This chapter begins with an overall position of this survey by supplying sum-ups of the empirical findings from the assorted analyses carried out. It so proceeds with the treatment of the parts of this survey to the accounting research field in general and CSR in peculiar.
After that, this chapter besides presents the deductions of the findings of this survey to the relevant regulative governments in their rating to the effectivity of Silver Book demand and to corporate coverage and transparence, every bit good as to the policy-makers and investing community. Finally, the restrictions of the survey and suggestions for future research are presented at the terminal of this chapter.
This survey has examined the influence of the companies ‘ resources on the extent of the CSR revelations for three old ages from 2006 to 2008. The twelvemonth 2006 was chosen to stand for the twelvemonth where companies were voluntarily unwraping CSR information in their one-year studies. 2007 was besides included as the authorities had implemented the compulsory revelation demand to all public listed companies in that twelvemonth.
Besides, 2007 besides represented the twelvemonth Malaysia faced the planetary economic crisis. Therefore, it was of import to measure whether the companies had strategically used their corporate resources to prosecute in CSR activities to derive sustainable competitory advantages during this critical period. Finally, 2008 was the twelvemonth after the execution of the compulsory revelation demand in 2007 and was included to measure the effectivity of the compulsory revelation demand.
The companies ‘ resources which comprised touchable and intangible assets were analysed due to the companies ‘ ability to derive sustainable competitory advantages when possessing a high sum of touchable and intangible assets and being socially responsible corporate citizens.
Summary of the Findingss
This survey provided empirical findings on the importance of touchable and intangible resources for companies to derive sustainable competitory advantages and the impact of regulative revelation demands imposed by authorities through the Silver Book demand which took consequence in 2007. Besides, the force per unit area imposed by the authorities which required all public listed companies to do some CSR part to the stakeholders as framed in the Bursa Malaysia ‘s model has led to the drastic betterment in the CSR revelations. The findings were revealed based on the descriptive statistics every bit good as the t-test analysis which were carried out to measure the statistical difference of the pre and station regulative revelation demands.
In add-on, the univariate trial was carried out to analyze the single association among the CSR revelations, each independent variable and ownership constructions. After that, the hierarchal arrested developments analysis was conducted to analyze the coefficient values across the different sub-population. Finally, the additive multiple arrested developments were conducted to further strengthen grounds of the addition in the CSR revelations and the influence of the companies ‘ resources on the extent of CSR revelations among Malayan public listed companies.
Bivariate trials were undertaken to prove the relationship between the CSR revelations and each of independent variables and control variables. Both the companies ‘ resources were positively correlated to the extent of CSR revelations for three old ages. This indicated that the higher the sum of intangible and touchable assets possessed by the companies, the more CSR information was disclosed ( Galbreath, 2004 ; Vaaland & A ; Heide, 2008 ; Udayasankar, 2008 ) .
In add-on, the bivariate trial consequences showed that the interactions of authorities ownerships were associated with the relationship between intangible assets and the extent of CSR revelations every bit good as the touchable assets and the extent of CSR revelations for the three sampled old ages. This was consistent with the old CSR revelation surveies undertaken where the higher per centum of portions owned by the authorities, the more likely the authorities would act upon companies to take part in CSR activities and do the appropriate revelation in their one-year studies in order to accomplish the authorities ‘s aims to heighten national public assistance towards societies, employees, clients and providers community every bit good as the environment ( Mohd Ghazali, 2007 ; Xiou & A ; Yuan, 2007 ; Amran & A ; Devi, 2008 ; Ying et al. , 2008l ; Said et al. , 2009 ) .
In contrast, the inconsistent correlativities of the interactions of household ownerships with the relationship between intangible assets and the extent of CSR revelations were found across the three sampled old ages and a correlativity was non found in 2006. However, the correlativity improved in 2007 where the bivariate trial showed that household ownerships had a negative association with intangible assets and the extent of CSR revelations. In 2008, the household interaction was non found to hold any important association with the tried relationship.
In add-on, the inconsistent consequences of the interactions of household ownerships were besides revealed with the relationship between touchable assets and the extent of CSR revelations. A negative correlativity was found in 2006 and 2007. However, no correlativity was found in 2008. This indicated that the higher the per centum of household ownerships, the lower the CSR revelations were made. However, the household ownerships were less likely to cut down the extent of the CSR revelations due to the compulsory revelation demand implemented in 2007.
Furthermore, the consequences from the univariate trials showed that the extent of the CSR revelations was significantly associated with each single independent variable. The consequences indicated that the handiness of intangible assets or touchable assets had influenced companies to make CSR revelations without any interaction from other variables. Besides, the same consequences were found for both the household and authorities ownership structures whereby the household ownerships were negatively associated with the extent of CSR revelation made by the companies whereas authorities ownerships had a positive association.
In add-on, the hierarchal arrested development consequences showed that in Model 1, merely the ROA was positively associated with the extent of CSR revelation for three old ages. No important consequences were found for purchase under this theoretical account. However, purchase and ROA seemed to hold a important association with the presence of intangible and touchable assets under Model 2. Besides that, the intangible assets were found to hold a important positive relationship with the extent of CSR disclosures merely in 2007. In contrast, tangibles assets were found to hold a strong association with the extent of CSR revelations in all the three sampled old ages for Model 2. This implied that the handiness of resources had encouraged companies to make CSR revelations.
In add-on, when the household and authorities ownerships were taken into consideration as the mediating variables in Model 3, the consequences revealed an undistinguished consequence for the relationship between intangible assets and the extent of CSR revelations in 2006. This might hold been due to the lowest sum of intangible assets possessed by public listed companies in 2006 as compared to in 2007 and 2008. The old surveies have proven that intangible assets such as specific capablenesss and accomplishments of the employees which were hard to copy could take companies to accomplish efficient and effectivity in public presentation ( Galbreath, 2005 ; Ainuddin et al. , 2007 ) . Besides, the intangible assets were besides the of import driver of competitory advantages than touchable assets ( Branco & A ; Rodrigues, 2006 ; Ainuddin et al. , 2007 ) but the troubles in mensurating the values of those type of assets have made some sampled companies lack this plus in their histories.
However, after the authorities took the enterprise to do CSR revelations as a compulsory revelation in 2007, the significance relationship between intangible assets and the extent of CSR revelations was discovered in 2007 and 2008. This has proven that the handiness of equal intangible resources ( Haron et al. , 2004 ; Udayasankar, 2008 ; Vaaland & A ; Heide, 2008 ) which came together with the compulsory revelation demand had led to the addition in the extent of the CSR disclosures among Malayan public listed companies in 2007 and 2008. This farther highlighted the importance of intangible resources as strategic tools behind the investing in CSR activities particularly during the economic crisis in 2007 to derive sustainability.
Furthermore, the survey besides revealed a important positive relationship between touchable resources and the extent of CSR revelations in 2006 and 2007. This indicated that the companies which had strategically used their touchable assets to put in CSR activities during the economic crisis successfully faced the difficult clip every bit good as obtained competitory advantages for the companies ‘ endurance.
The relationship between touchable assets and the extent of the CSR disclosures has improved from the old twelvemonth where a important positive relationship was found in 2008. This inferred that companies were able to strategically utilize their corporate resources particularly touchable assets to reimburse from the planetary economic crisis. The handiness of touchable assets had become an of import device to promote companies to take part in CSR activities ( Craig & A ; Diga, 1998 ) and addition sustainable competitory advantage over their rivals ( Fahy, 2002 ; Galbreath, 2005 ) .
The authorities ownership was non found to hold a important interaction with the relationship between intangible assets and the extent of CSR revelations for the three sampled old ages. This was a consequence of the execution of the Silver Book demand to better the extent of CSR revelations in Malaysia. This implied that the handiness of intangible assets had superseded the function of the authorities in promoting other public listed companies to follow the lead of GLCs to unwrap CSR information in the one-year studies ( Arshad et al. , 2010 ) .
However, the interaction of authorities ownership with the relationship between touchable assets and the extent of CSR revelations was found to hold a important association in 2006 and 2008 but no important relationship in 2007. The important consequences were consistent with those in old surveies ( Mohd Ghazali, 2007 ; Ying et al. , 2008 ; Amran & A ; Devi, 2008 ; Darus et al. , 2009 ) which suggested that GLCs had the duties towards the societies ‘ public assistance and made appropriate revelations in their one-year studies. The decrease in the sum of touchable assets in 2007 might hold been due to the negative impact of the planetary economic crisis which led to the undistinguished consequence in 2007. This was inconsistent with that of Haron et Al. ( 2004 ) who argued that the authorities owned companies had received fiscal aid from the authorities in order to run their concerns for endurance and with continuity intents during the economic crisis.
Furthermore, the household interaction on touchable assets and CSR revelation relationship was important in 2006. This was consistent with that of Mohd Ghazali ( 2007 ) and Darus et Al. ( 2009 ) and further proved that household members on the board tended to join forces in understating the immense sum of money invested in CSR activities in order to accomplish their ends to maximize stockholders ‘ wealth. However, no important consequence was found in 2007 and 2008. This could be due to the viing demands of resources for companies ‘ growing and sustainability in 2007 in order to stay sustainable during the economic crisis. The authorities aid during the critical period ( Haron et al. , 2004 ) every bit good as the compulsory revelation demand ( Darus et al, 2009 ) brought the consciousness that take parting in CSR activities and revelation was a manner to stay competitory and gain sustainability in the industry.
In add-on, this survey did non happen that household ownership had a important negative interaction between intangible assets and CSR revelations in 2006. The consequences implied that the being of household members on the board did non impact the determination on the CSR activities in 2006. This was due to the compulsory revelation demand implemented by the authorities. Therefore, CSR revelation was made in order to follow with the demand.
In contrast, a important consequence was revealed in 2007. This reflected that companies with higher household members who sat on the board protected the internal information exposed to the outside parties by cut downing the extent of the CSR revelations ( Imam, 2000 ; Belal, 2001 ; Haniffa & A ; Cooke, 2002 ; Mohd Ghazali, 2007 ; Darus et al. , 2009 ; Lopez-Iturriaga et al. , 2009 ) .
The household interaction weakened in 2008 which entailed that household companies increased the extent of CSR revelations and it about double from 2007 ‘s revelation. This was likely due to the addition consciousness about the importance of the CSR revelations for the companies ‘ development and growing during the economic crisis ( Haron et al. , 2004 ) and as a consequence of the authorities ‘s attempts in advancing CSR ( Rashid & A ; Lodh, 2008 ; Darus et al. , 2009 ) . This determination appeared to propose that corporate resources particularly touchable assets had a important impact to the extent of the CSR disclosures irrespective of the interaction of household and authorities ownership constructions.
Deductions of this Survey
This survey contributed to the CSR revelation literature by analyzing the relationship between the companies ‘ resources and the interaction consequence of ownership constructions with the extent of CSR revelations which was seldom studied before. It was of import to analyze the degree of resources and CSR revelations in 2007 due to the planetary economic crisis. During this crisis period, most of the companies all over the universe kept on altering their schemes to understate the costs in order to stay sustainable in the market.
Furthermore, this survey proceeded to do parts to the CSR research literature by proving the hypotheses from the combination of two different positions which were resource-based theory and bureau theory. The touchable and intangible assets were tested to analyze the relationship with the extent of the CSR disclosures. This was because old surveies found the grounds that the touchable and intangible assets were the chief drivers of the companies ‘ success and helped companies achieve the sustainable competitory advantages. Besides, the interaction of the household and authorities ownerships governed under the bureau theory provided further apprehension of the strong influence of touchable and intangible assets on the extent of CSR revelations which had weaken the interaction of household proprietors.
Additionally, the findings of this survey can supply extra information to the regulative organic structures sing the other factors which could act upon the extent of the CSR activities and revelations among the public listed companies. Even though the compulsory revelation ordinance imposed in 2007 was proven to promote companies to unwrap, the deficiency of available resources disrupted the ability to put money in any CSR activities and do appropriate revelations particularly during the planetary economic crisis in 2007.
Restrictions and Suggestions for Future Research
There are some restrictions to this survey. First, this survey merely focused on CSR revelations in the one-year studies to mensurate the extent of the CSR revelations of the sampled companies. There were some other methods of CSR revelations used by companies for illustration through companies ‘ web sites, in-house magazines and newspapers. Therefore, the research worker may see other signifiers of CSR revelations for future research.
Second, the research instrument used in this survey was content analysis to garner the information on CSR revelations. In-depth interviews with the companies ‘ directors and questionnaires could be used to understand to what extent the corporate resources would act upon their CSR activities and revelations. Therefore, these types of instruments may be considered for future research.