Challenges of the Adoption of CSR in Petrochemical Companies - Research Proposal Example

CSR in KSA in the Petrochemical Sector (Name) (University) Contents Background 3 Literature Review 4 Benefits topractice CSR in Petrochemical Companies 4 Challenges of the Adoption of CSR in Petrochemical Companies 5 CSR studies in Saudi Arabia 6 Conceptual framework: Control variables 7 Research Gap 8 Research Problem 10 Research Aim 13 Research Objectives 13 Theoretical Framework 14 Legitimacy Theory 14 Research Methodology 14 Research philosophy 14 Research Strategy 15 Research Design 15 Content Analysis 15 Questionnaires 16 Interviews 17 Data Collection 18 Data Analysis 18 Wright. D,. 2013. Market capitalization: the value of a company. Retrieved from: 27 http://en.tradimo.com/learn/stock-trading/market-cap/ 27 Background Businesses are run with the main objectives of profit maximization, growth of sales and survival. In order to achieve these objectives, companies had previously ignored their environment and focused on the factors that will help them achieve main objectives (Caroll, 1999). Recent decades have however seen more and improved recognition of the environment surrounding businesses and better attempts to exist within these political, social, economic, environmental and technological confines (Crane and Matten, 2016). CSR in petrochemical companies is mostly focused on environmental protection as the activities and operations that take place in the company usually exploit the environment. Activities that affect the environment have gained massive interest as their impacts are more far reaching than social and other impacts. Environmental effects are largely felt as they affect the whole global ecosystem. Majority of the developed countries are at the fore front in oil production as well as other activities related to petrochemical production. In the developing world, the gulf countries produced about 28% of the world’s petroleum needs (Kubursi, 2015). The trade of petroleum products forms the major economic activity in these countries thus contributing to major environmental degradation. Inasmuch as petrochemical companies in the developing world have attempted to integrate CSR and environmental reporting into their operations, the activities have evidence of lacking genuine motives for implementing CSR (Werther and Chandler, 2010). As such these petrochemical companies are accompanied by corrupt practices in the implementation of CSR and lack of commitment in the practice of environmental disclosure thus lacking commitments towards stakeholders. Literature Review The concept of Corporate Social Responsibility (CSR) emerged in the 1950s and is seen as a practice that is relatively uncoordinated (Klonoski, 1991). Various different definitions have been put across to suggest the meaning of corporate social responsibility. Several decades later the definitions of CSR are still variant and are based on the individuals and the responsibility that accompanies the practice (Turker, 2009). Earlier authors such as Milton Friedman (1970) defined CSR as a mere commitment to follow the regulations of the government and abide by rules related to the society.Corporate social responsibility (CSR) in developing countries has been on a surge in the current decade due to environmental awareness, industrial pressure and a total effect of globalization (Matten et al, 2008).Adoption of CSR in petrochemicalcompanies is accompanied by benefits and challenges, these are discussed in the following sections in more details: Benefits topractice CSR in Petrochemical Companies CSR is seen as a business opportunity with petrochemical industries producing clean fuel on the basis of demand by customers who are environmentally conscious. Stakeholder reaction to corporations that invest in CSR determines improved business or decreased business thus affecting investment (Govindarajan and Amilan, 2013; Cordeiro and Tewari, 2015). Apart from corporate advantages, the long term benefits of CSR by organizations ensure that the future generation can still benefit from current responsible business. Sun and Stuebs in 2013 suggested that companies with CSR as part of their business strategy have improved productivity in their operations.The pair analyzed the data of 170 American chemical companies, who already had strict government regulation, and found that companies who conduct active CSR reporting were more likely to have increased productivity. The pair noted limitations to the study however, mainly being that the companies surveyed were already in good standing with the government and that one industry’s result should not be generalized. Challenges of the Adoption of CSR in Petrochemical Companies Adoption of CSR in petrochemical industries is accompanied by challenges such as conflicts of interest, industrial pressure and failures in business (Kirat, 2015). Nationalization schemes such as Emiratization and Saudization1 are challenged by lack of adequate local skill for the job. This leads to 2companies giving out jobs to expatriates who are qualified for the job (Al Sheikh and Erbas, 2016).Nationalization is an adequate example of CSR in The UAE as the scheme is meant for the welfare of the local society.The cost of transparency is equally high in the petrochemical industry. CSR reporting is therefore bound to affect the image of petrochemical companies as some of the environmental degradation practices are difficult to avoid. The major objectives of businesses in the petrochemical industries include making profit and increasing their market share. The practices of CSR such as disclosure may be extremely challenging as they are bound to affect the view of different stakeholders about the company particularly if the disclosure is negative. Additionally, CSR programs in developing countries have been observed to raise conflicts between the host communities and the oil corporations due to varied interests (Idemudia, 2014). Most communities feel that CSR is a maneuver to blind the local community from the activities of Multinational oil corporations. Recent studies show that corporations practice environmental disclosure but the information provided is not legitimate (Eljayash, et al., 2013). This type of deception proves that the candid objectives of CSR to protect the environment are still a long way from being achieved most especially in developing countries. CSR studies in Saudi Arabia Saudi Arabia has charity programs and stewardship which is basically CSR but is not referred to as such. Solid structures of CSR in Saudi Arabia do not meet the exact requirements of giving to the society as there is still massive undermining of employees and absence of social structures built by petrochemical companies in the communities where the company activities are centered (Ahamad and Al Amri , 2013). A study discusses the Islamic faith by Aribi and Gao in 2010 where Zakah is given as donation, supporting the study by Mohamed and Al Amri in 2013. Aldosari et al (2015) recognize the increased CSR activities in companies in Saudi Arabia as well as Kirat (2015) who studies increased CRS in Qatar. These studies show the presence of CSR reporting among companies in the Middle East and the increased CSR activities as well as religious related activities that are related to CSR as well. Although, another study concludes that CSR disclosure was positively related to the size of the board and the size of the audit committee thus proving that stakeholders have a major say in the CSR disclosure of companies (Alotaibi, 2016). Alsaeed (2006) on the other hand suggested that the voluntary disclosure of CSR in companies in Saudi Arabia was lower than the average. Eljayash et al (2013), attempts to study the levels of disclosure among petrochemical companies in the Gulf countries and concludes that the quality of disclosure is low. In his study on the effectiveness of CSR in Saudi Arabia, Alsubaie (2016) states that the CSR strategies of petrochemical companies in Saudi Arabia are misplaced as they are meant to attract good employees and guests as opposed to giving back to the society. Alsubaie argues that petrochemical companies are responsible for exploitative activities such as marine pollution through drilling. He adds that the welfare of the society is not a priority of the petrochemical companies based on the statuses of employees, medical facilities and educational facilities in the communities where the companies are found. This shows deceptive CSR priorities and the absence of CSR initiatives among companies. Developing countries are yet to achieve the ultimate ethical responsibility accompanied in the practice of CSR and disclosure. In the Kingdom of Saudi Arabia, CSR is recognized but still does not carry enough weight to in the country (TSA, 2010). This has affected implementation which is moderate in most of the companies. The largest environmental imprint is caused by petrochemical companies as the products have high demand and intensive extraction and production processes (Guenther et al, 2007). The high demand of the petrochemical product has increased the exploitation of natural areas from which the products are mined (Asif and Muneer, 2007). These factors are detrimental to honest CSR practices in the Kingdom of Saudi Arabia. Conceptual framework: Control variables As mentioned in the literature this sections discusses the control variables which consist of the characteristics of the firm. The following five Control variables will be used : 1. Firm size The legitimacy theory purports that provision of voluntary information by firms helps the shareholders to evaluate potential damage to the company and thus come up with a risk management plan. Large firms find it easier to disclose their production information due to economies of scale (Epstein and Buhovac, 2014). 2. Nationality The higher the ownership dispersion among firms relates to easier disclosure of company information while dispersion of ownership that is low relates to little disclosure of information. (Khan et al, 2013). 3. Age The more years a firm has been in the industry influences disclosure. Older firms have less risk to their reputation due to their time in the industry as opposed to younger firms thus have the tendency to disclose more information. 4. Privatization: Tran et al (2014), reports that there is a negative association between government ownership and profitability of firms. Yu (2013) on the other hand reports that there is a positive relationship between the profitability ratio of firms and government ownership. Government ownership also influences disclosure. Petrochemical companies in Saudi Arabia are largely owned by the government. Hypotheses The following five hypothesis are proposed : Hypothesis 1. The size of the firm positively influences CSR disclosure. Large companies are prone to disclose more information as compared to small firms because small companies may not afford cost from their resource base. Hypothesis 2. The volume of environmental discloser among companies which have a high foreign investment is higher because they foreign companies try to improve their image in a host country. Hypothesis 3. Older firms disclose more environmental information than younger firmsbecause old firm are more sensitive to their reputation towards public in the market. Hypothesis 4. There is a positive relationship between private companies and environment disclosure because the private sectors try to enhance their reputation to the public. Research Gap Studies in developing countries including Saudi Arabia have focused on the CSR initiatives of petrochemical companiesand the disclosure that the companies make which account for their CSR initiatives. Many of the companies nowadays consider CSR as a fundamental tool for building and maintaining a relationship with stakeholders including the public to create a mutual understanding and providing legitimacy to the stakeholders and society, and to manage potential conflicts (Wagner, et al., 2009). The government of Saudi Arabia recognizes the importance of CSR but has not reached a level where the concept can be encouraged at a strategic level (TSA, 2010). There are very few factors in Saudi Arabia that encourage the practice of CSR and an absence of definite structures that coordinate CSR related activities at a national level. The massive impact that the activities of these companies have on the political, social, economic and environmental dimensions require that more attention get paid to CSR initiatives. This research therefore focuses on Saudi Arabia due to the limited studies on legitimate disclosure practices in the region. The following are the objectives of this research.  There is a gap in the literature showing the transparency of the CSR activities that take place in Saudi Arabian petrochemical companies.The study performed by Nalband and Al-Amri (2013) considered the period from 2002-2003, Alsaeed (2006) covered the period 2006–2007 and Habbash (2016) covered the period 2007–2011.The present study, thus, adds a major contribution to the research on CSR disclosure in KSA by using data which is more recent and wide-ranging, that is, from 2012-2017. There are limited studies that have focused much on investigating CSR disclosure in listed petrochemical firms of KSA, and all the studies were qualitative in nature. On the other hand, the present work will be both qualitative and quantitative in nature. The study will use content analysis, interviews and questionnaires. The previous studies in Saudi Arabia have mainly focused on content analysis to study CSR and petrochemical companies. This study will however bridge this gap by getting more information on CSR and transparency among petrochemical companies by including the use of interviews and questionnaires. Research Problem As discussed in the literature review, CSR largely encompasses a moral perspective but has largely evolved to become an initiative used by companies to enhance their reputation and promote their business without disclosing their real environmental impact (Caroll and Shabana, 2010). The initiatives by the Saudi government to encourage CSR are still not as effective due to political interference and the failure to regard CSR as a top priority. These factors have made the practice of CSR and disclosure of environmental information vague and unhelpful. Most petrochemical companies account for their CSR activities in their annual reports but the nature of the information revealed is usually targeted at pleasing stakeholders as opposed to telling the truth. The failure to effectively implement CSR and politically influenced decisions has encouraged bad practices such as exploitation. The companies are further forced to hide this information and provide incorrect or vague information. This study therefore aims to determine the legitimacy in the CSR activities of companies from the information revealed in their annual reports. Sample Companies The study will be conducted for petrochemical companies in Saudi Arabia due to their significant impact on the environment. Petrochemical industries supply the world with a large range of products and solutions that are used daily. The size of petrochemical companies and the activities they are involved in have a significant impact on their immediate environment including economic, social and environmental (Lines et al, 2005). Over the recent decade, there has been growing attention on the toxic output to the environment that the petrochemical industries release. The petrochemical industry plays a very essential role in the Saudi Arabian economy. Increased knowledge among communities has also exposed the petrochemical companies to scrutiny and the organizations are more conscious of possible sanctions for irresponsible behavior (Situ and Emmons, 1999). The petrochemical companies have therefore been driven towards CSR by increased knowledge, globalization, increased community roles and increased environmental footprint. The samplecompanies are listed below (Table1) and described in terms ofthe company size, age, privatization and nationality. The sizes of the company have been determined based on their market capitalization. Large companies have a market capitalization of $ 10 billion and above. These companies are also well established in the market and have existed for a long period (Wright, 2013). Medium sized companies usually have between $ 2 billion to $10 billion market capitalization and are found in industries where they are bound to experience rapid growth. The companies are usually in the expansion process and have a greater risk as they are not solidly established. They are however attractive for their prospective growth. Small companies on the other hand have a market capitalization of between $300 million and $2 billion and are considered high risk investments on the basis of their age (Wright, 2013). The research will additionally relate the size of the companies, the age, privatizationand nationalityas variables to measure against CSR implementation and disclosure. The year 2014 was the time when the President of Meteorology and environment announced that all companies should undertake CSR responsibilities and implement environmental standards that protect the health and natural resources of Saudi Arabia (Alara Resources , 2014). The annual report from the companies will be total of 6 years, 3 years before the announcement to observe the CSR development (2012 to 2014) and 3 years after the announcement to view the present status of CSR(2014 to 2017) .The study will thus determine the disclosure and the progress of the fourteen petrochemical companies before and after this announcement. The six years period will help to determine the consistency in the CSR practices and the implementation of activities that have been mentioned in the reports. Table1: The 14 selected Petrochemical companies including their size,age,privaizaition and nationality (TADAWEL ANNUAL REPORT, 2017). Company Name Size Age(Years) Privatization Nationality Rabigh Refining and Petrochemical Company (PetroRabigh) Large 11 Private Saudi with 38.39% foreign investment Saudi Basic Industries Corp. (SABIC) Large 41 Public Saudi with 0.58% foreign invesment Methanol Chemicals Company Large 28 Public Saudi with 1.28 % foreign investment National Petrochemical Co. (Petrochem) Medium 9 Public Local with 0.07% foreign invesment Saudi Arabia Fertilizers Co. (SAFCO) Medium 51 Public Local with 0.29% foreign invesment National Industrialization Co. - NIC (TASNEE) Large 32 Private Local with 1.76% foreign invesment Alujain Corporation (Alujain ) Small 25 Private Local with 8.49% foreign invesment Nama Chemicals Co. (Nama Chemicals) Small 24 Private Local with 1.66% foreign invesment Saudi Industrial Investment Group (SIIG) Medium 20 Private Local with 2.22% foreign invesment Sahara Petrochemical Co. (Sahara Petrochemical) Small 12 Private Local with 1.43% foreign invesment Yanbu National Petrochemical Co. (YANSAB) Medium 10 Public Local with 2.38% foreign invesment Saudi International Petrochemical Co (Sipchem) Medium 17 Private Local with 1.36% foreign invesment Advanced Petrochemical Co. (Advanced) Medium 11 Private Local with 3.14% foreign invesment Saudi Kayan Petrochemical Company (Saudi Kayan) Large 9 Public Local with 0.70% foreign invesment Research Questions a. What is the present status of CSR and ED initiatives among petrochemical companies in KSA? b. To what extent do petrochemical companies in KSA comply with CSR disclosure requirements? c. What motivates companies to disclose their environmental activities? d. What factors prevent companies from disclosing their environmental information? e. Is there an association between company characteristic such as size, age, privatization and nationality and environmental disclosure? f. What is the consequences for petrochemical companies of not disclosing their environmental information? Research Aim This research will study the genuineness of the CSR information disclosed by petrochemical companies in Saudi Arabia and aims to evaluate the level of compliance and transparency in the disclosures provided by different petrochemical companies in KSA. Research Objectives The specific objectives include: a. To assess thepresent status of CSR and ED initiatives among petrochemical companies in KSA b. To investigate how far theextent do petrochemical companies in KSA comply with CSR disclosure requirements. g. To identify what motivates companies to disclose their environmental activities. h. To determine whatfactors prevent companies from disclosing their environmental information. i. To test and analyse the relationship between company characteristic such as size, age, privatization and nationality and environmental disclosure. j. To identify what is the consequences for petrochemical companies of not disclosing their environmental information. Theoretical Framework Legitimacy Theory The legitimacy theory emphasizes that companies need to establish legitimacy in the internal operations and how these operations affect the society as an initial phase of being legitimate (Nasi et al, 1997). Furthermore, legitimacy needs to be maintained in order to prove its worth to a company. The extension of legitimacy moreover proves that a company is committed to the system of values and beliefs that are important to the society (Deegan, 2014). The relevance of legitimacy among companies particularly during social and environmental accounting is tested during the defense of their legitimacy. This is where transparency is introduced. Based on the legitimacy theory, companies attempt to make sure that their activities are perceived as legitimate by the outside society (Deegan, 2014). Legitimacy in petrochemical industries is challenging given the amount of environmental imprint that is caused by production of oil and gas. Based on the theory, CSR initiatives and disclosures are established based on the needs of companies to prove that their activities are legitimate. In general therefore, firms can give their CSR data through their yearly reports in order to enhance their image in front of the society and show that their activities are legit. Research Methodology Research philosophy In order to determine the legitimacy of CSR among petrochemical companies in Saudi Arabia, the research will adopt a pragmatic approach in for the study. The pragmatic approach involves the use of several methods to achieve the required information from the study. The use of the mixed methods will enable the researcher to complement one approach on the weakness of another approach. Both quantitative and qualitative methodology will be utilized as well as different methods of collecting data including content analysis, interviews and questionnaires to achieve the most appropriate results from the study. Research Strategy The basic fundamental strategies include qualitative research strategies and quantitative research strategies. Quantitative research is based on discovery i.e. exploratory while qualitative research leans towards explaining i.e. explanatory, words by people, observations and different contexts. This study will adopt a both a qualitative and quantitative strategy to attain the aims and the goals of the research. Content analysis will be used to assess the CSR policies in the companies under study as well as the quantity of CSR disclosure by the respective companies in Saudi Arabia. Interviews will be carried out on the operations managers of the companies while questionnaires will be distributed randomly among the employees for the survey, Research Design The basic purpose of the design of the research is to make sure that the information gained is valuable to the researcher to answer the questions on the study in a way that is explicit (Kothari, 2004). This study will therefore utilize content analysis, interviews and questionnaires to collect and assign codes to the data. The following sections discuss the three methods in more detail to determine how they will assist the researcher to achieve the aim of the study. Content Analysis Content analysis is basically defined as a strategy that makes similar and convincing inferences from the information collected and measures the information in a manner that is viable. CSR studies by Guthrie and Parker (1989), Cowen, Ferreri and Parker (1987) and Adams and Laing (2000) reveal the use of content analysis in their studies to collect information and draw conclusions from written sources. The identification and analysis of the documents will be based on the annual reports of petrochemical companies from KSA. The main themes that will be analyzed from the annual reports will include CSR policies that are implemented by the companies including social, legal and environmental policies and disclosure as well. These themes will be used to determine the CSR statuses in the companies. The content analysis will thus address the first, second and fifth research questions as the information can directly be obtained from the annual reports. The questionnaire and the interview will address CSR challenges and benefits and such help to expound on the factors that motivate companies to practice CSR and limitations as well. The sampling unit will be the annual reports from the companies. Determination of the themes to be coded will be done through using guidance from the literature review and other studies on CSR disclosure. The reliability of the coding will be done through carrying out a pilot test from five samples of petrochemical companies to test the usability of the analysis of annual reports. The five annual reports will be selected randomly from the study sample and analyzed to determine social, legal and environmental policies and disclosure in the companies. The quality of the CSR information will be assesses as well to help determine legitimacy of CSR initiatives among the companies. Coding will be done on computer using the statistical package for social sciences (SPSS). The concepts on the type of policies, the quantity and quality of CSR practices and disclosure will be used as standards to code the information used in the analysis. The pilot test will be useful in determining the reliability and validity of the coding used so that the analysis can be approved for the study. Questionnaires The collection of data using questionnaires will utilize both close ended and open ended questions. The close ended questions will be used due to their convenience for collecting factual data as the response provided will be specific. The questions will have five point Likert scale to state the response on the agreement of the participants. The open ended questions on the other hand will provide in depth information on the aspects identified for the study including the benefits and the challenges of CSR. The questionnaires will address the motive of the companies to practice CSR, the factors preventing them from practicing CSR and the extent to which the companies practice CSR. This information will be easier to collect from employees as they know the operations of the companies and the regulations that they operate under. The researcher will personally take the questionnaires to the specific companies and distribute them to the employees through the human resource manager. The researcher will distribute the questionnaires during the lunch break period so as to get as many employees as possible during their free time. The study will target 200 employees in every company for the main study. A sample of 10% will be used for the target thus 20 employees for every company. 20 employees * 14 companies Total 280 The researcher will therefore prepare 350 questionnaires to allow for those that will get Interviews Oral interviews will be used due to their effectiveness in getting responses directly from the participant. The interviews will be conducted on the fourteen operations managers of the selected companies based on their convenience. The managers will be able to provide quality information on CSR within the companies and the researcher will be able to gain more information from the face to face interview as this method allows for the researcher to expound on the information asked as long as it is within the framework of the study. The interviews will address the first, fifth and sixth questions from the research questions as these require more information for discussion in the study. The information that will be provided from this questions are also best answered by individuals from senior positions in the companies as they have the accurate information regarding their company’s CSR legitimacy. The researcher will thus make earlier appointment to meet with the managers so as to carry out the interviews for the study. The research will also conduct interviews on five members of the AccountAbility initiative in Saudi Arabia that works with SAGIA (Saudi Arabian General Investment Authority) to determine the competitiveness of companies in the application of CSR initiatives. The interview on these members will be effective as the initiative assesses companies on the basis of their economic, social and environmental system performance. The researcher will email and call to make appointments for conducting the interviews with the respective members who will be chosen randomly on the basis of their membership to the authority and the group initiative. Data Collection The study will use sample annual reports from 14 listed petrochemical companies in Saudi Arabia between the periods 2012 to 2017. The reports will be retrieved fromhttp://www.argaam.com/en/company/shariahcompaniesand https://www.tadawul.com.sa The content of these reports will then be analyzed and placed on the basis of selected themes then coded for further analysis. The interviews will be conducted at the convenience of the respective operations managers in the companies while the questionnaires will be physically distributed in the companies by the researcher to the accounting department. Data Analysis Data collected from the annual reports, questionnaires and interviews will be analyzed statistically to determine the legitimacy of CSR in the companies selected. The normal distribution test will be used on the content analysis. The main variable in this section will be legitimacy of CSR. The normal distribution test indicates when data distribution deviates from the normal. The questionnaires will be given to employees as they have basic knowledge of the presence of CSR in their companies and are able to provide unbiased information as they view CSR from a simpler capacity. The closed ended questions will use the Likert scale showing the rate of agreement and will be analyzed statistically. The open ended questions on the other hand will be analyzed by assigning codes to related responses and statistically measuring them. The interviews on the other hand will be addressed to managers who have more and detailed information about the company’s CRS activities and disclosure. The face to face interviews will furthermore help the researcher to get more cues from the interviewee thus more reliable information. Descriptive statistics will be used to explain the basic features of the data collected. Summaries in graph form and frequency distribution will show the spread of the data collected. Numerical information explaining the central tendencies will be utilized as well. Descriptive statistics have been used in other research studies based on environmental disclosure and social disclosure (Zubek, 2008; Gray et al, 2001; Elsayed and Hoque, 2010). Analysis of data will therefore be done using the statistical package for social sciences (SPSS) in order to illustrate the attributes of the sample under study. Figure 2: Research Framework Time Plan Figure3: Gannt Chart Time Activity 2016 2017 2018 2019 2020 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 Subject and topic Approval Transfer to PhD Aim and objectives development Literature review Attendance of relevant courses Research methodology Data collection Data analysis Meeting with supervisors Discussion of results Printing up and binding Final write-up and submission References Adams, C. and Laing, Y. 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An Investigation into Human Resource Disclosure, phD, Liverpool John Moores University Read More