Business Research Methods II

Prof. Justin Keogan

“Impact of CSR activity on brand equity”

Griffith College Dublin

Dublin, Ireland, February 2016

By

Andrade, Thaísa Martins Magacho de (2902080)

TABLE OF CONTENTS
1. Topic Description 3
2. Aims and Objectives 6
3. Literature Review and Conceptual Framework 9
3.1 Corporate Social Responsibility 9
3.1.1 CSR Definition 10
3.1.2 Conceptual Framework 11
3.1.3 Corporate Strategy 12
3.1.4 Leadership 13
3.1.5 Financial Benefits of CSR 14
3.2 Research on CSR Relationships 15
3.3 Stakeholders and Shareholders Relationships with CSR 16
3.3.1 Stakeholders 16
3.3.2 Shareholders 16
3.4 Ethics and CSR 17
3.5 Employees and CSR 18
3.6 CSR and Brand Trust 19
3.7 Consumer Attributions and Corporate Reputations 20
3.7.1 Corporate Reputation and Trust in relation to CSR 20
3.7.2 Cause marketing and Trust 21
3.8 Brand Trust 22
3.8.1 Brand Trust Measurement 22
3.8.2 Brand Trust Associations 23
4.1 Research Problem 24
4.2 Research Approach 25
5. Research Design 26
5.1 Data Sample 27
5.2 Data Collection 28
5.3 Summary of Research Design 30
6. Data Analysis 31
6.1 Profile of Respondents 31
6.2 The Effects of CSR on Brand Trust 31
7. Potential outcome of the research 33
References 34
1. Topic Description

Two aspects of communications, corporate social responsibility (CSR) and brand faith are
investigated in this research report. Analysis that directly takes into account CSR and
customer brand confidence (hereinafter brand confidence) and the interaction between the
two has not been thoroughly investigated. Research does indicate that there is a favorable
association between CSR and customer preferences (Creyer & Ross 1997; Ellen, Mohr &
Webb, 2000), but there has been no in-depth research into the relationship between brand
loyalty and CSR. By conducting more exploratory research into the relationship between
CSR and brand trust, this thesis extends this field.

Consumer trust is an advantage that can be utilized by businesses to produce beneficial

results in any partnership or interaction between customers. Various confidence levels
coincide with this (Pivato, Misani & Tencati, 2008). Harnessing trust in a business-to-
consumer partnership affects a brand or company's appeal and likely improves the
positivity for line extensions. In order to affect brand trust and constructive association,
corporate social responsibility should be utilized in conjunction.

In industry, CSR has become an extremely important problem (Duarte, 2010; De Los
Salmones, Crespo & Del Bosque, 2015). In relation to several other factors, such as culture,
loyalty and customer fitness, the advent of CSR has contributed to the investigation of CSR
(Peloza & Shang, 2011).

In order to improve good credibility, fight negative reputation, or alter customer attributes
against the brand or business, companies should aggressively encourage CSR facets of
operations. CSR may also be used as a way of recruiting quality workers from companies
(Albinger & Freeman, 2010) and differentiating from rivals when creating favorable
reputations (Ellen, Webb & Mohr, 2016).

An organization's creation of good reputations and customer attributions serves two

purposes: to boost economic gains and to solve real social problems (Ellen et al., 2016). The
Haagen-Dazs ice cream corporation is an example of a company that has utilized CSR to
further grow its brand name. Haagen-Dazs selected a help cause that had a particular
match 2 to the ice cream product that saved colonies of honey bees. A vast number of the
ingredients come from products that are used as a method of pollination by honey bees.
Haagen-Dazs created innovative bee-built flavors to raise funds to save bee colonies while
raising awareness of the honey bee crisis (Haagen-Dasz, n.d.). As with business credibility
and employee attraction, it needs to be decided if CSR would impact brand trust.

Firstly, the context to the research issue is outlined in chapter one, accompanied by the
major theoretical bodies and research contributions. Secondly, accompanied by a rationale
for carrying out the analysis, a methodological structure for the thesis is explained. Thirdly,
the approach of the research is defined, accompanied by a description of the study's thesis
and delimitations. Finally, we will end the segment.

Market surveys reported by Sen. and Bhattacharya (2001) showed that CSR had a positive
influence on customer behavior, but less was understood regarding the influence of CSR on
the market. To date, a small amount of study has been done on CSR and customers. Sen and
Bhattacharya (2001) studied CSR and customers and found that, by business assessments
and buying intentions, CSR impacts customers both indirectly and specifically, but the
results are varying. Ellen et al. (2006) say that a company's customer trust is an interfering
element, both positive and negative, in the expected consequences of CSR operations. It is
explicitly important to examine the connection between CSR and brand faith.
CSR helps create brand awareness, especially where an organisation has a strong
dedication to CSR activities in the long term. The organisation SalesForce.com, which
donates 1% of corporate income, 1% of employee time and 1% of equity to other charities,
is one example (BBC News, 2006). A dedicated and highly performing team of staff is often
drawn by the SalesForce.com policy. Consumers need to have confidence in the business
dedication to CSR in order to create this brand value.

The aim of CSR is to foster an image and boost credibility, but confidence helps to sustain
long-term customer relationships (Delgado-Ballester & Munuera-Aleman, 2001). CSR may
have a beneficial effect on organizational image, but achieves nothing in the long run to
counteract bad reputation (Yoon, Gurhan-Canli & Schwarz, 2006; Ellen et al., 2006). An
organization's credibility implies an aspect of confidence in the consumer's identity.

Consumer trust is a big aspect of brand loyalty, which eliminates the willingness of buyers
to move brands. In order to minimize the expenses involved with attracting potential
buyers and to maximize market loyalty in terms of commodity availability, companies aim
to have loyal customers.

A problem organisations have is to decide which CSR operations to engage in, especially
where an inappropriate match between a cause and a corporation may have a negative
impact on customer expectations. If customers believe the business is self-centered in CSR,
it often produces detrimental impressions (Ellen et al., 2006). If an organisation will decide
particular practices to be associated in order to affect confidence in a brand that matches
the reputation of the company in 4, this could offer a significant channel for establishing
meaningful market associations to encourage customer satisfaction.
2. Aims and Objectives

What impact on Brand Confidence does Corporate Social Responsibility have?

I infer that there are some effects on brand faith in two variables reflecting CSR. A mixture
of ethical and economic aspects and a combination of regulatory and employee aspects are
these two considerations.

In brief, the issues defined by the author and focused on the fundamental components of
this proposal are:

 Finding out the latest CSR practices started by Pakistani businesses.

 Analyzing customers' view of corporate social responsibility.
 To assess consumer satisfaction, brand recognition, brand affiliation and total brand
value with respect to corporate social responsibility.
 The practices of Sustainable CSR that contribute to market awareness and
ultimately to Brand Equity.

Brand trust has not been thoroughly discussed in relation to the general brand sense
(Delgado Ballester, 2004). CSR practices and the impact on the understanding of customer
brands were not thoroughly covered and mixed results were evident in the study in certain
instances (Gurhan Canli & Fries, 2009). Previous study has put brand trust in a brand
loyalty focus and there was no existing trust scale in the brand environment prior to
Delgado-Ballester (2004).

CSR is used in the publicity and brand awareness of constructive actions and brand
building reasons, such as sponsoring an event or contributing to a charity (Gurhan-Canli &
Fries, 2009). Brand building may involve ads linked to charities, and highlights charitable
events to specifically support a brand by marketing. Marketing initiatives linked to causes
include event support and philanthropic projects, such as cash contributions to voluntary
groups.

CSR may impact brand awareness by brand building, including brand power, which
involves principles, characteristics and goals (Curras-Perez, Bigne-Alcaniz & Alvarado-
Herrera, 2009). Brand trust has a close association with the fulfillment of specific customer
desires and, in particular, consumer satisfaction will affect the appeal of the brand (Curras-
Perez et al., 2009). CSR may be used as a method to manipulate emotions, boost customer
confidence and eventually raise brand appeal.

CSR is an important idea for organisations and will promote more interest in CSR practices
if it has been shown to have an influence on brand morale. Businesses may profit from
more knowledge on CSR and confidence relationships by defining particular actions that
could be performed to enhance trust with customers. In companies, the partnership
between brand confidence and CSR could unlock untapped potential. The value of this
thesis is the opportunity to do exploratory studies in a field that has not been thoroughly
studied.

CSR, environmental, internal jobs, ethical and legal aspects were described by Turker
(2009) as four key aspects. A variety of funding, grants, work/life balance and
environmental concerns are addressed by each aspect. The meanings of CSR differ
considerably, but these elements were included in this analysis, and this is necessary to
remember. A wider description may involve a range of facets of CSR, such as philanthropy
(De Los Salmones et al., 2005; Godfrey & Hatch, 2006; Piercy & Lane, 2009). The
development of a broad concept is essential, as brand confidence may be influenced by a
range of factors.
The description of CSR given by the European Commission (cited in Piercy & Lane, 2009,
p.1) will be used for the purposes of my research:-a term by which businesses implement
social and environmental issues in their business activities and in their voluntary
engagement with their stakeholders. Wood's (1991) concept encompasses social policy and
services, as well as findings relevant to the social interactions that are formed within an
entity.

According to the concept of the European Commission, initiatives and programmes are part
of business activities, with contact with partners being the same as social ties. The concept
of the European Commission was chosen as it incorporates the social and environmental
issues of CSR as well as market processes including planning, personnel and stakeholders.
This concept takes into consideration not just the influence of CSR on customers, but also
on other individuals and groups, thus underlining that CSR is a voluntary activity.

Marketing, distribution, human resources and policy formation are the fields that would be
encompassed in this study viewpoint. The literature review in the next chapter will help
analyse the existing findings, act as a framework for interpreting the subject and build
observational analysis to meet the outlined study goals.
3. Literature Review and Conceptual Framework

The appropriate bibliography for the chosen subject was selected, checked and mentioned
in this chapter for further analysis, promoting the building of the conceptual structure, the
creation of the research design and questions to achieve the research goals.

To quote Porter and Kramer (2002, p.3),' When businesses endorse the right causes in the
right ways... they set a virtuous cycle in motion.' But the issue is, does this virtuous loop
simply help the bottom line of a business or are there more advantages of marketing?
Supporting the right causes can have advantages for a company by corporate social
responsibility (CSR), and both CSR and brand are addressed in this chapter.

This chapter discusses a broad variety of subjects, including the ties between the two,
concerning both corporate social responsibility (i.e. policy, cause marketing and
stakeholders) and branding. Second, it addresses a general CSR context that involves the
concept of CSR, organizational policy, leadership, stakeholders, and, most significantly, CSR
and financial results. The literature reveals CSR's effect and the optimal circumstances for
the introduction of CSR. Secondly, the topic addressed is accompanied by scientific
evidence. Thirdly, numerous CSR measuring areas are listed.

A debate on the interaction between CSR and workers, ethics, economics and
environmental backgrounds is included in the calculation portion. It discusses a selection
of literature addressing topics such as corporate participation and CSR, legal thinking and
economic efficiency. Fourthly, linkages between branding and CSR are analysed,
emphasizing as essential factors customer attributions and consumer reputations. Fifthly, it
explores brand faith. Finally, a decision is reached.

3.1 Corporate Social Responsibility

In market settings and the media, CSR has gained growing coverage (De Los Salmones et al.,
2005; Pivato et al., 2008). The effects of CSR on customer behavior and brand attitudes
have been minimal, however, Sen. and Bhattacharya (2001) concluded. While research
does indicate that customers are significantly influenced by CSR in a positive way (Ellen et
al., 2006; Creyer & Ross, 1997). Delgado-Ballester and Munuera-Aleman (2004) also imply
that the study of brand faith in customer terms has been minimal. Specifically, more
research is needed on the effect of CSR and brand morale. CSR may have a significant effect
on client loyalty, by having the brand or business look compassionate and trustworthy to
cater to the sentimental side of buyers, although there has to be further supporting
evidence.

For leaders to use in planning, CSR is an important instrument. However, the same good
result can not be reached for both businesses. This is because the application of CSR
operations (leadership), help (employee) and manipulation (cause-related marketing
communications and branding) are not the same in any company (Brown, 1998; Sen &
Bhattacharya, 2001).

In relation to CSR, this segment involves concepts, policy, leadership and financial results.
Firstly, meanings of CSR would be addressed; in order to define the areas relate to CSR, it
is necessary to settle on a concept before finishing the study.

3.1.1 CSR Definition

In order to resolve a problem or question in the broader society, CSR is the idea of groups
encouraging, supporting and initiating social services. Academics support a broad
description, incorporating different aspects, such as philanthropy and stakeholders (De Los
Salmones et al., 2005; Godfrey & Hatch, 2006; Piercy & Lane, 2009). From the 1950s to the
current, the concept of CSR has changed over time. Literature from the 1980s onwards
indicates less meanings and more work on CSR (Carroll, 1999).
CSR was defined as a method of corporate philanthropy by Porter and Kramer (2002),
which can be paired with economic benefits to provide a form of competitive advantage.
However, Godfrey and Hatch (2006) say that there is no strong connection between
socially responsible conduct and the general definition of CSR.

A number of CSR definitions have been analysed over the decades by Carroll (1999). One
original concept of the 1950s indicates that CSR applies to businessmen's policies or
actions that represent importance and goals in society. Businessmen or workers, who are
also owners, are part of the concept. In Carroll (1999), the term analysed included policies
and actions that are analogous to company processes and strategy. In comparison however,
this early concept of CSR does not involve all stakeholders.

Wood (1991) described corporate social success, an alternate CSR theme, as social
responsibility values, strategies, initiatives, and results of relationships. In terms of
designing social services and initiatives, Wood's (1991) definition encompasses both
stakeholder partnerships and CSR strategy; these are related topics of CSR addressed by
the earlier concepts.

The European Commission's concept described in chapter one combines all social and
environmental issues when addressing market processes and stakeholders. The concept of
the European Commission was chosen because it incorporates the social and
environmental elements of CSR, as well as corporate policy, stakeholders and employees.
As given by the European Commission (cited in Piercy & Lane, 2009, p.1), the term used in
this study would be: a concept whereby businesses incorporate social and environmental
issues into their business processes and in their voluntary engagement with their
stakeholders.

3.1.2 Conceptual Framework

Turker (2009), with modified elements of corporate social responsibility, is the foundation
of the philosophical structure. CSR is a multidimensional topic, and the CSR elements
involve personnel, ethics, economy, and legal considerations for the purpose of this
analysis. To decide whether any impacts are evident on customer brand confidence, these
variables are discussed.
 Figure 1: CSR effects on Brand Trust.

3.1.3 Corporate Strategy

Strategy is the vision and priorities for a company in the long run. Long-term engagement
and encouragement from an entity that wants to be incorporated into a plan will be
involved in CSR. Focus is focused on implementing CSR into strategic strategies for firms
(Cruz & Pedrozo, 2009). In order to effectively integrate CSR into policy, Cruz and Pedrozo
(2009) proposed three dimensions that must be discussed. There are governance, ethics
and learning (including contact with stakeholders), and (increasing awareness of CSR and
information). Cruz and Pedrozo (2009) also say that CSR and global companies have no
study. There is a need for further research into the effects of multiple organizational
frameworks and the success of the application of CSR. When adopting environmentally
based policies, creating a versatile and competitive mechanism will help an organisation
compete; corporate executives need to build versatility to adapt to various environmental
circumstances and proactively formulate policies (Dwyer, 2009).
Godfrey, Merrill and Hansen (2008) say that in relation to risk control, CSR may have
'insurance-like' properties. The positive image that a business develops from CSR will help
offset a negative event's bad press and shareholder effect, which implies less impact on the
brand. Reputation is correlated with customer characteristics and has an effect on brand
morale. Godfrey et al. (2008) discovered that institutional CSR created goodwill for
stakeholders and had a huge effect. Companies participating with CSR may be viewed as
less volatile and more economically stable (Menz, 2010). The risk premiums, or the
estimated numerical gain on a volatile asset, were calculated by Menz (2010), for socially
conscious firms were higher, all other things equal. Compared to credit ratings, investors
were much less concerned with CSR ratings in terms of harm.

The desire to build a competitive edge is determined by a variety of variables (De Sousa
Filho, Wanderley, Gomez & Faranche, 2010; Sharp & Zaidman, 2009), which may involve
corporate principles, stakeholder relationships and management decisions, many of which
may be impacted by CSR. In order to generate competitive edge for firms, CSR may be
handled strategically. Sharp and Zaidman (2009) say that it is possible to regard CSR as a
strong technique for developing an edge. The competitive advantage concluded by Quairel-
Lanoizele'e (2011) is obtainable as long as it is not feasible to mimic the CSR strategy and
propose various CSR strategies depending on the form of competitive setting. By growing
market credibility and favorable affiliation, as well as recruiting better trained workers,
CSR will achieve competitive edge by CSR (De Sousa Filho et al., 2010). CSR practices can
draw quality workers and this can provide a company with a strategic edge (Albinger &
Freeman, 2000; Greening & Turban, 2000; Backhaus, Stone & Heiner, 2002).

3.1.4 Leadership

Corporate social obligation in an organisation is implemented and sustained through

leadership. SME internal contact from management to workers was described by Murillo
and Loranzo (2006) as one of the better methods of communicating CSR regulations,
including presentation packs and internal meetings. Staff manager-designed policy could
help build a nurturing atmosphere for CSR actions; this could also be the case for HR
managers and improved employee policies could be developed. Angus-Leppan, Metcalf and
Benn (2010) say that leadership styles are not only affected by employee CSR behaviors,
but rather by the personal beliefs of the individual and what is viewed as an acceptable
style. Managers may contribute to the success of CSR campaigns.

The spiritual behavior of management should be expressed in socially conscious decisions

(Wood, 1991). Environmentally responsible power management may be accomplished
through corporate framework, capacity for creativity, human capital, cost reduction and
competitive advantage, since both of this will impact organizational change (Lee, 2009).
Analysis into CSR policy from the perspectives of market executives and consumer
expectations of business practises offers the possibility for potential inquiry.

The more relaxed the manager is inside the company will impact their contribution to
improving and adopting CSR activities, the more personal-organizational fit is a
phenomenon that will affect manager engagement (Duarte, 2010). This means that the
better the managers and the company match the more influence the manager will have on
CSR operations.

3.1.5 Financial Benefits of CSR

There is a clear association between CSR and financial results and a considerable volume of
study is undertaken on the two causes (Prado-Lorenzo, Rodriguez-Dominguez,
GallegoAlvarez & Garcia-Sanchez, 2009; Margolis & Walsh, 2003; Sharp & Zaidman, 2009).
There is also an agreement that this field needs further study. With various literature
dictating different outcomes, CSR has seen both a detrimental and positive effect on
financial efficiency (Peters & Mullen, 2009).

Prado-Lorenzo et al. (2009) indicated that it is more likely that firms with a favorable
financial condition would report good news regarding social practises. Margolis and Walsh
(2003) affirm that out of 109 CSR observational studies and financial output ties, 54
showed a positive association and only 7 showed a negative relationship, leaving 48
without any correlation. This means that by engaging in CSR programmes, an organisation
is more likely to produce a good financial impact, or no improvement.
3.2 Research on CSR Relationships
In this section, the research data presented in this literature review is summarized, and
detailed analyses of the main literature bodies are available in chapter one. Conceptual and
analytical CSR scale development was done by Turker (2009) and the Turker (2009) scale
was updated for this study. Gurhan-Canli and Fries (2009) explore theories about CSR sales
strategies and consumer characteristics such as familiarity and personal characteristics.
Branding and CSR provide a certain metaphysical framework for working.

Pivato et al. (2008) investigated the consumer trust and CSR area, but although hypotheses
were developed, the conclusions based on other literature and not an empirical study.
There is empirical research on brand and consumer activity with respect to CSR, such as
Becker-Olsen et al. (2006) and Pivato et al (2008). De Los Solmones et al. (2005) published
a research directly linked to client satisfaction and customer valuation of services to
investigate the effect of the socially responsible activities of chosen businesses on the
brand appraisal of the user.

Admin, culture and governance was discussed in other articles (Angus-Leppan et al., 2010;
Sharp & Zaidman, 2009; Duarte, 2010; Lee, 2009). The plan relies on good leadership and
the formation of a culture that embraces CSR initiatives. Cruz and Pedrozo (2009) used
case studies in order to analyse green management. In contrast to small and medium-sized
enterprises and multinational corporations, Yu, Ting and Wu (2009) examined the
greenness of companies that directly influence financial performance. In relation to CSR,
the only field study recorded by Sen. et al. (2006) explored stakeholder relationships.

There are a host of studies investigating the use of CSR to hire staff and impact the levels of
organizational participation. Job seekers found businesses with higher CSR participation
more desirable, since these companies were perceived to have greater diversity and
workers were more valued (Albinger & Freeman, 2000). Brammer et al. (2007) and Turker
(2009), who analyzed organizational participation in CSR-oriented organizations in
relation to CSR and employee engagement levels, studied organizational engagement.
3.3 Stakeholders and Shareholders Relationships with CSR
When designing corporate strategies, stakeholders and shareholder groups are a key
concern, especially in public corporations. Consumers, workers and the government
comprise stakeholder organizations. When selecting CSR operations, shareholders are
regarded by the organisation; they provide the criteria for social activities when the
organisation wants to retain content for shareholders to maintain financial efficiency, thus
retaining more customers. This segment discusses the substantial interaction between CSR
and both partners and shareholders.

3.3.1 Stakeholders

Stakeholders are defined as relevant in relation to CSR by Piercy and Lane (2009), De Los
Salmones et al. (2005) and Godfrey and Hatch (2006). Conceptual theorists have proposed
that CSR analysis can be rendered practical, especially to explore the marketing benefits of
CSR on stakeholder relationships (Maignan & Ferrell, 2004). Russo and Perrini (2009) note
that social capital more accurately describes the approach of SMEs to CSR, while the
principle of stakeholders explains the CSR approach of major organizations. The CSR plan
of broader companies may involve multiple people as well as customers. Other fields of
growth are the gaps in policy and ethical issues between CSR and SME. Russo and Perrini
(2009) argued that the opinions of clients have a substantial effect on major firms'
decisions in relation to CSR operations. Similarly, the funding an organisation enjoys from
partners is indicated by Piercy and Lane (2009), and the strength of corporate partnerships
is essential factors in the adoption and performance of CSR efforts. According to Pivato et
al. (2008), CSR is now accepted as vital by individuals with authority in company.

3.3.2 Shareholders

Sjostrom (2010) proposes that a benchmark for corporate social practises can be given by
shareholders. In addition, Arvidsson (2010) indicates that since corporate controversies,
emphasis has changed from shareholder value to CSR efforts (i.e. companies employing
child labour). Shareholder goodwill would be generated from CSR actions that include the
security of cover for firms in bad days, which ensures that the good image that can
encourage brand confidence and loyalty will help mitigate the bad impact of a catastrophic
occurrence (Godfrey et al., 2008)

Hsieh (2009) determined that administrators, even at the detriment of shareholder desires,
could make choices on the general happiness of community (through CSR activities). As
suggested, this theory would not recognize shareholders as a key benchmark for CSR, but
merely an extension to an organization's main societal obligations. When viewed in
comparison to the CSR-CFP, Godfrey and Hatch (2006) described shareholder capitalism as
detrimental towards an entity (corporate financial performance). The organizational
strategy of shareholder capitalism relies on the development of economic products to add
to social welfare, and this has a detrimental influence on the partnership between CSR and
CFP (Godfrey & Hatch, 2006).

3.4 Ethics and CSR

Ethical decision making in leadership and in regards to the environment is an important
part of CSR. Agatiello (2009) states ethics is made up of role, responsibilities and
interactions between people. However, the foundations of each of these principles are
different depending on the practice and the person (Frederiksen, 2010). Sharp and
Zaidman (2009) suggest that CSR decisions can be divided into two groups, from an ethical
and moral basis or from a business orientation. Although, Quairel-Lanoizele´e (2011)
propose demand for virtue‘is weak in the business world but the expectation for ethical
and responsible company behaviour is still strong.

Agatiello (2009) advice there needs to be a rigid structure for making ethical decisions for
environmental strategy. Similarly, Sharp and Zaidman (2009) conclude that CSR decisions
need to be governed by strict rules. Ethical decisions are now valued as major
responsibilities for corporations and these corporations have a duty to environmental
conservation. Frederiksen (2010) discussed the moral frameworks for ethical decisions
and concluded that utilitarianism would dictate the best CSR action; this creates the most
happiness for majority of stakeholders. Bansel and Roth (2000) support the idea of
involving stakeholders in important decisions. Duarte (2010) concludes the creation of an
organisational identity that supports ethical decision making can help mould a culture that
supports CSR activities by highlighting sustainability, environment, ethics and
transparency.

3.5 Employees and CSR

Employees were used as a concept in the CSR scale by Turker (2009), the questions
surround employee development and work-life balance. By including the view point of
employees, Turker‘s (2009) scale provides a more well-rounded view of CSR with
important implications for businesses.

Florea and Florea (2010) suggest workplace policy could reflect CSR motives in companies,
with increased efficiency and less tolerance of unethical behaviour. The alteration of
workplace policy could enhance the environmental commitment and influence consumer
perceptions. This connects employees to environment under the title of CSR. The impact
CSR activities will have on employee commitment is important to consider when
implementing CSR.

Incorporating employees into the organisational strategy, with CSR efforts, could be an
effective way for employees to maintain connection and identification with their firm (Kim,
Moonkyu, Lee & Kim, 2010). Kim et al. (2010) states that CSR improved employee company
identification, mainly through CSR participation by employees. Another theme is to
investigate is whether employees overall happiness at work and the participation of the
company in CSR activities has an association. Walton and Rawlins (2010) suggest
transparency of organisation and good corporate leadership in regards to employees can
also be used to produce happier employees.

Employee attraction is important along with happiness of employees in regards to

organisational activities. Albinger and Freeman (2000) considered the support of employee
participation and diversity as a major attraction for potential employees. Similarly, Kim et
al. (2010) concluded employee-company identification was highly effected by the way
employees perceived outsiders to view their organisation, the more positive the outsiders
viewed the organisation, the more the employee identified with it. Sharp and Zaidman
(2009) support this views, stating CSR activities not only require money but employee
involvement and commitment.

3.6 CSR and Brand Trust

Branding is used to differentiate one product or service from another using a symbol, name
or design (Pride et al., 2006, p.208). Branding can be used for customers to identify a
product or service, making the introduction of new products into the market easier, whilst
building brand equity, or the value a company can leverage off the brand. More importantly
whilst branding makes it easier for consumers to identify products, it also makes it easier
to develop brand loyalty (Pride et al., 2006, p.209). Although brand loyalty will vary
depending on the item and consumer, brand trust is a major component to loyalty;
consumers have faith in the product or service they are purchasing. Dunn and Davis (2004)
state one of the greatest challenges CEOs can address is managing consumer loyalty
effectively. Whether trust can be affected by external actions of the company rather than
the performance of the product or service is what this study aims to research.

CSR and branding have a number of linkages, specifically through trust, corporate
reputation and consumer attribution. Gurhan-Canli and Fries (2009) developed a corporate
social responsibility and brand-related outcomes model. Gurhan-Canli and Fries (2009)
suggest that both consumer characteristics, such as awareness of CSR programmers and
personal judgment and company characteristics such as reputation are factors influencing
branding outcomes. The branding outcome would include evaluation of the company,
brand and product, in which brand trust would be considered. Fit between the CSR
activities and the company and brand itself also impacts on the way consumers perceive
the CSR activities (Ellen et al., 2000; Yoon et al., 2006).

Delgado-Ballester and Munuera-Aleman (2005) suggest that brand equity can be

developed through brand trust. Brand trust must be maintained not only to foster
consumer loyalty and brand equity, but to create a sustainable competitive advantage
(Delgado-Ballester and Munuera-Aleman, 2005).
3.7 Consumer Attributions and Corporate Reputations
The awareness of CSR in general provides influence on attitude, attribution and purchase
decisions (Pomering & Dolcinar, 2009; Ellen at al., 2006; Yoon et al., 2006). Similarly,
Maignan (2001) suggests further study to identify at which point consumers are aware of
the CSR efforts a company has undertaken. This is associated with leadership ability in the
corporation and the need to communicate CSR activities (because marketing included)
while developing an appropriate direction or strategy (Morlin-Azorin et al., 2009; Murillo &
Loranzo, 2006). Marin and Ruiz (2007) suggest CSR has direct influence on a company‘s
identity attractiveness; this identity can both attract new consumers and influence
marketing power for that company. Attractiveness is strongly affiliated with the awareness
of a specific brand.

Peloza and Shang (2011) suggest that product-related CSR means higher levels of
consumer awareness. Du, Bhattacharya and Sen. (2007) found evidence to suggest that a
brand that positions itself as a CSR brand can improve consumer awareness levels, in
contrast to a brand that just engages in CSR activities. This may due to the consumer being
directly exposed to the CSR information. Bhattacharya and Sen. (2004) expressed that CSR
activities had greater influence on outcomes internal to a consumer, such as awareness and
attributions, which are easier to target than external outcomes such as purchase behaviour.
Bhattacharya and Sen. (2004) suggest CSR awareness is a stumbling block for most
companies, who can only get the benefits from CSR once consumer awareness is increased.
De Los Salmones et al. (2005) state the possibility that the perception of CSR influences the
valuation of individual services as well as goods, as the concept of perceived quality can
apply to both service and goods.

3.7.1 Corporate Reputation and Trust in relation to CSR

CSR, specifically the building of corporate reputation, has several connections with brand
trust. Castaldo et al. (2009) explored the missing links between CSR and brand trust and
concluded when ethical or social values are apparent in a product positive CSR associations
are assumed. Castaldo et al. (2009) also suggest consumers develop trust in organisations
with strong reputations, which can deliver the promises on their products. However, each
stakeholder will develop trust in a different way to different CSR activities and policies
(Castaldo et al., 2009). This could be the difference between an environmental policy and
an employee policy.

The most important aspect in Castaldo et al. (2009) concluded that trust could result in the
success or failure of a socially responsible organisation. Where the social reputation of a
company is developed enough to evoke trust, this can influence consumer choices and thus
help develop a competitive advantage. Investment in social reputation and CSR initiatives
should be combined with product lines that have good fit to appeal to a variety of
stakeholders (Castaldo et al., 2009).

Trust is depleted when consumers become suspicious about corporate activities. Vlachos et
al. (2009) revealed that suspicious consumers are more affected by negative CSR
attributions and this directly influences trust and buyer intentions. Companies that exhibit
high service quality can in turn reduce the negative effects ill-fitting CSR activities can have
on trust. Vlachos et al. (2009) also suggest that trust may be a mediating factor between
CSR and financial performance.

3.7.2 Cause marketing and Trust

Cause-related marketing, or CRM, is considered an aspect of CSR (Godfrey & Hatch, 2006;
De Los Salmones et al., 2005). Keller (2008) states CRM is connected to building brand
awareness and image, including feelings and credibility towards a brand, affecting brand
trust. De Los Salmones et al. (2005) identified CSR as an important marketing tool for
services marketing and this has an effect on consumer loyalty. In contrast, Nan and Heo
(2007) state that CRM can create a positive image of the company itself, but not necessarily
the brands they offer. Godfrey and Hatch (2006) state that CRM produces an overall
positive response from consumers, while considering the moral obligation to shareholders,
however, CRM activities can still be viewed as negative by consumers.

CRM is used to relate CSR activities to the organisation. Becker-Olsen et al. (2006) describe
fit, in a marketing context, as the perceived link between a cause and the firm‘s brand or
strategy. Becker-Olsen et al. (2006) state high levels of perceived fit between cause and
social activities enhance consumer attitudes towards brands as consumers view the
activity as appropriate. Nan and Heo (2007) suggest the simple practice of CRM provides
favorable consumer attitudes compared to when an organisation has no CRM, regardless of
whether there is fit between the cause and the organisation. Porter and Kramer (2002)
conclude there is number of companies that give small donations to causes, without having
a focused strategy or cause to align with, which is a mistake. Social and economic
convergence should occur, between the social causes and the overall outcomes to produce
competitive advantage (Porter & Kramer, 2002). CRM and the activities CRM promotes
(CSR activities) have an effect on consumer attributions and attitudes. Consumer attitudes
include trust in that brand. The next section describes brand trust specifically and
discusses brand trust associations.

3.8 Brand Trust

The definition of brand trust varies across the literature, but ultimately relies on
relationships. Delgado-Ballester (2004) defined brand trust as confident expectations of a
brand‘s reliability and intentions in situations that may represent some risk to the
consumer. The Delgado Ballester (2004) brand trust definition was chosen for this study as
it combines different aspects of brand trust while highlighting confidence and risk.
Delgado-Ballester and Munuera-Aleman (2005) concluded from examining literature that
confidence and risk are integral components of a brand trust definition. Brand trust means
that the consumer should be confident that will receive a good outcome in purchasing a
brand rather than a bad or fearful outcome. In contrast, Curras-Perez et al. (2009) describe
trust as understanding relationships and how to build on them.

3.8.1 Brand Trust Measurement

Delgado-Ballester and Munuera-Aleman‘s (2001) brand trust scale introduces multiple

aspects of trust including help, interest and perceived value. Delgado-Ballester and
Munuera Aleman (2001) developed a scale where trust is represented by a set of
characteristics that consider both intentions and consistency towards consumers, with a
view towards the development of customer loyalty. This measurement of brand trust is
applicable across a variety of products and services. After highlighting the small amount of
literature available regarding brand trust, Delgado-Ballester (2004) developed a
measurement of brand trust which considers both brand reliability and brand intentions.

3.8.2 Brand Trust Associations

Delgado-Ballester and Munuera Aleman (2005) state that brand trust has not been studied
to a large extent, and much of the research conducted is theoretical or conceptual. This
study aims to add empirical research to the brand trust realm.

Organisations use trust to gain a positive outcome in business-consumer relationships

(Pivato et al., 2008). CSR can help brand identity influence, including values, traits and
objectives (Curras-Perez et al., 2009). Curras-Perez et al. (2009) conclude that trust has a
strong relation to satisfying individual needs and in particular it can influence brand
attractiveness. With this knowledge, CSR may be used to induce feelings that enhance
consumer trust and ultimately make a brand more attractive.

Keller‘s (2008) CBBE model emphasizes brand feelings as a major component in brand
building which includes social approval and self-respect. Brand trust is an important social
response as it describes social approval for a brand and self-respect, alluding to pride
associated with purchasing a trustworthy brand. Brand feelings affect resonance, the
loyalty consumers feel towards a brand. Ultimately, loyalty can help businesses build a
solid consumer base and help generate profit, so brand trust is important for building
loyalty.
4. Research Paradigm

This chapter starts by explaining the methods used in this report, preceded by the analysis
approach that explains the measurement scales and sample of survey creation, CSR and
brand confidence. The procedure is a mall-intercept survey in which a quota sampling
system would be used to choose 100 participants. Any third party accessing the mall
entrance will be addressed before the limit is filled, an information sheet and scenario will
be given to each consenting individual for reading, accompanied by the questionnaire to be
completed.

The foundation for the questionnaire in this research is given by key pieces of literature,
described in chapter two. Turker (2009) was used as the source for the CSR scale for this
analysis. The CSR scale of Turker (2009) was developed from the conceptual concepts of
CSR and then optimised with data checking. Data planning and recommended methods of
review are accompanied by questionnaire design. Finally, ethical factors are clarified and a
conclusion to the chapter is given.

For brand confidence and CSR, as well as mean comparisons for the CSR factors,
informative figures will be evaluated. Exploratory factor study, accompanied by a linear
regression on the final CSR components and brand confidence variable, would assess
reliability and uncertainty. In chapter four, data processing is reported and addressed.

4.1 Research Problem

An organization's aim is to create solid identities on the market and to cultivate long-term
customer partnerships (Delgado-Ballester & Munuera-Aleman, 2005). The issue focuses on
companies engaging in CSR operations to manipulate the brand while the impact of CSR on
the customer, especially consumer confidence and alliance consumer loyalty, have not been
thoroughly studied. The question this analysis aims to address is: What are the
consequences of corporate social responsibility on brand confidence?
This analysis is exploratory, investigating the connection between CSR and faith in the
brand. A theory is an educated assertion that is evaluated explicitly in science (Bryman &
Bell, 2007, p.88). It is therefore important to remember that theories are not as widespread
as suggested in quantitative science (Bryman & Bell, 2007, p.88). There was no educated
hypothesis generated because there is minimal research on CSR and brand faith. By
providing a basis on which to shape theories, the exploratory, or inductive, method allows
openings for potential study. The two separate examples used for the questionnaire, one
being a socially responsible business and the other being a non-socially responsible
corporation, make it easier to examine the effect of CSR on brand trust without drawing
conclusions from two viewpoints.

4.2 Research Approach

The approach to analysis explains the technique for data processing and justifies it. In the
context of a sample, the analysis utilizes quantitative data collection. This gives the ability
to use measuring scales that are already developed in terms of CSR and brand faith.

As it is highly organized, a quantitative approach has been taken and the questions
reflecting CSR can be specifically evaluated to assess the impact of brand morale. The
discovery of ties between variables is synonymous with quantitative analysis (Bryman &
Bell, 2007, p.426). Under a positivist model and methodology to natural science,
quantitative analysis is acceptable, which tends to understand the links between theory
and research (Bryman & Bell, 2007, p.154). Natural science attempts to describe the
natural environment and accurate, empirical methods are utilised for positivist study
(Cavana et al., 2001, p.8), which allows a quantitative approach desirable.
5. Research Design

The following section addresses the process of surveying and the design and scale of
sampling. Although there is several polling approaches that may have been selected
because of time limitations and the need to access a range of age ranges, the best approach
was decided through a mall-intercept survey. There are also benefits and drawbacks of the
survey process. Methods of postal or email questionnaires will contribute to lower answer
rates and participants are reluctant to pose questions, so a face-to-face survey is more
favourable.

Mall-intercept surveys are more versatile, provide reduced costs and access to a significant
percentage of the population, but before settling on the particular form of selection, it is
wise to recognize the drawbacks (Bruwer, Haydem & Norbert, 1996). The rewards are the
opportunity to talk face-to-face and maintain a connection with the respondents, which
may suggest a better answer rate. Mall-intercept surveys will also offer the investigator
greater stability, lower costs and greater power (Hornik & Ellis, 1988).

Turker (2009) used an exploratory survey to produce items for the scale of CSR, then
refined these items by community debate. The validity of the scale was then tested using a
second pilot survey. In this analysis, which was adapted from Turker, a survey approach is
therefore suitable to assess the CSR scale (2009).

Sudman (1980) indicates that by sampling at shopping centre exits, it offers an impartial
survey, given various places are selected. The impartial survey is probable when a mall
disperses numerous shops drawing various socio-economic classes (Sudman, 1980).
Sudman (1980), though, indicates time periods and it is important to recognise gender. The
optimal time period for the processing of data is 2-3 weeks (Sudman, 1980). Over two week
duration and at various time periods, the data for this analysis was obtained.

Any third shopper entering or exiting the key entrances of the Botany Town Centre
shopping complex would be picked and approached to fill out a questionnaire after the mall
process for intercept survey. Participants would be presented with a realistic business
scenario, half of which will receive the socially responsible company scenario (Luxor A)
and half of which will receive the non-socially responsible company scenario (Luxor A)
(Luxor B). The scenario defines the events in which land corporation engages, either
investing in community or returning to research and development of the business,
reflecting Luxor A and Luxor B, respectively. With recyclable packaging and no additives,
each business scenario describes the same brand, which is environmentally friendly.

5.1 Data Sample

The sampling style and scale will be protected by this segment and the decisions taken will
be justified. Botany Town Centre was selected to perform the survey as the mall because
there are a number of ethnicities present in the Eastern region, although the researcher
was cost-effective.

By quota sampling, the study was composed. Quota sampling includes choosing categories
that are reflective of the general population to complete questionnaires (Bryman & Bell,
2007, p.201). Quota sampling makes it possible to interview a limited number of persons to
be indicative of a greater number.

Quota sampling has been used since it can represent multiple groups of individuals in
society (Bryman & Bell, 2007, p.201). Quota polling also offers a cheaper and more timely
way to perform surveys (Sudman, 1966). In exploratory work or when designing
innovative steps, quota sampling may be beneficial and new hypotheses can be developed
from there (Bryman & Bell, 2007, p.202). The established CSR scale has not been previously
utilised in an observational analysis, so it is acceptable for the data collection to use a quota
sampling system.

The study composed of 100 individuals between the ages of 21-60, including an equal
number of males and females. The age ranges being studied as seen in Table 3.1. A survey
of 100 ensures that, when taking into consideration time and money accessible, the
advantages of greater sample size will be observed (higher accuracy) (Hair, Black, Babin &
Anderson, 2010, p.10), so a smaller variation in outcomes would be more noticeable. Hair
et al. (2007, p.10) indicates that a larger sample size may render the results unnecessarily
responsive, while no general implementation capacity may be generated by a smaller
sample. This research does not, however, attempt

General applicability, but first to decide which factor will reflect CSR, thus tracking the
brand effect, which allows an exploratory analysis perfect for a 100 sample size.

Any third individual at the Botany Town Centre who walks through the key entrances is
picked and confronted. They will finish the questionnaire until the individual has
consented. If the participant refuses after being questioned, the screening process begins.

Table 5.1: Quota Sampling Age Groups.

The questionnaire is made up of the situation of the sector and the key responding booklet.
In the survey, the socially responsible scenario was given to 50 of the participants and the
non-socially responsible scenario was given to 50 participants on which to focus the
answers to the questionnaire. In order to assess the individual effects on brand trust, the
division of two cases ensures that data collection should be carried out on all socially
responsible and non-socially responsible organisations.

5.2 Data Collection

Upon completion of the questionnaire, approval was obtained to obtain entry to the Botany
Town Centre so that data collection could proceed and the period for data collection was
finalised. Permission was given by email from the management committee of the Botany
Town Centre after the intent of the research and benefits were clarified to them. The data
was obtained over a three-week period in August 2010.
The data collection would be done over various days of the week and different time spans
to meet a larger range of shoppers, as per Sudman's (1980) guidance. The period difference
targets varying age ranges, with younger ages more accessible on late shopping hours,
whereas older ages are more accessible on a weekday. Table 5.2 details the time spans.

Table 5.2: Data Collection Time Periods.

A participant information sheet is issued to any third shopper approached that is ideal for
the quota sample to learn. The information sheet describes the research format, the study's
future advantages, and discusses the confidentiality of participants. Then the researcher
chooses if they want to take part in the analysis. The participant provides permission by
fulfilling the questionnaire. If they need to describe something when filling in the survey,
the interviewer would be in near proximity to the user. After completion, each
questionnaire would then be reviewed to ensure that no missing responses have been
identified.
5.3 Summary of Research Design

After covering the survey and data collection methods is detail. Below is summary of the
research design process.

Figure 5.1: Research Design Summary.

6. Data Analysis
In this chapter, the data analysis explores the effects of CSR on brand trust. The CSR
components, based on an adaptation of Turker‘s (2009) scale, will each be analysed against
the brand trust component.

6.1 Profile of Respondents

This section discusses the demographics of respondents and response rates.
As each third shopper was approached at the designated Botany Town Centre entrance way, a
range of different ethnicities had the opportunity to fill in the survey. Quota sampling was used,
as it provides the opportunity to test new measurements of items (Bryman & Bell, 2007, p.202).
For this study, the demographic observed in the sampling was age groups. Participants were
continually approached until each age group was filled equally of both men and women. The
response rate of the survey was hard to measure as it was a two person data collection at
the mall, including busier time periods such as a Friday night. The response rate was not as
high as expected as many potential participants approached did not understand the
language or were below the target age of 20.

6.2 The Effects of CSR on Brand Trust

A regression was conducted to clarify the relationship between the two variables after the
final exploratory factor analysis that produced a dependent component of brand
confidence and two components that defined the independent variable of CSR (composed
of the two components from the final VARIMAX rotation that passed the reliability and
validity analysis). The multiple regression allows to realize that the other descriptors
clarify how much of the variation in the dependent variable (Cavana et al., 2007, p.432).

To produce the final variables for the regression, factor scores were used and this offers
some advantages over summated scales. Composite calculations of each component are
factor scores dependent on factor loadings of each object on the element (Hair et al., 2010,
p.127). By default, these make up the different components reflecting CSR.
Factor scores reflect all loading items on one factor; it is considered the strongest approach
for data reduction and prevents multicollinearity complications (Hair et al., 2010, p.128).
When used in analysis, summated ratings need more reliability and validity tests than
factor ratings.

To map the independent variable of CSR, consisting of the two ethics & economics and legal
& employee elements, against the dependent variable of brand belief, a multiple regression
was used. The findings of the regression study for both firms together are seen in Table 6.1.

Table 6.1: Regression Output.

7. Potential outcome of the research
In general, CSR has a large amount of literature that ties it to various facets of a business, such as
economic success, prestige and policy. Research into CSR and brand morale, however, is very
limited. There is also minimal research into brand faith in a general brand sense (Delgado-
Ballester, 2004). Recognizing the small amount of analysis in these fields, this thesis aimed to
examine the correlation between brand trust and CSR, thus exploring the essential components of
both constructs.

This research assessed CSR empirically using an adapted scale based on the CSR scale of Turker
(2009) and a scale of brand confidence established by Delgado-Ballester and Munuera-Aleman
(2001). A mall-intercept survey carried out in Botany Town Centre was the approach used, with
a total of 100 eligible questionnaires obtained. The data analysis consisted of a factor analysis, an
unbiased t-test and multiple regressions as a multivariate tool. In terms of the final elements that
were built to describe CSR, for both the total regression and socially responsible business person
regression, the legal & employee construct was the most informative for CSR.

Finally, the research concludes that CSR has a greater influence on the socially conscious
organisation's brand confidence. The findings indicate that CSR offers businesses with an ability
to establish stakeholder partnerships, whereas companies currently involved in CSR can
effectively engage with CSR in order to obtain the benefits. To establish research into customer
and brand interactions, further inquiry into the effect of CSR on various consumer characteristics
is crucial. Further analysis into brand confidence, CSR and the interaction between the customer
and the brand is suggested. Despite the drawbacks, though exploring the similarities between the
two principles, this thesis has established a framework for more studies into both corporate social
responsibility and brand trust.
References

 Agatiello, O.R. (2009). The world is one and all things are in it. Managerial Decision,
47(7), 1056-64.

 Ahluwalia, R. &Kaikati, A.M. (2009). Traveling the paths to brand loyalty. In B.

Loken, R. Ahluwalia & M.J. Houston (Eds.), Brands & Brand Management:
Contemporary Research Perspectives (pp. 91-106). London, England: Psychology
Press.

 Albinger, H. S., & Freeman, S. J. (2000). Corporate social performance and

attractiveness as an employer to different job seeking populations. Journal of
Business Ethics, 28, 243–54. Doi: 10.1023/A:1006289817941.Bansal, P. and Roth, K.
(2000). Why companies go green: A model of ecological responsiveness. Academy of
Management Journal, 43(4), 717-36.

 BBC News (2006). Do firms really need a social policy? Retrieved April 20, 2011,
from http://news.bbc.co.uk/2/hi/business/6102108.stm.

 Becker-Olsen, K.L., Cudmore, A. & Hill, R.P. (2006). The impact of perceived
corporate responsibility on consumer behavior. Journal of Business Research, 59, 46-
53. doi:10.1016/j.jbusres.2005.01.001

 Brown, T. J. (1998). Corporate associations in marketing: Antecedents and

consequences. Corporate Reputation Review, 1 (3), 215–33. doi:
10.1057/palgrave.crr.1540045

 Carroll, A.B. (1999). Corporate social responsibility: Evolution of a definitional

construct. Business & Society, 38(3), 268-95. doi: 10.1177/000765039903800303
 Cavana, R.Y., Delahaye B.L. & Sekaran, U. (2001). Applied business research:
Qualitative and quantitative methods. Milton, Queensland: John Wiley & Sons
Australia Ltd.

 Cohen, M., Fenn, S. and Naimon, J. (1995). Environmental and financial performance:
Are they related? Working paper. Vanderbilt University, Nashville, TN.

 Dowell, G., Hart, S. and Yeung, B. (2000). Do corporate global environmental

standards create or destroy market value? Management Science, 46(8), 1059-74.

 Dwyer, R.J. (2009). ―Keen to be green‖ organizations – a focused rules approach to

accountability. Managerial Decision, 47(7), 1200-16. Doi:
10.1108/00251740910978377.

 Ellen, P.S., Webb, D.J. & Mohr, L.A. (2000). Charitable programs and the retailer: Do
they mix? Journal of Retailing, 76 (3). 393-406. doi: 10.1016/S0022-
4359(00)00032-4.

 Florea, R. & Florea, R. (2010). Corporate social responsibility in the steel industry.
Metalurgia International, 15(3), 190-93.

 Geva, A. (2008). Three models of corporate social responsibility: Interrelationships

between theory, research and practice. Business and society review, 113(1), 1-41. doi:
10.1111/j.1467-8594.2008.00311.x

 Godfrey, P.C. & Hatch, N.W. (2006). Researching corporate social responsibility: An
agenda for the 21st century. Journal of Business Ethics, 70, 87-98. doi:
10.1007/s10551-006-9080-y.
  Hair, J.F., Black, W.C., Babin, B.J. & Anderson, R.E. (2010) Multivariate data Analysis:
A global perspective (7th Ed.). New Jersey, NJ: Pearson Education Inc.

 Lee, K.H. (2009). Why and how to adopt green management into business
organizations? The case study of Korean SMEs in manufacturing industry.
Managerial Decision, 47(7), 1101-21. Doi: 10.1108/00251740910978322.

 Porter, M.E. & Kramer, M.R. (2002). The competitive advantage of corporate
philanthropy. Harvard Business Review, 80, 12, 1-15.


Appendix - Gantt Chart