Assessment of Corporate Social Responsibility performance and state promotion policies: a case study of The Baltic States
Abstract
The development of Corporate Social Responsibility (CSR) initiative is formed by several cultural, economic, social, political and institutional factors which have an impact on setting the priorities and advancement of CSR practices. The aim of this study is to assess CSR performance at the country level. In order to achieve this aim, the main drivers and barriers of CSR initiatives were identified and systematized based on literature review. The policies to address these barriers were analysed and discussed. The framework for the assessment of CSR performance was developed based on the analysis and assessment of the quality of political-regulatory, economic and social environment, implemented public policies to promote CSR and successes that were achieved by countries in implementing recommendations for public policy advancement. The indicators from Venture Capital and Private Equity Country Attractiveness Index, CSR policies areas reviews and EU recommendations for the improvement of public policies linked to the CSR were applied for assessing the CSR performance. The empirical analysis and the assessment of CSR performance in the Baltic States was performed based on the developed framework and policy recommendations that were developed for other countries, taking into account the priorities of “The Belt and Road” project that was initiated by the Chinese government and aiming at sustainable development and global risk mitigation.
Keyword : Corporate Social Responsibility, state policies, governance indicators, policy performance index, The Baltic States
How to Cite
Lu, J., Ren, L., Zhang, C., Liang, M., Abrhám, J., & Streimikis, J. (2020). Assessment of Corporate Social Responsibility performance and state promotion policies: a case study of The Baltic States. Journal of Business Economics and Management, 21(4), 1203-1224. https://doi.org/10.3846/jbem.2020.12738
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
Acciaro, M. (2014). A real option application to investment in low-sulphur maritime transport. International Journal of Shipping and Transport Logistics, 6(2), 189–212. https://doi.org/10.1504/IJSTL.2014.059570
Albareda, L., Lozano, J. M., & Ysa, T. (2007). Public policies on corporate social responsibility: The role of governments in Europe. Journal of Business Ethics, 74(4), 391–407. https://doi.org/10.1007/s10551-007-9514-1
Alemagi, D., Oben, P. M., & Ertel, J. (2006). Implementing environmental management systems in industries along the Atlantic coast of Cameroon: Drivers, benefits and barriers. Corporate Social Responsibility and Environmental Management, 13(4), 221–232. https://doi.org/10.1002/csr.106
Barnett, M. L., & Salomon, R. M. (2012). Does it pay to be really good? Addressing the shape of the relationship between social and financial performance. Strategic Management Journal, 33(11), 1304–1320. https://doi.org/10.1002/smj.1980
Brammall, R. (2012). How green are shipping companies? Southampton Solent University.
Campbell, J. L. (2007). Why would corporations behave in socially responsible ways? An institutional theory of corporate social responsibility. Academy of Management Review, 32(3), 946–967. https://doi.org/10.5465/amr.2007.25275684
Chen, J., Huang, J., Zheng, L., & Zhang, C. (2019). An empirical analysis of telecommunication infrastructure promoting the scale of international service trade: Based on the panel data of countries along the belt and road. Transformations in Business & Economics, 18(2), 124–139.
Coady, L., Lister, J., Strandberg, C., & Ota, Y. (2013). The role of corporate social responsibility (CSR) in the international shipping sector. https://corostrandberg.com/wp-content/uploads/2013/11/ubc-csr-in-shipping-denmark.pdf
Coluccia, D., Fontana, S., & Solimene, S. (2018). Does institutional context affect CSR disclosure? A study on Eurostoxx 50. Sustainability, 10(8), 1–20. https://doi.org/10.3390/su10082823
Crilly, D., Hansen, M., & Zollo, M. (2016). The grammar of decoupling: Stakeholder heterogeneity and firm decoupling of sustainability practices. Academy of Management Journal, 59, 705–729. https://doi.org/10.5465/amj.2015.0171
Desai, V. M. (2016). Under the radar: Regulatory collaborations and their selective use to facilitate organizational compliance. Academy of Management Journal, 59(2), 636–657. https://doi.org/10.5465/amj.2014.0943
Dhaliwal, D. S., Radhakrishnan, S., Tsang, A., & Yang, Y. G. (2012). Nonfinancial disclosure and analyst forecast accuracy: International evidence on corporate social responsibility disclosure. The Accounting Review, 87(3), 723–759. https://doi.org/10.2308/accr-10218
Dixon, T., Colantonio, A., Shiers, D., Reed, R., Wilkinson, S., & Gallimore, P. (2008). A green profession? A global survey of RICS members and their engagement with the sustainability agenda. Journal of Property Investment and Finance, 26(6), 460–481. https://doi.org/10.1108/14635780810908352
El Ghoul, S., Guedhami, O., & Kim, Y. (2017). Country-level institutions, firm value, and the role of corporate social responsibility initiatives. Journal International Business Studies, 48(3), 360–385. https://doi.org/10.1057/jibs.2016.4
Elbassiouny, D., & Elbassiouny, N. (2019). Diversity, corporate governance and CSR reporting: A comparative analysis between top-listed firms in Egypt, Germany and the USA. Management of Environmental Quality: An International Journal, 30(1), 116–136. https://doi.org/10.1108/MEQ-12-2017-0150
Emezi, C. N. (2014). Corporate social responsibility: A strategic tool to achieve corporate objective. Responsibility and Sustainability, 2(3), 43–56.
Epstein, M. J., Buhovac, A. R., Elkington, J., & Leonard, H. B. D. (2014). Making sustainability work: Best practices in managing and measuring corporate social, environment and economic impacts (2nd ed.). Berrett-Koehler Publishers.
European Commission. (2014). Corporate social responsibility national public policies in the European union-compendium 2014. https://ec.europa.eu/digital-single-market/en/news/corporate-social-responsibility-national-public-policies-european-union-compendium-2014
European Commission. (2019a). 2019 European semester: Assessment of progress on structural reforms, prevention and correction of macroeconomic imbalances, and results of in-depth reviews under Regulation (EU) No 1176/2011, Estonia. https://op.europa.eu/en/publication-detail/-/publication/b97988b43b6b-11e9-8d04-01aa75ed71a1/language-en
European Commission. (2019b). 2019 European semester: Assessment of progress on structural reforms, prevention and correction of macroeconomic imbalances, and results of in-depth reviews under Regulation (EU) No 1176/2011, Latvia. https://op.europa.eu/en/publication-detail/-/publication/d27baa0d3b6b-11e9-8d04-01aa75ed71a1/language-en
European Commission. (2019c). 2019 European Semester: Assessment of progress on structural reforms, prevention and correction of macroeconomic imbalances, and results of in-depth reviews under Regulation (EU) No 1176/2011, Lithuania. https://op.europa.eu/en/publication-detail/-/publication/ceab411c-3b6b-11e9-8d04-01aa75ed71a1/language-en
Faisal, M. N. (2010). Analysing the barriers to corporate social responsibility in supply chains: An interpretive structural modelling approach. International Journal of Logistics Research and Applications, 13(3), 179–195. https://doi.org/10.1080/13675560903264968
Forbes. (2011). No, Consumers will Not pay more for green. http://www.forbes.com/sites/csr/2011/07/28/no-consumers-will-not-pay-more-for-green/#2715e4857a0b1ac0ba2b7584
Ganushchak-Efimenko, L., Shcherbak, V., & Nifatova, O. (2018). Assessing the effects of socially responsible strategic partnerships on building brand equity of integrated business structures in Ukraine. Oeconomia Copernicana, 9(4), 715–730. https://doi.org/10.24136/oc.2018.035
García-Sánchez, I. M., Cuadrado-Ballesteros, B., & Frias-Aceituno, J. V. (2016). Impact of the institutional macro context on the voluntary disclosure of CSR information. Long Range Planning, 49(1), 15–35. https://doi.org/10.1016/j.lrp.2015.02.004
George, H., & Antonis, S. (2016). Cultural dimensions and corporate social responsibility: A cross-country analysis. University of the Aegean.
Gligor-Cimpoieru, D. C., & Munteanu, V. P. (2015). CSR benefits and costs in a strategic approach. Annals of the University of Craiova-Economic Sciences Series, 1(43), 96–105.
Groh, A., Liechtenstein, H., Lieser, K., & Biesinger, M. (2018). The venture capital and private equity country attractiveness index. https://blog.iese.edu/vcpeindex/
Haddock-Fraser, J., & Fraser, I. (2008). Assessing corporate environmental reporting motivations: Differences between “close to market” and “business -to-business” companies. Corporate Social Responsibility and Environmental Management, 15(3), 140–155. https://doi.org/10.1002/csr.147
Hong, H., Kubik, J. D., & Scheinkman, J. A. (2012). Financial constraints on corporate goodness (NBER Working Paper No. 18476). https://doi.org/10.3386/w18476
Ioannou, I., & Serafeim, G. (2012). What drives corporate social performance? The role of nation-level institutions. Journal of International Business Studies, 43(9), 834–864. https://doi.org/10.1057/jibs.2012.26
Jackson, G., & Apostolakou, A. (2010). Corporate social responsibility in Western Europe: An institutional mirror or substitute? Journal of Business Ethics, 94(3), 371–394. https://doi.org/10.1007/s10551-009-0269-8
Jakusonoka, I., & Zarina, K. (2018). Attractiveness of Latvian, Lithuanian and Estonian venture capital markets for international investors. Science and Studies of Accounting and Finance: Problems and Perspectives, 12(1), 20–27. https://doi.org/10.15544/ssaf.2018.03
Jenkins, H. (2006). Small business champions for corporate social responsibility. Journal of Business Ethics, 67(3), 241–256. https://doi.org/10.1007/s10551-006-9182-6
Jenkins, H., & Yakovleva, N. (2006). Corporate social responsibility in the mining industry: Exploring trends in social and environmental disclosure. Journal of Cleaner Production, 14(3–14), 271–284. https://doi.org/10.1016/j.jclepro.2004.10.004
Krajnakova, E., Navickas, V., & Kontautiene, R. (2018). Effect of macroeconomic business environment on the development of corporate social responsibility in Baltic Countries and Slovakia. Oeconomia Copernicana, 9(3), 477–492. https://doi.org/10.24136/oc.2018.024
Kurucz, E. C., Colbert, B. A., & Wheeler, D. (2008). The business case for corporate social responsibility. In The Oxford Handbook of Corporate Social Responsibility. Oxford University Press. https://doi.org/10.1093/oxfordhb/9780199211593.003.0004
Laudal, T. (2011). Drivers and barriers of CSR and the size and internationalization of firms. Social Responsibility Journal, 7(2), 234–256. https://doi.org/10.1108/17471111111141512
Lu, J., Ren, L., He, Y., Lin, W., & Streimikis, J. (2019b). Linking corporate social responsibility with reputation and brand of the firm. Amfiteatru Economic, 21(51), 442–460. https://doi.org/10.24818/EA/2019/51/422
Lu, J., Ren, L., Lin, W., He, Y., & Streimikis, J. (2019a). Policies to promote Corporate Social Responsibility (CSR) and assessment of CSR impacts. Ekonomie a Management, 22(1), 82–98. https://doi.org/10.15240/tul/001/2019-1-006
Lu, J., Ren, L., Qiao, J., He, Y., & Lin, W. (2019c). Female executives and corporate social responsibility performance: A dual perspective of differences in institutional environment and heterogeneity of foreign experience. Transformations in Business & Economics, 18(2), 174–196.
Mbogoh, E., & Ogutu, P. M. (2017). Challenges of implementing corporate social responsibility strategies by commercial banks in Kenya. Journal of Business and Strategic Management, 2(2), 1–16.
Pawlik, T., Gaffron, P., & Drewes, P. A. (2012). Corporate social responsibility in maritime logistics. In D. Song & P. Panayides (Eds.), Maritime logistics (pp. 205–226). Emerald Group Publishing Limited. https://doi.org/10.1108/9781780523415-011
Pimentel, L. V., Branca, A. S., & Catalao-Lopes, M. (2016). International comparisons of corporate social responsibility. https://www.omicsonline.org/open-access/international-social-comparisons-of-corporate-responsibility-2162-6359-1000327.php?aid=70659
Pruzan-Jorgensen, P. M., & Farrag, A. (2010). Sustainability trends in the container shipping industry: A future trends research summary. https://www.bsr.org/reports/BSR_Sustainability_Trends__Container_Shipping_Industry.pdf
Servaes, H., & Tamayo, A. (2013). The impact of corporate social responsibility on firm value: The role of customer awareness. Management Science, 59(5), 1045–1061. https://doi.org/10.1287/mnsc.1120.1630
Shen, L., Govindan, K., & Shankar, M. (2015). Evaluation of barriers of corporate social responsibility using an analytical hierarchy process under a fuzzy environment – A textile case. Sustainability, 7(3), 3493–3514. https://doi.org/10.3390/su7033493
Sinha, S. N., & Chaudhari, T. (2018). Impact of CSR on learning outcomes. Management of Environmental Quality: An International Journal, 29(6), 1026–1041. https://doi.org/10.1108/MEQ-02-2018-0039
Sowden, P., & Sinha, S. (2005). Promoting health and safety as a key goal of the corporate social responsibility agenda. http://www.hse.gov.uk/research/rrpdf/rr339.pdf
Steurer, R. (2010). The role of governments in corporate social responsibility: Characterising public policies on CSR in Europe. Policy Sciences, 43(1), 49–72. https://doi.org/10.1007/s11077-009-9084-4
Steurer, R., Martinuzzi, A., & Margula, S. (2012). Public policies on CSR in Europe: Themes, instruments, and regional differences. Corporate Social Responsibility and Environment Management, 19(4), 206–227. https://doi.org/10.1002/csr.264
Szwajca, D. (2018). Relationship between corporate image and corporate reputation in Polish banking sector. Oeconomia Copernicana, 9(3), 493–509. https://doi.org/10.24136/oc.2018.025
The Boston Consultant Group. (2011). Charting a new course: restoring profitability to container shipping. http://www.doc88.com/p-9292322762022.html
West, B., Hillenbrand, C., & Money, K. (2015). Building employee relationships through corporate social responsibility: The moderating role of social cynicism and reward for application. Group & Organization Management, 40(3), 295–322. https://doi.org/10.1177/1059601114560062
World Economic Forum. (2019). The Global Competitiveness Report 2019. http://www3.weforum.org/docs/WEF_TheGlobalCompetitivenessReport2019.pdf
Yuen, K. F., & Lim, J. M. (2016). Barriers to the implementation of strategic corporate social responsibility in shipping. The Asian Journal of Shipping and Logistics, 32(1), 49–57. https://doi.org/10.1016/j.ajsl.2016.03.006
Albareda, L., Lozano, J. M., & Ysa, T. (2007). Public policies on corporate social responsibility: The role of governments in Europe. Journal of Business Ethics, 74(4), 391–407. https://doi.org/10.1007/s10551-007-9514-1
Alemagi, D., Oben, P. M., & Ertel, J. (2006). Implementing environmental management systems in industries along the Atlantic coast of Cameroon: Drivers, benefits and barriers. Corporate Social Responsibility and Environmental Management, 13(4), 221–232. https://doi.org/10.1002/csr.106
Barnett, M. L., & Salomon, R. M. (2012). Does it pay to be really good? Addressing the shape of the relationship between social and financial performance. Strategic Management Journal, 33(11), 1304–1320. https://doi.org/10.1002/smj.1980
Brammall, R. (2012). How green are shipping companies? Southampton Solent University.
Campbell, J. L. (2007). Why would corporations behave in socially responsible ways? An institutional theory of corporate social responsibility. Academy of Management Review, 32(3), 946–967. https://doi.org/10.5465/amr.2007.25275684
Chen, J., Huang, J., Zheng, L., & Zhang, C. (2019). An empirical analysis of telecommunication infrastructure promoting the scale of international service trade: Based on the panel data of countries along the belt and road. Transformations in Business & Economics, 18(2), 124–139.
Coady, L., Lister, J., Strandberg, C., & Ota, Y. (2013). The role of corporate social responsibility (CSR) in the international shipping sector. https://corostrandberg.com/wp-content/uploads/2013/11/ubc-csr-in-shipping-denmark.pdf
Coluccia, D., Fontana, S., & Solimene, S. (2018). Does institutional context affect CSR disclosure? A study on Eurostoxx 50. Sustainability, 10(8), 1–20. https://doi.org/10.3390/su10082823
Crilly, D., Hansen, M., & Zollo, M. (2016). The grammar of decoupling: Stakeholder heterogeneity and firm decoupling of sustainability practices. Academy of Management Journal, 59, 705–729. https://doi.org/10.5465/amj.2015.0171
Desai, V. M. (2016). Under the radar: Regulatory collaborations and their selective use to facilitate organizational compliance. Academy of Management Journal, 59(2), 636–657. https://doi.org/10.5465/amj.2014.0943
Dhaliwal, D. S., Radhakrishnan, S., Tsang, A., & Yang, Y. G. (2012). Nonfinancial disclosure and analyst forecast accuracy: International evidence on corporate social responsibility disclosure. The Accounting Review, 87(3), 723–759. https://doi.org/10.2308/accr-10218
Dixon, T., Colantonio, A., Shiers, D., Reed, R., Wilkinson, S., & Gallimore, P. (2008). A green profession? A global survey of RICS members and their engagement with the sustainability agenda. Journal of Property Investment and Finance, 26(6), 460–481. https://doi.org/10.1108/14635780810908352
El Ghoul, S., Guedhami, O., & Kim, Y. (2017). Country-level institutions, firm value, and the role of corporate social responsibility initiatives. Journal International Business Studies, 48(3), 360–385. https://doi.org/10.1057/jibs.2016.4
Elbassiouny, D., & Elbassiouny, N. (2019). Diversity, corporate governance and CSR reporting: A comparative analysis between top-listed firms in Egypt, Germany and the USA. Management of Environmental Quality: An International Journal, 30(1), 116–136. https://doi.org/10.1108/MEQ-12-2017-0150
Emezi, C. N. (2014). Corporate social responsibility: A strategic tool to achieve corporate objective. Responsibility and Sustainability, 2(3), 43–56.
Epstein, M. J., Buhovac, A. R., Elkington, J., & Leonard, H. B. D. (2014). Making sustainability work: Best practices in managing and measuring corporate social, environment and economic impacts (2nd ed.). Berrett-Koehler Publishers.
European Commission. (2014). Corporate social responsibility national public policies in the European union-compendium 2014. https://ec.europa.eu/digital-single-market/en/news/corporate-social-responsibility-national-public-policies-european-union-compendium-2014
European Commission. (2019a). 2019 European semester: Assessment of progress on structural reforms, prevention and correction of macroeconomic imbalances, and results of in-depth reviews under Regulation (EU) No 1176/2011, Estonia. https://op.europa.eu/en/publication-detail/-/publication/b97988b43b6b-11e9-8d04-01aa75ed71a1/language-en
European Commission. (2019b). 2019 European semester: Assessment of progress on structural reforms, prevention and correction of macroeconomic imbalances, and results of in-depth reviews under Regulation (EU) No 1176/2011, Latvia. https://op.europa.eu/en/publication-detail/-/publication/d27baa0d3b6b-11e9-8d04-01aa75ed71a1/language-en
European Commission. (2019c). 2019 European Semester: Assessment of progress on structural reforms, prevention and correction of macroeconomic imbalances, and results of in-depth reviews under Regulation (EU) No 1176/2011, Lithuania. https://op.europa.eu/en/publication-detail/-/publication/ceab411c-3b6b-11e9-8d04-01aa75ed71a1/language-en
Faisal, M. N. (2010). Analysing the barriers to corporate social responsibility in supply chains: An interpretive structural modelling approach. International Journal of Logistics Research and Applications, 13(3), 179–195. https://doi.org/10.1080/13675560903264968
Forbes. (2011). No, Consumers will Not pay more for green. http://www.forbes.com/sites/csr/2011/07/28/no-consumers-will-not-pay-more-for-green/#2715e4857a0b1ac0ba2b7584
Ganushchak-Efimenko, L., Shcherbak, V., & Nifatova, O. (2018). Assessing the effects of socially responsible strategic partnerships on building brand equity of integrated business structures in Ukraine. Oeconomia Copernicana, 9(4), 715–730. https://doi.org/10.24136/oc.2018.035
García-Sánchez, I. M., Cuadrado-Ballesteros, B., & Frias-Aceituno, J. V. (2016). Impact of the institutional macro context on the voluntary disclosure of CSR information. Long Range Planning, 49(1), 15–35. https://doi.org/10.1016/j.lrp.2015.02.004
George, H., & Antonis, S. (2016). Cultural dimensions and corporate social responsibility: A cross-country analysis. University of the Aegean.
Gligor-Cimpoieru, D. C., & Munteanu, V. P. (2015). CSR benefits and costs in a strategic approach. Annals of the University of Craiova-Economic Sciences Series, 1(43), 96–105.
Groh, A., Liechtenstein, H., Lieser, K., & Biesinger, M. (2018). The venture capital and private equity country attractiveness index. https://blog.iese.edu/vcpeindex/
Haddock-Fraser, J., & Fraser, I. (2008). Assessing corporate environmental reporting motivations: Differences between “close to market” and “business -to-business” companies. Corporate Social Responsibility and Environmental Management, 15(3), 140–155. https://doi.org/10.1002/csr.147
Hong, H., Kubik, J. D., & Scheinkman, J. A. (2012). Financial constraints on corporate goodness (NBER Working Paper No. 18476). https://doi.org/10.3386/w18476
Ioannou, I., & Serafeim, G. (2012). What drives corporate social performance? The role of nation-level institutions. Journal of International Business Studies, 43(9), 834–864. https://doi.org/10.1057/jibs.2012.26
Jackson, G., & Apostolakou, A. (2010). Corporate social responsibility in Western Europe: An institutional mirror or substitute? Journal of Business Ethics, 94(3), 371–394. https://doi.org/10.1007/s10551-009-0269-8
Jakusonoka, I., & Zarina, K. (2018). Attractiveness of Latvian, Lithuanian and Estonian venture capital markets for international investors. Science and Studies of Accounting and Finance: Problems and Perspectives, 12(1), 20–27. https://doi.org/10.15544/ssaf.2018.03
Jenkins, H. (2006). Small business champions for corporate social responsibility. Journal of Business Ethics, 67(3), 241–256. https://doi.org/10.1007/s10551-006-9182-6
Jenkins, H., & Yakovleva, N. (2006). Corporate social responsibility in the mining industry: Exploring trends in social and environmental disclosure. Journal of Cleaner Production, 14(3–14), 271–284. https://doi.org/10.1016/j.jclepro.2004.10.004
Krajnakova, E., Navickas, V., & Kontautiene, R. (2018). Effect of macroeconomic business environment on the development of corporate social responsibility in Baltic Countries and Slovakia. Oeconomia Copernicana, 9(3), 477–492. https://doi.org/10.24136/oc.2018.024
Kurucz, E. C., Colbert, B. A., & Wheeler, D. (2008). The business case for corporate social responsibility. In The Oxford Handbook of Corporate Social Responsibility. Oxford University Press. https://doi.org/10.1093/oxfordhb/9780199211593.003.0004
Laudal, T. (2011). Drivers and barriers of CSR and the size and internationalization of firms. Social Responsibility Journal, 7(2), 234–256. https://doi.org/10.1108/17471111111141512
Lu, J., Ren, L., He, Y., Lin, W., & Streimikis, J. (2019b). Linking corporate social responsibility with reputation and brand of the firm. Amfiteatru Economic, 21(51), 442–460. https://doi.org/10.24818/EA/2019/51/422
Lu, J., Ren, L., Lin, W., He, Y., & Streimikis, J. (2019a). Policies to promote Corporate Social Responsibility (CSR) and assessment of CSR impacts. Ekonomie a Management, 22(1), 82–98. https://doi.org/10.15240/tul/001/2019-1-006
Lu, J., Ren, L., Qiao, J., He, Y., & Lin, W. (2019c). Female executives and corporate social responsibility performance: A dual perspective of differences in institutional environment and heterogeneity of foreign experience. Transformations in Business & Economics, 18(2), 174–196.
Mbogoh, E., & Ogutu, P. M. (2017). Challenges of implementing corporate social responsibility strategies by commercial banks in Kenya. Journal of Business and Strategic Management, 2(2), 1–16.
Pawlik, T., Gaffron, P., & Drewes, P. A. (2012). Corporate social responsibility in maritime logistics. In D. Song & P. Panayides (Eds.), Maritime logistics (pp. 205–226). Emerald Group Publishing Limited. https://doi.org/10.1108/9781780523415-011
Pimentel, L. V., Branca, A. S., & Catalao-Lopes, M. (2016). International comparisons of corporate social responsibility. https://www.omicsonline.org/open-access/international-social-comparisons-of-corporate-responsibility-2162-6359-1000327.php?aid=70659
Pruzan-Jorgensen, P. M., & Farrag, A. (2010). Sustainability trends in the container shipping industry: A future trends research summary. https://www.bsr.org/reports/BSR_Sustainability_Trends__Container_Shipping_Industry.pdf
Servaes, H., & Tamayo, A. (2013). The impact of corporate social responsibility on firm value: The role of customer awareness. Management Science, 59(5), 1045–1061. https://doi.org/10.1287/mnsc.1120.1630
Shen, L., Govindan, K., & Shankar, M. (2015). Evaluation of barriers of corporate social responsibility using an analytical hierarchy process under a fuzzy environment – A textile case. Sustainability, 7(3), 3493–3514. https://doi.org/10.3390/su7033493
Sinha, S. N., & Chaudhari, T. (2018). Impact of CSR on learning outcomes. Management of Environmental Quality: An International Journal, 29(6), 1026–1041. https://doi.org/10.1108/MEQ-02-2018-0039
Sowden, P., & Sinha, S. (2005). Promoting health and safety as a key goal of the corporate social responsibility agenda. http://www.hse.gov.uk/research/rrpdf/rr339.pdf
Steurer, R. (2010). The role of governments in corporate social responsibility: Characterising public policies on CSR in Europe. Policy Sciences, 43(1), 49–72. https://doi.org/10.1007/s11077-009-9084-4
Steurer, R., Martinuzzi, A., & Margula, S. (2012). Public policies on CSR in Europe: Themes, instruments, and regional differences. Corporate Social Responsibility and Environment Management, 19(4), 206–227. https://doi.org/10.1002/csr.264
Szwajca, D. (2018). Relationship between corporate image and corporate reputation in Polish banking sector. Oeconomia Copernicana, 9(3), 493–509. https://doi.org/10.24136/oc.2018.025
The Boston Consultant Group. (2011). Charting a new course: restoring profitability to container shipping. http://www.doc88.com/p-9292322762022.html
West, B., Hillenbrand, C., & Money, K. (2015). Building employee relationships through corporate social responsibility: The moderating role of social cynicism and reward for application. Group & Organization Management, 40(3), 295–322. https://doi.org/10.1177/1059601114560062
World Economic Forum. (2019). The Global Competitiveness Report 2019. http://www3.weforum.org/docs/WEF_TheGlobalCompetitivenessReport2019.pdf
Yuen, K. F., & Lim, J. M. (2016). Barriers to the implementation of strategic corporate social responsibility in shipping. The Asian Journal of Shipping and Logistics, 32(1), 49–57. https://doi.org/10.1016/j.ajsl.2016.03.006