer relationships Miscellaneous Gaining new technology/expertise Contribution of exporting to the growth of the firm and to the quality of firm’s management Building awareness and image overseas Source: Beleska-Spasova, Elena (2014) 23 To the best of our knowledge, there are few researches determining the effect of indicators assessing export performance on product-level of the company Therefore, export performance would be adopted through objective measures that include three variables: export sale volume, export profit and export market share in this study These measures are absolute data that makes it easier to measure and gets higher trusted results of the research 24 RELATIONSHIP BETWEEN CSR AND EXPORT PERFORMANCE Previous research proved different kinds of relationship between CSR and Export performance There can be a direct impact of CSR to Export performance, or vice versa, from Export performance to CSR There can be an indirect impact of CSR to Export performance which CSR only plays a role as a catalyst to have influence in other factors within exporting firms 3.1 CSR to Export performance 3.1.1 Direct impact According to Barin Cruz et al (2015), Exporters who are weak CSR performers or are located in weak performing environments, may intend to become more globally competitive by choosing more demanding environments, which creates pressure to upgrade their products and subsequently upgrades the CSR differentiation on the overall firm level The effect of innovation and CSR product differentiation on export performance is more significant than quality differentiation which was proven by the research of Boehe, D M., & Cruz, L B (2010) 3.1.2 Indirect impact Another perspective in approaching the relationship between CSR and export performance originate from analyzing the impact of CSR as a catalyst in a close correlation of other factors on export performance indicators of a firm According to Costa, C., Lages, L F., & Hortinha, P (2015), in many technology-oriented firms, both exploitation and exploration innovation is demonstrated to promote these firms capturing more value in exporting activities Specifically, this study proved that CSR principles are beneficial for organizational progress when the organization is willing to change old routines and develop new competencies Managers should allow CSR principles to permeate the organization as they are a subtle way of forcing companies to pursue new knowledge, and are thus regarded as an innovation related investment Understanding the pay-offs of CSR principles is 25 important Not only is CSR a competitive tool in itself (Surroca et al., 2010), but as we demonstrate it enhances explorative innovation capabilities In another side, Vu, T L., Nguyen et al, 2020 choose to analyse the impact of CSR elements on textile exporting firms' financial performance itself Accordingly, this study supports the hypothesis that CSR had a positive impact on financial performance through a positive impact on corporate reputation, a positive impact on employee commitment and positive impact on government support Since then, corporate reputation, employee commitment and government support also had a strong positive impact on the financial performance of these export textile enterprises 3.2 Export performance to CSR According to Barin Cruz, L., Boehe, D M., & Ogasavara, M H (2015), instead of simply proposing that export trade increases CSR, this study gives the results that the magnitude of this increase is likely to be contingent on the characteristics of the export target market and its institutional environment, such as the country’s sustainability level In addition, the findings add to the literature on the drivers of CSR strategies (institutional or stakeholderrelated pressures), noting that such drivers may be located outside the firm’s home country Moreover, market scope is a concerning factor to evaluate the success of CSR or innovation product differentiation strategy in export performance, as stated in Boehe, D M., & Cruz, L B (2010) If the export market is targeted in a small group of developed countries whose customers are conscious about social & environmental issues, the application of CSR product differentiation shows greater positive impact to export performance compared with other developing country markets Boehe, D M., Cruz, L B., & Ogasavara, M H (2010) found out that firm-level CSR resources are positively related to international market orientation (export intensity) the relationship between export intensity and a CSR-based differentiation strategy at the product level would be stronger for firms that predominantly export to countries with high 26 sustainability requirements than for those that predominantly export to countries that are less oriented toward sustainability Regards the reverse relationship, only firm-level CSR resources are positively related to international export intensity 3.3 Sample review In the study of Boehe, D M., & Cruz, L B (2010), the authors analyzed the correlation between Corporate Social Responsibility, Product Differentiation Strategy and Export Performance in 252 medium and large sized Brazilian exporters in the variety of industries such as electronics, automotive parts, food industry, construction material, chemicals, etc The research of CSR’s impact on innovation and performance in the export market conducted by Costa, C., Lages, L F., & Hortinha, P (2015) investigated 170 manufacturing firms in multiple industries On the other hand, there have been studies that focused on doing research in exporting firms in a particular type of industry The paper of Vu, T., Nguyen, N., Nguyen, X., Nguyen, Q., & Nguyen, H (2020) chose 396 exporting firms in the garment and textile industry to evaluate how CSR affects their financial performance The study of Torugsa, N A., O’Donohue, W., & Hecker, R (2012) used the sample of 171 SMEs in the machinery and equipment sector of the Australian manufacturing industry to examine the importance of proactive CSR in enhancing SME financial performance 3.4 Methodology review Quantitative method was mainly used in several research papers to analyze the correlation between CSR and export performance In the study of Barin Cruz, L., Boehe, D M., & Ogasavara, M H (2015), the authors developed four new indicators to measure the extent to which the firms’ products differentiated themselves from those of their competition through CSR characteristics It used a Likert-type scale ranging from one (i.e., totally disagree) to six (i.e., totally agree) and asked whether the product differentiates itself through its social or environmental reputation and certifications Besides, The firm-level CSR included three indicators that the authors had developed in accordance with the aforementioned procedures Using a Likert-type scale ranging from one (i.e., totally 27 disagree) to six (i.e., totally agree), the authors asked the respondents about their firms’ CSR projects and their domestic and international recognition as a socially and environmentally responsible company Cruz et al, (2013) used partial least squares (PLS), a nonparametric method, to test their model due to following reasons: PLS works with interval, ratio, and categorical measures and is capable of handling both reflective and formative indicators PLS can be used for small samples (i.e., fewer than 100 observations) and for highly complex models with a large number of constructs and indicators Given data and modeling characteristics and the goal of their study, the authors stated that PLS is the most suitable technique Moreover, Boehe (2009) used the scale that was developed from research of Lages et al (2008, p 323) to measure export performance A 5-point Likert scale was used with the following five items: “How would you rate the performance of your main export product in 2008 (compared to 2007) for the following items: (11) export volume, (12) export revenue, (13) export profitability, (14) market participation in the main market abroad, (15) overall export performance” Boehe (2009) introduced four new indicators to measure the construct of product differentiation by corporate social responsibility characteristics His method was based on the research of DeVellis (2003) The following four indicators were used in the final construct: “the product differentiates itself from competitors’ products on the international market by (7) owning a social or environmental certification, (8) having been produced using supplies with a social or environmental certification, (9) having a reputation of being environmentally responsible, (10) having a reputation of being socially responsible” This study used structural equations modeling (SEM) to analyze his model because it includes manifest and latent variables (constructs) Overall, because CSR does not have a universal approach from a different viewpoint, CSR is often analyzed based on the perception of different respondents through a Likert-type scale In this study, we will approach CSR in the view of product-level CSR, i.e to measure the extent to which the firms’ products differentiated themselves from those of their 28 competition through social or environmental reputation and certifications Meanwhile, the article uses economic measures to assess export performance of corporates: (1) sales revenue; (2) profit and (3) market share 29 HYPOTHESIS In this paper, we develop the concept of CSR based on the product level of CSR which was used by Luciano Barin Cruz, 2013 This research analyzes product - level CSR by using two indicators CSR Certification: based on the firm's perception that whether the product differentiates itself from competitors’ products on the international market by bearing a social or environmental certification such as ISO 26000:2010 guidance on social responsibility is an international standard providing guidelines for social responsibility CSR Reputation: based on the firm's perception that whether the product differentiates itself from competitors’ products on the international market by having a reputation for environmental responsibility In terms of export performance, the research measures it with three indicators: Sales revenue; Profit and Market share The research hypotheses of the research model are as follows: Figure 1: Research model 30 H1a: CSR Certification has a positive impact on sales revenue of export enterprises in Vietnam H1b: CSR Certification has a positive impact on profit of export enterprises in Vietnam H1c: CSR Certification has a positive impact on market share of export enterprises in Vietnam H2a: CSR Reputation has a positive impact on sales revenue of export enterprises in Vietnam H2b: CSR Reputation has a positive impact on profit of 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Hortinha, P (2015) investigated 170 manufacturing firms in multiple industries On the other hand, there have been studies that focused on doing research in exporting firms in a particular type of