corporate social responsibility practices among … · management and assessed their environmental...

e-Proceeding of the Social Sciences Research (ICSSR 2016)

e-Proceeding of the Social Sciences Research ICSSR 2016 (e-ISBN 978-967-0792-09-5).

18 - 19 July 2016, Kuala Lumpur, MALAYSIA. Organized by http://worldconferences.net/home

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CORPORATE SOCIAL RESPONSIBILITY PRACTICES AMONG MALAYSIA TOP PROPERTY DEVELOPERS

Asma Senawi, Nor Azalina Yusnita Abdul Rahman, Nurulanis Ahmad@Mohamed & Siti Fairuz Che Pin

Faculty of Architecture, Planning and Surveying Universiti Teknologi MARA Perak Branch

[email protected]

ABSTRACT

Today’s managers expect businesses to go beyond their profit agenda, and be socially responsible. Though the practice of corporate social responsibility (CSR) by Malaysian companies still in initial stage, they do recognize CSR as a business priority. CSR practices may have different ways on its application depending on its culture and political background. The group of top ten Malaysian property developers will likely be emulated by other property companies to practice CSR. The purpose of this research is to investigate the implementation of CSR practices among Malaysia Top Property Developers following the four dimensional (marketplace, workplace, environment and community) framework of CSR. A quantitative content analysis will be used to analyse top ten property developers in Malaysia by the development of CSRD Index. Data Collection were employed from company websites, annual reports, corporate social responsibility (CSR) and sustainability reports. The study reports all the top ten property developers have their CSR practices and there are variations in their approaches and reporting process. Marketplace dimension show the least disclosure among the four dimensions while community dimension has priority in this research. It is recorded that philanthropic activities are the most widely reported by the companies. The findings therefore will be used as a benchmark in recommending best practices in CSR practices among property developers in Malaysia. Keywords: Corporate Social Responsibility, Sustainability, Property Developers, Malaysia. ---------------------------------------------------------------------------------------------------------------------------------- 1. Introduction Corporate social responsibility (CSR) represents one of the most widely debate contemporary business issues. In broad terms, CSR is the responsibility an organisation takes for the impact of its corporate activities on the various stakeholders with whom it interfaces and whom it affects (Murray and Dainty, 2009). It has been the subject of considerable debate, commentary, theory building and research. Although organizations increasingly adhere and demonstrate their commitment to CSR, many struggle with this effort (Lindgreen et al. 2009). Some organization had practice CSR a long time ago but what will be the level of their contribution in this practice. Disclosures from the organisation are required to demonstrate their level of performance in these issues. In an effort to instil CSR culture into business, the Malaysian Government requires all Public Listed Companies (PLCs) disclose their CSR activities in their annual report to the Securities Commission (SC) starting in 2007. This new requirement affects over 1,000 companies in Malaysia. Bursa Malaysia published a reporting framework for PLCs, which outlines potential CSR initiatives in the

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Corporate Social Responsibility

Environment

MarketplaceCommunity

categories of environment, community, marketplace and workplace. The guidelines are flexible and require minimum disclosure to understand whether a company undertook CSR activities or not. In emerging country like Malaysia, CSR practice become increasing where most companies recognise CSR as a business priority. According to Status Report (2007), there are still lack of knowledge and awareness towards CSR practice especially on environmental dimension. Many of companies including property developers take into consideration the element of CSR in their business. It is important for property developers to concern on CSR as they contribute in the construction activities. The concern is towards the way property developers addressed strategy and risk management and assessed their environmental and social impact (Murray and Dainty, 2009). Another consideration is towards sustainability issues in housing development as its very importance to make sure future generation also can get the benefit as what we are having now. Fully understanding towards CSR concept is very important in this research in a way to know the level of practice and disclosure of CSR on Malaysian property developers. As the Prime Minister mentioned in the 2006 budget speech, from now on all listed companies are required to disclose their CSR activities. Therefore, all aspect related to CSR have to discover for better understanding in a result to have good analysis based on the aim of this study. The literatures on CSR come in an examination of corporate social performance. 2. CSR Corporate Social Responsibility (CSR) is referred to by various names such as Sustainability, Corporate Citizenship, Corporate Responsibility, Environment, Social and Governance and Triple Bottom Line. There are various definitions regarding CSR concept as there are diverse perceptions towards this. The World Business Council for Sustainable Development (1999) had defined CSR as the ethical behaviour of a company towards society, management acting responsibly in its relationships with other stakeholders who have a legitimate interest in the business. CSR is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large. On the other hand, in Status Report for Malaysian Public Listed Companies 2007 by Bursa Malaysia classified CSR as company’s commitment to operating in an economically, socially and environmentally sustainable manner whilst balancing the interest of diverse stakeholders. The Institute of Directors, UK, (2002) define CSR is a businesses and other organizations going beyond the legal obligations to manage the impact they have on the environment and society. In particular, this could include how organizations interact with their employees, suppliers, customers and the communities in which they operate, as well as the extent they attempt to protect the environment.





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Figure 1: The Bursa Malaysia’s CSR framework Source: Bursa Malaysia

In addition, Status Report 2007 stated that there are four dimension of CSR which are environment, community, marketplace and workplace (see Figure 1). Although it’s had been stated four dimension only cover the area of CSR, there are also others argument regarding dimension of CSR. Some of the institution relate CSR with sustainability where there adopted sustainable dimension (social, environment and economic) to be dimension of CSR (EUROCONTROL Annual Report, 2007). However, in the Malaysian context, we follow the dimensions as stated in the framework of CSR provided by Bursa Malaysia. 3. CSR in Malaysia According to the emergent literature, there is a growing awareness in Malaysia that business needs to manage its relationship with the wider society. Corporate leaders are responsible for their corporations’ impact on society and the natural environment beyond legal compliance and the liability of individuals. More experienced leaders can gain new perspectives on how to grow in their approach to sustainability and how to develop innovative business models in accord with the triple bottom line. The development of corporate social responsibility (CSR) in Malaysia has, over time, moved to higher levels and Malaysia is recognised as being among the most active emerging economies in relation to corporate responsibility. This review of CSR policies and practices in Malaysia has shown that there is strong involvement from multiple parties (the government, Bursa Malaysia and SSM), to raise awareness and encourage companies to include CSR as a part of business operations. In recent years, the Malaysian Government has actively engaged the business community to increase the profile of CSR. Companies in Malaysia have expanded their annual reports beyond the traditional reporting by incorporating elements of environmental, social, product and employee information. Recent research in the area of corporate social reporting indicates that there are tremendous improvements in company reporting that may indirectly reflect real improvements in social performance (Thompson and Zakaria 2004; Amran 2007).





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Conversely, Malaysia has to step up effort to promote CSR in the private sector and even provide education on it in order to improve the quality of life of the people as well as encourage greater transparency and corporate governance among business. In addition, Malaysian companies incorporate CSR into its corporate governance agenda not only to develop good corporate citizens in the Malaysian housing industry and also to increase the tool to enhance the recognition and profile of corporate domestic companies who can gain better recognition from the perspective of international and domestic institutional investors. 4. CSR in Malaysian Property Industry

Real estate is a broad term and it covers not only commercial real estate but also residential real estate. Although real estate is often considered to be a profitable investment tool, it provides people’s basic housing needs and hence, has substantial implications for society. Ethical values and practices in real estate business are important for the stakeholders such as investors, real estate agents, real estate appraisers, financial institutions, and government bodies who are involved in real estate transactions. In order to build a respectful environment, market players of real estate business should embed the principles of corporate social responsibility (CSR) into their operations. Issues relating to CSR in property development have been of increasing concern not just in Malaysia but globally (Idowu and Filho, 2009). Government do displays an effort to encourage CSR development among listed companies. According to Sharon Yam (2013), to encourage companies to participate in sustainable development which in line to become socially responsible, funding allocation of ringgit Malaysia 1.5 billion had been prepared. This had been stated in a blueprint that outlines the Malaysian national budget allocation for 2011-2015 of Tenth Malaysia Plan, to encourage investment in green technology, construction and innovation (Economic Planning Unit, 2010). On the other hands, The Tenth Malaysia Plan reiterates that houses need to incorporate green building technology and design in order to meet the government overall agenda of promoting sustainable and environmentally friendly environment (Economic Planning Unit, 2010). Then again, there has been limited literature on CSR in the Malaysian property industry. Previous research papers are mainly about environmental sustainability of property companies (Newell and Manaf, 2008), sustainable practice by Malaysian real estate investment trusts (Mohd Aini and Sayce, 2010), and CSR perception of house buyers and developers (Abidin, 2010; Tan, 2011; Yam et al., 2008; Yam and McGreal, 2010). Therefore, this paper is designed to assess the implementation of CSR practice by Malaysian property developers to fill the gap in the literature as well as to come out with the best practice of CSR among them.

5. Methodology For the purpose of this study, secondary data from company websites, annual reports, corporate social responsibility (CSR) and sustainability reports of property developers will be used. Literature shows that there have been many research papers investigating top companies to highlight best practice in various disciplines (see Guarnieri and Kao, 2008; Jackling and Johl, 2009; Kiuchi and Shireman, 2002; Newell and Manaf, 2008). Hence, only 10 Malaysian property developers which had won The Edge Malaysia Top Property Developers Awards in 2015 will be selected for this study. They are classified as market leaders in the property industry and thus were expected to demonstrate





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leading roles in CSR initiative. These “best practice” will likely be emulated by other property developers in the future in order to be better recognised by the society. Table 1 and 2 show the details of Top 10 Malaysian Property Developers.

Table 1: Top 10 Property Developers in Malaysia

Note: The list of companies is without ranking Source: The Edge (2015)

Table 2: Profit and Revenue of Top 10 Property Developers in Malaysia

Property Developer Profit before taxation (Malaysian ringgit million)

Revenue (Malaysian ringgit million)

Gamuda Berhad 858 4760 IGB Corporation Berhad 344 391 IJM Land Berhad 495 2203 IOI Property Group Berhad 1130 1906 Mah Sing Group 504 3109 Sime Darby Property Berhad 889 3455 SP Setia Berhad 1426 6746 Sunway Berhad 930 4448 UOA Development Berhad 645 1643 UEM Sunrise Berhad 343 1750

Source: Annual Reports (2015) Content analysis was used to analyse data from annual reports of 10 selected Malaysian Property Developers. The approach required data analysis from literature and other secondary sources where applicable. The analysis is concern on CSR activities exposed in annual report based on criteria adopted. According to Milne and Adler (1999), the construction of a categorisation scheme is an essential stage in content analysis research. This involves the selection and development of categories into which content units can be classified (Tilt, 2000). The measurement criteria in this study are adapted according to its dimensions. CSR criteria were developed into a form of index known as CSR disclosure index (CSRD index). The items of CSR included in CSRD index have been developed based on the following criteria:

1. Criteria of CSR taken from CSR Report 2007 on Public Listed Companies in Malaysia. 2. CSR disclosure item focusing on property companies in US (e.g. Jones and Hillier, 2009).

No. Name of the company

1 Gamuda Berhad 2 IGB Corporation Berhad 3 IJM Land Berhad 4 IOI Property Group Berhad 5 Mah Sing Group 6 Sime Darby Property Berhad 7 SP Setia Berhad 8 Sunway Berhad 9 UOA Development Berhad 10 UEM Sunrise Berhad





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3. CSR disclosure items identified in other studies examining disclosure in Malaysia (e.g. Nik Ahmad et al., 2003; Said et al., 2009).

4. CSR disclosure indices generally used in developing countries other than Malaysia (e.g. Hossain et al., 2006; Aras et al., 2010).

CSRD index were develop from those criteria to examine the level of performance and practice of Malaysian top property developers according to its dimensions: environment, community, marketplace and workplace. Although the indexes show different CSR’s themes, the criteria were adopted according to its appropriateness. Altogether, 99 criteria had been developed in CSRD index. The measurement criteria adopted as in CSRD index are summarised as follow: • Environment: Environmental Impact, Energy Consumption and Management, Climate Change, Water Use and Waste Management, Sustainable Real Estate Strategies and Environmental Agency Partnership; and • Community: Donation, Public Health, Medical Research, Educational, Underprivileged, Customer Appreciation; and • Marketplace: Corporate Governance, CSR Management and Reporting, Stakeholder Engagement, Supply Chain Management, Product/Service Responsibility and Sustainability; and • Workplace: Health & Safety, Staff Development, Quality of Life, Diversity, Employee Welfare and Effective Communication with Employees.

6. Finding & Discussion

This section focuses on the measurement and analysis of CSR practices among Malaysian Top Property Developers. Its presents the findings of data tabulated from company websites, annual reports, corporate social responsibility (CSR) and sustainability reports. The data is assessed and analysed to examine the level of CSR disclosure of the companies. By using CSRD index, all property developers are evaluated in term of their CSR activities for the period of study, 2015. Microsoft Excel had been used to represent results in a form of statistics and charts. Additionally, the company will score “1” if they’re disclosing the CSR activities and “0” if they’re not. The summary of descriptive statistics of values for the companies is provided as in Table 3 below.

Table 3: Descriptive Statistics on CSR of Malaysian Top Property Developers

Statistical Value

Mean 32.6 Standard deviation 16.39

Minimum 13 Maximum 58

Source: Author (2016) Table 3 indicates the highest score on CSR instrument is 58 whereas the lowest score is only 13. This makes the number of total average on CSR instrument by property companies is 32.6. This score considered low as the total amount of instrument is 99. CSR disclosure patterns may also be made by comparing the distribution of scores under the CSR disclosure index by property developers.





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Table 4 contains data on the dispersion of the disclosure scores (range as given by the differences between minimum and maximum scores and standard deviation).

Table 4: CSR Disclosure Levels of Malaysian Top Property Developers

Score Range Companies with Disclosure

Total number of items in Disclosure Index

No. of Companies % in the sample

0 – 10 0 0 11 – 20 3 30 21 – 30 2 20 31 – 40 2 20 41 – 50 1 10 51 – 60 2 20

61 and above 0 0 Total 10 100

Source: Author (2016) Moreover, the companies were ranked according to their score value of CSRD index. Table 5 indicates that the highest disclosure index by Malaysian Top Property Developers was Sunway Berhad (also the winner of The Edge Malaysia Top Property Developers’ Awards 2015). It’s followed by Gamuda Berhad and UEM Sunrise Berhad. The lowest ranking company who disclosed CSR information was IGB Corporation Berhad and UOA Development Berhad with the total percentage of 13%.

Table 5: The Ranking of Malaysian Top Property Developers on CSR Practices

Name of the Property Companies Items Disclosed Ranking

Sunway Berhad 58% 1 Gamuda Berhad 57% 2 UEM Sunrise Berhad 44% 3 IJM Land Berhad 35% 4 SP Setia Berhad 31% 5 Mah Sing Group 30% 6 Sime Darby Property Berhad 28% 7 IOI Property Group Berhad 17% 8 IGB Corporation Berhad 13% 9 UOA Development Berhad 13% 10

Source: Author (2016) In addition, scoring percentage from CSRD index was computed according to its dimension. The entire criteria were calculated based on their total amount over the number of companies which is 10. Then, the criteria will categorised according to its dimension of CSR. Table 6 below indicates the results.





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Figure 2: CSR Disclosure based on Dimensions of Malaysian Top Property Developers

Source: Author (2016)

From figure 2 above, it shows that the highest ranking of CSR dimensions was community theme with 57.27% followed by environment (36.36%) and workplace dimension (28.39%). The least percentage of CSR disclosure is marketplace with 27.14%. It depicts all companies run-through CSR activities based on its dimensions. Yet, not all instruments listed in each dimension are carried out by property developers. Therefore, the numbers of criteria in each dimension which score “1” is counted over its total value of criteria. From figure above, we can identify which criteria most concern and the least one according to its dimension. 6.1 Marketplace Dimension Referring to CSRD index, marketplace consists of 6 scopes of criteria which are corporate governance, CSR management and reporting, stakeholder engagement, supply chain management, product/service responsibility and sustainability. Summary of the criteria level in marketplace dimension is shown in Table 6 below. In marketplace dimension, all companies do have corporate governance as well as CSR management and reporting in their CSR practice as part of their approach to be socially responsible. On the other hand, stakeholder engagement shows the least aspect the companies concern. Sunway Berhad and UEM Sunrise Berhad practice all items where other companies not present much explanation of their responsible action in the marketplace.

36.36%

57.27%

27.14% 28.39%

Environment Community Marketplace Workplace

CSR Disclosure





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Table 6: of CSR Practices by Malaysian Top Property Developers (Marketplace Dimension)

Company Corporate

governance CSR management and reporting

Stakeholder engagement

Supply chain management

Product/ service responsibility

Sustainability

Sunway Berhad √ √ √ √ √ √ Gamuda Berhad √ √ √ × √ √ UEM Sunrise Berhad √ √ √ √ √ √ IJM Land Berhad √ √ √ × × × SP Setia Berhad √ √ × × × √ Mah Sing Group √ √ × √ √ × Sime Darby Property Berhad

√ √ √ × × √

IOI Property Group Berhad

√ √ × × × ×

IGB Corporation Berhad √ √ × × × × UOA Development Berhad

√ √ × × × ×

Source: Author (2016) 6.2 Workplace Dimension The criteria namely health and safety, staff development, quality of life, diversity, employee welfare and effective communication with employees was outline in workplace dimension. The percentage of those criteria according to its workplace dimension describe below in Table 7. Most of the companies have practice health and safety as well as having staff development in their CSR reporting. The lowest criteria disclosed will be employee welfare which describe about staff pension, maternity leave, insurance and others. It is recorded that Sunway Berhad, Gamuda Berhad and IJM Land Berhad acknowledge the importance on human resources in their business. Meanwhile, IOI Property Group has no record in workplace dimension.

Table 7: of CSR Practices by Malaysian Top Property Developers (Workplace Dimension) Company Health

and safety

Staff development

Quality of life

Diversity Employee welfare

Effective communication with employees

Sunway Berhad √ √ √ √ √ √ Gamuda Berhad √ √ √ √ √ √ UEM Sunrise Berhad √ √ √ √ × √ IJM Land Berhad √ √ √ √ √ √ SP Setia Berhad √ √ √ √ × × Mah Sing Group √ √ × × × × Sime Darby Property Berhad

√ √ √ × × ×


× × × × × ×

IGB Corporation Berhad √ √ √ √ × × UOA Development Berhad

× × √ × × ×






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6.3 Environment Dimension Environment dimension disclose about 36.36% from total criteria outlined. The criteria cover item environmental impact, energy consumption and management, climate change, water use and waste management, sustainable real estate strategies and environmental agency partnership as shows in Table 8. From that, a sustainable real estate strategy is the most property developers concern except IGB Corporation Berhad. There is none of the companies practice environmental agency partnership which involves positive influence on clients and employees besides aggressive global communications practice.

Table 8: of CSR Practices by Malaysian Top Property Developers (Environment Dimension) Company Environmental

impact Energy consumption and management

Climate change

Water use and waste management

Sustainable real estate strategies

Environmental agency partnership

Sunway Berhad √ √ √ √ √ × Gamuda Berhad √ √ √ √ √ × UEM Sunrise Berhad √ √ √ √ √ × IJM Land Berhad √ × × × √ × SP Setia Berhad √ √ × √ √ × Mah Sing Group √ √ × √ √ × Sime Darby Property Berhad

√ √ √ × √ ×


√ × × √ √ ×

IGB Corporation Berhad × × √ × × × UOA Development Berhad

× × × × √ ×

Source: Author (2016) 6.4 Community Dimension Community dimension entails CSR activity which is how companies are strengthening the local community in which they operate and potentially other communities they have chosen to assist. Table 9 represents the result of community dimension of CSR practice by Malaysian Top Property Developers. Donation, educational and underprivileged criteria become the significant aspect for property developers. Mah Sing Group practices all items under community dimension including medical research which not concentrated by other companies.

Table 9: of CSR Practices by Malaysian Top Property Developers (Community Dimension)

Company Donation Public Health

Medical Research

Educational Underprivileged Customer Appreciation

Sunway Berhad √ √ × √ √ √ Gamuda Berhad √ × × √ √ × UEM Sunrise Berhad √ × × √ √ √ IJM Land Berhad √ √ × √ √ × SP Setia Berhad √ √ × √ √ √





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Mah Sing Group √ √ √ √ √ √ Sime Darby Property Berhad

√ × × √ √ ×


√ √ × √ √ ×

IGB Corporation Berhad √ × × √ √ × UOA Development Berhad

√ √ × √ √ ×


Overall view of this section describe on the analysis and findings from the objective established before. The level of disclosure on CSR according to dimensions among Malaysian Top Property Developers are still in growing stage where results point out less than 50% disclosure are made. By contrast, most of the companies have lower score where only less than 60 variables out of 99 variables were disclosed. It is very interesting to note that all top 10 property developers in Malaysia are making efforts to provide CSR information in their corporate annual reports since the enforcement by Bursa Malaysia in 2006. The study shows that on average 32.6% of CSR criteria had been disclosed in their corporate annual reports as well as companies’ websites. Although average value is lower, the highest score will be 58 from 99 CSR criteria (level of assessment). Sunway Berhad was the most outstanding company who disclosed their CSR activities. Even though the CSRD index listed large number of criteria compared to other study done in Malaysia and also others developing countries, this index is considered precise as it follow the CSR regulation by Bursa Malaysia. It is shown that companies tend to focus on community dimension to be socially responsible. Moreover, as stated previously, CSR activities towards community has a high transparent rather than other scope of dimensions. By contrast, the lowest criterion is marketplace as low number of companies carried out these activities. 8. Conclusion and Future Recommendation To be conclude, it is shown that the level of disclosure on CSR practice for Malaysian Top Property Developers is in a growing stage. However, the marginal numbers of companies are working towards this. In contribution to marketplace, CSR management and reporting scores the highest and supply chain criteria will be the lowest. Staff development is the largest part engaged in the workplace dimension of CSR. Meanwhile, donations programs were most popular for the community involvement dimension followed by supportive in government’s programs. Last of all, water use and waste management was broadly reported in environmental dimensions. Referring to descriptive statistics, the community dimension has the highest disclosure. The environment dimension is the second highest, followed by workplace involvement and the marketplace dimension. Furthermore, owing to the used of annual report as a main source of analysis, this research tend to be not precise where the statement in annual report normally reported in a good way instead the poor information. For that reason, some recommendations will be suggested. All parties related including government are suggested to take part in the implementation of this CSR practice. This positive movement indicates that property companies in Malaysia are on its way to improve their





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CSR standards. It is show that there a significant increase on the level of CSR disclosure since its implementation on 2006. To better performance on the future, Malaysian developers are suggested to improve their level of CSR disclosure as isn’t only benefits the company itself but also to the society. Government intervention is needed to increase the level of CSR practice in Malaysia. For further research, it is recommended to come out a framework of CSR practice concentrating on property developers. Different sector in business will have diverse application on CSR activities. Developers as well as government will have benefit from this. Besides, a more comprehensive investigation of the property development industry including the smaller firms will be useful to develop a fuller understanding of CSR practice.

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