Corporate Social Responsibility and it’s Effects: Case Study

Corporate Social Responsibility
and it’s Effects on Financial
Performance: A case study on
Marks and Spencer

ABSTRACT
This report is based on the relationship between the Corporate Social Responsibility and
the financial performance of the retail industry within the UK. This will discuss about what are
the various effects of CSR that are generalised within the retailing industry of UK. Present report
will also include the various effects of CSR on the financial performance of the retail company
and how its affect the decision-making process of the company. Report will also evaluate the
values of CSR that have an effect on the decision-making process of MS&S and what are the
positive and negative consequence which a CRS policies and strategies have can have on the
organisation. This report will also provide proper findings from the secondary research which
will based on the proper discussion and analysis from the secondary data collected. It will
provide a proper conclusion based on the findings and will also provide a proper
recommendations for the company to improve their financial performance with the help of CSR
activities.

TABLE OF CONTENTS
CHAPTER 1- INTRODUCTION....................................................................................................1
1. 1 Background......................................................................................................................1
1.2 Company Overview .........................................................................................................2
1.3 Aim and objectives...........................................................................................................3
1.4 Research Questions..........................................................................................................3
1.5 Rationale...........................................................................................................................4
1.6 Scope of the study............................................................................................................4
CHAPTER 2- LITERATURE REVIEW.........................................................................................4
2.1 CSR and its role within the organisation..........................................................................4
2.2 Impact of CSR on the financial performance of organisation..........................................5
2.3 CSR values affecting decision-making process of company...........................................7
2.4 Benefits and negative consequences of CSR on the organisation....................................8
2.5 Challenges in implementing CSR practices and policies...............................................10
CHAPTER 3-RESEARCH METHODOLOGY............................................................................11
3.0 Overview........................................................................................................................11
3.1 Research Design.............................................................................................................11
3.2 Research Type................................................................................................................12
3.3 Data collection................................................................................................................12
3.4 Data analysis...................................................................................................................12
3.5 Ethical Considerations....................................................................................................13
3.6 Research Limitations......................................................................................................13
CHAPTER 4-DISCUSSION, ANALYSIS AND FINDINGS........................................................1
4.1 Impact of CSR on retail industry......................................................................................1
4.2 Reason for retail brands to invest in CSR........................................................................2
4.3 Impact of CSR on the financial performance...................................................................3
4.4 CSR and Financial performance negative association....................................................4
4.5 CSR values and practices affecting decision-making process in retail industry..............6
4.6 Assessing the impacts of CSR on retailing business........................................................7
4.7 Recent trends in CSR within retail industry....................................................................9

CHAPTER-5 CONCLUSION AND RECOMMENDATIONS....................................................10
5.1 Conclusion......................................................................................................................10
5.2 Recommendations..........................................................................................................13
REFERENCES..............................................................................................................................15

CHAPTER 1- INTRODUCTION
1. 1 Background
Corporate social responsibility or CSR can be referred as self regulation model which can
help an organisation to accountable for itself, public and their stakeholders. Practising a CSR by
any organisation is also called corporate citizenship and it is important for a company to be
cautious towards any kind of impact which they have on the society and environment as well
(Frynas and Yamahaki, 2016). Company's engagement in CSR means that within the normal
course of business, company is operating in such a way that it is playing an important role in
enhancing environment and society in opposite contributing negatively towards them. In order to
be socially responsible first it is important to be responsible towards itself and towards its
shareholders. Now companies are adopting CSR programs in order to grow their business by
returning to the society and environment that they have taken from.
Corporate social responsibility helps in the integration of various social beneficial
programs as well as practices within the organisation's business culture and model. There are
various strategies which can be incorporated by the company in order to achieve the long term
profits for both types of businesses such as offline and online businesses. CSR also acts as a tool
of making the business more efficient as well as more attractive for the customer which plays a
vital role in increasing the financial performance of the organisation. Both brick-and-motor and
e-commerce business has been standing to gain benefit from the implementation of various
strategies of CSR and there are number of activities which fall under the corporate social
responsibility umbrella. With the help of CSR practices companies can achieve higher financial
performance in various ways like it can prevent financial ramifications by preventing fine from
the national and international law. It also puts the business less on the radar of regulatory screens
as well as less legal expenses. Over the period of time importance of social responsibility have
recognised by the different organisations of the world and now they got indulged with the
activities of CSR. It is equally important for the companies across the world to recognise how
socially responsible efforts are important for their stakeholders, employees, customers, etc and
they can focus on these efforts accordingly.
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1.2 Company Overview
Marks and Spencer is a retailing company of UK which have never step back from taking
responsibilities to its employees, customers, shareholder, suppliers, partners as well as local
communities seriously. Company has been operating its business in a responsible way which
underpins their values such high quality products and services, trust and innovation. M&S is a
multinational brand of UK which has been taking care of each and every important issues of the
society whether it be climatic change charity, waste management, ethical trading, sustainable raw
materials or health of its customers (Jamali, Karam and Blowfield, 2017). Operating a
sustainable business have come under the spotlight as there has been rise in awareness of
economic aspects and environmental aspects towards the resource management of the
organisation. CSR has changed the structure of doing business and now companies have to
develop the strategies with respect to CSR in order to gain a competitive edge over its rivals.
M&S is a company which has been always strong in their values and with a paternalistic
approach of operating their business (Glavas, 2016). M&S have launched various initiatives like
introducing ISO 26000 to their biggest suppliers and it has made their suppliers more
environmentally and socially responsible. So, M&S is a company which has always been
responsible towards society and towards the environment. Company is still facing challenges in
keeping their social responsible practices on track and it has also recognised the need for keeping
their business working systematic way in order to keep their business more sustainable. Also,
M&S have made 1000 commitments related to various social and environmental issues for
making their business more sustainable by focusing on selling of products which may also
increase the financial performance of the organisation.
Various research has shown that majority of companies are turning to CSR in order to
improve their financial performance of their business. It has also been analysed by the researches
that by practising CSR practices can have a strong impact on the financial performance of the
organisation (Rao and Tilt, 2016). It is not only the financial performance that increase but can
also result in increase of reputation, demand of products, competitive advantage and can also
help in reducing the legal issues of the company. This can also result in increase the sales
performance of the company and also increases the investment if shareholder. So, it can be said
that by practising CSR, it can have a strong impact the stock performance as well as financial
performance of the company. It is a concept which has always gained public attention and has
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become a new means of becoming a global economy (Wickert, Scherer and Spence, 2016). As
the interest of social responsibility is growing across the world, this has put a pressure on
various organisations of the world to adopt the practices of corporate social responsibility in
order to survive. So, this has put forward various challenges to the firm and result in change in
the structure of the company as per CSR strategies and policies (Corporate Social Responsibility,
2019). If the pressure of social responsibility is ignored from the stakeholders and various
motives which are behind engagement and it has got various benefits for the organisation's
financial performance in major factor among them. Also, research have entailed that social
activities can provide the financial benefits but is also entailed to various risks such as rise in
costs, risk of failure of CSR strategies, etc which may lead to the failure of business or may
damage the company's performance (Flammer, 2015). So, it is vital for the organisation to be
cautious with their social responsibility strategies and policies as well.
1.3 Aim and objectives
Aim: To identify the relationship between Corporate Social Responsibility (CSR) on the
financial performance in the UK retail industry- A study on Marks and Spencer.
Objectives:
 To identify the effects if CSR that are generalised amongst companies in the retail
industry.
 To analyse the affect of CSR on the financial performance of M&S.
 To evaluate the values that effect the decision-making process of M&S.
 To analyse the positive and negative consequences of CSR on the organisation.
1.4 Research Questions
 What are the effects of CSR general to the industry or do they differ to each
company?
 Does Corporate socially responsible affect the financial performance of M&S?
 What are the values that affect the decision-making process for the selected
company?
 Are there any negatives and positives to CSR?
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1.5 Rationale
One of major reasons of conducting research is that the concept of CSR is becoming
more popular across the world and it can have a strong impact on the financial performance of
the organisation. Also, this research has been conduct to know the impact of CSR on the retailing
industry and why it has become important for the retailing companies. Another reason for this
research is that analyse the various challenges that are faced by retailer by implementing or
adopting CSR strategies in organisation. Also, researcher wants to know how corporate social
responsibility can affect the decision-making process of the organisation and what are the factors
that have an impact on the decision-making process related to CSR.
1.6 Scope of the study
Scope of this research is broad and can be used in various fields of business in order to
gain information related to CSR and its impact on the financial performance of the company.
This research can be used by investors who want to make investment in corporate social
responsibility within the retailing industry. This research can be used as a secondary data in order
to gather information in order to take various decisions related to CSR and investment in it. This
research can be used in various academic fields as it can provide the insights to them about the
corporate social responsibility it benefits and consequences.
CHAPTER 2- LITERATURE REVIEW
2.1 CSR and its role within the organisation
As per the views of Story and Neves, (2015) CSR is a strategy through which companies
or enterprises conduct their business in the way of being ethical, social friendly as well as
beneficial to society and environment as well. The issue of CSR is being debated from the 1950
and it has been analysed that it has changed the practices of conducting business. By taking up
the concept and strategies of social responsibility can have a strong impact on the investors,
customer, employees, suppliers and shareholders of the organisation. It involves the range of
activities such as working in collaboration with national and international communities,
development of relationship with stakeholders and their families and also involves the various
actions of environmental sustainability and conservation. Corporate social responsibility has
become one of the most prominent part in the 21st century of business world. Expectations of
people rose in recent years which has changed the ideology regarding the environmental and
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social standards. It also encompasses that organisations can not only have to deal with profits but
also how companies can make profits and in this process CSR plays an important role. This
factor can not be ignored by any company in order to improve its financial performance.
As illustrated by Hahn and et.al., (2018) CSR plays an important role within the
organisation in present business world. Corporate social responsibility can play an important role
in boosting the financial performance of the company and can help in building a brand image.
Company being socially responsible can enhance the confidence of shareholders and various
stakeholders. Also, by being active with the society, company's employees get engaged with the
potential customers which can act as a marketing tool for a company by adopting the concept of
CSR. Also, M&S's corporate social responsibility policy can have a strong impact on the busying
behaviour or buying decisions of potential customers. For example some customers are willing to
pay extra for a product if they identify that profit is going for the social cause. Company by
following the social responsibility practices help in retaining the talented employees of the
organisation as employees feel that they are the part of something big and noble. Employees
being a part of something good can boost up their morale which can improve the profitability of
the organisation to higher levels. Also, CSR practices can help M&S to with stand competition
and can achieve the competitive advantage over others in the retailing industry. So, social
responsibility plays an important role in the success of the organisation and can provide various
benefits to the company in present and in future as well.
2.2 Impact of CSR on the financial performance of organisation
As elucidated by Jain, Vyas and Chalasani, (2016) corporate social responsibility can
have a string impact on the then financial performance of company as the popularity of the CSR
has increase in the 21st century and it has given the retail companies like M&S an opportunity to
improve their financial performance. M&S can provide healthy environment to their workforce
and in return they will be successful in attracting new skilled employees and also help in
enhancing commitment of existing employees of the company and this can result in high
performance of the company. Positive involvement of CSR has increased the probability of the
organisation to advance the business and the society as well and interest of corporate social
responsibility is increasing due to potential of persuading performance of the company. Return to
Assets (ROA) and Return on Equity (ROE) can be used to measure the financial performance of
the organisation which can be influenced by activities of CSR. Operations and strategies of M&S
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within the markets as well as non-market can have an impact on their performance on the
business.
As per the views of Rhou, Singal and Koh, (2016) there are various empirical studies
which contain two type of relationship between the financial performance and CSR activities.
Also, corporate social responsibility have given important correlation in order to measure the
financial performance measures of the company. Two measures which can help in evaluating the
financial performance as well as CSR in which first is accounting measure and second one is
market measure which can be used by M&S, when it is engaged in the corporate social
responsible activities in the short-run. CSR activities of the company enhances the reputation of
the company to higher levels by creating a positive image and positive perception within the
minds of customers, employees, suppliers, etc. Also, stakeholders of M&S will think and pursue
that if company is ready to fulfil needs of society and environment as well, then how it is
possible that they will step back by not supporting the company. This will also enhance trust and
brand loyalty which is really important for the financial performance of the company and for the
profitability and success of the company. Thus, it can be concluded that CSR have a positive
impact on the financial performance of the company in the long-run.
As per the views of Al-Samman and Al-Nashmi, (2016) if M&S will not pay any
attention towards the activities of CSR it will not benefit the financial performance of the
company as compared to those of its rival within the industry. It can also be analysed on the
other hand that company's profitability can get reduced which can be due to the high costs
incurred due to performing the activities of CSR. It can also be analysed on the other hand that
company can play vital role for the purpose of welfare of the society by avoiding the cost which
may arise from the claims of safety. If company will sternly ignore social and environmental
responsibility it can create bad image on the customer and various other stakeholders of the
company which may result in decrease in the sales and financial performance of the company.
Various social responsible activities like activities of social welfare, donations, etc can prove
costly to the company but such activities has the potential to bring higher returns to the company
in a short period of time. By making a contributions in CSR activities M&S can set positive
relationship between the financial performance and CSR. Company which can play a vital role
for the society, public health, country's atmosphere, etc can improve the financial performance of
the company and can get more benefits than the costs which company bears in the CSR
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activities. So, it can be concluded that M&S can have very strong financial performance and also
it will increase ability of the company to make more investments in CSR and it will have a long-
term strategic impact on the financial performance. Strategic impact may include the offering
service to the society and the environment which in return will attract large numbers of investors
as well as skilled employees of the organisation which will surely increase the financial
performance of the company.
2.3 CSR values affecting decision-making process of company
As illustrated by Wang and et.al, (2015) company's social concerns and decision-making
process is never ending debate and it has stuck between the profitability and social
responsibility. CSR activities of M&S diverts the company from the main goal which is the
profit maximisation which can be a useless and harmful decision of the company. On the other
hand second opposite streamed context is that company's decision to incorporate CSR values can
result in both wealth maximisation and profit maximisation as it can put positive impact on the
company's stakeholders like government and non-government organisations, customers, media,
employees, etc. Company's decision to become socially responsible is not free but it can cost
money, time as well as resources to the company and also it is equally important for the
company's decision-making process can benefit or will damage the society and the environment.
If M&S initiates corporate social responsibility it can give its employees an opportunity by
involving them in to the decision-making process of the company.
As per the views of Diddi and Niehm, (2017) decision-making process may include
choosing a cause employees care about and creating an internal team in order to spearhead the
efforts of the organisation. Contribution of the employee towards they are passionate about can
result in the increase in their engagement and success as well. If company makes a decision
related to CSR values within the closed doors this will tie the strings of the company and people
in it. So, corporate social responsibility can have a strong impact on the decision-making of the
organisation and type of decision taken can result in the success and failure of the organisation.
Company's decision of becoming socially responsible can be simple but there are various things
which can effect the process. It is analysed that M&S should totally avoid participations in the
charitable functions which is totally irrelevant to their core business or to their ethical standards.
Instead of spending money blindly in irrelevant donation and the CSR activities, company should
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try find non-profit in which company believes in or project a community that a company wants
to serve in.
As opined by Șerban, (2015) CSR values help in choosing the activities and the
operations which are to be performed by the organisation without harming the society in large.
Also, in most of the cases some organisation change their goals and objectives with respect to
CSR activities which values the company, if not it may add these values within the objectives of
the company. In order to sustainability approach in larger, it can result change in the business
model of the company. M&S is huge company which has got huge experience in the CSR, so
company's decision has changed to build on the principle of rationality and serving the various
purposes of community. When CSR values are considered by the organisation, it can result in the
change in the business strategy of the organisation and even has to change the policies of the
organisation which are irrelevant to CSR activities. Social responsibility values does not only
affect the decision-making process of company but also effects the decision-making process of
consumers as well. M&S being a retailing company, so its social responsibilities decision can
influence the customers in large and can impact their decision-making process. So, based on this
CSR values can affect the decision-making process of company in relation to its products and
services which are offered by M&S, it organisational structure, its goals and objectives and
vision, its performance, corporate strategies, etc. So, it can be concluded that CSR values can
have a strong impact on the decision-making process of the organisation to higher extent in
current scenario.
2.4 Benefits and negative consequences of CSR on the organisation
As illustrated by Donia and Sirsly, (2016) by adopting the practices of CSR, it can bring a
huge benefit to the organisation on a large scale. One of the major benefits that corporate social
responsibility can result in is that its practices can result in building a reputation of the business
as company will be termed as responsible business and can also lead to the competitive
advantage to the company. Once a company is indulged in the CSR activities it is able to attract
various suppliers, customer, investors and others which can be in favour of the company that can
result in increase in the financial performance of the company. When an organisation is involved
in the CSR activities, some customers prefer the company over others and also insists other to
buy products and services from the same company. This can result in the increasing the brand
loyalty of the customers to M&S can result in increasing the financial performance of the
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company. Also, CSR activities can help the company to reduce the cost for the company.
Corporate social responsibility practices can result in the reduction of wastes and emissions and
making the optimum utilisation of resources in the organisation. This can result in saving the
environment from the pollution and saving the money too for the company. With some simple
steps M&S could be able to lower its utility bills and can also achieve savings for the company's
business. Also, by being responsible, operating sustainable business can make it easier for the
company to recruit new and skilled employees for the organisation across the world. It can also
result in the higher motivation and higher engagement of employees in the organisation which
can result in success and profitability of the organisation. Other benefits of CSR practices for
M&S can be that it can give more access to finance, it can attract more media attention, it result
in the reduction of regulatory burden and can identify various business opportunities.
As elucidated by Lin and et.al., (2019) one of the major negative consequence of CSR is
that it may result in fall in the cost in a disproportionate manner. It may prove costly for M&S to
implement and carry out the CSR activities on a large scale. So, cost of implementation can be a
major obstacle for the company. Another major negative consequence of CSR is it can prove to
be an exercise of futility. As organisation's management may have a fiduciary duties towards
their shareholders but CSR opposes this. The reason behind this is that, since it is the
responsibility of company's executives to maximise the shareholder's profitability, but this can
get minimised by implementing CSR policies in the company. Also, a manager of the
organisation which makes serving a society a prime concern may face demotion or even may
loose its job or may be replaced by someone else.
As M&S is retailing company which sells variety of products in their stores. Its brands
may use the term green-washing in order to describe their corporate practices which may appear
environmental friendly without actually representing any change the way brand operate their
business. It can be illustrated with the example, any M&S's brand or a product can be labelled as
“Contains All Natural Resources” and it may be manufactured without natural resources and if
found by the consumer it may harm company's reputation in a negative way. Some of the major
strategies of CSR may negatively affect the financial performance of the company, this may be
due to the fact it may be not devoting their attention towards various investment opportunities
that may be available for the company in the markets. So, in the long-run M&S may lack the
focus on maximising its profits and this could result in the loss of shareholders of the company
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and also results in the decrease in the financial performance of the company. So, it is very
important for the company to identify the various ways of making organisation's CSR policies
and strategies so that company can increase the financial performance to higher levels.
2.5 Challenges in implementing CSR practices and policies
As per the views of Andrews, (2016) main purpose of CSR within the organisation is
that to make the company's business activities as the culture of the organisation sustainable in 3
different ways such as social, economic and environmental. It is important for the organisation to
pay an equal amount of attention towards all these dimensions but by implementing CSR makes
it hard to focus on all three dimensions. Also, the practices of CSR is also termed to be irrelevant
to the business on over all. Also, for any retail industry or for any retailing company, it is all
about providing the products at affordable prices with a better services which is important for
them which leads to the customer satisfaction. So, by focusing on satisfying the customers make
is quite challenging focusing on the social responsibility. Implementation of corporate social
responsibility may be even quite challenging for the M&S as well, implementing the strategies
results in the challenges from the macro and micro environment and the industry as well. One of
the major challenges which could be faced by the M&S is allocation of proper budget for
carrying out CSR activities. Allocating the proper budget in order to carry out the social
responsible activities requires a huge budget and it is quite challenging task to develop a separate
budget for these activities. As it is the type of investment which may or may not come back in
terms of profit to the company.
As illustrated by Fayyaz, Lund-Thomsen and Lindgreen, (2017) other challenges of
implementing CSR activities or policies for M&S can be lack of transparency. As M&S is a
Britain multinational store and it sells number of brands within its stores. CSR practises involves
the transparency from the organisation which can be quite challenging for the organisation.
Transparency for the companies can be considered as an important asset and can result in the
competitive advantage, but it selling a multiple brands with transparency is challenging for the
organisation. Another challenge can be setting a proper communication within the organisation,
as CSR practices includes the involvement of various other outside organisations and
communities and setting a proper communication with external organisation can be challenging
for the organisation. Another main challenges of implementing CSR policies within the
organisation can be that there may be conflict between company's CSR policies and government
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policies, it can also be one of the challenging factor for the M&S. Also, challenges from the
macro environment may include the selection of high integrity partners, meeting the deadlines,
abuse of partnership etc. Also there may be lack of consensus from the company on
implementing the CSR policies in the organisation, it can the lack of interest from the local
agencies or there may be duplication of activities in the areas of intervention. This may result in
the limitation of the M&S's ability in undertaking the impact assessment of various initiatives
from time to time. So, this can be said that there are various challenges in implementing or
carrying out the CSR activities which is important for the organisation to minimise these
activities in order to improve the financial performance of the company.
CHAPTER 3-RESEARCH METHODOLOGY
3.0 Overview
This section also gives the brief explanation of collection of data and its analysis also
various ethical principles which has been upheld by the researcher. This section also discusses
about the reliability, validity and limitations of the research. This section will also help the
readers to get an understanding of the way the research has been carried out. This section also
answers various questions like how data is collected, how data is analysed in order to gather the
useful information.
3.1 Research Design
It is analysed that the research design is usually creates a minimum bias in the data and
also creates the trust on the research information which is gathered and collected. Therefore, it
also provides a plan about how the researcher will attain the objectives and meet the aim as well.
There are two types of research design such as Exploratory research design in which the
researcher intends to explore the research questions and even they did not intend to offer the final
solutions for an existing problem. Therefore, this research design is mainly used to tackle the
research questions. On the other side, another type s Conclusive research design, which is mainly
applied to generate the finding which are practically used for attaining the conclusion and
decision making. It is analysed that the conclusive research design is involve the use of
quantitative methods of data collection. Moreover, the research design also provides a way in
order to verify and quantify the findings of the study.
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The research chooses Descriptive research design under Conclusive research design that helps a
researcher to meet the objectives and aim that is to identify the relationship between Corporate
Social Responsibility (CSR) on the financial performance in the UK retail industry.
3.2 Research Type
Research can be divided into categories one is quantitative research type and qualitative
research. Quantitative researcher is a type of research which involves in the collection of
quantifiable or numerical data that can be transformed in to statistics (Mohajan, 2018). Another
type of research is qualitative research, which is also considered as primary exploratory research.
This type of research which is used to gain the understanding of underlying the opinions, reasons
as well as motivations. Qualitative research helps in providing the deep insights in to the problem
which helps in developing ideas or hypothesis for any potential quantitative research. In this
research, researcher uses a qualitative researcher which will provide the deeper understand of the
various important topics related to aim of the research.
3.3 Data collection
Methods of data collection can be divided into two categories which are primary and
secondary data collection methods. Primary data collection method is a method in which data is
collected from the original sources and this type of information can be collected through
questionnaires, face to face interviews, surveys, emails etc (Andrew, 2019). Another type of data
collection method is secondary data collection which can be defined as collection of information
or data which has been already published in books, newspapers, magazines, websites, online
portals, articles, journals etc. In this research, researcher collects a secondary data in order to
gather the in-depth information from the different sources in order to make proper analysis of a
data.
3.4 Data analysis
Data analysis can be referred as a process of analysing, transforming, cleaning, modelling
as well as inspecting the data in order to discover the useful information for deriving the
appropriate conclusion of the research aim. Data analysis is of two qualitative data analysis and
qualitative data analysis. In this research, researcher used the qualitative data analysis as this
research is based on secondary research by collecting a qualitative data. Also, with the help of
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qualitative data analysis, it helps the researcher to process and examine the qualitative data
which results in the better understanding of a particular phenomenon. Within the qualitative data
analysis, researcher uses a thematic research because it will enable researcher to analyse the
secondary data.
3.5 Ethical Considerations
Ethical considerations is considered as the one of the important part of the dissertation
which is really important for a researcher to consider (Comer and Bry, 2018). Some of the ethical
considerations considered by researcher are as follows:
 Confidentiality of the data will be maintained in all form of data collected for the
research.
 Research will be done with transparency and with honesty and all kind of communication
related to dissertation will adhered by the researcher.
 Any sort of misleading information will be avoided by the researcher.
 Also, any sort of fabrication of data will also be prevented in order to maintain the quality
of research.
 The information gathered for this secondary research will not be older than 5 years and
will be taken form valid and reliable sources like the books, copyright websites,etc.
3.6 Research Limitations
Every research has got the limitations which is really important to adhere in order to
maintain the quality of research. This dissertation has also got some limitation which are as
follows:
 One of the major limitation of this research is that, it is a secondary research, so
researcher will not able to gather exact data from the M&S which can be gathered
through primary research.
 Lack of research ability of researcher can be limitation to this research.
 Collecting an in appropriate data could also be another limitation of this research.
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CHAPTER 4-DISCUSSION, ANALYSIS AND FINDINGS
4.1 Impact of CSR on retail industry
Discussion: As per the views of Andre and et.al., (2011) it can be analysed that one of the major
characteristics of the retail sector is that this sector is being influenced by the competition which
is due to its maturity, high concentration, price driven market strategies, etc. Besides, retailing
companies are struggling to build customer loyalty as well as repetitive buying behaviours. There
are also various significant factors which can result in the success of retail sector such as gaining
the competitive advantage, customer retention, etc. It has also been analysed that as per the study
published by Deloitte in the year 2010 retailing landscape has changed which is mainly due to
the financial crisis. This was due to the change in the business structure that had durable
consequence on the retailing sector.
It has been analysed from the study that CSR has the major impact on the retailing
industry and can have an influence on the various factors which impact the financial performance
of retailing sector. It is also been suggested most of the retail companies are not interested in
communicating their beliefs within social responsibility towards the society. Also, retail
companies feel that their primary audience only consist of stakeholders and investors of financial
communities. It has been analysed from the study that social and environmental issues were
reported to be the most common CSR agendas within the retail sector. Also, it has been analysed
that CSR practices within the retailing sector result in the assurance of financial safety as well as
the long term growth for the stakeholders. Also, it has been suggested within the study that there
are 14 factors that can result in corporate social irresponsibility which can have negative impact
in the growth and financial performance within the retail industry. These factors may include
societal rules, natural environment, salary practices, wages, etc. So, it has become a retailers
need to assess these factors within their everyday business operations which can bring social
benefits to companies and for customers as well.
Findings: Major finding from the secondary research that there is a symmetry between the
management and stake-holder's perspectives of CSR in retail sector and has viewed that
corporate social responsibility involves obeying laws and regulations of the government, it also
involves the various ethical ways of conducting business, community involvement, protecting
human health and safety and their rights. This can result in the positive impact on the retailing

business of M&S. Carrying out CSR practices in retail can have a strong influence on the
purchase decision of the customers and has the ability to change their purchase decisions and
tend to buy a product from the company which is involved in corporate social responsibility. So,
this can prove feasible for M&S in the long run. CSR practice does not only result in the
customer satisfaction but also results in employee satisfaction as well. Organisations which are
involved social responsibility their employees tend to perform well within the workplace which
can result in the higher outcomes. For retailing sector customer is the major factor and in which
the CSR plays an important role. Customers within the industry become loyal to those companies
which contribute towards the society and towards the environment and this could have a major
impact on the retailing industry.
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4.2 Reason for retail brands to invest in CSR
Discussion: It has been elucidated by Cahrlie, , (2018) that there are various reasons that retail
brands like M&S should invest in the corporate social responsibly, as it can in return provide
various benefits to the company. There is a significant competition within the industry each and
every retailing company are competing head to head in order to gain profits and increase their
market share. It can be analysed from the study that by adopting the CSR practices, company can
connect the customers and can emotionally attract them. Within the recent survey of Cone
Communications it was found that 87 percent of customers opt to purchase a product form the
retail company if it supports something good or car about something. Also it has been analysed
form this study that three fourths of customers are willing to pay more and extra for the
sustainable offerings. Also, it has been analysed that investing in CSR practices can result in the
higher customer and employee engagement as well as empowerment. It has been analysed that
customers across the world increasingly are looking to get engaged with various purpose driven
brands which want to create difference by doing something good in the society. It is also
suggested by the study that 76 percent of employees consider social and environmental
commitments of retailing company while deciding to work for the organisation. Also, investing
in corporate social can help the retailing company to develop good community relations which is
essential for its financial performance and growth. Companies by supporting the local
communities and which are considered about them can help in developing a long term
relationship within society.
Findings:From the research it is found that there may be various reasons for a retailing company
to invest in CSR and these reasons can serve as various benefits for the company. Investing in
corporate social responsibility can help the company to get emotionally connected with the
customers. So, M&S can consider this reason to invest in CSR by addressing the demands of
customers for supplying the natural and sustainable sourced products. Also, it becomes
meaningful to attract the customers and get them engaged with social responsible activities this
will allow to deliver the message which can result in advancing the customer's own values. So,
this type of investment can increase the sale of M&S's products within the industry and can help
in gaining the competitive advantages over its rivals and can ultimately improve the sales
performance of the M&S. Investing in CSR result in developing a good community relationship
within the industry so, this investment can prove favourable for the company in supporting the
3

society and environmental initiatives. This can also allow a company to attract more and more
investors towards the company which can result in the long term sustainability of M&S within
the industry. The reason of investing in CSR can result in the increasing the customer brand
loyalty and employee job satisfaction which is the major goal for retail companies in current
scenario. So, this can also be one of the major reason for M&S in investing in CSR in order to
achieve this goal and this can result in improving the financial performance of the company in
the long-run.
4.3 Impact of CSR on the financial performance
As illustrated by Muhammad and et.al., (2017) it has become vital for retail companies
across the world to present themselves in such a way that they are socially responsible.
Companies active involvement in socially beneficial programs can have strong impact on the
financial performance of the retail company. Some of the companies across the world have made
use of CSR as a strategic way for increasing their financial performance within the markets. Now
it has become an integral part for the company's strategy of improving their financial
performance. Also, impact of corporate social responsibility on the company will decide the
financial performance of the company. One of major impact of CSR on the financial
performance of the company is to maximise the profitability of the organisation. This will also
allow the companies to allocate more resources towards social activities in order to gain more
and more profits. But it has been analysed from the study that it is not very clear that there is a
positive relationship between CSR practices and financial performance of the company. It has
also been reported that there can also be various negative affects on the financial performance of
the company as CSR activities can result in incurring more costs on the activities with less
returns. It has also been analysed in the study that company's have to manage a proper balance
between the environmental, social as well as the economic impression of the company's business.
Also rise in CSR activities can improve the relationship between the stakeholders, the company
and with the community. It has also been analysed the there exists a positive relationship
between Corporate social responsibility and financial performance of the company within the
industry.
As per the views of Kipruto, (2014) financial performance can be referred as a composite
of company's financial health and its ability as well as willingness to meet the long term
financial obligations. It has also been analysed that CSR practices involves it requires a special
4

form of investment within the corporate social responsibility which may prove costly for the
retail company. It has also been analysed that there CSR can play a positive role for improving
the financial performance of the company and can prove to be a profitable decision for the retail
company.
Findings: One of the major finding from the secondary research is that in order to gain higher
financial performance it is vital for retail company to make heavy investment in the CSR
activities for many years. So, M&S can also go for making higher investment in order to carry
out the corporate social activities which can have a strong impact on company's financial
performance. Also, by carrying out socially responsible activities company can attract number of
investors which can improve the financial performance. Similarly, M&S in order to maximise its
profitability goal and achieve them CSR should be the part of their strategic planning. It can also
be interpreted from the findings of secondary research there exists a positive relationship
between CSR practices and financial performance, so adopting a corporate social responsible
strategies can help in meeting the financial objectives of M&S.
4.4 CSR and Financial performance negative association
Discussion: As elucidated by Harmony, (2012) it has been analysed that there has been a
negative relationship between the financial performance and CSR activities. Implementation of
CSR activities may result in the disadvantage for the company as it can result in the unnecessary
and avoidable costs. Also, it has been analysed that there may exist a short-term relationship
between the financial performance and CSR when they are applied for the first five years and
performance indicators is turned in the negative direction. Implementing CSR policies within the
business it may result in the risk of loosing the support from stake-holders who are involved in
generating the profits for the company. Sometime carrying out the corporate social activities may
cost too much to the company that acquiring benefits from it. The study also suggested that
social responsibility may deviate a company form its profit maximisation goal by focusing on the
societal and environmental factors may result in decrease in the financial performance of the
company. It has been analysed from the study that in order to serve the community and the
environment, company has to sacrifice some of its profitable objectives that may result in the
decease of financial performance of the retail company. For some of the retailing companies they
have achieved such profitable levels in the industry that profit making is not an issue for them.
While developing a CSR programs for the company, its stakeholders may be unaware of CSR
5

programs which may be due to ineffective marketing programs which may fail to influence the
decision making process of the customer. This failure to impress the customers may result in the
decrease in the financial performance of the company which may restricts it growth within the
industry.
Findings: It can be interpreted from the findings of the secondary research, that there may also
exist a negative relationship between financial performance and the CSR policies of the
company. Carrying out the CSR practices may prove costly for the organisation, so, it is
important for M&S to set a proper CSR policies for the organisation in order to improve its
financial performance. It can also be interpreted from the secondary research that while develop
a CSR policies and strategies M&S may shift its focus from profit maximisation to wealth
maximisation. This shifting could also result in the negative impact on the financial performance
of M&S. Also, avoiding the stakeholders while developing a CSR policies for the company and
poor marketing strategies for formulated CSR strategies and policies may result in decrease in
the financial performance of M&S. It can also be interpreted if M&S develops corporate social
responsibility in such a way that which is totally out side the scope of profit making, this strategy
may cost to the company. Besides if company is developing strategies which excludes the
responsibilities of the company towards the shareholder's profitability it may be termed as
unethical and may also result in the loss of the company. This may be due to the fact the
shareholders will not support the company which avoids their interests. So, these are the various
factors which result in decrease in the financial performance of M&S within the retailing
industry.
4.5 CSR values and practices affecting decision-making process in retail industry
Discussion: As illustrated by Marina V, (2015) a company may have different CSR values
which may have a strong on the decision-making process of the retail company. A company may
have different motives behind implementation of CSR practices within the organisation which
may impact the decision-making process of retail company. One of the major CSR value for the
company may be to create economic value which may impact the decision-making process of the
company. Here company have to make the decisions on the various CSR policies which may
result in the increasing the financial value of the organisation. This may include taking a decision
on creating the positive perception among the customers in relation to the CSR policies and
strategies develop by the organisation. Also, company have to take decision on what are the
6

regulatory authorities, who are the shareholders, stakeholders, communities to be served to be
considered while taking the decisions. It has also been analysed that another major CSR values
for the organisation may be to create a sustainable business which can result in building a strong
brand image within the industry. Here it may involve the decision of developing a CSR practices
and policies that may help in building a strong brand reputation for the company within the
industry. This can be done by making the various business operation more sustainable which can
result in customer attraction that can result in gaining the competitive advantage and strong band
reputation. It has been analysed from the study that CSR decision-making process can be
influenced from the external factors which may from the government or from the society or from
the various stakeholders. These may be the major external factors which can impact the decision-
making process of the company and trigger various CSR activities within the organisation. It has
also been analysed that there may be institutional environment which can influence the
organisational CSR practices and norms and even the decision-making process of the retail
company. Also, there may also exist internal factors like employees, shareholder, etc of the
organisation which may influence the decision-making process of the company while carrying
out the CSR activities.
Findings: It can be interpreted from the findings of secondary research that there are various
values of CSR as well as its practices which have a strong effect on the decision-making process
within the retailing industry. There are various decisions which an organisation have to take in
order to run their business with sustainable practices which is really important for profitability
and growth of a business. Also, it can be interpreted that it is the external and internal factors of
CSR values which impact the decision-making process such as regulatory factors, social factors
and also the various stakeholders of the company which result in developing a CSR which
impact the decision-making process of the organisation for the long-run. So, it can be analysed
from the findings that M&S being a retail company have to develop a strong motive for various
CSR values which could impact their decision-making process. Also, for M&S to build a strong
image and brand reputation within the industry, it is important to carry out the CSR values and
practices which have can result in the positive decision-making for the company. It can also be
interpreted that to develop a policies and practices taking both external and internal factors in to
consideration which can result in the strong financial performance by carrying out the corporate
social activities.
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4.6 Assessing the impacts of CSR on retailing business
Discussion: As per the views of Isabel, (2019) from the last two decades of the implementation
of CSR values have wide spread across the globe and have linked various national and
international brands with its activities. This has resulted in the involvement of various
stakeholders and shareholder in social responsible activities and also result in contesting of
various parties and this has resulted in both negative and positive consequence on the
organisation. One of the positive impacts of CSR on the retailing businesses has been the
increase in the reputation and the brand image of the company which has resulted in the good
impression on the customers. This has resulted in the improvement in the financial performance
of the company. Also it can be analysed from the secondary research that there are various
positive relationships which exists between company's performance and the CSR. There is a
strong link between the innovation and corporate social responsibility, to make a retailing
business sustainable it is necessary for the organisation to go through the series of innovations
which result in the sustainable practices. Customers across the world are accepting the business
which makes innovation on order to make their businesses sustainable. These innovations
increases the value of the firm and make it more advanced resulting in increase in the financial
performance of the company. Also, CSR practices increases that scrutiny of the organisation, as
it does not go about quietly executing it. A goal of corporate social responsibility is to show that
a company cares about the community and the environment which make customers to feel good
and a positive impression on them. It also shows that a company is willing to fill the promises
which have been made to customers. Developing a positive impression on customer is also the
major advantage for the company through CSR strategies.
It has been elucidated by Cathy, (2018) there is also the dark side of CSR on the
companies adopting the CSR polices. One of major negative impact of CSR on the organisation
is that it isn't always cheap for the organisation and from the administrative view point, the
strategies of CSR which are adopted by the firm may end up proving cheap for the company. A
company may have to pay to a people who are responsible for devising and executing social
responsible plan and the salaries provided can even prove to be expensive for the organisation. It
can also be analysed that for a company to carrying various CSR campaigns can prove to be a
major financial component for the business. As it involves the practices which may include
donating money, allowing employees to consume the whole day outside the organisation for
8

doing voluntary work. This can result in the decrease of financial performance of the company as
well as the productivity of the company. It can also prove very expensive for the company to
carry out various marketing campaigns related to CSR activities in order to spread out the
message to overall audience across the world. Sometimes social responsibility may start with
employee friendly policies like paid sick leaves and vacation holidays which may even prove to
be expensive for the organisation.
Findings: From the secondary research, it can be interpreted that CSR can have both positive
and negative impact on the financial performance of the retailing company. Carrying out the
CSR practices can result in improving the brand image of the company which can result in
customer attractiveness resulting in increase in the financial performance of the company. So, it
can be said the M&S can make use of corporate social responsibility practices in order to
improve its brand image and reputation. Also, it can be interpreted that CSR practices can act as
advertisement for the organisation which can result in the popularity of a business in which a
firm is in. Gaining more popularity mean gaining more profitability resulting in the improvement
in the financial performance of the company.
It can also be interpreted from the secondary research that CSR practices can prove
expensive for the organisation as it involves practices which can prove to be expensive for the
organisation. So, it can be analysed that corporate social responsibilities practices can even prove
to be expensive for M&S. There are various policies and practices such as paid leaves, CSR
campaigns, donations and changing the motives of the business can prove to be expensive for
the company. So, it can also be analysed that there are various chances which can result in
decreasing the financial performance of M&S in carrying out the CSR activities.
4.7 Recent trends in CSR within retail industry
Discussion: As per the views of Jemima, (2018) between the year 2014 to 2016, there has been
increase in the investments in CSR and it grew up to 25%. Also, society has been continuously
responding the demand for the retailing companies to acknowledge their responsibilities for
contributing towards the social and environmental welfare. It can be analysed from the secondary
research, retailing sector is continuously evolving and is growing and their responsibilities
towards the environment and the society has grown. This has resulted in the emergence of new
trends in the CSR practices and policies which are adopted by the retailing companies in order to
operate their business smoothly and achieve higher financial performance. One of the major
9

trends within the retailing industry is expansion of diversity and equality. Now retailing
companies have been putting emphasis on the diversity within the organisation. Companies has
introduced diversity in the workforce and in the advertisement as well which has helped the
companies to boost their business performance. It can be analysed from the secondary research
that top companies which have got racial and ethical diversity in their workplaces are to have to
35% more financial returns. Also, with the increase in diversity in the advertising has shown that
there is 33% increment in the revenue per impression of the advertisement. So, momentum of
diversity will continue to build and will push brands to prove diversity within the organisation.
Diversity and equality has become a mark of CSR practices within the organisation and this
practices has benefited the organisations in improving their financial performance within the
industry.
Another popular trend is CSR practices which has impacted retailing industry is supply
chain audits. For any retail company, job of building a supply chain which has to be ethical is
more challenging for the organisations. It starts from the packaging to transportation of goods to
final customers, the supply chain has become more complex and globalisation has made it more
complex. Now consumers across the world are digging much deeper to consume the products
which does not cause any kind of harm to society and to environment as well. If a company fails
to offer such products will result in boycotting of such products and this will result in the loss of
financial performance and reputation of the company. This has resulted in various companies to
increase their investment in auditing their supply chains ad educating their staff in relation to
need of contacting their suppliers where they can confidently prove that a company is
implementing CSR policies and practices in the organisation. It can be explained with the
example that, if a retail company who has been fully committed to outcome of CSR, make a
statement that company is using only re-cycled products.
As illustrated by Susan, (2018) another major trend in CSR practices is ethical product
lines as well as packaging. It can be analysed from the secondary research that now more
companies are investing in promoting and creating various ethically sourced product line within
the industry. Companies have to also ensure they are maintaining the loyalty and transparency
towards the customer by producing quality products for the customer which is worth to purchase
without deceiving their customers. Company's loyalty to customers have resulted customers
10

loyalty towards the company, this is the best way for increasing the financial performance of the
company.
Findings: From the secondary research it can be analysed that there has been change in the
recent trend in the CSR policies and practices within the retailing industry. These recent trends
have impacted the growth and financial performance of the organisations. It can also be
interpreted that it has become vital for the organisations to adopt these trends in order to operate
their business successfully and to improve their financial performance. So, it can be interpreted
that it can also be vital for M&S to follow these recent trends in order to improve their financial
performance or to stay competitive in the industry. Also, the recent trends in CSR policies and
practices can help the M&S to gain confidence and can make their business ethical and
sustainable which is really important for any retailing company in current scenario.
CHAPTER-5 CONCLUSION AND RECOMMENDATIONS
5.1 Conclusion
It can be concluded from the secondary research that CSR practices and policies is vital
for the organisational performance and have a strong impact on it in a current business scenario.
CSR plays a major role in any retailing company as its strategies can result in increase in the
financial performance of M&S and there are various strategies which can be adopted by the
company in order to achieve high financial performance. It can also be concluded from the report
that CSR policies have a strong impact on the retailing industry, the strategies formulated can
influence the customers for purchasing or boycotting a particular product of a retailing company.
Also, CSR has got various factors which can impact the organisational financial performance,
and there are various social and environmental issues which M&S has to consider while
developing a CSR policies and strategies. Present report also concludes that various corporate
social responsible practices can result in the financial safety for the retailing companies and this
can result in the financial growth of the company. There are also some negative consequences
which can slow down the financial performance of the company like CSR policies and practices
can prove to be expensive for the organisation as this may result in shifting a focus form
profitability to social responsibility. This is also hard for the company to formulate various CSR
policies and strategies which can prove successful for the company or may be even liked by
customer. It also involves the various practices like advertisements campaigns, charity and
11

donations, paying higher to employees for carrying CSR practices and strategies, etc can prove
expensive for M&S on both monetary and non-monetary terms. This can also result in change in
the organisational profitability objectives to social objectives which can result in slowing down
of financial performance of the company. But on overall it can be concluded that there are more
positives impact of CSR on the retailing company.
Present report also concludes that CSR can serve various reasons for M&S to invest in it,
one of the major reason can be that it can help the company to strong its brand image and
reputation within the industry. Also it can help the company to gain the competitive advantage
which can result in higher financial for the company and it can also result in attracting the
customers and gaining their loyalty. All of these reasons lead to increase in the financial
performance of M&S in the industry. It can also be concluded that while developing a CSR
policies and strategies there are various factors which a company has to consider like
government regulation, stakeholders perspectives, management perspectives, etc. This can help
the company to formulate CSR policies easily which can result in the growth and increase in the
financial performance of the organisation. It can also be concluded from the report that There can
exists a positive relationship between CRS practices and the financial performance of M&S but
on the other it can also be concluded that there may also exist a negative relationship between the
two. Sometime it is very hard for the organisation to chose between the two i.e. whether to
choose profitability or CSR practices and it can result in slowing down of the financial
performance of the company. There may also various disadvantages of corporate social
responsibility for the organisation like unavoidable costs which is incurred for carrying out the
social practices. This may also lead to the negative consequences for M&S like loosing the
support from shareholders or failure of CSR policies which may affect negatively to the financial
performance of the company.
It can also be concluded from the report that there are various CSR values and practices
which can affect the decision-making process of M&S within the industry. Company has to
make a decision on various CSR policies by taking social and environmental values in to
consideration. Making contributions towards the environment and the society can be a major
value for the organisation and this can bring higher returns for the company or may cost to the
company. This may also include the decision of improving a reputation of the company within
the industry or may want to develop a positive impression on the customers, etc. This can effect
12

the CSR strategies and practices of M&S which may also include a decision of how to improve
the financial performance of the company through social responsibility. A company may have to
a decision of what are the sustainable practices which is needed to be adopted in order to achieve
the CSR objectives and profitability objectives of the organisation for the long-run. This may
include a complex decision-making process for the company which can result in the positive
outcomes for the company and result in the strong financial performance by carrying out the
social responsibility.
Present report also concludes that M&S may have to face various challenges while
implementing the CSR policies and practices in the organisation as it is not an easy task. One of
the major challenge a company may have to face is developing the CSR policies which can prove
to be profitable for the company. Also, allocation of budget to CSR activities can also be a
challenging factor for M&S, i.e. amount of budget to be allocated which should proper returns
for the company. Making a proper investment analysis in the corporate social practices and the
practices in which a company needs to invest that can attract customers and increase the financial
performance of the company. With CSR activities comes transparency which can prove to be an
important asset for the company but M&S selling products of multiple brands can be very
challenging for the company to maintain it. Also, setting a proper communication system within
the organisation can be a challenging task for the organisation to communicate CSR policies and
practices to their shareholders and stakeholders and involvement of various communities which
are external to company can even be more challenging. It can also be concluded that there are
various emerging trends in CSR which has forced companies to change their corporate social
responsible practices in order to meet up the competition within in the industry. It has become
vital for M&S to follow up CSR trend in order to stay competitive in the market. Now it has
become vital for the organisation to put much more emphasis on workforce diversity within their
stores and make diverse advertisement in order to attract different types of customers across the
world. This can help the company to attract diverse employees from different nations and from
different culture which can increase their productivity of the employees which is the best way to
improve the financial performance of the company. Also, M&S can follow the trend of ethical
product lines and sustainable packaging which is demanded by the customers and this can result
in the competitive advantage for the company. So, it can be concluded that for M&S it is vital to
adopt appropriate CSR policies and strategies which can help in gaining the competitive
13

advantage and addressing the challenges which can help in improving the financial performance
of the company.
5.2 Recommendations
 M&S should develop an appropriate CSR policies which is capable for attracting the
customers in order to gain the competitive advantage over its competitors.
 There should be proper motive behind the development of CSR strategies within the
organisation and the motive should be based on both profitability objectives and social
objectives as well.
 It is recommended for M&S to make a proper market analysis before developing a
corporate social strategies that can bring higher returns for the company.
 While developing strategies it is important for the company to take various stakeholders
and shareholders in concern by identifying needs and values. This can help M&S to avoid
conflicting situation within the organisation. For this it is required for the company to
take both internal and external factors in to consideration and this can help the company
to device better policies which can result in the satisfaction of all stakeholders and
shareholders of the organisation.
 Also, M&S should try to minimise the negative consequences of CSR practices adopted
by the company. It should develop a risk management strategies which can help the
company to assess the risks both monetary and non-monetary. This can help the company
to improve the financial performance of the company.
 In order to make their CSR practices more effective M&S should go for innovation
within the business practices and try to make more sustainable and more ethical. This can
help a company to put a strong impression on the customers resulting in high financial
performance.
 Also, M&S should try adopt the new trends which are related to CSR practices, by
adopting the new trends can help the company to remain updated with new trends in the
market in relation to CSR practices. This is the best way for carrying out the CSR
practices resulting in customer attention and this will ultimately result in high financial
performance for M&S.
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