CSR Submitted To Emerald

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Corporate Social Responsibility (CSR) Reporting Practices in
Banking Companies in Bangladesh

Journal: Journal of Financial Reporting and Accounting
Manuscript ID: JFRA-05-2013-0038
Manuscript Type: Research Paper
Keywords: CSR, Reporting, Content Analysis, Annual Report, Bank, Bangladesh

Emerald Master 4
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Corporate Social Responsibility (CSR) Reporting Practices in Banking Companies in
Bangladesh

1. Introduction
The world has introduced with the concept of Corporations Social Responsibility in the year of 1953 by
Howard Bowens publication of Social Responsibility of Businessmen. Corporate Social Responsibility
reporting has been getting a good form of priority over the recent two decades which is a true breakthrough for
the betterment of banking fraternity. CSR comprises wide areas of issues ranging from business ethics,
corporate ethics, corporate governance and socially responsible investing to environmental sustainability and
development of community (Das 2012). Although it has been practiced a long ago, it had got an explicit form
in the recent years in Bangladesh. Corporate social responsibility which has got a huge momentum in the recent
years is also known as corporate citizenship that forms the self regulation of a firm towards the integration of
business culture. Businesses today are no longer confined to maximizing profit tendency. Studies show that,
enterprise strikes a balance between economic and social goals (Masud 2011). As business not only creating
wealth and job opportunities for the society, at the same time, they are also polluting the environment which
would bring devastating effect on human health and bio-diversity worldwide (Alimullah 2006). The emerging
trends to practice CSR are concerned to address the social problems of the stakeholders not stockholder only
(Masud 2011).

The characteristics of CSR can be understood from the following verses of the Holy Quran:
It is not righteousness that you turn your faces towards East or West; but it is righteousness- to believe in
Allah and the last Day and the Angels, and the Book, and the Messengers; to spend of your substance, out of
love for Him, for your kin for orphans, for the needy, for the wayfarer, for those who ask; and for the freeing of
captives; to be steadfast in prayer, and practice regular charity; to fulfill the contracts which you made; and to
be firm and patient in pain (or suffering) and adversity and throughout all periods of panic, such are the
people of truth, the God-conscious (2:177).

Corporate Social Responsibility refers to a companys voluntary contribution to sustainable development which
goes beyond legal requirements (Gamerschlag 2010). Profit making is not the ultimate goal in this era of
globalization but the companies are now more conscious about how they make them. CSR goes beyond
philanthropy and compliance and addresses how companies manage their economic, social, and environmental
impacts, as well as their relationships in all key spheres of influence: the marketplace, the supply chain, the
community, and the public policy realm. According to Gray (1987), CSR is the process of communicating the
social and environmental effects of organizations economic actions to particular interest groups within society
and to society at large.

In this regard, it can be said that CSR reporting is not the conventional reporting of financial reporting rather it
involves the extension of accountability (Belal 2001). The corporate social responsibility report is the
organizations voluntary report in the form of both quantitative and qualitative information regarding CSR
activities. Although practicing CSR bring the financial cost to the organization, by reporting information on
social and environmental issues companies can eradicate negative publicity, public disfavor and can minimize
the risk of powerful consumer boycotts and construct competitive advantages (Adams 2002; King 2002; Anand
2002).

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The level of CSR reporting rising day by day and it can be also defined as a trend which is practiced
worldwide. Some of the values in terms of percentage show how it has been taken as hot cakes in the corporate
fields. Two greatest nations in the world, Japan, UK in terms of separate CSR reporting from year 2005 to 2008
shows that 80% in 2005 to 88% in 2008 in Japan and 71% from 2005 to 84% in 2008 in UK shows a massive
change in reporting CSR in their annual reports (Azim, Ahmed & DNetto 2011). South Asian countries like
India, Pakistan and Bangladesh have a smaller number of companies that report corporate environmental and
social information.

CSR reporting practices are apparently a new issue in the reporting areas of financial institutions. Although
CSR reporting practices have gained a huge momentum and according to the latest World Bank report,
Bangladesh now ranks 2nd in financial inclusion among the South Asian countries has yet to go a long distance
to reach the mark of the globally practices of CSR (Alimullah 2006). The banking sector is a well functioning
financial sector that contributes directly to the national economy. While playing an important role in the
countrys economic conditions, CSR practices in private commercial banks of Bangladesh have been taken as a
matter of self interest (Azim, Ahmed & Islam 2009). Bangladesh Bank, the central bank of Bangladesh, is very
concern about CSR practices of banks and hence, it issued a detailed directive titled Mainstreaming Corporate
Social Responsibility (CSR) in banks and financial institutions in Bangladesh. All commercial Banks are
instructed to formulate their own CSR policy and National Board of Revenue (NBR) issued rules on tax rebate
for CSR initiatives.

The study aims at evaluating the extent of CSR reporting practices by the private commercial banks of
Bangladesh enlisted on the Dhaka Stock Exchange. From the study of Bangladesh Bank recent reform initiative
published by Bangladesh Bank, it is observed that CSR initiatives by banks have broadened substantially in last
three years. All of the 47 Banks adopted CSR as mainstream extending direct expenditure of total BDT 2.18
billion (Bangladesh Bank 2012). This particular study investigates the performance of listed banks in
Bangladesh against Bangladesh Banks regulation for CSR practices and other factors that have been suggested
by researchers in their works regarding CSR reports in Bangladesh and abroad.

The remaining parts of the paper are presented as follows: The next section reviews the relevant literature including
the results of relevant empirical studies. Section three delineates the objectives of the study. Section four provides
details of the research method followed by section five dealing with findings and analysis of the study. The last
sections provide the implications of the study, direction to future research, limitations and conclusion of the study.

2. Literature Review
Generally accounting refers to the process of identifying, measuring and reporting financial information of an
entity and disclosure or reporting refers to the process of making available specific information to people
outside publicly-traded firms (Bushman, Piotroski & Smith 2004). Voluntary disclosure generally presented as a
response to the expectation of stakeholder and civil society for more information (Chandler 1997). CSR
reporting is a voluntary disclosure which goes beyond statutory requirements. There is a rising trend of CSR
reporting worldwide. In the survey of KPMG in 2008, it was found that 70% of the worlds largest 250
companies issued a separate CSR report in their annual report (KPMG 2008). The most popular theme of CSR
practice focuses on four dimensions: Environment, Community, Marketplace, and Workplace (Bayond,
Kavanagh & Slaughter 2012). CSR is still a new concept in Bangladesh but the banking sector is playing a vital
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role to promote CSR as an integrated part of corporations operation in the absence of any regulation from IAS,
BAS, ICAB or Bangladesh Bank. It has been found that almost all the listed banks issued a separate CSR report
in their annual report.

Corporate Social Responsibility has become an important issue in the business world (Waller & Lanis 2009).
Howard Bowen in his publication Social Responsibilities of Businessmen (Corporate Watch Report 2006)
first bring this concept formally. Gradually the concept got an academic attention during the decades of 80s
and 90s. Most of the researchers have drawn a model of CSR in the form of human rights, environmental
protection, philanthropy and sustainability (Amaeshi & Adi 2006). In the study of Friedman (1970), Aupperle,
Carroll & Hatfield (1985), McWilliams & Siegel (1997), and Jensen (2002), CSR have been portrayed as an
issue that unnecessarily raises firms cost, while Brammer & Millington (2008) argued that CSR results in
significant managerial benefits rather than financial benefits to shareholders. CSR report may be disclosed in
the form of management reports, board of directors report, social or environmental report or separate CSR
reporting that corporations report voluntarily (Das 2012). The main source of evaluation of CSR reporting is
mainly the content analysis of the annual report (Singh & Ahuja 1983; Andrew et al. 1989; Lynn 1992; Savage
1994; Gray, Kouhy & Lavers 1995; Kreuze, Newell & Newell 1996). Most of the research on CSR is of three
types namely-descriptive studies which focuses on the extent and nature of CSR reporting, explicative
studys focus on factors influencing the level of CSR reporting and studies on the effect of CSR information on
various users (Bayond, Kavanagh & Slaughter 2012) . Company size and strategic motivation can have a
positive impact on CSR since large companies tend to have large CSR expenditure (Cowen, Ferreri & Parker
1987). It has been argued that company age has a positive relationship with CSR (Delaney & Huselid 1996).
CSR activities also differ in between the types of industries (Kolk 2003). Belal (2001) expressed that the nature
of the CSR reporting is mainly descriptive in nature and Hossain, Islam & Andrew (2006) found that on an
average 8.33% of Bangladeshi companies discloses social and environmental information in their corporate
annual report. CSR reporting practice is still an evolving concept that enables corporate executives to create
and apply self determined policies to best meet the needs and demands of its stakeholders (Alam, Hoque &
Hosen 2010). The companies mainly reveal corporate social responsibility in the themes of environment,
energy, fair business practices, human resources, community involvement, product safety (Azim, Ahmed &
D'Netto 2011). Three quarters of the disclosure is in the qualitative form without any attempt to convert this
into quantitative form (Azim, Ahmed & D'Netto 2011). Common CSR practices in Bangladesh by different
banks are centered on mainly poverty alleviation, healthcare, education, charity activities, cultural enrichment,
youth development, women empowerment, patronizing sports etc. (Alam, Hoque & Hosen 2010). The
government of Bangladesh has not imposed or proposed requirements for disclosure of social and
environmental performance (Azim, Ahmed & D'Netto 2011). Compared to developing countries, the disclosure
made by the listed companies in their annual reports in Bangladesh is very disappointing (Hossain, Islam &
Andrew 2006).

Singh & Ahuja (1983) studied 40 annual reports of public sector Indian companies for the year 1975-76 covering 33
social reporting items including social overheads, environmental control measures, charitable activities and
community involvement and found that approximately 40% of the companies reported more than 30% of total social
reporting items included in the survey. The study of Savage (1994) on 115 South African companies found that
approximately 50% of companies made social disclosures with human resource (89%) as the main theme,
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community involvement (72%) and environmental disclosures (63%). Tsang (1998) conducted a longitudinal study
of CSR in Singapore over a 10-year period from 1986 to 1995 covering 33 listed companies and found that 17 (52%)
companies made social disclosures. In another study of Belal (1999) found that 90% of the companies studied made
some environmental disclosures, 97% made employee disclosures and 77% made ethical disclosures. Imam (2000)
found that only 25% of sample companies made disclosure regarding community and 22.50% environmental
disclosure by 40 companies listed in DSE in the year of 1996-97. Till now CSR reporting is a matter of self
interest in the corporate sector of Bangladesh. There is a need for in depth qualitative and quantitative study for
the improvement in this field (Azim, Ahmed & D'Netto 2011).

3. Objectives of the Study
The main objective of the study is to evaluate the corporate social responsibility reporting practices in the
annual reports of the listed banking companies in Bangladesh. However, the specific objectives of this study
include:

1. To know the CSR reporting practices in the annual report of the listed banking companies in
Bangladesh.
2. To know the volume of CSR information reported in the annual report of listed banking companies in
Bangladesh.
3. To justify whether there is any relationship between extent of CSR reporting and bank characteristics.

4. Methodology of the Study
As it is a descriptive study, the main source of information is the secondary data available in the annual report
of the sample companies. To measure the extent of CSR reporting in annual report of the listed banking
companies of Bangladesh, 30 annual reports of all the listed banking companies have been evaluated because
annual report is a common and popular means of communication to stakeholders (Guthrie & Parker 1990;
Singh & Ahuja 1983; Adams 2004; Rahman 2006). As suggested by Beattie & Jones (1992 & 1994), CSR
reporting is measured in terms of number of words, number of sentences, number of pictures, number of graphs
and a number of charts. The methodology followed in this paper is almost similar to Ullah (2013) and Ullah &
Yakub (2013).

4.1 Selection of the Samples
As the study was conducted on the listed banking companies in Bangladesh, therefore, all the listed banking
companies (100% of the population) enlisted in Dhaka Stock Exchange (DSE) was considered for the study.
The list of the banking companies considered for the study has been provided in Appendix-1. Annual reports
have been collected from different branches of the banks, Chittagong Stock Exchange (CSE), Dhaka Stock
Exchange regional office in Chittagong and from the websites of the companies. The main reason of selecting
banking companies as the sample is due to the directives of Bangladesh Bank in promoting CSR activities in
2008, the banking companies is in the leading position in discharging corporate social responsibility and CSR
activities by the banks have become an integral part of their business in recent years. Beside this, the listed
banking companies usually put importance in publishing quality report for investor orientation as well as
statutory obligation.

4.2 Choice of the Period
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The annual report of the most recent period has been chosen to use the latest position of CSR reporting of the
listed banking companies. Hence, the annual report of 2011 has been chosen to examine the corporate social
responsibility reporting practices in the annual reports of the banking companies in Bangladesh.

4.3 Content Analysis and CSR Reporting Index
The study employed content analysis for systematic categorization and analysis of the contents reported in the
annual report. The quantity and nature of social reporting have been measured using content analysis (Holsti
1969; Krippendorf 1980). Hossain, Tan & Adams (1994), Ahmed & Nicholls (1994) and Hossain (2000 & 2001)
suggested a dichotomous procedure in which an item scores 1, if reported and 0 if not reported. Past experience
shows that the use of weighted and un-weighted scores for the items reported in the corporate annual reports and
calculation can make little or no difference to the findings (Coomba & Tayib 1998). Thus, the study used this un-
weighted reporting index methodology. So, the un-weighted reporting method measures the total disclosure (TD)
score of a selected company (suggested by Cooke 1992) as follows:

TD =
=
n
i
di
1

Where,
d = 1 if the item di is reported
d = 0 if the item is not reported
n = number of items.

4.4 Selection of CSR Items in the Reporting Index
The present study developed a reporting index to evaluate the CSR reporting performance of the banking sector
in Bangladesh. For development of reporting index, a list of expected CSR reporting items consisting of total
97 elements (list of elements provided in Appendix-2) has been developed through reviewing the literatures of
Azim, Ahmed & D'Netto (2011), Masud (2011), Hossain (2008), Sairally (2007), Bayond, Kavanagh & Slaughter
(2012), Abdullah, Nor & Mohd (2012) and others. The selected CSR reporting items were classified into seven
categories for the purpose of better presentation and analysis: Human Resource, Consumer, Community,
Health, Education, Environment and others. Number of items and their percentages under each category are
provided in Table No. 2.

4.5 Tools of Analysis
The tools used for analyzing data include average, standard deviation, co-efficient of variation, percentage, and
correlation etc. SPSS software version 19 was used to analyze the data.

4.6 Model Development
The Ordinary Least Square (OLS) regression model is fitted to the data for assessing the effect of independent
variables on total CSR reporting score. The regression model fitted for the study is:
UDI = +
1
Log_TA +
2
Log_TR +
3
NOB +
4
AGE +
5
ROA +
6
EPS +
7
Log_CSR_Exp +
8
CAR + e
i

Where,
UDI = total CSR reporting score received for each bank
= Intercept of the function
= Coefficient (Slope of the regression line)
SIZE = Total Asset, Total Revenue and No. of Branches
AGE = Years of operation as a listed public limited company in DSE
PT = Profitability is measured by ROA and EPS
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CSR_Exp = Corporate Social Responsibility Expenditure
CAR = Capital Adequacy Ratio, measured by the Total Capital to Risk Weighted Assets
e
i
= Standard sample error

4.7 Development of Hypotheses
The following hypotheses were developed to examine the relationship between the extent of corporate social
responsibility reporting in annual report and a number of bank characteristics.

4.7.1 Size of the Bank
Many disclosure studies (Cooke 1991 and Ahmed & Nichollas 1994) suggest that there is a significant relationship
between firm size and the extent of voluntary disclosure. Ullah (2013), Hossain (2010), Silva & Christensen (2004),
Spiegel & Yamori (2004) and Ismail (2002) found a positive relationship between size and the level of information
disclosed, while McNally, Eng & Hasseldine (1982) concluded that size is a dominant corporate characteristic in
establishing the leaders in voluntary reporting practice. Several measures can be taken as the measure of size of the
firms. In the present study, total assets (TA), total revenue (TR) and number of branches (NOB) were used as the
measure of size of the firms. The hypothesis taken here is given as below:

H
1
: There is no significant relationship between the size of the bank [measured by total assets (TA), total
revenue (TR) and number of branches (NOB)] and the extent of CSR reporting.

4.7.2 Age
The extent of a companys CSR reporting may be influenced by its age (Singh & Ahuja 1983; Owusu-Ansah
1998; Akhtaruddin 2005 and Ullah 2013). Bank with long years of operation may report more information than
newly-established banks. The age is counted from the date of enlistment of the banks in Dhaka Stock
Exchange. The hypothesis taken here is given as below:

H
2
: There is no significant relationship between the Age of the bank and the extent of CSR reporting.

4.7.3 Profitability
Bank with higher profit tends to report more information than lower profiteering bank. Many researchers have
found a positive relationship between profitability and the extent of reporting (Singh & Ahuja 1983; Hossain
2000; Raffounier 1995; Wallace & Naser 1995; Inchausti 1997; Owusu-Ansah 1998; Hossain 1998). Profitability
here is measured by ROA and EPS. The hypothesis taken here is given as below:

H
3
: There is no significant relationship between the profitability of the bank [measured by ROA and EPS] and
the extent of CSR reporting.

4.7.4 CSR Expenditure
CSR reporting is also expected to influence by the amount of CSR expenditure incurred by the banks because
more expenditure on CSR is supposed to require more information about the CSR activities entertained by the
banks. It is expected that the banks will try to uphold their image with more information on CSR activities if
the banks spend more on CSR areas. The hypothesis taken here is given as below:

H
4
: There is no significant relationship between the corporate social responsibility expenditure (CSR_Exp) of
the bank and the extent of CSR reporting.

4.7.5 Capital Adequacy Ratio
Capital Adequacy Ratio is a measure of overall financial strength of a bank which is expressed as a percentage
of banks risk weighted credit exposure. Banking companies having high Capital Adequacy Ratio (CAR) may
report more information in their annual reports than the banks with low Capital Adequacy Ratio (CAR). If the ratio
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is poor then management may try to report less information to hide their lower performance and if it is high then
they may try to report more information to highlight their performance to the users of the reports (Ahmed 2009 and
Ullah 2013). The hypothesis taken here is given as below:

H
5
: There is no significant relationship between the capital adequacy ratio (CAR) of the bank and the extent of
CSR reporting.

5. Findings and Analysis
5.1 Total CSR Disclosure Level
Total CSR reporting practices of the sample banks were analyzed classifying the CSR items into seven
different categories. The table-3 shows that out of 97 items of selected CSR information, on an average 45.97
(47.39%) items were reported by the sample banks in their annual reports where the minimum reporting items
was 27 (27.84%) and maximum was 64 (65.98%). Under the category of Human Resource, out of selected 15
contents, on an average 7.17 (47.80%) items, maximum 12 (80%) and minimum 4 (26.67%) items of
information reported in annual report. Under the heading of Consumer, out of selected 7 items, on an average
5.50 (78.57%), maximum 7 (100%) items and minimum 3 (42.86%) items were reported. Out of 23 selected
items of Community category, on an average 10.03 (43.61%), maximum 14 (60.87%) and minimum number 4
(17.39%) items were reported. Maximum 8 (88.89%) items, minimum 2 (22.22%) items and on an average 4.13
(45.89%) items were reported under the category of Health. In case of Education, on an average 3.80 (29.23%),
maximum 7 (53.85%) and minimum 1 (7.69%) items were reported in the annual reports. Under the category of
Environment, out of 16 items, mean level of disclosure is 9.20 (57.50%), maximum 14 (87.50%) and minimum
0 items were reported. Finally, in the category of other items, on an average 6.13 (3.79%), maximum 10
(71.43%) and the minimum 3 (21.43%) items were reported by the banks. The banking companies in
Bangladesh reported maximum information under the category of community and minimum in case of
environment. Maximum variation (SD = 2.55) is found in case of community and minimum variation (SD =
1.17) is in case of consumer.

5.2 Ranking of Sample Banks on the Basis of Total CSR Disclosure
The table-4 and graph following show that Jamuna Bank Limited (JBL) achieved the highest position by
reporting maximum 64 items (65.97%) of the selected CSR items included in the reporting index. Islami Bank
Bangladesh Limited (IBBL) secured the second position by reporting 62 items (63.91%) and Dutch-Bangla
Bank Limited (DBBL) is in the 3
rd
position which reported 54 (55.67%) CSR items in annual report in 2011.
Pubali Bank Limited (PBL) secured the last (17
th
) position by reporting only 27 items (27.83%). The detailed
score under each category and total CSR reporting score obtained by the banks is shown in Appendix-3.

Source: Developed by Authors
Graph 1: Ranking of sample Banks based on Total CSR Disclosure
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5.3 Comparative Total CSR Reporting Analysis
Table-5 shows the comparative CSR reporting performance of the banking companies in Bangladesh. It is
found that maximum 15 (50%) banking companies in Bangladesh reported only 40% to 50% of the selected
CSR items in their annual report and 10 (33.33%) banking companies reported 50%-60% items. Only 2 banks
reported more than 60% items and Only 12 banks reported more than 50% items in their annual report. One of
the sample banks reported in between 20%-30% and 2 banks in between 30%-40% of the selected CSR items in
their annual report. Compared to other studies (Belal 1999 and Azim, Ahmed & D'Netto 2011), overall CSR
reporting performance is not satisfactory in banking companies in Bangladesh. The studies of Singh & Ahuja
(1983), Savage (1994) and Tsang (1998) also found similar results and the findings of the present study shows
improvement of CSR reporting if the results are compared with the findings of Imam (2000) and Hossain, Islam &
Andrew (2006).

5.4 Analysis of Ways of CSR Reporting
Table-6 represents the descriptive statistics of the number of words, sentences, charts, graphs and pictures used
in CSR reporting in annual report of the banking companies in Bangladesh. Appendix-4 provides the detailed
ways of CSR reporting information by the banking companies in Bangladesh.

5.4.1 Words Used for CSR Reporting
Table-6 shows that banking companies in Bangladesh on an average used 2,001.40 words, maximum 9,952
words and minimum 433 words in reporting CSR information in their annual report. Table-7 shows that
maximum 11 banks or 36.67% of the sample banks used less than 1,000 words, 10 (33.33%) banks used more
than 1,000 but less than 2,000 words and only 2 banks used more than 6,000 words for the CSR reporting in the
annual report.

5.4.2 Sentences Used for CSR Reporting
On the basis of Table-6, it is observed that banking companies in Bangladesh on an average used 128.20
sentences, maximum 611 sentences and minimum 31 sentences in reporting CSR information in their annual
reports. Table-8 shows that maximum 16 banks or 53.34% of the sample banks used less than 100 sentences,
11 (36.67%) banks used 100-200 sentences and only 2 banks used more than 500 sentences in reporting CSR
information in the annual report.

5.4.3 Charts Used for CSR Reporting
Again, Table-6 shows that sample banks on an average used 1.83 charts and maximum 10 charts in reporting
CSR information in their annual reports. Table-9 shows that maximum 15 banks or 50% of the sample banks
used no chart and 7 banks, that is, 23.33% of the sample banks used maximum two charts relating to CSR
activities. Specifically, Mutual Trust Bank Limited (MTBL) used 7 charts, Dutch-Bangla Bank Limited
(DBBL) used 8 and Islami Bank Bangladesh Limited (IBBL) used 10 charts in case of reporting CSR
information (Appendix-4).

5.4.4 Graphs Used for CSR Reporting
On the basis of Table-6, it is found that banking companies in Bangladesh on an average used 0.83 graphs and
maximum 11 graphs in reporting CSR information in their annual report. Table-10 shows that maximum 22
banks, that is, 73.33% of the sample banks used no graphs in reporting CSR information in annual report and 5
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banks used only 1 graph and 1 bank namely Dutch-Bangla Bank Limited (DBBL) used the maximum11 graphs
in this regard (Appendix-4).

5.4.5 Pictures used for CSR Reporting
From Table-6, it is observed that banking companies in Bangladesh on an average used 12.37 pictures and
maximum 75 pictures in reporting CSR information in their annual report. Table-11 shows that maximum 13
banks or 43.33% of the sample banks used maximum 5 pictures and 9 banks used 6 to 10 pictures in reporting
CSR activities of the bank. Islami Bank Bangladesh Limited (IBBL) used 36 pictures, Jamuna Bank Limited
(JBL) used 49 pictures and Dutch-Bangla Bank used maximum 75 pictures in case of reporting CSR
information (Appendix-4). Therefore, it is observed that banking companies in Bangladesh emphasized on
linguistic or written form than charts, graphs or pictures in reporting CSR activities to their stakeholders.

5.5 Location of CSR Reporting in Annual Report
The locations of the CSR reporting are presented in Table-12 which shows that 90% of the banks report CSR
activities in a separate chapter namely CSR chapter in the annual report, that means, banking companies in
Bangladesh are giving importance in CSR reporting may be for two reasons such as (i) getting tax rebate from
government and (ii) increasing the image of the bank to the stakeholders. On the other hand, only 10% of the
banks reported CSR information in the Board of Directors report which is also an important part of annual
report.

5.6 Correlation and Regression Analysis
To justify the relationship between bank characteristics and extent of CSR reporting in annual report, size of
the bank (measured by total asset, total revenue, and number of branches), age of the bank, profitability
(measured by return on asset and earnings per share), amount of CSR expenditure and capital adequacy ratio
were taken as independent variables. From the Table-13, it is evident that though there is significant
relationship of CSR expenditure with total asset and earning per share at 1% and 5% respectively but there is
no significant relationship between the extent of CSR reporting and the selected bank characteristics, that is, all
the null hypotheses are accepted.

CSR reporting are not mandatory but voluntary disclosure for the banking companies in Bangladesh and that
may be a reason of having no relationship between extent of CSR reporting and selected bank characteristics.
Table-14 reveals that these independent variables, that is, selected banks characteristics explained only 15.80%
(R square = .158) of the extent of CSR reporting and remaining 84.20% of the extent of CSR reporting is
influenced by some other independent variables which are not considered in this study. As the value of Durbin-
Watson test is almost 2.00, therefore, there is no auto-correlation in the regression model.

6. Implications of the Study:
The following may be the implications of the study:
(a) Banking companies are expected to get a real scenario of CSR reporting of the banking sector in
Bangladesh and banking companies with poor CSR contribution expected to be motivated for
contributing more in CSR activities.
(b) Government and other regulatory bodies can get detailed information regarding CSR reporting practices
for formulating guidelines in this regard.
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(c) The parties which need CSR contribution may get information regarding CSR activities of different
banks and can take appropriate steps in getting CSR contribution.

7. Direction to Future Research
The study recommends the following specific CSR reporting areas for conducting further research:
(a) CSR reporting practices of banking sector: A longitudinal Analysis.
(b) Comparative CSR reporting practices between different industries in Bangladesh.
(c) Comparative CSR reporting practices of banking companies of different countries.
(d) CSR reporting practices of Multinational and local companies operating in Bangladesh.

8. Limitations of the Study
The findings of the study can not be applied in general but the following limitations should be bear in mind in
using the findings of the study:
(a) The study focuses on CSR reporting in annual report only in Banking Companies in Bangladesh
(b) The study does not consider non-listed banking companies but only the listed banking companies.
(c) Annual report only of 2011 was investigated in evaluating CSR reporting performance of the banks.
(d) Number of reporting items considered in evaluating CSR reporting performance is limited to 97 items.

9. Conclusion
The study observes that without any regulation, voluntary reporting like CSR reporting is unlikely to result in
either high quality of reporting or sufficient level of reporting. CSR initiative in the banking companies has
been increasing day by day and the amount of expenditure varies from bank to bank. Recent CSR initiatives of
central bank poses the banks to develop and implement policies and practices to CSR issues like environment,
social, legal and economic theme as Bangladesh Bank encourage CSR engagement of the banks and for the
first time imposed the newly proposed banks to spend 10% of its previous years net income to CSR activities.
As CSR reporting practices differs among the banking companies in Bangladesh. Hence, legislative
requirements or guidelines from the regulatory bodies are required to bring the CSR reporting practices into a
certain framework and encouraging in more CSR reporting in Bangladesh.

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Table No. 1: showing sources of CSR items for development of reporting index
Title of items No. of items Sources cited as examples
Environment, Human Resources, Community
involvement, Product safety, and Other social
responsibility, etc.

12

Azim, Ahmed & D'Netto (2011)
Masud (2011)
Hossain (2008)
Staff Welfare, Donations, Promoting Ethical
Values, Qard-Al-Hasanah, Zakah Collection,
Fair Recruitment, Scholarship Program, etc.

10
Sairally (2007)

Environmental Disclosure, Consumer
Disclosure, and Employee Disclosure, etc.

29
Bayond, Kavanagh & Slaughter
(2012)
Work Place, Market Place, Environment, and
Community, etc.

18
Abdullah, Nor & Mohd (2012)

Other factors

28
Bangladesh Bank Recent Reform
Initiative Publication, National
Board of Revenue tax rebate policy,
Examples from other banks
Total items 97
Source: Developed by authors

Table No.2: showing the percentage of the number of elements in each category
HR Consu
mer
Commu
nity
Health Educati
on
Environ
ment
Others Total
No. of elements 15 7 23 9 13 16 14 97
Percentage 15.46% 7.22% 23.71% 9.28% 13.40% 16.49% 14.43% 100%

Table 3: showing descriptive statistics of CSR reporting under different categories and of the total
HR Consumer Community Health Education Envt. Others Total
Mean 7.17 5.50 10.03 4.13 3.80 9.20 6.13 45.97
Std. Dev. 2.02 1.17 2.55 1.50 1.63 2.54 1.70 7.52
Co. Var. 28.16 21.22 25.44 36.35 42.83 27.59 27.61 16.36
Minimum 4.00 3.00 4.00 2.00 1.00 0.00 3.00 27.00
Maximum 12.00 7.00 14.00 8.00 7.00 14.00 10.00 64.00
Source: Developed by Authors using SPSS Software

Table 4: showing the ranking of sample banks based on total CSR reporting score
Ran
k
Bank
Name
Total
Disclos
ure
Perce
ntage
Ra
nk
Bank
Name
Total
Disclo
sure
Perce
ntage
Ra
nk
Bank
Name
Total
Discl
osure
Percent
age
1 JBL 64 65.97 5 EXIM 50 51.54 11
PREMIER
42 43.29
2 IBBL 62 63.91 5 NBL 50 51.54 11 RBL 42 43.29
3 DBBL 54 55.67 6 MBL 48 49.48 12 OBL 41 42.26
4 FSIBL 51 52.57 7 NCC 46 47.42 12 UBL 41 42.26
4 BRAC 51 52.57 7 MTBL 46 47.42 13 TBL 40 41.23
4 PRIME 51 52.57 8 AAIBL 45 46.39 14 SIBL 39 40.20
4 SEBL 51 52.57 8 UCBL 45 46.39 14 ABBL 39 40.20
4 BAL 51 52.57 9 EBL 44 45.36 15 IFIC 38 39.17
4 DBL 51 52.57 10 CBL 43 44.32 16 ICBIBL 35 36.08
5 SJIBL 50 51.54 11 SBL 42 43.29 17 PUBALI 27 27.83
Source: Developed by Authors on the basis of total CSR reporting score

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Table 5: showing comparative CSR reporting analysis
Score Range

No. of
banks

% in the
sample
% of the total number of items
in CSR reporting index
Less than 30% 1 03.33%
30% - 40% 2 06.67%
40% - 50% 15 50.00%
50% - 60% 10 33.33%
60% - above 2 06.67%
Total 30 100.00%

Table 6: showing descriptive statistics of number of words, sentences, charts, graphs and pictures
Word Sentence Chart Graph Picture
Mean 2,001.40 128.20 1.83 0.83 12.37
Std. Deviation 2,216.66 131.09 2.70 2.25 15.68
Co .Var. 110.76 102.25 147.54 271.09 126.76
Minimum 433.00 31.00 0.00 0.00 0.00
Maximum 9,952.00 611.00 10.00 11.00 75.00

Table 7: showing number of words used for
CSR reporting
Range of
Words
No. of
banks
Percentage
0 1000 11 36.67%
1000 - 2000 10 33.33%
2000 - 3000 6 20.00%
3000 - 4000 1 3.33%
4000 - 5000 0 0
5000 - 6000 0 0
6000 above 2 6.67%
Total 30 100%

Table 8: showing number of sentences devoted
to CSR reporting
Range of
Sentences
No. of
banks
Percentage
0 - 100 16 53.34%
100 - 200 11 36.67%
200 - 300 1 3.33%
300 - 400 0 0
400 - 500 0 0
500 - 600 1 3.33%
600 - above 1 3.33%
Total 30 100%

Table 9: showing number of charts devoted to
CSR reporting
Range of
charts
No. of
banks
Percentage
0 15 50.00%
1 2 7 23.33%
3 4 3 10.00%
5 6 2 6.67%
7 & above 3 10.00%
Table 10: showing number of graphs used for
CSR reporting
No. of graphs No. of
banks
Percentage
0 22 73.33%
1 5 16.67%
4 1 3.33%
5 1 3.33%
11 1 3.33%

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Table 11: showing number of pictures used for
CSR disclosure
Range of pictures No. of
banks
Percentage
0 5 13 43.33%
6 10 5 16.67%
11 20 9 30.00%
21 40 1 3.33%
41 60 1 3.33%
61 75 1 3.33%

Table 12: showing location of CSR reporting
in annual report
Locations No. of Banks Percentage
Chairmans statement 0 0
Managing directors
statement
0 0
Board of Directors
report
3 10.00%
Separate CSR chapter 27 90.00%
Total 30 100.00%

Table 13: showing the correlation matrix
Total_Di
sclosure Log_TA Log_TR NOB Age ROA EPS
Log_CSR
_Exp CAR
Total_Disclosure 1
Log_TA .225 1
Log_TR .171 .708
**
1
NOB .108 .443
*
.217 1
Age -.045 .394
*
.163 .556
**
1
ROA .185 .310 .793
**
.117 -.087 1
EPS .103 .380
*
.575
**
.450
*
.245 .586
**
1
Log_CSR_Exp .230 .681
**
.341 .218 .061 .080 .379
*
1
CAR .242 .336 .797
**
.155 -.123 .952
**
.520
**
.094 1
**. Correlation is significant at the 0.01 level (2-tailed).
*. Correlation is significant at the 0.05 level (2-tailed).

Table 14: showing the model summary of the study
Model R R Square
Std. Error of
the Estimate
Change Statistics
Durbin-
Watson
R Square
Change F Change df1 df2
Sig. F
Change
1 .397
a
.158 8.11478 .158 .492 8 21 .848 1.960
a. Predictors: (Constant), CAR, Log_CSR_Exp, Age, NOB, EPS, Log_TA, Log_TR, ROA
b. Dependent Variable: Total_Disclosure

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Appendix 1: List of banks under study
Serial No. Banks Serial No. Banks
1 AB Bank Limited 16 Mutual Trust Bank Limited
2 Al-Arafah Islami Bank Limited 17 National Bank Limited
3 Bank Asia Limited 18 NCC Bank Limited
4 BRAC Bank Limited 19 One Bank Limited
5 City Bank Limited 20 Premier Bank Limited
6 Dhaka Bank Limited 21 Prime Bank Limited
7 Dutch-Bangla Bank Limited 22 Pubali Bank Limited
8 Eastern Bank Limited 23 Rupali Bank Limited
9 EXIM Bank Limited 24 Shahjalal Islami Bank Limited
10 First Security Islami Bank Limited 25 Social Islami Bank Limited
11 ICB Islami Bank Limited 26 Southeast Bank Limited
12 IFIC Bank Limited 27 Standard Bank Limited
13 Islami Bank Bangladesh Limited 28 Trust Bank Limited
14 Jamuna Bank Limited 29 United Commercial Bank Limited
15 Mercantile Bank Limited 30 Uttra Bank Limited

Appendix 2: Selected CSR reporting items
A. Human Resource
1 Job creation of HR
2 Employee health and safety
3 Information of accidents and injuries
4 Employee training and development
5 Increasing employee financial and economic awareness
6 Employee profit share
7 Equal opportunity
8 Racial equality
9 Sexual equality
10 Employee medical assistance
11 Canteen, transportation and crches for the employees children
12 Reward/Promotion/motivation
13 Helping in funeral of employee
14 Provide scholarship to the employees children/reward for excellent result/benevolent
fund
15 Home loan/Car loan facility for the employees
B. Consumer
16 Product and consumer safety
17 Consumer complaints
18 Product quality
19 Responsiveness to Customer
20 Ethical principles in stakeholder engagement
21 Good customer relation
22 Protecting financial privacy of customers
C. Community
23 Donation to the charity, sports, arts
24 Social welfare
25 Rehabilitation program(old home, orphanage, home for distress)
26 Parks and gardens
27 Road/city beautification
28 Public hall and auditorium
29 Organizations social campaign
30 Sponsoring religious programs
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31 Sponsoring sports program
32 Zakat collections and distributions
33 Loan without interest ( Qard-Al-Hasanah)
34 Rural development
35 Warm cloth/blanket distribution to cold affected people
36 Mosque construction
37 Bridge/foot over bridge construction
38 Honored to eminent person
39 Support to Libya returnees
40 Financial assistance to freedom fighter
41 Initiatives to empowering women
42 Disclosure regarding opening of companys facilities to the public
43 Supporting the development of local industries or community programs and activities
44 Schemes for taking on and helping young unemployed
45 Financial assistance to small and medium enterprise
D. Health
46 Medical college and hospital establishment
47 Health campaign
48 Medical assistance to distressed people
49 Financial assistance to the poor people for treatment
50 Sponsoring in medical research
51 Sponsoring Seminar on health issue
52 Financial grants for autism
53 Funding in equipment/medicine/ambulance purchase of hospital
54 Financial assistance to medical college/hospitals/clinic
E. Education
55 Establishment educational institutions(Schools, College, Madrasha, Libraries)
56 Sponsoring science fair, math olympiad, Quiz competition, art exhibition etc.
57 Funding scholarship program
58 Vocational training
59 Part time employment of students or disabled
60 Sponsoring science/Research project
61 Book distribution to school students
62 Financial assistance to educational institutions
63 Monthly scholarship/stipend to students
64 Internship opportunity
65 CSR initiative/gift kit for primary school students
66 Salary to teachers
67 Vehicle gift to educational institutions
F. Environment
68 Environmental policy or company concern for the environment
69 Energy usage, savings and conservation
70 Environmental Education
71 Tree plantation
72 Exemption on environment friendly project/loan
73 Sponsoring seminar and conference on environment
74 Tourism development
75 Agricultural development
76 Pure drinking water and sanitation
77 Investment in environment friendly project
78 Green Banking
79 Solar panel distribution to the poor people
80 Reducing pollution from product use
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81 Providing online information to reduce pollution
82 Use of Solar panel in office
83 Climate change risk fund
G. Others
84 Program for the disabled
85 Donations to the NGOs
86 Voluntary blood donations Program
87 Food donations
88 Disaster relief program
89 Donation to PM fund
90 Pilkhana BDR Carnage
91 Financial contribution in Nimtoli tragedy
92 Financial assistance for SIDR affected
93 Financial assistance for the family of Mir-Sharai road accident
94 Heritage preservation
95 Employment & advancement of minorities
96 Employment & advancement of women
97 Special care for NRBs

Appendix 3: Total disclosure score of the banks
Banks HR Consumer Communit
y
Health Education Envt
.
Other Total
IBBL 12 7 13 5 5 13 7 62
SJIBL 11 7 9 3 3 11 6 50
AAIBL 5 4 13 4 3 10 6 45
FSIBL 8 6 14 4 3 9 7 51
ICBIBL 4 4 6 3 7 8 3 35
EXIM 8 5 11 7 5 10 4 50
SIBL 8 3 10 3 3 6 6 39
ABBL 6 6 9 3 2 8 5 39
BRAC 7 6 12 3 6 10 7 51
IFIC 7 3 9 3 5 8 3 38
NBL 10 6 12 3 4 9 6 50
NCC 4 6 11 5 3 9 8 46
TBL 4 7 8 4 5 8 4 40
OBL 7 6 9 3 3 9 4 41
PRIME 8 6 12 4 7 10 4 51
SEBL 7 6 12 5 6 8 7 51
SBL 7 6 8 3 3 9 6 42
BAL 8 5 8 5 5 14 6 51
MBL 8 6 11 4 4 8 7 48
PREMIER 5 7 11 2 2 9 6 42
JBL 8 5 14 7 6 14 10 64
CBL 8 6 9 2 2 8 8 43
PUBALI 5 4 4 5 3 0 6 27
UBL 7 6 9 4 1 8 6 41
DBL 9 6 7 5 4 12 8 51
DBBL 5 5 14 8 5 11 6 54
MTBL 10 6 6 4 2 10 8 46
EBL 5 6 8 6 2 9 8 44
UCBL 7 6 10 5 3 10 4 45
RBL 7 3 12 2 2 8 8 42

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Appendix 4: Ways of Disclosure
Banks No. of
sentences
No. of
words
No. of
charts
No. of
pictures
No. of
graphs
IBBL 611 9172 10 36 5
SJIBL 154 2353 3 5 1
AAIBL 123 1549 2 5 0
FSIBL 43 665 0 5 0
ICBIBL 41 1048 0 9 0
EXIM 111 1711 1 6 0
SIBL 51 839 1 14 0
CBL 60 960 0 5 0
JBL 184 2623 0 49 0
ABBL 73 1498 0 6 0
PREMIER 81 1190 0 8 0
OBL 47 665 0 3 0
BAL 131 1678 4 14 1
SBL 31 433 1 0 1
SEBL 149 1589 5 4 0
PUBALI 49 463 0 0 0
MBL 184 3932 7 14 0
TBL 43 672 3 11 1
NCC 179 929 0 0 0
NBL 65 958 1 5 0
IFIC 85 1186 0 15 0
BRAC 103 1246 5 11 0
PRIME 243 2807 2 20 4
UBL 51 634 2 1 0
DBL 134 2138 0 9 1
DBBL 529 9952 8 75 11
EBL 95 2104 0 11 0
MTBL 42 621 0 18 0
UCBL 129 2772 0 5 0
RUPALI 125 1656 0 3 0

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