THE IMPORTANCES AND IMPACTS OF CORPORATE SOCIAL RESPONSIBILITY ACTIVITIES OF HANOI CONSTRUCTION & INVESTMENT COMPANY (HACINCO) BY TRUONG VU HOA BINH E0600053 Supervisor: Dr Le Van Lien Graduation Project Submitted to the Department of Business Studies, HELP University College, in Partial Fulfillment of the Requirements for the Degree of Bachelor of Business (Accounting) Hons June 2010 Declaration of Originality and Word Count _ DECLARATION I declare that this graduation project is based on my original work except for quotations and citation which have been duly acknowledged I also declare that it has not been previously or concurrently submitted for any other courses/degrees at HELP University College or other institutions Word Count: 10,015 words Truong Vu Hoa Binh October, 2010 LIST OF ABBREVIATIONS CSR Corporate Social Responsibility Hacinco Hanoi construction and investment company HSV Hacinco Student Village TBL Triple Bottom Line TABLE OF CONTENTS INTRODUCTION 1.1 CSR in the world 1.2 CSR in Vietnam 1.3 CSR in Hacinco 1.4 Problem statement 11 1.5 Objective of research 11 1.6 Sphere of research 11 1.7 Research methods 11 1.8 Structure of the research 12 LITERATURE REVIEW 13 2.1 The evolution of the CSR concepts 13 2.2 CSR elements 15 2.3 Benefits of CSR 17 2.4 Ethics and social responsibility in business 21 2.5 CSR reporting 28 RESEARCH METHODOLOGY 29 3.1 Research Objective 29 3.2 Research Methodology 29 3.3 Data source 29 3.4 Research method 30 3.5 Research tool 30 3.5.1 Questionnaire 30 3.5.2 Personal interview 31 3.5.3 Data collection 31 3.6 Sampling 31 3.6.1 Sampling population 31 3.6.2 Sample frame 31 3.6.3 Sample size 31 3.6.4 Sample techniques 31 3.7 Limitation 32 FINDING AND ANALYSIS 33 4.1 Management and staffs 33 4.1.1 Findings from the questionnaire question 33 4.1.2 Findings from the CSR disclosures and reports 35 4.1.3 Findings from the management interviews 36 4.1.4 Overall result from management and staffs‟ responses 37 4.2 Customer 38 4.2.1 Finding from the questionnaire survey 38 4.2.2 Overall results from customers‟ responses 39 4.3 CSR activities benefit receivers 40 4.3.1 Finding from the questionnaire survey 40 4.3.2 Finding from the interview group 40 4.3.3 Overall results from Hacinco social responsibility benefit receivers‟ responses 42 CONCLUSION 43 REFERENCE: 45 INTRODUCTION 1.1 CSR in the world Recently, the social publics have put their interest and raise their concern to numerous violations of business ethics, environment and harm human health at serious level Specifically, in 2008, people in the world were totally shock by the “putting” contaminated items into the milk products by the Chinese companies, which caused death to babies, ill and poisonous condition to many people, the pains suffered by the victims‟ families and the psychological panic to the unsecured, substandard and unhygienic foods by the social communities In 2009, Vedan Vietnam was found guilty as they pumped directly the untreated and poisonous waste into the Thi Vai River for years, which damaged the living and working environment of the agriculture workers and the households living around In 2010, BP was found irresponsible as its spit oil into the Gulf, which caused death to a lot of sea creatures and damaged the sea environment Now, people in the world care more and more about the responsibility of the companies: how they the business, what are the impacts on the environments and how they solve it, what did they to contribute to the society Corporate Social Responsibility – CSR is not a strange term for the developed countries in the world There is a club named “One percent” in the US which is a group of business entities willing to contribute one percent of their annual profit to the social activities funds In France, France Télécom, RATP are examples of the companies raising funds for the French modern arts 1.2 CSR in Vietnam Vietnam is just a developing country, most of the business enterprises are medium size and small size, CSR seem to be a new term then the application and practice of CSR is not in focus However, there are some specific companies has put CSR into their business strategy such as Vinamilk and Dutch Lady launching social program of “6 million cups of milk for poor children throughout Vietnam“ and “Den dom dom Scholarship” 1.3 CSR in Hacinco In this paper, we are looking at Hanoi construction and investment company – Hacinco another example of one of the companies consider the importance and doing the CSR Initially, the company was name as Hanoi Urban Development and Investment, and then it merged to the Hanoi Construction No2 Hacinco was established and officially went into operation and doing business since January 1994 The main activities of the company were bidding, doing construction contracts and Project Investment, testing construction material, trading construction material, leasing construction equipment and trading and providing services With its resources, Hacinco still keeps diversifying its products and type of business, focusing on the new projects and new urban centers construction investment, managing and organizing the residential house and buidings Hacinco also expand its joint venture relationships with many domestic and foreign entities to acquire advanced construction technology invests its building capacity and applies research of technologies for the manufacturing of advanced building materials Bidding and doing construction contract is one of its key strength so far and the company still has it efficiently operated For years, Hacinco has been successful in gaining construction bids of key project in Hanoi such as project of Dong Xuan Market - Bac Qua, Hacinco hotel, Binh Minh hotel in Hanoi, Nam Trung Yen new urban area, Me Tri Ha new urban area, renovate the offices of the National Assembly at 35 Ngo Quyen street… Seeing the development trend of eco-tourism, sustainable tourism, humanities, Hacinco is also implementing projects such as the Kinh Bac cultural tourism at Dam temple, Tu Son, Bac Ninh with area of 70 to contribute to preserving and promoting cultural values The company built two blocks B3 and B4 in Cau Dien, Hanoi create residential housing for low-income people having difficulties in finding houses The old dormitory has been a potential threat to the people living around and also make the bad images The dormitory of old, fell saggy potential threat to people living here and also sleazy, take the urban landscape Hacinco project to renovate dormitory Literature target variable neighborhood deteriorated badly for this area become an urban modern civilization Do not bound feet in Hanoi, Hacinco also involved in building many of the other local hospitals in Dien Bien, traffic control centers in the city of Thai Nguyen, Binh Minh Hotel in Ha Long… The dynamics of a flat world Hacinco helped reach more Phonni building market in Vientiane, Laos and building high-rise housing project in Sofia, Bulgaria The company also expanded its business into the field office for rent, houses, business hotels, restaurants and other tourist services, passenger transport… Hacinco goal of perfecting and developing all areas of their operations to take the company into a multi-business company reputation in the market Tireless efforts have helped Hacinco success and the 4th consecutive award quality brand reputation and strong brand award in Vietnam Hacinco ranked as one of 10 leading enterprises in the construction field and are among 300 leading enterprises in Vietnam Product of student housing Hacinco award Gold Cup prodtucts and services in 2008 for best 149 enterprises, entrepreneurs had occurred on 01/03/2009 at the Opera House, Hanoi, the 6th consecutive award brand reputation and quality awards Brand Vietnam, Brand Award and the Top 50 Sustainable Green Cup Vietnam Trademark The award by the Association of Small and Medium Enterprises in Vietnam, magazines and business integration and East Asian media companies jointly held to recognize the contributions of businesses, entrepreneurs have products, optimization services, contributing to change the face of the country‟s economy However, what makes leaders Hacinco is proud of owning a team of highly qualified professional, including over 500 skilled workers and 30 key officials over 200 technical staff are university undergraduate and graduate education in the fields of economics, architecture and construction “People are the source of extremely valuable assets of the company so we are constantly training and developing human resources by providing staff to study foreign experience and invite foreign experts for guidance, exchange experiences, “said a leader Hacinco Besides high quality human resources, Hacinco also actively investing in a system of construction machinery of modern advances to the most current Vietnam, especially to meet the construction of tall buildings such as commercial concrete batching plants, concrete trucks, concrete pump car capable of reaching 44 m high, tower cranes, cage hoists, raised floor, self-propelled cranes and other construction materials laboratory to help build modern Hacinco qualified investment execution and construction of projects in Group A, B, C With solid experience in the construction and development, today Hacinco is indeed a powerful company in the members of the Corporation for Investment and Development of Hanoi, is on the rise a collective position powerful economic groups in the country CSR activities of the Hacinco included providing low-price tourism services for invalids and their families, providing low-price but high quality housing for students – Student Village, organizing sports events, cultural and artistic exchange events for the staffs and the students, raising fund for scholarship to poor students, … There is a shortage of housing for colleges and universities students in Hanoi for years The number of the colleges and universities in Hanoi having their own dormitories for students to live in is limited and the rooms supply rarely meets the students living demand Most of the school dormitories are old and last at least 15 years; some of them are one-floor apartments The quality of the rooms and the services provided are rather poor; utility supply systems work inefficiently led to the shortage of water and electric for living Most of the dormitories in Hanoi are built and owned by the colleges and universities under the guidelines and control of the Education Ministry Since the returns in this kind of investment are rather low and it takes a long time to recover the initial outflows, so no private units get interested in these investments So far, there have only been private dormitory projects in Hanoi; one is Hacinco Students Village invested by Hacinco and the other is Thang Long dormitory invested by Thang Long Company However, according to recent research, over half of the rooms which initially open for students to live in now have been sold to the households and private individuals Hacinco Students Village is a social-economic project first established in 2000 and aimed to create housing for students who study at the colleges and universities in Hanoi This is a joint building with main 7-to-21-floors blocks, in which consists of comfortable apartments with Internet cable, Television cable, modern water, light and electric supply systems In addition, HSV also has internal roads and green trees areas and provide security services, vehicle parking and keeping services, etc Hacinco also hold an annual Village Festival in October to create a chance for employees working at Hacinco, for students living at Hacinco to exchange culture, arts, and sports events In theses occasions, Hacinco arrange low cost tours for Vietnamese War Veterans to visit some special spots in Hanoi The company partially or fully pays the transports fees, arrange the living place, and serve meals for all the tourist members Then Hacinco holds a talk show with the attendance of the Vietnamese War Veterans and Heroic Vietnamese Mother to provide staffs and students a chance to listen to the historic stories of the country 10 FINDING AND ANALYSIS Base on the position, the management and staffs form consists of two categories: directors and staffs The CSR benefit receivers form consists of three categories: foreign students, Vietnamese students, Vietnamese War Veterans interview letters are sent to the management yet only one of them are accepted The interview is carried out with Mr Nguyen Duc Minh, Executive officer of Hacinco Students Village 10 interview requests are sent to the customers but all of them rejected Some of them said that the issues and information are sensitive; the rest of them said they have no time interview group requests are sent to the student apartments in the HSV yet only one of them are accepted 4.1 Management and staffs 4.1.1 Findings from the questionnaire question The percentage of the response range are presented in figure 4.2 As we can see in the figure 4.2, a large quantity of respondents (58%) believe that company had incurred extra costs for CSR activities annually (statement 1) And, 79 % directors and working staffs think that their company has responsibility to the social community since they have many CSR activities (statement 2) Base on these responds, there is a suggestion that the directors and the staff„s attitude toward their company„s CSR activities is highly positive In the next statement regarding to the achievement of the Hacinco‟s CSR activities, a vast majority of respondents (88%) believe that their company had 33 gained more business contracts and enjoys the benefit from what they had done Some of the respondents write out their additional opinion about other invisible benefits such as the high-level awareness of the company image among the residents in general and customers in specific and the satisfy and thankfulness of the CSR benefit receivers to the company Following Figure 4.1 presents the result of the questionnaire survey Figure 4.1 Respondents Sample Number of respondents Management and staffs form _ Directors 30 _ Staffs 70 25 Total 100 33 Customers form 100 29 _ Students who lived in HSV 30 27 _ Students now living in HSV 150 119 _ Vietnamese War veterans 20 Total 200 154 CSR benefit receivers form The statement regards to the belief of the directors and staffs on the help and support in return of the CSR benefit activities The proportion of respondents that agree with this statement just account for 55%, slightly smaller compared to the above statement Some of the respondents express their additional opinion about what should the CSR benefit receivers to help and support the company in having responsibility to the social community, for example, help the company extend their image awareness, their CSR programs, or in the far future, have business with them 34 The proportion of the respondents to the question regarding to the company‟s future CSR activities accounts for 63% This is rather at high level but as compared to the statement with proportion of 88%, there should be some doubt among the directors and staffs on the future CSR activities The reason to this could come from the statement that is the role of the CSR benefit receivers is slightly not clear, and they expect the return and contribution of the CSR benefit receivers to the overall work Figure 4.2 : Responds from management and staffs # % # 16 16 14 42 10 10 30 12 0 % 49 30 15 Statements Company has incurred extra costs for CSR activities annually It is responsibility of company to the social community to have CSR activities The CSR activities have good impacts on the # 20 0 company business activities % 61 27 12 0 CSR benefits receivers should help the # 13 15 company in return % 39 16 In near future, company would have more # 10 11 CSR activities % 30 33 24 #: number of respondents, %: percentage of respondents, 1: strongly disagree, 2: disagree, 3: neutral, 4: agree, 5: strongly agree 4.1.2 Findings from the CSR disclosures and reports There is no specific CSR reporting in the Hacinco annual reports However, the CSR information and activities are disclosed on the company websites They are all presented in descriptive internal articles; none of them are in numerical or quantitative information Normally, at the end of the year, all the CSR activities information of the company are collected, rearranged, and summarized in the “Review reports” and “Annual Performance” section 35 4.1.3 Findings from the management interviews Following question are accepted and used in management interviews What are the recent CSR activities of Hacinco? What is the future plan of the company for the CSR activities? Why does not the company disclose the full CSR reporting in the annual reports? During the interview, the representative of the management Hacinco strongly stated that conducting CSR activities is one of the pre-established missions and goals of the company in the globalization context In the primary and traditional business activities of the company, basic rules are set, such as the quality of products and services are guaranteed to meet the Vienamese goods standards but at reasonable prices compared to the overall market, the working environment of the workers and engineers are ensure to be in control and in accordance with the government and related agencies requirements and legal rules, the environment issues are also taken into account that all the wastes and emission are guaranteed to be processed In the annual social activities programs, the company still maintains the recent CSR activities such as charity works, raising funds for poor students, creating low cost living places for students studying and living in Hanoi, holding sports event, cultural and artistic programs for students in HSV, launch more cheap prices visiting tours for Heroic Vietnamese Mothers, Vietnamese War Veterans In the near future, the company is going to extend and expand the CSR activities programs by recruiting the students studying and living in HSV – those among Hacinco social responsibility activities benefit receivers to take part in and contribute to the social activities of the company In addition, the company wishes to create not only the corporate culture among the working employees at the workplace but also to create a so- 36 called Hacinco culture among those studying, living and working at the company and HSV Hacinco (which stands for the company and the HSV) will be seen as a big family where each member is a Hacinco citizen In this big family, people live in love and caring, and have responsibility to the society as a whole Recent years, there are some gossip says that the company mix the CSR activities with the public relation campaign and the advertisement programs for the economic purpose that is the company use many apartment for rent which is more profitable than for student living places So with the participants of the CSR benefit receivers in the future CSR activities would help the company gain trust from the society In broader extent, management of Hacinco strongly expressed their willing to contribute to the Hanoi development target in specific and the national development target in general, that is to head toward the target of wealthy people, strong country, fair, democratic and civilized society In addition, the manager said that since CSR is a new term in Vietnam, some people have no understanding or knowledge on this issues among which there are some clients and investors That is one reason that the company had not disclosed the CSR reporting in the annual reports In the near future, the company is going to have a section for CSR disclosure in their end-year reports to help the professional investors have a good understanding on the company status to provide help for them on decision making process 4.1.4 Overall result from management and staffs’ responses The result from the questionnaires and interviews suggests that the managers and staffs attitude towards the CSR is strongly positive and they recognize their responsibility to the social community In addition, they are aware 37 of the importance and impacts of CSR activities on the company performance The company had gained more business contracts as well as the trusts from the investors and the business partners Besides, the company images and trademark reputation had become more popular in the market place and in the social community So in the near future, the company is going to spend more money on conducting CSR activities The company hopes that the CSR benefit receivers will also support the company in taking part in the company social responsibility activities Figure 4.4: Responds from the customers Statements 1 I would prefer the company with CSR reputation to the company without CSR reputation # 16 10 0 % 55 35 10 0 I would support the company with CSR reputation by buying their products or having business with them # 11 2 % 32 31 23 7 The company should have more CSR activities # 15 11 0 % 52 38 10 0 When the company has financial dificulties, it should still maintain CSR activities # 13 % 45 31 10 All the companies doing business should have CSR activities # % 28 31 10 14 17 #: number of respondents, %: percentage of respondents, 1: strongly disagree, 2: disagree, 3: neutral, 4: agree, 5: strongly agree 4.2 Customer 4.2.1 Finding from the questionnaire survey Base on the figure 4.4, we can see in the statement that the proportion of respondents who prefer the company with CSR reputation to the company without 38 CSR reputation is rather large (90%) Some of the respondents wrote that they have view on the company that have responsibility to the society and see those companies that not have CSR reputation as bad image There is no one disagree with the statement For the statement regarding the reaction of the customer to the company with CSR reputation that is to buy their products or to have business with them, the proportion of the respondents agree with accounts for 63 % This is slightly smaller than the statement Some of the customers may their business for short term profits and some of them are inexperienced investors rarely implement the careful information analyzing process, so they may not care about the CSR issues To this statement, 23% said neutral and 14% say disagree For the statement 3, regarding whether the company should have more CSR activities, the proportion of the respondents agree with accounts for 90%, the same as the statement 1, and no one said disagree However, the proportion of the respondents agree to the statement had fall to 76% regarding to the company should maintain CSR activities when it has financial difficulties % said neutral and 17% said disagree Among the statements, the proportion of respondents agree to the statement is the lowest, accounting for 59% 10% of the respondents said neutral and 31% of the respondents disagreed 4.2.2 Overall results from customers’ responses In general, the attitude of the customers to the company social responsibility responsibilities activities is strongly positive Consumers tend to prefer the company with CSR reputation and were willing to buy the company products to support them In deciding whether to buy products or services, prices 39 and quality are the main factor to make decision However, as the company has responsibility to the society reflects the fact that the company also has responsibility to the quality and reasonable price of the products and services 4.3 CSR activities benefit receivers 4.3.1 Finding from the questionnaire survey As we can see in the figure 4.4, a vast majority of respondents were aware that they are benefit receivers from Hacinco social responsibility activitie (98%) and no one said disagree Almost of the respondents believe that the company should have more CSR activities in the future (99%) while no one said disagree Nearly the same proportion of respondents to the two above statements thinks that other companies should have CSR activities like Hacinco No one said disagree However when asking about their support to the company and the company‟s CSR activities, the number of the respondents agree with fall down to 83% and 73% respectively 4.3.2 Finding from the interview group Following question are used in the interview groups In your opinion, what is CSR? What extent you know about the CSR issues? What you think about the CSR of the Hacinco? Can you list down the CSR activities of the Hacinco? As a Hacinco social responsibility activities benefit receiver, what is your contribution to the company in return? What is your recent role in support to the company and the company social responsibility responsibilities activities? 40 Figure 4.4: Responds from the CSR benefit receivers Statements 1 I am aware of the advantages or benefits I am receiving from Hacinco social responsibility activities # 103 48 0 % 67 31 0 The company should have more CSR activities in the future # 103 49 0 % 67 32 0 Other companies should have CSR activities like Hacinco # 110 41 0 % 71 27 0 I would support the CSR activities of the company # 68 44 24 11 % 44 29 16 I would support the company by helping extend their image awareness # 69 58 15 % 45 38 #: number of respondents, %: percentage of respondents, 1: strongly disagree, 2: disagree, 3: neutral, 4: agree, 5: strongly agree The interview group was carried out in one apartment in HSV with out of 12 students living in the apartment Over half of the students being interviewed were aware of the CSR concepts but only one of them have better ideas and understanding on what CSR issue is After a short discussion about the CSR issues, and the Hacinco social responsibility activities, all of them expressed their thanks to the company as they had chance to have better living place in Hanoi compared to their friends and other students (spend fewer costs for living space but can access to the comfortable living condition), they also have chance to take part in many social activities the company launch in HSV Most of them strongly express their willing to support and contribute to the company and the company‟s 41 CSR activities in return However, half of them said they not know what should they and how to do, one of them said ignore There are two of them are now in support to the company, one is now member of the Hacinco Youth Club which is a group help the company arrange and organize sport events and artistic show for students in HSV The other was a member of the online forum for students living in HSV This is the representative bulletin channel of the HSV Administrative Department in informing the HSV internal news to the students, helping the new students in completing the paper procedure to have a living place in HSV, helping the students in HSV raise their common concern to the administration on the difficulties and problems they are having as living in the village In the near future, half of the students interviewed believe that they would take part in to support some Hacinco social responsibility activities and help the company in extend their image, trademark and reputation in the market as well as among the social community 4.3.3 Overall results from Hacinco social responsibility benefit receivers’ responses In general, the attitude of the benefit receiver to the company social responsibility responsibilities activities is strongly positive Like the consumers, they also prefer the company with CSR reputation to the company without reputation They also express their willingness to support to the company social responsibility activities by taking part in some events and programs In the near future, if they have chance, they would also support the company by buying their products and services 42 CONCLUSION Recently, CSR has become a burning issue in over the world since there are too many corporate environmental scandals revealed CSR is still being defined, conceptualized and harmonized; and put into implementation in the globalization business environment context However, in some developing and poor countries, this is a new concept and issue, including Vietnam In order to integrate with the world, Vietnam and other developing countries have to prepare and stay ready to adopt the international rules and standards including CSR reporting and issues The results from the research has shown that the Hacinco social responsibility activities are very important to the company‟s production and business activities and the company image and reputation in the market place and in the whole society So it is suggested that there should be a strong support from the management and improvement of the company staffs in CSR issues Besides that, there is significant impact of the Hacinco social responsibility activities on the social community, such as on the attitude and perception of the company‟s customers and the social responsibility benefit receivers There are some limitations in this research Firstly, there are some doubts about the reliability of the responses since the respondents have different ideas and understanding about the CSR issues Secondly, limitation comes from the sample Hacinco is a large firm with a lot of directors and staffs, the number of their customers and CSR activities benefit receivers are too large to conduct a full survey Thirdly, the scope of the study is rather narrow since the data gathered are mainly descriptive nature and there is a lack of the numerical data from the financial reports of the company In addition, there is a bias on the reliability of 43 the information collected from the company websites May be the company think that it is too sensitive to public the information to the external unrelated parties Due to some limitation of the research, there are some suggestions for other researchers in doing researches on the same or related topics Firstly, other researcher should focus more on other related parties responds to have more attitude and perception to the issues Secondly, as doing the research and analysis, the researchers should pay more attention to the questionnaires and interviews; 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From hope to hubris?- A personal review of the field Issues in Social and Environmental Accounting 2(1), pp 3-18 47 ... another example of one of the companies consider the importance and doing the CSR Initially, the company was name as Hanoi Urban Development and Investment, and then it merged to the Hanoi Construction. .. to the company They are the best people to have a good understanding about the company? ??s culture, the company? ??s vision, the company? ??s orientation, the company? ??s goods and services and the company? ??s... but also for the culture of the company that they should be As the company takes good care of the social community, the company would gain trust from them, and people would view the company as