What is the need to measure CSR activities impact, and what are the methods to measure it?
We answer some aspects of this question for the specific example of Norway-Russia Arctic petroleum and corporate social responsibility:
1. https://doi.org/10.17585/arctic.v7.418
2. https://doi.org/10.1016/j.erss.2016.03.008
3. https://doi.org/10.1108/SRJ-10-2015-0150
Dear Prof. Bansal!
I searched for resources that you might find of value:
1) Amabile, S., Conte, F., Vollero, A. et al. Measuring and evaluating CSR information and involvement strategies on corporate Facebook pages. Ital. J. Mark. 2022, 341–369 (2022). https://doi.org/10.1007/s43039-022-00053-0, Open access: Article Measuring and evaluating CSR information and involvement str...
2) Monti, A., Pattitoni, P., Petracci, B. et al. Does corporate social responsibility impact equity risk? International evidence. Rev Quant Finan Acc 59, 825–855 (2022). https://doi.org/10.1007/s11156-022-01059-7, Open access: Article Does corporate social responsibility impact equity risk? Int...
Yours sincerely, Bulcsu Szekely
The need to measure CSR activities’ impact is to address employee, customer, environment, and stakeholders-related issues of firms.
The methods to measure it is based on corporate social responsibility (CSR) disclosure designed as domains of the index.
The need to measure the impact of CSR activities is critical for companies to ensure they are meeting their corporate social responsibility goals and making an impact on the communities and environment they are working with. Companies need to understand whether the CSR activities are having a positive or negative impact, and measure the effectiveness of their strategies in order to ensure they are achieving their desired outcomes. There are several methods to measure the impact of CSR activities. These can include surveys, interviews, focus groups and case studies. Surveys are a great tool to measure the impact of CSR activities, as they provide quantitative data which can be used to identify areas of improvement and to adjust strategies accordingly. Interviews and focus groups provide qualitative data which can provide insight into how people perceive the CSR activities and how these activities are impacting their lives. Case studies can provide an in-depth view of how CSR activities are impacting a particular situation and can be used to inform strategies going forward.
Need for measuring :
*To measure sustainable business development that satisfies all stakeholders.
*To prevent possible future loss of sales and thereby profits due to bad image.
*To refrain employees from committing wrongs.
*To avoid unnecessary overheads in terms of fines and penalties.
Methods of measuring :
Correlation and regression methods are the best methods to measure impact of CSR on overall business performance/ financial performance.
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