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Contributors in this lssue

Md. Mosharraf HossainJob Satisfaction of Garment Workers in Bangladesh 1

Mohammad Thoufiqu! lslamMd. Zahidul Hashan SakilApplication of Balanced score card method in cell phone companies ofBangladesh

Sabnam JahanMd. Shafiqul lslamHuman Resource Management Practices and Employee Turnover: AStudy on Private Universities in Bangladesh

Sumon DasMd. Tanvir PavelMd. Shariful Alam KhandakarLiving and Economic condition of Unskilled Female workers in theGarment lndustry of Bangladesh

B. M. RazzakShamsun NaharTraining and Development Methods of the Banking sector in Bangladesh:A Comparative $tudy

Shama AhmadRumana AhmedAnup Kumar Sahasome Determinants of corporate social Disclosure of Listed BangladeshiBanking Companies 89

Abureza Mohammad MuzarebaMd. Mukhlesur RahmanLabor-productivity and Multi-criterion Based performance Ranking ofSelected Banks in Bangladesh 103

Dr. Kazi Fayz AhamedJob satisfaction: A comparative study of public and private sectorCommercialBankE*pi"y;; iri dansraoesn

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DHAKA UMVERSITY JOURNAL OF MANAGEMENTVOL.2 NO.2 December 2010

EDITORIAL BOARD

Editor : Prof. Dr. Shahid Uddin Ahmed

AssociateEditor : Md. Mosharraf Hossain

Members : Prof. Dr. Shyam Sundar KarmakerProf. Dr. Faruq AhmedDr. Musfiq Mannan Choudhury

A Journal of theDepartment of Management Studies

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The views expressed in the articles or papers etc. are those of the authors and notnecessarily those of the Editor or members of the Editorial Board.

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10.

Some Determinants of Corporate Social Disclosure ofListed Bangladeshi Banking Companies

Shama Ahmad*

Rumana Ahmed**

Anup Kumar Saha***

Abstract: A good number of theoretical and empirical researches on social and envirotnmental

responsibility disclosure have been undertaken throughout the globe due to the continuing

emphasis on green awareness. But most of the CSR studies conducted so far have been in the

,oit"*t of deieloped countries. CSR is an emerging concept in Bangladesh and very few studies

are available here. In this study, an empirical investigation is made on the Corporate Social

Disclosure (CSD) practiced by 20 randomly selected banking companies listed with Dhaka Stock

exchange in 2008. To facilitate the analysis, a Corporate Social Disclosure Index (CSDI) has been

computed by considering l5 disclosure items.

Keywords: Corporate social disclosure, corporate social responsibility, voluntory disclosure

l.IntroductionDuring the past 20-30 years there has been a growing public awareness of the role

of corporation in society (Hackston et al., 1996). The purpose of corporate social

disclosure is to show to the society the social activities of a corporation engaged

in and its impact on society. The word impact refers to what extent the

environment, employee, customer, communities and others are affected from the

business operations and activities (Monks et a1., 1995). Many of the firms which

have been credited with contributing to economic and technological progress have

been criticized for creating social problems. Pollution, resource depletion, waste,

product quality and safety, the rights and status of workers and the power of large

Corporations are issues which have become the focus of increasing attention and

concern (Gray et al., 1987).

CSR is an emerging concept in Bangladesh, Poor governance, human right

violation, gender discrimination and environmental pollution are considered as

common phenomena in Bangladeshi companies. (Hossain, et al. 2005). CSR may

* Shama Ahmad, Assistant Professor, Department of Management, Dhaka Commerce College'

** Rumana Ahmed, Assistant Professor, Department of Accounting and Information Systems, Univbrsity of

Dhaka.***

Anup Kumar Saha, Lecturer, Department of Accounting & Information Systems, Jagannath University.

90 Dhaka University Journal of Management Vol. 2 No. 2 December 2010

play a vital role in improving the overall image of corporate sector. Moreover,ensuring better and safer working environment, elimination of comrption,focusing on human rights and environmental sustainability are now recognized asessential factors for the social development (Raihan et al,2002).

Corporate social reporting is essential if corporations are to ensure transparency inoperations and to satisfy the accountability relationship with all the stakeholders.A good number of theoretical and empirical researches on social andenvironmental responsibility disclosure have been undertaken throughout theglobe due to the continuing emphasis on green awareness.(Bala et a1.,2005).CSR reporting is still in its cradle in Bangladesh. There is no legal disclosurerequirement regarding social reporting. Some progressive companies mainlydisclosures social and environmental issues in their annual reports often in thedirector's report or in the chairman's report or in the notes to the accounts. Newerinstitutions with dynamic and strategic management belief can lead to strongerCSR involvement. But everything is done on voluntary basis (Chowdhury andChowdhury,1996).

2. Objective of the Study

The purpose of this study is tovarious corporate characteristicsreported by banking companies.

examine empirically the relationship betweenand the extent of corporate social disclosure

3. Previous Literature Related to the CSR

Now-a-days, social and environmental responsibility disclosure is a growing areaof development and research. But most of the CSR studies have been conductedin the context of developed countries such as western Europe, the USA andAustralia (Abbott et al., 1919; Adams et al., 1998; Deegan, et ar.,2000,2002;Gray et a1.,200r; Guthrie and Parker, 1989; Mathews, 1997; paul et al., 2006;Roberts, 1992; . Ullmann, 1985). Europe has been considered as a forerunner inthe area of social accounting. Some research has also been conducted includingCanada, USA, Germany, New Zealand, to name a few.

Very few studies are available on the CSR practices in Bangladesh (Belal, 1999,200l,Imam, 2000; Bala et a1.,2005; Hossain et al., 2OO5).

In a very short study on Bangladeshi CSR, Belal (1999) found that77 percenr ofthe companies included in the survey provide ethical disclosures ,97 percent madeemployee disclosures and 90 percent provide some environmental disclosures.But the study lacks detailed findings on the cSR practices in Bangladesh.

Some Determinants of Corporate Social Disclosure of Listed Bangladeshi Banking C0mpanies 91

Imam (2000) studies 40 annual reports of Bangladeshi companies for the yearL996-1991 .It covers social and environmental disclosures under human resource,environmental issues, community involvement and consumer issues. It reportsthat approximately 20 percent of companies are making environmentaldisclosures, while 100 percent on human resource arca,25 percent on communityinvolvement and 10 percent on consumer issues.

In a another study Belal (2001) made a study of CSR practices along with thesocio-political and economic context analysis in which CSR disclosures takeplace.

Bala et al. (2005) study 52 Public Limited Companies (PLCs) for the year 2002.Itcovers 16 social and environmental responsibility disclosure index (SERDI)including environmental issues, charitable activities, community involvements,human resource area, research and development and corporate governance. Itindicates that there exists a significant difference in SERDI among the varioussectors of business and reveals that the state of social and environmental reportingis poor in listed PLCs.

In a study of 75 Bangladeshi companies Hossain el at. (2005) noted that 65percent of the sample companies disclosure at least one issue out of 11 CSRi ssues.

The above discussions depict that during the past decade most of the studiesfocused only on the CSR practices found in the annual reports by determining theextent of social and environmental disclosures.

4. Bangladesh Bank's Guideline for Initiating CSR Programs in Banks orFinancial Institutions

4.1: Embracing CSR has to begin with decision at the highest corporate level(board of directors), and adoption of action programs and performance targetschosen in consultative processes involving the internal and external stakeholdersconcerned. A first time CSR program of a bank or financial institution would belikely to include action plans for :

i) Ingraining environmentally responsible practices within the organization;

ii) Engaging with borrowers in scrutiny of the environmental and social impactsof their proposed undertakings (along the PKSF 2004 or Equator Principles2006 guidelines, as relevant);

92 Dhaka University Joumal of Management Vol. 2 No. 2 December 2010

iii) Reaching out with financial services to the less well off population segmentsof the community and

iv) Community investments by vzay of donations to initiatives of Civil SocietyOrganizations (CSOs), NGOs and institutions involved in health, educationand culture; for social and environmental improvement including nutrition,health and education in the disadvantaged population segments (most banksand financial institutions in Bangladesh already have significant outlays ofsuch charitable expenditures, these can fit in appropriately as elements in thenew structured CSR programs).

4.22 Foreign banks in Bangladesh having structured CSR programs (in line withtheir home country practices) can come forward to usefully mentor the new,incipient CSR initiatives of local banks. Networking and joint initiatives in CSRprograms among banks and financial institutions may be useful in some cases indevising more inclusive, comprehensive programs of necessary critical size.

4.3: Reporting of the CSR initiatives can begin in a modest way as supplements tousual annual financial reports, eventually to develop into full blowncomprehensive reports in the GRI format. Like the statutory financial reports, theCSR reports are expected to be available in the public domain for perusal bystakeholders.

4.4: Monitoring of CSR performance

While adoption is voluntary and not mandatory, Bangladesh Bank shall monitorCSR adoption and CSR performance of banks and financial institutions, as anadditional dimension of their management performance.

5. Development of Hypotheses

4.1 Firm Size

There is general agreement that a positive relationship between the size of thecompany and the extent of corporate social disclosure is to be expected (Gray etal., 2001). Both agency theory and legitimacy theory contain arguments for a size-disclosure relationship (Hackston et al., 1996). In a study of 40 annual reports ofpublic sector companies for the year 1975-76, Singh and Ahwa (1983) find thatthe size of the company in terms of total assets has a positive influence oncorporate social responsibility (CSR), calculated on the basis of 33 socialdisclosure items. Hamid (2004) highlights that according to legitimacy theorylarger firms will disclose more information in their Annual Reports to legitimize

Some Determinants of Corporate Social Disclosure of Listed Bangladeshi Banking Companies 93

their behavior as they are aware of that they are being monitored by externalparties.

HL: There is a positive relationship between CSD and the size of banks inBangladesh

Singh and Ahwa (1983), Mathews (1997), Adams (2002), Cormier and Gordon(2001), Cormier et al.(2005), Choi (1999), Gray et al. (2001), Hamid (2004) findthat there is a positive relationship between size and the content of CSD.

This hypothesis is. not supported by Roberts (1gg2). Both Davey (1982) and Ng(1985) failed to support hypothesized association between company size and

corporate social disclosure practice.

4,2 Financial Performanc e

Return on equity (ROE) and return on assets (ROA) have been used in priorstudies as the measurement for financial performance (e.g. Cowen, 1987; Patten

l99l; Roman, Hayibar and Agle, 1999). Singvi and Deshai (1971) suggested

profitability as a hint of good management and future earnings power. Roman et

al. (1999) conducted a review on the past 25 years studies (52 in all) regarding the

relationship between financial performance and CSD. They discovered that 33

studies found positive relationship, 14 studies produced inconclusive result and 5

studies detected negative relationship between financial performance and CSD.

Patten (1991) measured profitability variable using short term and long term ROE(5 years average). The result showed that for short-term measurement there was a

positive relationship while for long term the result showed no relationship.Hackston and Milne (1996) replicated the profitability measurement methodologyused by patten for New Zealand companies and then the results concurred withthe Patten (1991) findings. Hackstones and Milne (1996) explained that by

measuring profitability (ROA and ROE) using extended period of time willprovide more reliable measurement for corporate performance. From the author'spoint of view it was not fair to test long term profitability against CSD in single

reporting period because the amount CSD disclosed by companies may differacross time. For this reason this study will specifically investigate the

relationship between CSD and short term profitability as suggested by Roman et

al.(1999) based on the above argument, the second hypothesis is;

H2: There is a positive relationship between CSD and ftnancial performance ofbanlcs.

94 Dhaka University Journal of Management Vol. 2 No. 2 December 2010

The measurement used for this study is ROE (Roman et al. 1999), because thismeasurement was suggested in prior researches measuring banking institutionsperformance (Michael, 2000).

4.3 Corporation Age

The age of companies may influence the quantity of CSD. Choi (1999) has shownthat age of Listed Korean Corporation is related to quality of environmentaldisclosure. Hamid (2004) finds a significant positive association of socialdisclosure with the age of Malaysian banks and finance companies. He argues thatit may be due to the Legitimacy Theory which predicts that the age of acorporation is related to its reputation in the society and its history of involvementin CSD activities. Roberts (1992) also finds evidence that corporate age mayinfluence the level of social disclosure. However, Singh et al. (1983) finds norelation between the extent of social disclosure in Indian companies' annualreports and age of the company.

H3: There is a positive relationship between CSD and the age of banks.

5. Research Method

5.1 Sample Selection

An empirical investigation is made on the corporate social disclosure practiced by20 randomly selected banking companies listed with Dhaka Stock exchange in2008.

5.2 Variable measurement

A. Dependent variable (Corporate Social Disclosure)

An index of disclosure by considering 15 disclosure items in the category ofcommunity involvement, human resource, and environmental issues is employedin this study to gauge the extent of corporate social disclosure (CSD) bycompanies and the 2008 annual reports are obtained from the banking companiesselected. After establishing the disclosure index, a scoring sheet is developed toassess the extent of CSD. If a company disclose an item of information includedin the index it receives a score of 1, and 0 if it is not disclosed. The disclosureindex created by this means is unweighted and assumes that each item ofdisclosure is equally important. Then the score of each company has been totalledto find out the total extent of CSD of the company.

B. Independent Variable

Some Determinants of Corporate Social Disclosure of Listed Bangladeshi Banking Companies 95

The independent variables examined are firm size, financial performance andcorporation age.

Measurement of Variables

6. Results

Multivariate Test

An Ordinary Least Square (OLS) model is used as a multivariate test to assess the

effect of each individual variable on corporate social disclosure. The test is based

on the following model:

CSD

Where: CSD

9o

0o+ 9r SIZE + 92 NPAT + F: ROA + B4 ROE + B5 Age+ e

= Extent of Corporate Social Disclosure Scores;

= Regression intercept

Independent Variables

Extent of

Corporate Social

Disclosure

(csD)

96 Dhaka University Journal of Management Vol. 2 No. 2 December 2010

= Size

= NPAT

= ROA

= ROE

= Age

= Error term

Firm Size

Net profit after tax

Return on Asset

Return on Equity

Age of Colporation

e

Figure 2.' Results of Multiple Linear ResressionsVariables Standardized

CoefftcientSig. p-value

Constant

Firm Size

Net profit after tax

ROA

ROE

Age

Adjusted R2

F stat

0.000

.005**

.020x

.910

.011*x

.008**

0.007*x

3.313

-2.621

-.1 16

2.917

-3.112

.525

5.197

*Significant at 5Vo levelxxSignificant at l7o level

The regression results presented in the above table show that the multipleregression model is highly significant p< 0.01. The coefficient of determinati,onindicates that 52 per cent of the variation in the disclosure level is explained byvariations in the independent variables. This value is comparable to that obtainedin earlier studies (e.g., Hackston and Milne, (1996) reported 46 percent, patten(1991) reported 21 percent).

The empirical evidence suggests that firm size and ROE are positively statisticallyrelated to the level of corporate social disclosure, disclosed by banking companiesin their annual reports. The coefficient for size of the company and RoE arehighly significant p < .01. In contrast, the coefficient representing ROA is notstatistically significant.

Some Determinants of Coryorate Social Disclosure of Listed Bangladeshi Banking Companies 97

Moreover, the sign of the coefficient for profitability and age do not conform tothe hypothesized direction. Profitability and age of the company variables are

found to be negatively associated with level of CSD.

7. Conclusions, Limitations and Suggestions for Future Research

The study reveals the CSD practice of sample Bangladeshi banking companies

through the annual reports of 2008. It is found that the least reported CSR theme

is the environmental disclosure. On the other hand, it reveals that human resource

disclosure was the most popular item in CSD by Bangladeshi companies.

Moreover, this study shows that firm size and ROE are significantly statisticallyrelated to the level of corporate social disclose. Firm size contributed most toexplaining the variability in corporate social disclosure level. Profitability and age

of the company variables are found to be negatively associated with level of CSD.In contrast ROA is not a significant explanatory variable.

There are several limitations to this study. For instance, this study is focused on

one form of disclosure vehicle, namely the annual reports. This study has focused

on 20 selected disclosure items. The results may be different if the number ofitems was increased or another set of disclosure items examined. Moreover, the

study is constrained by its small sample size. Furthermore, like most previous

disclosure studies, the present study has examined the extent of corporate socialdisclosure using only one year data and thus more robust results can be obtainedfrom longitudinal studies based on a larggr sample. We consider this study as a

starting point for such research endeavor.

8. References

Abbott, Walter F. and Monsen, R. Joseph. 1979. On the Measurement ofCorporate Social Responsibility: Self-Reported Disclosures as a Methodof Measuring Corporate Social Involvement, Academy of Management

Journal,Yol.22, No. 3, pp501-515.

Adams, Carol A. 2002. Internal Organizational Factors Influencing CorporateSocial and Ethical Reporting - Beyond Current Theorising, Accounting,Auditing and Accountability Journal, Vol. 15, No. 2, pp:223-250.

Bowman, E. H. and Haire, M. 1975. A Strategic Posture toward Corporate SocialResponsibility, California Management Review, Volume 18, No. 2, pp'.

49-58.

98 Dhaka University Journal of Management Vol. 2 No. 2 December 2010

Cowen, S.S., Ferreri, L. B. and Parker, L.D. 1987. The Impact of CorporateCharacteristics on Social Responsibility Disclosure: A Typology andFrequency-Based Analysis, Accounting, Organisations and Society, Vol.12, No.2.

Cormier, Denis, Magnan, Michel and Velthoven, Barbara Van. 2005.Environmental Disclosure Quality in Large German Companies:Economic Incentives, Public Pressures or Institutional Conditions?European Accounting Review, Vol. 14, No. l, pp: 3-39.

Choi, J. 1999. An Investigation of the Initial Voluntary Environment DisclosureMake in Korean Semi-Annual Financial Reports, Pacific AccountingReview, Vol.11, No.l.

Dierkes, M. and Preston, L. E. 1977. .Corporte Social Accounting and Reportingfor the Physical Environment: A Critical Review and ImplementationProposal, Accounting, Organisations and Society, Vol. 2, No.l.

Davey, H.B. 1982. Corporate Social Responsibility Disclosure in New Zealand:an Empirical Investigation", Massey University.

Deegan, Craig, Rankin, Michaela, Voght, Peter. March 2000. Firms' DisclosureReactions to Major Social Incidents: Australian Evidence, AccountingForum, Yol.24, No.1, pp: 101-130.

Deegan, Craig. 2002. Introduction The Legitimising Effect of Social andEnvironmental Disclosures - A Theoretical Foundation, Journal ofAccounting, Auditing and Accountability Journal, Vol.15, No. 3, PP 282-3l l.

Deegan, Craig, Rankin, Michaela, and Tobin, John. 2002. An Examination of theCorporate Social and Environmental Disclosures of BHP from 1983-1997:A Test of Legitimacy Theory, Vol.15, No.3, pp:312-343.

DOS Circular No.1. Mainstreaming Corporate Social Responsibility in Banks andFinancial Institutions in Bangladesh. Available atwww.bangladeshbank.org.bd

Gray, R., Owen, D. and Maunders" K. 1987. Corporate Social Reporting,Accounting and Accountability, Prentice-Hall, London.

Gray, R. January 2001. Thirty Years of Social Accounting, Reporting andAuditing: What ( If Anything) Have We Learnt?, Business Ethics: AEuropean Review, Vol. 10, No.1, pp: 9-15.

Some Determinants of Corporate Social Disclosure of Listed Bangladeshi Banking Cbmpanies 99

Gray, R, Javad, M, Power, David M. and Sinclair, C. Donald. April/May 2001.Social and Environmental Disclosure and Corporate Characteristics: AResearch Note and Extension, Journal of Business Finance andAccounting, pp: 327 -356.

Guthrie, James and Parker Lee D. 1989. Corporate Social Reporting: A Rebuttalof Legitimacy Theory, Accounting and Business Research, Vol. 19, No.76, pp 343-352.

Hamid, F. Z. A. z}}4.Corporate Social Disclosure by Banks and FinancialCompanies Malaysian Evidence. Corporate Ownership and Control(Summer), Vol. 1, issue 4, pp 118-130

Mathews, M. R. L997. Twenty-Five Years of Social and EnvironmentalAccounting Research Is There a Silver Jubilee to Celebrate?,Accounting, Auditing and Accountability Journal, Vol.l0, No.4, pp: 481-531.

Monks, R. A. G. and Minow, N. 1995. Corporate Governance. Blackwell,Massachusetts.

Ng, L. W. 1985, Social Responsibility Disclosures of Selected New ZealandCompanies for 1981, 1982 and 1983, Occasional Paper No. 54, MasseyUniversity.

Owen, David. 2005. CSR after Enron: A Role for the Academic AccountingProfession?, European Accounting Review, Vol.14, No. 2, pp.395-404.

Paul, Karen, and et al. 2006. Corporate Social Reporting in Mexico, Journal ofCorporate citizenship (summer), Issue 22, pp: 67-80.

Roberts, R. W. 1992. Determinants of Corporate Social ResponsibilityDisclosure: An Application of Stakeholder Theory, Accounting,Organization and Society, Vol. 17, pp 595-612.

Review of CSR Initiatives in Banks (2008 & 2009), Bangladesh Bank, April2010, pp.- 23-24.

Singh, D. R. and Ahwa, Jag Mohan. 1983. Corporate Social Reporting in India,International Journal o/Accounting, Vol. 18, Issue No. 2, pp: 151-169.

Ullmann, Arieh A. 1985. Data in Search of a Theory: A Critical Examination ofthe Relationships among Social Performance, Social Disclosure, andEconomic Performance of U.S. Firms, Academy of Management Review,Vol. 10, No. 3, pp: 540 - 557.

Dhaka University Journal of Management Vol. 2 No. 2 December 2010

9. Appendix L: Disclosure Index

Environmental Issues:

,l l. Companies Commitment to Environment

2. Companies Contributions to Environment

3. Whether companies products are biodegradable or not

4. Company's policy on environment restoration

5. Amount spent of environmental restoration

Human Resource:

6. A formal HR policy

7. Break-down of he employees by Executive & Non-Executive

8. Amount spent on training employees

9. No. of employees trained during the yeat

10. Information on employees profit participation fund

C o mmunity Inv o lv e ment :

11. Education

12. Health

13. Donation to disaster

14. Community Activities

15. Other communities involvement

r00

Some Determinants of Corporate Social Disclosure of Listed Bangladeshi Banking Companies

Appendix 2: CSR Expenditures by BanksAmcu*tia'lkk*

kr*ali SenkLimit€d l:i;liillrllll-9!ttrgillu

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Unib d Cossmerciel Ba*k X"imit*d

t02 Dhaka University Joumal of Management Vol. 2 No. 2 December 2010

'-'= Not repoilEd'

Source: Review of CSR Initiatives in Banks (2005 & 2009), Bangladesh Bank,April 2010,pp.-23-24.

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