Proceedings of 3rd Global Accounting, Finance and Economics Conference
5 - 7 May, 2013, Rydges Melbourne, Australia, ISBN: 978-1-922069-23-8
The Relationship between Corporate Social Responsibility
and Firm Performance from the Hotel Industry of Kho
Samui Island, Thailand
Chutima Wuncharoen
The purpose of this paper is to investigate the relationship between
Corporate Social Responsibility (CSR) activities and firm performance
in hotels located on Kho Samui Island in Thailand. This study uses
content analysis to examine the CSR activities of each hotel, through
observation and a study of the hotels’ 2011 annual reports. The study
found that 3-star hotels are not concerned with CSR activities, while
4-star and 5-star hotels are clearly concerned with CSR activities.
The total number of hotels interested in CSR is low compared to the
number of hotels that aren’t. This study investigated 23 5-star hotels
and 30 4-star hotels and found just 10 and 11 hotels in each level,
respectively, that were concerned with CSR. This paper studies the
relationship between CSR and firm performance in cross- sectional
data for each group of hotels. The results show a positive correlation
between CSR and Return on Equity (ROE)/Return on Assets (ROA)
through simple regression statistics. These findings suggest that
hotels in Thailand should be consistently involved in their CSR
practices because CSR has a significant impact on improving the
financial performance of Thailand’s hotels, especially 5-star hotels.
1. Introduction
The concept of Corporate Social Responsibility (CSR) was first introduced by
Howard R. Bowen (1953) in his book Social Responsibilities of the Businessman.
Since then, many researchers have developed an interest in the topic. Some
researchers have investigated CSR with a view to the same focus as this study.
Orlitzky, Schmidt, and Rynes (2003), for example, as well as Velde, Vermeir, and
Corton (2005), addressed the relationship between CSR and corporate financial
performance in the context of large companies, and found a positive correlation.
At present, tourism and hospitality organizations have a considerable interest in
Corporate Social Responsibility. Some tourism experts firmly believe that engaging
in CSR activities affects the public image of a company as well as the company’s
financial performance. After becoming aware of the concept of Corporate Social
Responsibility, many organizations themselves became interested in investigating
CSR activities within each of their business units. Their interest is focused on not
only the possibility of an increase in income, but also on the potential benefits to the
customers, clients, and shareholders.
Most researchers who have studied the impact of CSR on the hospitality, tourism,
and services industries found that CSR activities resulted in positive effects. For
example, Qu (2009), showed that CSR activities had a positive and significant
impact on hotel operations.
_____________________________________________________
Chutima Wuncharoen, Suratthani Rajabhat University, Thailand
Proceedings of 3rd Global Accounting, Finance and Economics Conference
5 - 7 May, 2013, Rydges Melbourne, Australia, ISBN: 978-1-922069-23-8
Porter and Kramer (2006) asserted that CSR should be a core strategy for
sustainable competitive advantage within the tourism and hospitality industries.
Moreover, Greyser (1999) concluded that an organizational culture that recognizes
the importance of social responsibility can positively affect the organization’s
financial performance by as much as 8%. In fact, several studies confirm that CSR is
an important tool for business. Kang, Lee, and Huh (2010) reported that CSR has a
high impact on a firm’s finances. Likewise, Lee and Park (2009) found that engaging
in CSR results in a positive impact on the financial performance of hotels, despite the
contention of Kang et al. (2010) that CSR is not an appropriate strategy for hotels. It
is true that CSR activities create cost, but ultimately, they lead to profit.
In Thailand, revenue from tourism is the country's largest source of income. Many
studies, as noted above, confirm that CSR positively affects firm performance.
Therefore, this study seeks to determine if the positive correlation holds true for the
hotel industry, despite the reservations of some researchers (Kang et al., 2010) as to
the benefits of CSR in the hospitality industry. To this end, this study will examine the
CSR activities among hotels located on Kho Samui Island, which is a popular tourist
destination.
2. Literature Review
Corporate Social Responsibility has gained the attention of the businesses in several
industries. Researchers and organizations provide varying definitions of CSR, and in
fact, disagree about whether CSR should be required through regulation rather than
undertaken voluntarily. The European Commission (2001) defines CSR as "A
concept whereby companies integrate social and environmental concerns in their
business operations and in their interaction with their stakeholders on a voluntary
basis." The terminology focuses on the concerns of business firms toward social,
environment and stakeholders as well as emphasizes a voluntary action, which
excludes legal responsibilities. Therefore, CSR can be defined as encompassing an
organization’s responsibility to its community and the environment as well as to its
stakeholders. Sheldon and Park (2010) expand this definition by focusing on six
types of CSR activities appropriate to the tourism industry: destination governance,
green practice, community and social relations, education, business practice, and
human resources. A study on the classification of the scope of CSR (Dahlsrud,
2008), using the definition of social responsibility advanced by the Commission of
the Europe Communities (2001), asserted the importance of including social and
environmental aspects in an organization’s business activities, and highlight the
importance of communicating with stakeholders about these voluntary activities. The
World Business Council for Sustainable Development (1999) noted that social
responsibility involves the public as well as stakeholders, and incorporates social,
environmental, and economic issues related to an organization. In their definition of
CSR, the business works to support sustainable economic development, working
with employees and their families as well as the local community in order to improve
the quality of life. The scope of this definition thus goes well beyond the organization
itself to include stakeholders, society, and the local economy. In later years, this
agency has provided updated definitions of social responsibility with the addition of
the concepts of business ethics, the encouragement of local economic development,
and a commitment to the quality of life of employees and their families, extending to
Proceedings of 3rd Global Accounting, Finance and Economics Conference
5 - 7 May, 2013, Rydges Melbourne, Australia, ISBN: 978-1-922069-23-8
the community and society at large. This newer commitment to social responsibility
advocates specific community-based volunteer projects.
Another group called Business for Social Responsibility (2003) argues that corporate
social responsibility includes the notion that the success of a business must be
achieved in a way that honors ethical values and respects people, communities, and
the natural environment. They also include volunteerism and the involvement of
stakeholders, as in the definition described above. These two definitions
demonstrate the importance these organizations place on the potential ripple effects
of their actions, and make clear their belief that they must behave responsibly toward
society and the environment. Both definitions include stakeholders, society, and the
environment as players, making the organization a part of a much larger whole.
Frederic and Davis (1992) and other scholars have also discussed the concept of
corporate social responsibility and related activities. They identify six areas of
activity: Green events, communities, society, education, business, and human
resources. This is similar to the six areas identified by Sheldon and Park (2010), as
seen above. CSR is thus intended to benefit all stakeholders, both from within and
outside of the company. A company that believes in corporate social responsibility
cares for its staff. It takes into account the community and society at large. It
concerns itself with the conservation on the environment. This kind of wide-ranging
commitment turns out to be a strategy of a successful business operation.
Previous research has focused on the effect of CSR on firm performance. Orlitzky et
al. (2003), for example, analyzed 53 studies on CSR and financial performance and
found that, overall, CSR practices positively impacted the company’s financial
performance. Similarly, Wu (2006) examined 121 empirical studies focused on the
relationship between CSR and financial performance, and Allouche and Laroche
(2005) analyzed 82 such studies. Both researchers found that the company’s
performance improved with a commitment to CSR.
More recent research on the effects of CSR on firm performance reported similar
results. Chen and Wang (2011) examined the effect of CSR on corporate financial
performance in Chinese firms. The authors were interested in determining whether
Asian businesses would demonstrate the same positive correlation between CSR
and financial performance as western businesses. They identified nine categories for
examination, using data from 2007-2008, in order to determine any benefit of CSR.
that the authors concluded that a positive correlation exists for CSR and financial
performance for the Chinese firms studied.
Other analyses of Asian firms engaging in CSR (Fauzi et al., 2007, Setiawan and
Darmawan, 2011) investigated the relationship between corporate social
responsibility and financial performance. Financial performance was calculated from
the annual reports of firms listed in LQ 45 index of the Indonesian Stock Exchange
Market. The results show that CSR activities among Indonesian firms are still
relatively low, because Indonesia faced a serious financial crisis in 2008. Ahmed et
al. (2012) examined the nature of the relationship between corporate social
responsibility and financial performance on the banking sector of Bangladesh. They
determined that the average return on asset ratios of the banks engaged in CSR is
higher compared to that of the banks with less focus on CSR. However, this could
not be proved statistically.
Proceedings of 3rd Global Accounting, Finance and Economics Conference
5 - 7 May, 2013, Rydges Melbourne, Australia, ISBN: 978-1-922069-23-8
Brine et al. (2006) examined the relationship between the adoption of corporate
social responsibility and the financial performance of companies within Australia.
Although the preliminary results did not find a statistical relationship between CSR
and financial performance, the authors suggest opportunities for further research.
The authors note, “A number of economic drivers for corporate social responsibility
have been identified that may explain its voluntary adoption by companies.”
After becoming aware of the concept of social responsibility, many organizations
make CSR activities a part of their business practices. Their goal is not only to gain
benefit for the organization and shareholders, but to positively impact the community.
The number of Thai companies adopting CSR activities is on the rise, as noted by
Ratanamongkol et al (2006).
It is well known that revenue from tourism constitutes Thailand’s main source of
income. Within the field of tourism is the hotel industry. There are many factors that
go into a customer’s decision of which hotel to stay in, including reputation, of which
CSR is a part. Naturally, the number of customers who decide to visit a particular
hotel will affect the operations of the hotel company. With this in mind, some hotels
on Koh Samui Island have begun incorporating CSR activities into their business
practices, including conservation practices. These hotels include the Chumphon
Cabana Hotel, which has committed itself to conservation and has consequently
been awarded the ASEAN Green Hotel Recognition Award. Similarly, the famous
Tongsai Bay Hotel operates with a commitment to the environment. Customers
appreciate this respect for the environment, which helps the financial performance of
these hotels.
Some hotel operators focus on CSR just because it seems like a popular thing to do.
It remains to be seen whether this mercenary view of sustainability will ultimate
prove profitable. Corporate Social Responsibility (CSR) has received much attention
from the tourism and hospitality in the past decade, and some hotel operators see
this as simply a business opportunity; such is the nature of business.
Qu (2009) showed that CSR activity is beneficial to an organization. Taking this one
step further, Porter and Kramer (2006) advocated CSR as a core strategy for the
hospitality and tourism industry, noting that a company’s image is a major factor in
customer selection. Greyser (1999) noted that an organizational culture that
recognizes the importance of social responsibility can realize increases in financial
performance of up to 8%. As noted above several studies confirm that Social
responsibility is an important tool for business. Kang et al (2010) have confirmed the
financial benefits of corporate social responsibility for businesses in general, and Lee
and Park (2009) found that corporate social responsibility positively impacts the
financial performance of hotels specifically. No studies have found a negative
correlation between corporate social responsibility and financial performance.
In a related study, Holcomb (2007) found that in 80% of the donations made to
charity, donors cited the charity’s vision and mission of social responsibility as
factors in the donation. The study also found that environmental issues have recently
received an increase of attention. Hotel managers can keep this in mind when
determining social responsibility activities by focusing them on charitable works that
benefit the community and on sustainable practices that benefit the environment
(Henderson 2007). As previously mentioned, although Kang et al. (2010) comment
that CSR has a positive effect on the value of a company's business in general, they
do not extrapolate this to apply to profits for the hotel business. Nevertheless, the
Proceedings of 3rd Global Accounting, Finance and Economics Conference
5 - 7 May, 2013, Rydges Melbourne, Australia, ISBN: 978-1-922069-23-8
hotel business is after all a business, and the benefits of corporate social
responsibility can apply to this industry as well.
As previously noted, it is obvious that the reputation of a hotel is a significant factor
in a customer’s decision to choose that hotel. Many studies have indicated that
corporate social responsibility activities add value to the reputation of a business and
result in positive effects on financial performance. Although investing in corporate
social responsibility may initially be costly, it ultimately results in increased revenue.
In addition, the company will realize results that are not strictly monetary. Their
reputation will improve among consumers, whether the company focuses on the
environment, the community, employees, or all three. Companies, including hotels,
are thus advised to study CSR and adapt established activities to suit their
businesses.
Studies about social responsibility indicate that companies can incorporate customer
service into their CSR strategies, which will result in long-term increases in financial
performance. This is particularly appropriate for hotels, which have a built-in focus on
customer service.
Corporate Social Responsibility activities are becoming more widespread among
businesses. Corporations are developing an awareness that CSR activities affect the
image of the company and may therefore affect their performance as well. CSR
activities help not only the business, but the community and the environment.
Therefore, it is important for Thai businesses, in this case hotels, to understand what
social responsibility is and to adopt it as part of their operations. Ratanajongkol et al.
(2006) found that corporate social responsibility activities in Thailand are on the rise
in many businesses. It is well known that tourism and hospitality organization make
the large income of the Thailand. There are many hotels held on CSR activities for
reputation that makes customers decide to stay. Prior study focus on the effected of
CSR on hospitality industry found a positive result (Kang et al., 2010). (Lee and
Park, 2009) compare the relationship between CSR and firm performance on hotel
and casino. They found positive significant only in hotel.(Qu, 2009) shows that the
effects of a CSR program on hotel performance can be highly significant.
This paper aims to investigate the relationship between CSR and firm performance
in hotels located in areas favored by tourists, specifically Kho Samui Island. The
hypothesis is that the relationship between CSR and firm performance in the hotel
industry in Kho Samui Island in Thailand is positive.Thus, there are four hypotheses
of this research. The first two hypotheses focus on five-star hotels, whereas the
other two hypotheses emphasis on four-star hotels
H1: There is a positive relationship between
hotel
H2: There is a positive relationship between
hotel
H3: There is a positive relationship between
hotel
H4: There is a positive relationship between
hotel
CSR and ROA for five stars
CSR and ROE for five stars
CSR and ROA for four stars
CSR and ROE for four stars
Proceedings of 3rd Global Accounting, Finance and Economics Conference
5 - 7 May, 2013, Rydges Melbourne, Australia, ISBN: 978-1-922069-23-8
3. The Methodology
3.1. Measurement of CSR
Different studies measure CSR in different ways. Tsoutsoura (2004, p. 10) explains
this way:
Waddock and Graves (1997) drew upon the Kinder Lydenberg Domini (KLD)
rating system, where each company in the S&P 500 is rated on multiple
attributes considered relevant to CSP. KLD uses a combination of surveys:
financial statements, articles on companies in the popular press, academic
journals (especially law journals), and government reports in order to assess
CSP along eleven dimensions. Based on this information, KLD constructed
the Domini 400 Social Index (DSI 400), the functional equivalent of the
Standard and Poors 500 Index, for socially responsible firms.
Orlitzky et al. (2003) found it useful to measure CSR by the KLD index. McWilliams
and Siegel (2000) also used KLD rating to measure CSR. Chen and Wang (2011)
explored the relationship between CSR and financial performance in Chinese firms
empirically, also using the KLD to measure CSR. However, some researchers
measured CSR differently. Ahmed et al. (2012) employed two general methods for
measuring CSR: the Reputation Index (Moskowitz, 1972) and CSR activities listed in
a firm’s annual report. Setiawan and Darmawan (2011) measured CSR from
disclosures provided by sustainability reporting provided by the Global Reporting
Initiative. The most popular methods are KLD and the Reputation Index. In Thailand,
use of the KLD is not possible, as the hotels in the study are not part of the S&P 500.
Likewise, these hotels are not listed on the Reputation Index. Therefore, this study
uses content analysis via annual reports as well as hotel websites and surveys for
information about hotels’ CSR activities.
3.2. Firm Performance
General measures of financial performance fall into two broad categories: investor
returns and accounting returns. The basic idea of investor returns is that, the return
should be measured from the perspective of shareholders. Accounting returns focus
on how firm earnings respond to different managerial policies. This paper focuses on
two accounting-based performance measures: return on assets (ROA) and return on
equity (ROE). These are the two most commonly used measures for financial
performance and will therefore provide the most comparable results (Griffin and
Mahon, 1997). This is similar to the methods of Waddock and Graves (1997) and
Roman et al. (1999), in which ROA and ROE were used separately to measure a
firm’s financial performance. ROA is defined as the ratio of net income after tax to
total assets, and ROE is defined as the ratio of net income after tax to outstanding
shares. Information on ROA and ROE was collected from the annual report.
3.4 Data Analysis
Influential statistics were applied to analyzed the data. Simple regression used to
analyzed the relationship between CSR and ROA, ROE. This study emphasized on
Proceedings of 3rd Global Accounting, Finance and Economics Conference
5 - 7 May, 2013, Rydges Melbourne, Australia, ISBN: 978-1-922069-23-8
5-star hotels and 4-star hotel because all 3-star hotels are not concerned with CSR
activities. Data for this study were calculated return on assets (ROA) and return on
equity (ROE) of 44 five-star hotels and 104 four-star hotels. All data include both
hotels that do concern themselves with CSR and those that do not. The data on
financial performance was generated from 2011 annual reports.
4. The Findings
The casual relationship between firm performance using ROA and ROE with
different hotels to concerning and did not concerning on CSR concept. This result
emphasized of 23 out of 44 five-star hotels and 30 out of 104 four-star hotels were
investigated the relationship between CSR and ROA and ROE.
The result found that the 5-star hotels were statistically significant positive correlated
in a linear between CSR and ROA ( F= 8.673, p< 0.05). CSR activities can explain
the variability of ROA 25.9% (Adjusted R2 = 0.259 ). Examine the relationship
between CSR and ROA for 5-star hotels are correlated in a linear that means if CSR
increase ROA will also increase and if the ROA is decrease with lower CSR. Results
are summarized in Table1.
Table 1: Regression Analysis Using ROA as Dependent Variable for Five-Star
Hotel
Independent
CSR
Coefficient
B 11.549
Standard Error
9.32378
t-Value
2.945
Model Summary
Adjusted R Square 0.259
F-Statistics 8.673 Sig 0.008
The result found that the 5-star hotels were statistically significant positive correlated
in a linear between CSR and ROE ( F= 9.541, p< 0.05). CSR activities can explain
the variability of ROE 27.9% (Adjusted R2 = 0.279 ). Examine the relationship
between CSR and ROA for 5-star hotels are correlated in a linear that means if CSR
increase ROE will also increase and if the ROE is decrease with lower CSR. Results
are summarized in Table 2.
Table 2: Regression Analysis using ROE as Dependent Variable for Five-Star
Hotel
Independent
CSR
Coefficient
B 10.861
Standard Error
8.37169
Model Summary
Adjusted R Square
F-Statistics 9.541
0.279
Sig 0.006
t-Value
3.084
Proceedings of 3rd Global Accounting, Finance and Economics Conference
5 - 7 May, 2013, Rydges Melbourne, Australia, ISBN: 978-1-922069-23-8
The result found that the 4-star hotels were statistically significant positive correlated
in a linear between CSR and ROA ( F= 14.945, p< 0.05). CSR activities can explain
the variability of ROA 34.8% (Adjusted R2 = 0.348 ). Examine the relationship
between CSR and ROA for 4-star hotels are correlated in a linear that means if CSR
increase ROA will also increase and if the ROA is decrease with lower CSR. Result
are summarized in Table 3.
Table 3: Regression Analysis Using ROA as Dependent Variable for Four-Star
Hotel
Independent
Coefficient
CSR
Standard Error
B 7.270
t-Value
4.96207
3.867
Model Summary
Adjusted R Square
F-Statistics 14.954
0.348
Sig 0.001
The result found that the 4-star hotels were statistically not significant between CSR
and ROE (F= 0.171, p> 0.05). Results are summarized in Table 4.
Table 4: Regression Analysis Using ROE as Dependent Variable for Four-Star
Hotel
Independent
Coefficient
CSR
Standard Error
B 2.753
t-Value
17.56896
0.414
Model Summary
Adjusted R Square - 0.029
F-Statistics 0.171 Sig 0.879
5. Summary and Conclusions
Evident from this study found that firm performance of 5-star hotels depend on CSR
activities, suggesting that hotels in Thailand should be consistently involved in their
CSR practices because CSR has a significant impact on improving the financial
performance of Thailand’s hotels, especially 5-star hotels. Although the 4-star hotels
found that the returns on equity are not related to CSR, but even returns on assets
that are positively correlated. This support previous studies that found a positive
effected of corporate social responsibility and corporate financial performance. In
addition this study confirm the past research that focus on hospitality industry (Kang
et al., 2010), Lee and Park (2009) suggested a positive effected of CSR on firm
Proceedings of 3rd Global Accounting, Finance and Economics Conference
5 - 7 May, 2013, Rydges Melbourne, Australia, ISBN: 978-1-922069-23-8
performance in hotel when compare with casino and QU (2009) shown highly
significant on relationship between CSR and firm performance in hotel industry.
Previous studies on the relationship between CSP and CFP provide conflicting
results; some are positive, negative, and neutral. Most of the studies use control
variables such as total assets, number of employees, financial risk, type of industry,
and research and development activities in their methods. Dissimilar previous
studies, this study not use control variable just classify the hotels by rating and study
in 4-star and 5- star hotels. Based on definitions of CSR that concern on community,
environment and stakeholders but from the survey hotel in Kho Samui most concern
on environment. According to Sheldon and Park (2010) expand the CSR activities on
six type but this study not analyze type of CSR which type most effect to firm
performance.
This study is useful for businesses and services in Thailand. Due to CSR. Supported
in business circles which suggest that the benefits of the operation and is regarded
as strategically important for managers to understand the relationship of the activities
CSR the results of operations of the company.
The study examined data from only one year. The results could have been more
solid had they considered longitudinal data. The study did not differentiate between
chains and independent, local hotels. Finally, the study considered hotels that
implemented CSR, but did not take into account how long the CSR activities had
been in place. Moreover these studies not concern on control variable that previous
research suggested have a relation with firm performance.
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