INTERNSHIP REPORT IN FINANCE
As a partial fulfillment of the degree of
Bachelor in business administration
TITLE:
THE RELATIONSHIP BETWEEN CORPORATE SOCIAL RESPONSIBILITY
AND CORPORATE FINANCIAL PERFORMANCE
BY
OMAR AMEUR
ACADEMIC ADVISOR
Dr. MANARA TOUKABRI
PROFESSIONAL SUPERVISOR
HAIFA JABRI
HEAD OF TREASURY DEPARTMENT – TOTALENERGIES TUNISIE
ACADEMIC YEAR
2020 – 2021
APPROVAL
APPROVED BY
ACADEMIC ADVISOR
30/06/2021
Manara Toukabri
Name
Signature
Date
PROFESSIONAL SUPERVISOR
29/06/2021
Haifa Jabri
Name
Signature
Date
Signature
Date
ACADEMIC EVALUATOR
Name
DECLARATION
I certify that I am the author of this report and that any assistance I have received in its preparation
is fully acknowledged and disclosed in this report. I have also cited any source from which I used
data, ideas, or words, either quoted or paraphrased. Further, this report meets all the rules of
quotation and referencing in use at TBS, as well as adheres to the fraud policies listed in the TBS
honor code.
No portion of the work referred to in this report has been submitted in support of an application
for another degree or qualification to this or any other university or academic institution.
30/06/2021
Omar Ameur
Student Name
Signature
Date
ABSTRACT
This paper examined the impact of debt to equity ratio, leverage, and CSR Rating on
profitability of the Group TotalEnergies. This study employed the company’s data during the
period of 2019 – 2021. Altogether, the 10 observations regarding the accounting based
financial performance and the 44 observations regarding the market based financial
performance were used in the study. Three ordinary-least-squares models were applied to
analyze the impact of CSR Rating of the company on the profitability. The first and second
regression model reveals that the higher D/E ratio was observed to have the negative effect on
the company’s ROA and ROE; However, higher CSR Rating was observed to have a positive
impact on the company’s ROA and ROE and the results were statistically significant. The
result of the final regression model reveals that the higher company CSR Rating appeared
favorable to the market performance and was found to have positive effects on the market
profitability measure: TTE stock price. This finding could help companies to take an effective
action to improve their CSR Rating to reach higher profitability.
.
Keywords: Corporate Social Responsibility, Return on equity, Return on Assets, Leverage,
Profitability, Market performance
Jel Classification: A20, A22, A30
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ACKNOWLEDGEMENT
First, praises and thanks to Allah, the Almighty, for his showers of blessings throughout my
research work to complete the research successfully.
I would like to express my deep and sincere gratitude to my research supervisor, Dr. Manara
TOUKABRI ., Ph.D., Professor, Finance Department, Tunis Business School, Tunis, for
giving me the opportunity to do research and providing invaluable guidance throughout this
research. Her dynamism, vision, sincerity and motivation have deeply inspired me. She has
taught me the methodology to carry out the research and to present the research works as
clearly as possible. It was a great privilege and honor to work and study under her guidance. I
am extremely grateful for what she has offered me. I would also like to thank her for her
friendship, empathy, and great sense of humor.
I am extremely grateful to my parents for their love, prayers, caring and sacrifices for
educating and preparing me for my future. In addition, I express my thanks to my sisters for
their support and valuable prayers. My Special thanks goes to my best friends for the keen
interest shown to complete this thesis successfully.
I am extending my thanks to the Finance Major of Tunis Business School, Tunis students for
their support during my research work. I also thank all the staff of administration in Tunis
Business School for their kindness.
I thank the management of TOTALENERGIES Tunisia, Tunis for their support to do this
work. I thank Mme. Haifa JABRI, Mme. Zeineb HAFSI and Mme. Raja KHADHRAOUI for
their genuine support to complete this thesis successfully.
Finally, my thanks go to all the people who have supported me to complete the research work
directly or indirectly.
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Table of Contents
APPROVAL ............................................................................................................................................ 2
DECLARATION .................................................................................................................................... 3
ABSTRACT ............................................................................................................................................ 4
ACKNOWLEDGEMENT ..................................................................................................................... 5
List of Tables ........................................................................................................................................... 8
List of Figures ......................................................................................................................................... 9
List of Equations ................................................................................................................................... 10
List of Abbreviations ............................................................................................................................ 11
General Introduction ........................................................................................................................... 12
Chapter 1: General Context ............................................................................................................ 13
1.
2.
Presentation of the hosting company ........................................................................................ 13
1.1
General introduction .......................................................................................................... 13
1.2
Mission and Vision .............................................................................................................. 14
Organization ............................................................................................................................... 14
2.1
Business segments.............................................................................................................. 14
2.2
Subsidiaries and affiliates ................................................................................................... 14
2.3
Head office ......................................................................................................................... 15
2.4
Senior management ........................................................................................................... 15
2.5
Executive committee .......................................................................................................... 15
3.
Organizational chart: .................................................................................................................. 15
4.
Sector of activity: ........................................................................................................................ 16
5.
Business Model........................................................................................................................... 18
6.
TotalEnergies CSR Rating ......................................................................................................... 19
Chapter 2: The conceptual background ............................................................................................. 21
Introduction ........................................................................................................................................ 21
I.
Schools of thoughts on CSR and Business operations ............................................................... 21
1.1
Sceptic view ....................................................................................................................... 21
1.2
Idealistic view..................................................................................................................... 21
1.3
Pragmatic View .................................................................................................................. 22
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Review of literature .................................................................................................................... 22
II.
2.1
Literature of CSR having a positive impact on profitability .............................................. 23
2.2
Literature for CSR having a negative impact on profitability ............................................ 24
2.3
Literature for CSR having no impact on profitability ........................................................ 24
III.
Research methodology ........................................................................................................... 25
Chapter 3: Results and findings .......................................................................................................... 26
Introduction ........................................................................................................................................ 26
I.
CSR Rating and accounting based financial performance ..................................................... 26
1.
Testable hypotheses ................................................................................................................ 26
2.
Model specification ................................................................................................................ 26
3.
Analysis and interpretation of findings .................................................................................. 27
3.1
Summary of descriptive statistics and correlation matrix.................................................. 27
3.2
Regression Results .............................................................................................................. 28
II.
CSR Rating and TotalEnergies market Performance ............................................................. 31
1.
Testable hypotheses ................................................................................................................ 31
2.
Model specification ................................................................................................................ 31
3.
Analysis and interpretation of findings .................................................................................. 32
3.1
Summary of descriptive statistics and correlation matrix.................................................. 32
3.2
Regression Results .............................................................................................................. 33
Summary and Conclusions .................................................................................................................. 35
Limitations ............................................................................................................................................ 36
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List of Tables
Table 1: Descriptive statistics of response and predictors variables ......................................... 27
Table 2: Correlation matrix of response and predictor variables .............................................. 28
Table 3: Multiple regression equation of ROE on all predictor variables ................................ 29
Table 4: Regression Statistics equation of ROE on all predictor variables .............................. 29
Table 5: Multiple regression equation of ROA on all predictor variables ................................ 30
Table 6: Regression Statistics equation of ROA on all predictor variables .............................. 30
Table 7: Descriptive statistics of response and predictors variables ......................................... 32
Table 8: Correlation matrix of response and predictor variables .............................................. 32
Table 9: Multiple regression equation of TTE on all predictor variables ................................. 33
Table 10: Regression Statistics equation of TTE on all predictor variables ............................. 33
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List of Figures
Figure 1: TotalEnergies New Logo ........................................................................................... 14
Figure 2: TotalEnergies organizational chart ............................................................................ 15
Figure 3: TotalEnergies vs G&O industry CSR Rating ............................................................ 19
Figure 4: TotalEnergies CSR Dimensions Score ...................................................................... 20
Figure 5: TotalEnergies Sustainability criterion dimensions .................................................... 20
Figure 6:TTE vs TotalEnergies CSR Rating ............................................................................. 31
Figure 7: TTE vs ^XOI stock price change ............................................................................... 34
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List of Equations
Equation 1: Regression Model 1 ............................................................................................... 26
Equation 2: Leverage Formula .................................................................................................. 27
Equation 3: Return on assets formula ....................................................................................... 27
Equation 4: Return on Equity formula ...................................................................................... 27
Equation 5: Debt to Equity ratio formula .................................................................................. 27
Equation 6: Regression model 2 ............................................................................................... 31
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List of Abbreviations
-
CSR: Corporate Social Responsibility
-
CFP: Compagnie Française des Pétroles
-
LPG: Liquefied Petroleum Gas
-
LNG: Liquefied Natural Gas
-
CEO: Chief Executive Officer
-
CFO: Chief Financial Officer
-
CSA: Corporate Sustainability Assessment
-
CSP: Corporate Social Performance
-
ROE: Return On Equity
-
ROA: Return On Assets
-
D/E: Debt to Equity Ratio
-
STD: Standard Deviation
-
TTE: TotalEnergies Stock Price
-
XOI: AMEX Oil Index
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General Introduction
Corporate social responsibility (CSR) could also be defined as “the commitment of
business to contribute to sustainable economic development, working with employees, their
families, the area people and society at large to enhance their quality of life” (World Business
Council for Sustainable Development, 2004). There has been increasing pressure on
businesses from the social and government organizations to require up financial aid projects.
Corporations are investing in CSR projects in a shot to enhance their reputation in society and
compete with global corporations. Companies are boosting their CSR expenditure in their
annual reports to draw in investors and satisfy various stakeholders like employees, customers,
suppliers, government, regulators, distributors, etc.
Companies are increasingly using CSR as a marketing tool and to determine a decent
rapport with the public. Current corporate performance measures involve corporate social
performance. This measure is important to corporate sustainability and reputation. It is also
used as a prevention strategy by the businesses to shield them from corporate scandals,
unpredicted risks, possible ecological accidents, governmental rules, and regulations, protect
noticeable profits, brand differentiation, and better relationship with employees supported
volunteerism terms. Most corporations make sure to publish their CSR activities on their
websites, sustainability reports, and their advertising campaigns.
CSR is additionally practiced because customers, still as governments today, are
demanding more ethical behaviors from organizations. In response, corporations are
volunteering themselves to include CSR as a part of their business policies, mission
proclamation, and values in multiple areas, respecting the labor and environmental laws, while
taking care of the various interests of varied stakeholders (Kashyap et al., 2006). The study is
organized as follows. Section 1 gives a presentation of the host company and general numbers
and information. Section 2 gives details regarding the schools of thought on CSR and
business, an in-depth review of literature and the research methodology, and Section 3 states
the objectives of the study the analysis and interpretations of results, followed by a summary,
conclusion and limitations of the study.
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Chapter 1: General Context
Introduction
This chapter is devoted to the presentation of the general framework of the research. First, we
present the history of the host company, the organization and its business segments, the organizational
chart, sector of activity and the business model of TotalEnergies.
1. Presentation of the hosting company
1.1 General introduction
The French petroleum company was created in Iraq in 1924, to represent the French interests of the
Turkish petroleum company founded jointly by the British and the French in the aftermath of the First
World War. Total only became a brand in 1954. It was not until 1985 that the "CFP" adopted the name
"Total CFP" before adopting the name "Total" in 1991. The second-largest French oil company after
Elf-Aquitaine at the end of the 1980s, TotalEnergies is a group in difficulty with low profitability. At
the dawn of the 21st century, TotalEnergies is one of the companies on the Paris stock market that is
favored by all financial analysts. Between these two dates, the group has embarked on a process of
rationalization of its activities on a large scale. In the oil and gas sector, the refocusing took place in
two directions: first, TotalEnergies strengthened its historical positions in the Middle East, an area that
contains two-thirds of the world's oil reserves. TotalEnergies is the first Western company to re-enter
Iran since the 1979 Islamic revolution. Finally, the group has a strong presence in Qatar, Oman, and
Abu Dhabi, in both gas and oil production.
However, the company is not locked into a Middle Eastern monoculture. The search for new
operating sites in other parts of the world has been successful overall, with the search for new
operating sites in other regions of the world has been successful overall, particularly in the North Sea,
which remains an attractive area, but also in Latin America and Asia. This redeployment is not only
geographical but also sectoral. The main strategic shift has been from refining and marketing to
exploration and production. In the short term, TotalEnergies will produce more hydrocarbons than oil.
This is mainly due to the low margins of the refining business, which is subject to high taxes. With its
very low level of debt, TotalEnergies has also diversified its activities to activities close to its
traditional businesses. This is the case with its investment in the nuclear industry through a 15% stake
in the capital of Cogema. Finally, in the chemicals sector, the purchase of Mydrin in the United
Kingdom has tripled Total's activity in the field of chemicals. Total's business in adhesives for the
packaging industry tripled with the purchase of Mydrin in the United Kingdom. The consistency of this
global policy is the hallmark of Total's success, which ranked eighth in the world in 1997, a position
that has since been strengthened by the successive acquisitions of the Belgian oil company Petrofina
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and the takeover of ELF Aquitaine in 1999. The new entity renamed TotalEnergies is now the seventhlargest oil company in the world.
Figure 1: TotalEnergies New Logo
1.2 Mission and Vision
Mission
TotalEnergies is a global energy producer and provider with operations that span the oil and
gas chain. Developing alternative energies such as solar, biomass and nuclear power is also one of their
core commitments.
Vision:
They aim to be the best in all areas and focus on becoming the responsible multinational energy
company.
2. Organization
2.1
Business segments
In September 2016, TotalEnergies set up a new organization to achieve its goals to become a
responsible energy supermajor. It is composed of the following segments:
-
Exploration & Production
-
Gas, Renewables & Power
-
Refining & Chemicals
-
Trading & Shipping
-
Marketing & Services
-
TotalEnergies Global Services
2.2
Subsidiaries and affiliates
As of 31 December 2014, TotalEnergies had 903 subsidiaries consolidated into the group
results, together with affiliate investments and joint ventures, mostly in LPG. In addition,
TotalEnergies had other equity holdings valued at 3 billion euros, treated as investments, and was
involved in a number of significant joint ventures, mostly relating to LPG and LNG exploration,
production, and shipping.
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2.3
Head office
The company headquarter is located in the Tour TotalEnergies in the La Défense district in
Courbevoie, France. The building was originally built between 1983 and 1985 for Elf Aquitaine.
TotalEnergies SA acquired the building after its merger with the company Elf in 2000.
2.4
Senior management
Christophe de Margerie was the CEO from 14 February 2007 until 20 October 2014, when he
died in a plane crash in Moscow. His TotalEnergies annual compensation for this role was more than 2
million euros. The present chairman and chief executive of the company is Patrick Pouyanné (2014 to
present).
2.5
Executive committee
The executive committee is TotalEnergies' primary decision-making organization. Since
January 2020, members of the executive committee have been:
•
Patrick Pouyanné, CEO.
•
Arnaud Breuillac, president of Exploration & Production.
•
Patrick de La Chevardière, CFO
•
Alexis Vovk, president Marketing & Services.
•
Philippe Sauquet, Gas, Renewables & Power, Strategy & Innovation
•
Namita Shah, executive vice president,
•
Bernard Pinatel, President Refining & Chemicals
3. Organizational chart:
Figure 2: TotalEnergies organizational chart
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4. Sector of activity:
The TotalEnergies Group is present at all stages of energy production.
TotalEnergies' activities in the “upstream” sector
The group's "upstream" sector is organized around the exploration, development, and
production of hydrocarbons, as well as activities in the fields of coal, gas, and new energies. Thus, on
an operational level, Total acts upstream on:
Part of the oil chain includes Petroleum prospecting and exploration and oil exploitation and
production
The entire natural gas chain includes:
- Prospecting and gas exploration
- Gas exploitation and production
- Liquefaction (for liquefied natural gas)
- Transportation
- Commercialization
- Electricity production
Certain stages of alternative energy cycles include:
- The manufacture of solar equipment
- The production and sale of coal-steam for thermal power stations
- Participation in nuclear projects
- The production of electricity from renewable energies;
TotalEnergies' activities in the "downstream" sector
The group's "downstream" sector is organized around activities only involving petroleum
products. Thus, at the operational level, Total acts downstream on:
- Maritime transport
- Pipeline transport
- Refining of petroleum products
- Distribution of refined products
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- Market activities
TotalEnergies' activities in the "chemicals" sector
The group's “chemicals” sector is organized around basic chemical activities and specialties.
Thus, on an operational level, Total acts in "chemicals" on:
Basic chemistry, which brings together basic petrochemicals (olefins and aromatics) and their
derivatives (polyethylene, polypropylene, and polystyrene), as well as the manufacture of fertilizers
and fertilizers; specialty chemicals, which brings together rubber processing, resin, adhesive
production, and metallization.
In January 2012, the breakdown of TotalEnergies' activities was changed between three major sectors:
Upstream, Refining-Chemicals, and Supply-Marketing.
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5. Business Model
CUSTOMER SEGMENTS
- Industry
- Refineries
- Downstream Business
- End Users
VALUE PROPOSITIONS
- Large scale chemicals
manufacturer
- A major integrated player in the
global solar industry
- Sustainable production of
energy from several sources
CHANNELS
- Traders
- Gas stations and stores
- Social networks
- Infographics
- Global presence
CUSTOMER RELATIONSHIPS
- Long term contracts
- License of exploration
- Brand awareness
- Automation
REVENUE STREAMS
- B2C Sales
- Sale of Crude oil, natural gas,
chemicals and refined products
- Licensing
- Solar and biomass sales
- Filling sales from third part
consumables
KEY ACTIVITIES
- Exploration and production
- Petrochemicals products
- Renewables & power
- Trading & shipping
KEY RESOURCES
- Infrastructure
- Proven reserves under license
- Operations in more than 130
countries
KEY PARTNERS
- 903 subsidiaries consolidated
into the group results
- Significant affiliate investments
and joint ventures
- Oil service providers
- Environmental and
governmental agencies
- Sponsorships
COST STRUCTURE
- Capital Investment
- Acquisitions
- Finding Oil and gas
- Transporting and trading
- Manufacturing and marketing
fuels and product
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6. TotalEnergies CSR Rating
TotalEnergies has been always one of the greatest oil companies in the world that cares about
the environment, society, safety of their employees and therefore, the company has always
received great CSR rating compared to the average industry, and we can see that in the charts
below:
TotalEnergies Vs G&O Industry
CSR Rating
100%
80%
60%
40%
20%
0%
4/02/2019 15/05/2019 23/08/2019 1/12/2019 10/03/2020 18/06/2020 26/09/2020 4/01/2021
TotalEnergies
O&G Industry
Figure 3: TotalEnergies vs G&O industry CSR Rating
It is obvious that TotalEnergies is a leader among the oil and gas industry with a CSR rating
always higher than the average of its peers, which indicates the importance of this matter for the
company.
The following data is extracted from S&P Global website:
TotalEnergies is a Corporate Sustainability Assessment (CSA) survey respondent. Its ESG score is
based on its responses to the CSA and on information available in the public domain.
All companies are assessed using the industry specific CSA questionnaire and methodology
reflecting a company’s score compared to its industry peers. The CSA focuses on past and current
performance on ESG issues.
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Dimensions Score
Governance and Economic
Social
Enviromental
0
10
20
30
Industry Best
40
50
Industry Average
60
70
80
90
100
TotalEnergies
Figure 4: TotalEnergies CSR Dimensions Score
Companies assessed using the CSA fall into two categories:

Participating companies – companies that are rated on information they submit to S&P
Global as part of their active participation in the CSA and on publicly available
information.

Non-participating companies – companies that are assessed on publicly available
information only and do not actively participate in the CSA.
Sustainability Criterion Dimensions
Water related risks
100
Social Impact on Communities
Climate Strategy
80
60
40
Risk & Crisis Management
20
Corporate Governance
0
Operational Eco-Efficiency
Occupational Health and Safety
TotalEnergies
Energy Mix
Human Rights
Industry Best
Industry Mean
Figure 5: TotalEnergies Sustainability criterion dimensions
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Chapter 2: The conceptual background
Introduction
This chapter is devoted to the conceptual background of the research. First, we present the schools
of thoughts on CSR, tackle the context, which we review the literature on Corporate Social
Responsibility (CSR) and present the findings reported by various authors about how CSR influences
the profitability of a corporation, and finally, we will go through our Research methodology.
I.
Schools of thoughts on CSR and Business operations
From the vast literature available on the topic of Corporate Social Responsibility, many of
which were reviewed as a part of this research work, three different themes or schools of thought
emerge, which are designated as ‘Sceptic’, ‘Idealistic’ and ‘Pragmatist’. These are explained further
within the following sections.
1.1 Sceptic view
The skeptics are highly critical of CSR. They believe that in a very free society, the sole
responsibility of corporate officials is to create the maximum amount of money for their shareholders,
as they will. In keeping with this view, the corporates do not have any responsibility aside from
increasing sales and earning profits. The thought of CSR is contrary to the essential purpose of
business, which is to make wealth.
The proponents of this view think that spending money on CSR activities is a self-imposed tax.
They extremely counter any idea for expenses aside from anything associated with business operations
and growth. In line with the proponents of this view, managers who are put accountable for a business
do not have any right to allow away the money of the owners. Managers are employed to get wealth
for the shareholders and not provides it away for charitable purposes.
1.2 Idealistic view
The idealistic view of CSR reflects the thought that companies have a previous duty to anyone
touched by their activity, their stakeholders instead of their stockholders. Companies are especially
liable towards the vulnerable, which can be exploited by the company’s operation. Some holding this
set of views think that companies like those manufacturing weapons can never be considered
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accountable for the harmful effects of their products. Companies should not be silent witnesses to
illegal and immoral activities in society.
Business does not have an unquestioned right to control in society. Those managing
businesses should recognize that they depend upon society. Business relies on inputs from society.
There is an accord between business and society involving mutual obligations. Society and business
must identify that they need to meet these mutual obligations for every other’s existence and success.
1.3 Pragmatic View
The pragmatist view is widely followed and practiced. As per the pragmatist view, CSR is not
about investing funds and expertise in solving social problems. CSR is about the veracity with which a
corporation governs itself, fulfills its objectives, lives by its values, and engages with its stakeholders.
The business measures its impacts on society and the way it reports about its activities with honesty.
Pragmatist view promotes ethical decision-making in company affairs and transparency of choices and
policies. The most theme of this view is compliance with rules and regulations and following them in
letter and spirit.
This view also promotes persistent assurance by businesses to behave ethically and contribute
to economic development by improving the standard of lifetime of the workforce and their families
further as that of the area people and society. A company, being a decent citizen within the community
should manage its business process to provide an overall positive impact on society. it's duty-bound to
conduct business ethically and therefore the interests of the broader community, respond positively to
emerging societal priorities and expectations, be willing to act previous regulatory confrontation, and
balance shareholder interests against the interests of the broader community. There are four layers of
corporate responsibility as per this view:
1. Financial responsibility to earn profits for shareholders.
2. Accountability to fits the law.
3. Ethical not acting only for profit but doing what is right, just, and fair.
4. Philanthropic promoting human welfare and goodwill.
The proponents of this view consider responsibility to earn profits jointly of the various
responsibilities of business.
II.
Review of literature
During this section, we review the literature on Corporate Social Responsibility (CSR) and
present the findings reported by various authors about how CSR influences the profitability of a
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corporation, employee morale, and loyalty, and whether it is sway on customer satisfaction. Broadly,
the literature on CSR indicates three different schools of thought or groups. Each of those groups has
taken statistically significant samples from different industries and organizations to validate their point.
The most theme of those three group’s findings and observations is as mentioned below.
One group supports CSR and states that its practices lead to improving the corporate image,
helps stabilize stock prices, improve sales, and a positive impact on customer loyalty. The second
group opposes CSR and shows that CSR harms profit and only adds to expenses. It results in loss of
business focus, which may be better utilized in running the business profitably. The third group is
neutral to CSR and shows that CSR could be a good charitable social act with no impact whatsoever on
profitability. This section is accordingly organized into three parts, with each part covering the findings
from the three groups mentioned above.
2.1 Literature of CSR having a positive impact on profitability
Roger E. Meiners (1982) have said that companies spending on CSR must spend less money
on advertising. This helps in reducing costs and creating a company identity or building the reputation
of the firm. John W. Slocum (1996) have concluded that CSR can improve corporate reputation and
lower the financial risk, which suggests such organizations are less likely to go bankrupt as compared
to those, which do not engage in CSR.
Curtis P. (1996), have proposed a theoretical model that strong environmental management to
improved future financial performance. Samuel B. Graves (1998) have shown that Corporate Social
Performance is positively related to prior financial performance. Paterson (2000) has found that
financial incentives do not seem to be the key to draw in and retain quality staff. They reported that as
high as eighty percent of UK professional workers would turn down a lucrative job offer if the
corporate did not accord with their own personal values. Bennett Daviss (1999) has concluded that
companies will grow their profits only by embracing their new role because of the engine of positive
social and environmental change. Lord Tim Clement (2002) is of the view that CSR has bottom-line
relevance and therefore the way it has communicated and reported is vital. CSR helps a company in
building loyalty with customers, avoiding expensive class-action suits, helps in attracting, and
retaining a talented workforce, and lowering the company’s equity risk premium.
Savaria (2004) have shown that socially responsible companies show less diversifiable risk in
their stock movement than others. Crawford and Scaletta (2005) have suggested the employment of a
Balanced Score Card to form CSR reporting simpler. Falck and Heblich (2007) stated that shareholders
react positively towards the stock prices of companies’ strategically practicing corporate social
responsibility (CSR). Younghwan, Jungwoo, and Taeyong developed a company transparency index
and accessed the transparency of several Korean companies. They concluded that financial, corporate,
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operational, and social transparencies play a crucial role in an exceedingly firm’s profitability. Dr.
Boorman (2011) has shown that a healthy and happy workforce can improve a company’s bottom line.
2.2 Literature for CSR having a negative impact on profitability
Henderson (2001) has found that CSR could affect negatively profitability. In step with him,
the concept of CSR is severely damaged. Adoption of CSR increases the likelihood of cost escalations
and impaired performance. He highlights that wide-ranging goals, involvement within the timeconsuming process of debate with outside consultants, will load managers, need for brand new
accounting, auditing, and monitoring systems if they practice CSR.
All this might offset any gains from CSR. Friedman (2007) is of opinion that a business is
responsible only to extend profits and not responsible to society. Reich (2008) argues that the firms
practicing CSR must sacrifice freedom of profits to realize social goods. The promotion of corporate
social responsibility by companies misleads the public to believe that more is being done by the private
sector for the well-being of society than is after all the case. Robert remarks negatively about CSR
saying that it is an expense that has only to mislead opinion.
2.3 Literature for CSR having no impact on profitability
Derwinski McCarthy (1989) looked up the relationship between corporate social
responsiveness and profitability in a sample of corporate directors. Their results show no relationship
between the level of director social responsibility and corporate profitability. Balabanis, Phillips, and
Lyall (1998) concluded that CSR disclosure positively affected a firm’s CSR performance and its
concurrent financial performance. Involvement in environmental protection activities had a negative
correlation with subsequent financial performance.
McWilliams and Siegel (2000) conclude that CSR has a neutral impact on financial
performance. Quazi and O’Brien (2000) found that corporate social responsibility is two-dimensional.
Differences in cultural and market settings in which managers operate have very little impact on the
ethical perceptions of corporate managers. Their study did not find any significant effect of CSR on
profitability. McWilliams and Siegel (2001) outlined a supply and demand model of corporate social
responsibility (CSR). Based on this framework, the hypothesis was that a firm’s level of CSR depends
on its size, level of diversification, consumer income, and stage in the industry life cycle. From these
hypotheses, they concluded that there exists an optimal level of CSR, which managers can determine
by doing a cost-benefit analysis. They decided that there is a neutral relationship between CSR and
financial performance.
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Husted and Allen (2007) conclude that although directors and government officials insist in
public that CSR projects create value for the firm, privately they say that they do not know if CSR
really pays off. Mackey and Barney (2011) debate about whether firms should involve in socially
responsible behavior. They have proposed a theoretical model in which the supply and demand of
socially responsible investment opportunities determine whether these activities improve, reduce, or
have no impact on a firm’s market value. Their theory shows that managers in publicly traded firms
might fund socially responsible activities that do not maximize the value of their firm’s future cash
flows in the short term however maximize the market value of the firm.
III.
Research methodology
For analysis, Leverage, ROE, ROA and D/E ratio of the French company TotalEnergies
Petrochemicals were taken for the period between 2019 – 2021 from their annual published financial
reports. The CSR rating for these years 2019 and 2021 was taken from csrhub.com. It rates the
companies based on their CSR activities. Ordinary Least Squares Regression analysis and correlation
analysis are performed on the data using Excel. The company's data is analyzed to see the impact of
CSR on the company's financial performance if there is a relationship between CSR activities and
financial performance. In addition, the financial figures have experienced an unusual downshift due to
the pandemic and the lockdown. This will catch the real essence of the relationship between financial
and social performance.
The companies are rated on a [0; 100] percentage scale based on criteria like products & services,
reach of CSR activities, expenditure on CSR, harmful activities, etc.
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Chapter 3: Results and findings
Introduction
The main objective of the present study is to investigate if there is some relationship between CSR
expenditure made by TotalEnergies Petrochemicals and its financial performance as reflected in Sales
Revenue and Net Profit figures. This relationship is required to determine if expenditure on CSR
activities affects the financial and/or market performance and if companies with good CSR Rating will
have an advantage on other companies during crises.
I.
CSR Rating and accounting based financial performance
1. Testable hypotheses
CSR initiatives as measured by CSR rating is a forecaster as well as a consequence of firm’s
financial performance as measured by firm’s sales revenue and profits. To achieve the objective of the
paper, two hypotheses have been framed:
𝐻0 : There is no relationship between a company’s CSR Rating and its accounting based
-
financial performance.
𝐻1 : There is a relationship between a company’s CSR Rating and its accounting based
-
financial performance.
2. Model specification
In order to have a complete analysis regarding the relationship of the CSR rating and the
accounting based financial performance of the companies we will create two models to test our
hypothesis.
The first model is as follows:
Equation 1: Regression Model 1
𝑌𝑛𝑖 = 𝛽0 + 𝛽1 𝑋1 𝑛𝑖 + 𝛽2 𝑋2 𝑛𝑖 + 𝛽3 𝑋3 𝑛𝑖 + 𝜀𝑛𝑖
Where:
-
Y represents the measure of the accounting based financial performance in this case ROE/
ROA each year with “n” representing the quarter of the year and “i” is the year.
-
𝛽 represents the regression coefficients.
-
𝑋1 represents the CSR Rating scaled from 0 to 100 percentage.
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-
𝑋2 represents the leverage
-
𝑋2 represents the D/E ratio.
-
𝜀 represents the error term.
Equation 2: Leverage Formula
Leverage =
𝑇𝑜𝑡𝑎𝑙 𝐷𝑒𝑏𝑡
𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠
Equation 3: Return on assets formula
𝑅𝑂𝐴 =
𝑁𝑒𝑡 𝑖𝑛𝑐𝑜𝑚𝑒
𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠
Equation 4: Return on Equity formula
𝑅𝑂𝐸 =
𝑁𝑒𝑡 𝑖𝑛𝑐𝑜𝑚𝑒
𝑆ℎ𝑎𝑟𝑒ℎ𝑜𝑙𝑑𝑒𝑟 ′ 𝑠 𝑒𝑞𝑢𝑖𝑡𝑦
Equation 5: Debt to Equity ratio formula
𝐷⁄𝐸 𝑟𝑎𝑡𝑖𝑜 =
𝑇𝑜𝑡𝑎𝑙 𝐷𝑒𝑏𝑡
𝑆ℎ𝑎𝑟𝑒ℎ𝑜𝑙𝑑𝑒𝑟𝑠 ′ 𝑒𝑞𝑢𝑖𝑡𝑦
3. Analysis and interpretation of findings
3.1 Summary of descriptive statistics and correlation matrix
Table 1 reports a summary of the descriptive statistics of two response variables: ROA and
ROE; four predictor variables; CSR Rating, Leverage and debt to equity ratio were used in the study.
The average ROE of TotalEnergies was much higher than that of ROA, suggesting that they benefited
from leverage effects. The standard deviation of ROE indicates more volatility among the response
variables. Similarly, the standard deviation of debt to equity ratio also indicates much more volatility
among the explanatory variables.
Table 1: Descriptive statistics of response and predictors variables
Variables
ROE
Count
10
Mean
0.010
STD
0.033
Minimum
-0.081
Maximum
0.030
ROA
10
0.005
0.014
-0.032
0.012
D/E
10
0.288
0.063
0.183
0.380
Leverage
10
0.122
0.022
0.084
0.152
CSR Rating
10
0.758
0.056
0.663
0.886
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Table 2 presents the correlation matrix of response and predictor variables. Both D/E and
Leverage become negatively correlated with ROE and ROA and statistically significant at 5% level.
However, CSR rating was positively correlated with both of the response variables with a percentage
close to 65% and statistically significant at 5% level. The correlation matrix reveals that all the
correlation coefficients, among the response and predictor variables, less than 0.7 implies no evidence
of multicollinearity problem among independent variables.
Table 2: Correlation matrix of response and predictor variables
Variables
ROE
D/E
Leverage
CSR Rating
ROA
ROE
1
-0.69
-0.64
0.65
1.00
D/E
Leverage
CSR Rating
ROA
1
0.98
-0.49
-0.71
1
-0.58
-0.66
1
0.64
1
3.2 Regression Results
This study focused mainly on regression results. Tables 3, 4, 5 and 6 show the results of regression
analysis. Table 3 and 4 report the results related to ROE and Tables 5 and 6 report the results related to
ROA.
The R square measures the regression’s explanatory power. An R square of 1 indicates that the
independent variables explain all of the variations in the dependent variable. A value of 0 indicates that
very little variation is explained by the independent variables. The beta coefficients indicate the
strength of relationship.
The P-value indicates at what level the results are statistically significant. Typically, a P-value
of 0.05 or less shows that the results are significant.
Table 3 reports the effects of D/E, Leverage, and CSR Rating on TotalEnergies ROE. The value of Rsquare (.87) reveals that the overall explanatory power of the regression model was fair with indicating
that 87 percent of the variation in the company’s ROE was explained by the variation in the
independent variables.
The low value of the significance F-statistics clearly indicates that this regression model is a
good fit. In Table 3, the regression coefficient of debt to equity ratio (β1 = -1.954, p < .01) indicates
that a higher D/E ratio results in a lower ROE to TotalEnergies. The regression coefficient of leverage
(β2 = 5.268, p < .05) shows that a higher leverage would eventually result in a higher ROE. In
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addition, the regression coefficient of CSR Rating (β3 = 0.496, p < .01) indicates that a higher CSR
Rating results in a higher ROE to the company. This result is consistent with the findings of prior
researchers.
Table 3: Multiple regression equation of ROE on all predictor variables
Coefficients
Standard Error
t Stat
P-value
Intercept
-0.449
0.132
-3.389
0.015
D/E
-1.954
0.480
-4.073
0.007
Leverage
5.268
1.469
3.587
0.012
CSR Rating
0.496
0.121
4.108
0.006
Table 4: Regression Statistics equation of ROE on all predictor variables
Regression Statistics
Multiple R
R Square
Adjusted R Square
F
Significance F
Standard Error
Observations
0.936
0.876
0.813
14.065
0.004
0.014
10
Table 5 reports the effects of D/E, Leverage, and CSR Rating on TotalEnergies ROA.
The value of R-square (.88) reveals that the overall explanatory power of the regression model was fair
with indicating that 88 percent of the variation in the company’s ROA was explained by the variation
in the independent variables. The low value of the significance F-statistics clearly indicates that this
regression model is a good fit and we can reject the null hypothesis.
In Table 5, the regression coefficient of debt to equity ratio (β1 = -0.802 , p < .01) indicates that a
higher D/E ratio results in a lower ROA to TotalEnergies. The regression coefficient of leverage (β2 =
2.140, p < .05) shows that a higher leverage would eventually result in a higher ROE. In addition, the
regression coefficient of CSR Rating (β3 = 0.195, p < .01) indicates that a higher CSR Rating results in
a higher ROE to the company. This result is consistent with the findings of prior researchers.
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Table 5: Multiple regression equation of ROA on all predictor variables
Coefficients
Standard Error
t Stat
P-value
Intercept
-0.174
0.053
-3.278
0.017
D/E
-0.802
0.193
-4.167
0.006
Leverage
2.140
0.589
3.631
0.011
CSR Rating
0.195
0.048
4.021
0.007
Table 6: Regression Statistics equation of ROA on all predictor variables
Regression Statistics
Multiple R
R Square
Adjusted R Square
F
Significance F
Standard Error
Observations
0.938
0.881
0.821
14.754
0.004
0.006
10
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II.
CSR Rating and TotalEnergies market Performance
This part of the paper will try to study the relationship between the company’s CSR rating and its
market performance and if companies with good CSR Rating will have an advantage on other
companies during crises.
TOTALENERGIES CSR RATING vs TTE STOCK PRICE
JAN 2020 - MAR 2021
$55.00
95.00%
90.00%
$45.00
85.00%
$35.00
80.00%
$25.00
75.00%
70.00%
$15.00
65.00%
$5.00
60.00%
TTE Stock price
TOTAL CSR RATING
Figure 6:TTE vs TotalEnergies CSR Rating
1. Testable hypotheses
To achieve the objective of the paper, two hypotheses have been framed.
These are the following hypothesis:
-
𝐻0 : There is no relationship between a company’s CSR Rating and its market financial
performance (stock price).
-
𝐻1 : There is a relationship between a company’s CSR Rating and its market financial
performance (stock price).
2. Model specification
The model is as follows:
Equation 6: Regression model 2
𝑌𝑛𝑖 = 𝛽0 + 𝛽1 𝑋1 𝑛𝑖 + 𝛽2 𝑋2 𝑛𝑖 + 𝜀𝑛𝑖
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Where:
-
Y represents the measure of the market financial performance in this case its stock price
weekly with “n” representing the week of the year and “i” is the year.
-
𝛽 represents the regression coefficients.
-
𝑋1 represents the CSR Rating scaled from 0 to 100 percentage.
-
𝑋2 represents ^XOI stock price
-
𝜀 represents the error term.
3. Analysis and interpretation of findings
3.1 Summary of descriptive statistics and correlation matrix
Table 1 reports a summary of the descriptive statistics of the response variable: TTE stock
price and two predictor variables; CSR Rating and ^XOI stock price were used in the study. The
standard deviation of ROE indicates more volatility among the response variables. Similarly, the
standard deviation of debt to equity ratio also indicates much more volatility among the
explanatory variables.
Table 7: Descriptive statistics of response and predictors variables
Variables
Count
Mean
STD
Minimum
Maximum
TTE
44
38.59
6.28
25.02
50.20
^XOI
44
841.19
194.89
536.94
1293.41
TotalEnergies
CSR
44
0.738
0.055
0.653
0.886
Table 2 presents the correlation matrix of response and predictor variables. Both ^XOI stock
price and TotalEnergies CSR Rating become positively correlated with TTE stock price and
statistically significant at 5% level. The correlation matrix reveals that the correlation coefficients,
among TTE, ^XOI the CSR Rating is less than 0.7 implies no evidence of multicollinearity problem
among independent variables.
Table 8: Correlation matrix of response and predictor variables
Variables
TTE
TTE
TotalEnergies
CSR
^XOI
1
^XOI
0.91
1
TotalEnergies CSR
0.50
0.31
1
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3.2 Regression Results
This study focused mainly on regression results. Tables 9 and 10 show the results of regression
analysis.
Table 9 reports the effects of ^XOI stock price and CSR Rating on TotalEnergies stock price.
The value of R-square (.87) reveals that the overall explanatory power of the regression model was fair
with indicating that 87 percent of the variation in the TTE stock price was explained by the variation in
the independent variables.
The low value of the significance F-statistics clearly indicates that this regression model is a good fit.
In Table 9, the regression coefficient of ^XOI stock price (β1 = 0.027, p < .01) indicates that a higher
D/E ratio results in a higher TotalEnergies stock price. The regression coefficient of the CSR Rating
(β2 = 27.736, p < .01) shows that a higher CSR Rating would eventually result in a higher TTE stock
price. . This result is consistent with the findings of prior researchers.
Table 9: Multiple regression equation of TTE on all predictor variables
Coefficients
Intercept
^XOI
Total Energies
CSR
Standard
Error
t Stat
P-value
-4.450
4.601
-0.967
0.339
0.027
0.002
14.543
0.000
27.736
6.539
4.241
0.000
Table 10: Regression Statistics equation of TTE on all predictor variables
Regression Statistics
Multiple R
R Square
Adjusted R Square
F
Significance F
Standard Error
Observations
0.937
0.878
0.872
147.767
1.81E-19
2.244
44.000
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TTE and the industry average:
As shown in the first graph TotalEnergies has been always above the industry average regarding
the CSR rating and close enough to be the industry best.
For this analysis we chose to compare the stock price of the company to an index called ^XOI. The
NYSE Arca Oil Index, ticker symbol XOI, is a price-weighted index of the leading companies
involved in the exploration, production of oil and natural gas. It measures the performance of the oil
industry through changes in the sum of the prices of component stocks. The index was developed with
a base level of 125.
TTE vs ^XOI
Change 01/01/2020 - 30/06/2021
5.00%
-15.00%
-35.00%
-55.00%
-75.00%
TTE
^XOI
Linear (TTE)
Linear (^XOI )
Figure 7: TTE vs ^XOI stock price change
This chart shows the change happened from early 2020 until now. We can see that TTE has a
better performance in the market compared to ^XOI. From these data, we can conclude that
TotalEnergies having a better CSR rating compared to its peers in the oil and gas production industry
is performing better in crises market wise.
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Summary and Conclusions
The purpose of this study was to find the relationship between the corporate social
responsibility of an organization and the financial performance (accounting-based / marketbased) of the organization. CSR rating of the organization has been taken as an indicator of
CSR and ROE and stock price have been taken as indicators of financial performance.
Two hypotheses were made. In order to test 𝐻0 , regression analysis was done taking
ROE as the dependent variable and CSR rating as independent variable. By checking casualty
of data from 2019 to 2021, the results of the study show that CSR rating of the firm results in
improved financial performance and the firms having more CSR rating will be more resistant
to crises. Most of the literature reviewed also concludes with positive relationship between
CSR rating and financial performance. The results of our analysis clearly establish the
relationship between CSR and financial performance. The relationship between CSR and
financial performance has been empirically examined by many studies and there have been
many theoretical debates and discussions concerning the positive relationship between
corporate social performance and firm financial performance.
This study employed three ordinary least squares regression models to explain the
cause-and-effect relationship between response and predictor variables. The first regression
model, which incorporated ROE as the dependent variable, was statistically significant (F =
14.065, p< .05) suggesting that the regression model was best fitted. Similarly, the second
regression model, which incorporated ROA as the dependent variable, was statistically
significant (F = 14.754, p< .01), suggests that the regression model seemed best fitted. Finally,
the third regression model, which included TTE stock price as the dependent variable, was
statistically significant (F = 147.767, p < .01) suggesting that the regression model appeared
best fitted.
The first regression equation reveals that the higher the CSR Rating the higher the
ROE of the company. Similarly, the results from the second regression says that the higher the
CSR Rating the higher the ROA of TotalEnergies. We can conlude that indeed CSR rating has
a positive relationship with the accounting based financial performance. Finally, the results of
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the third regression reveals that the higher the CSR Rating the higher the TTE stock price,
which means that CSR Rating has also a positive relationship with the market based financial
performance.
This finding could help companies to take an effective action to improve their CSR
Rating to reach higher profitability.
Limitations
This study covered only three variables such as CSR Rating , leverage, and D/E ratio
to show the impact on the company’s profitability and only ^XOI stock price along with the
CSR Rating to show the impact on the company’s market performance. Therefore, further
research needs to be done by including other industry specific factors and macroeconomic
variables.
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Data Sources





https://finance.yahoo.com/quote/TTE
https://finance.yahoo.com/quote/%5EXOI
https://www.totalenergies.com/investors/publications-and-regulated-information/reportsand-publications#quarterlyResult
https://www.csrhub.com/CSR_and_sustainability_information/Total-Petrochemicals
https://www.spglobal.com/esg/scores/results?cid=4011129
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