City Bank

Impact of Corporate Social Responsibility on Corporate Financial
Performance at Citibank, N.A., Bangladesh

by

Rezwan Uddin Khan
ID: 0920410

An Internship Report Presented in Partial Fulfillment
of the Requirements for the Degree
Bachelor of Business Administration

INDEPENDENT UNIVERSITY, BANGLADESH
May 2013
Impact of Corporate Social Responsibility on Corporate Financial
Performance at Citibank, N.A., Bangladesh

by

Rezwan Uddin Khan
ID: 0920410

has been approved
May 2013

______________________________

Mr. Abul Bashar
Senior Lecturer, Management
School of Business
Independent University, Bangladesh
Letter of transmittal
13th May, 2013

Mr. Abul Bashar
Senior Lecturer, Management
School of Business
Independent University, Bangladesh

Subject: Submission of the Internship Report for the course BBA499A

Dear Sir,

I am here by submitting my internship report on "Impact of Corporate Social Responsibility on
Corporate Financial Performance in context of Citibank, N.A., Bangladesh. While preparing this
report IworkedasaninternatCitibank,N.A.,BangladeshunderthesupervisionofMs.Farah
Rahman,Manager,CorporateAffairs.

This report has helped me to gain both academic and practical exposure. I have tried to put my
sincere effort in studying the related materials, documents, annual reports and compiled them as
comprehensively as possible.

I hope this internship report fulfills all your requirements for this course. If you need any further
information, I will be glad to help you.

Yours faithfully,

Rezwan Uddin Khan

Acknowledgement
At first I would like to thank Almighty Allah for giving me the strength to complete this report on
time. The study has also been successfully accomplished along with considerate support and
continuous guidance from several individuals. It is my utmost pleasure for being able to show my
heartfelt gratitude towards those individuals.

I would like to thank Professor M Omar Rahman, Vice Chancellor of Independent University,
Bangladesh for giving the students an ideal platform for learning and developing their skills. I
would like to express my gratefulness to my internship supervisor Mr. Abul Bashar, Senior
Lecturer, Management, School of Business, Independent University, Bangladesh for his
contribution in each every area of this research. I would like to thank Mr. Abdullah Al Aabed,
Senior Lecturer, School of Business, Independent University Bangladesh who has always been
there as an advisor, monitor and supervisor throughout my BBA program. I would also like to
thank Prof. Nadim J ahangir, Associate Professor, School of Business, Independent University,
Bangladesh and Md. Muzahid Akbar, Senior Lecturer, School of Business, Independent
University, Bangladesh for sharing their valuable knowledge on carrying out a research.

My gratitude also goes to Ms. Farah Rahman, Manager, Corporate Affairs, Citibank, N.A.,
Bangladesh for being there as a mentor during my internship. Mrs. Ayesha Saeed, Assistant
Manager, Human Resource, Citibank, N.A., Bangladesh for her continuous support. I will always
be grateful to them for their guidance and valuable advices. I am also indebted to all the people
working at Citibank, N.A., Bangladesh (Gulshan Branch) for their cordial cooperation.

Executive Summary
This report is based on Impact of Corporate Social Responsibility on Corporate Financial
Performance in context of Citibank, N.A., Bangladesh. Previous studies have already shown
positive relationship between Corporate Social Responsibility, Bank Size, Bank Risk,
Advertising Intensity, and Corporate Financial Performance. But this cannot be generalized for
all the organization or industry that is why this research has been conducted. This research has
tried to find to out whether Corporate Social Responsibility, Bank Size, Bank Risk, and
Advertising Intensity has any affect on Corporate Financial Performance in context of Citibank,
N.A., Bangladesh. The report has mainly concentrated on Corporate Social Responsibility
compared to other independent variables such as Bank Size, Bank Risk, and Advertising
Intensity.

At the end of this research it was found that there is a significant relationship between Citis
Corporate Social Responsibility and Corporate Financial Performance. The research also found
out that there is no significant relationship between Citis Size, Risk, Advertising intensity, and
Corporate Financial Performance.

Table of Contents
Contents Page No.

Letter of Transmittal I

Acknowledgement II

Executive Summary III

Table of Contents

Banking sector in Bangladesh 1

Corporate Social Responsibility 2

Benefits of CSR 3

CSR in the banking sector of Bangladesh 4

CSR Applications and Realities in Bangladesh 8

CSR Prospects and Future in Bangladesh 9

Citibank, N.A. (Global) 9

Citibank, N.A., Bangladesh 10

Importance of CSR to Citibank, N.A., Bangladesh 11

CSR activities of Citibank, N.A., Bangladesh in 2012 12

Statement of the Problem 13

Purpose of the Study 14

Literature Review 14

Conceptual Framework 23

Research Hypothesis 24

Methodology 24

Data Collection 25

Data Analysis 25

Hypothesis Test 25

Results 27

Recommendation 27

Limitation 27

Significance of the study 28

References 29

Appendices 33
Impact of Corporate Social Responsibility on Corporate Financial Performance at Citibank, N.A., Bangladesh 1
Banking sector in Bangladesh
The banking sector of Bangladesh is divided into four categories of scheduled banks. These
are the state owned commercial banks (SCBs), the state owned development financial institutions
(DFIs), the private commercial banks (PCBs), and the foreign commercial banks (FCBs).
There are 52 scheduled banks in Bangladesh (Bangadesh Bank, 2013) operating under the
supervision of Bangladesh Bank that has been empowered through Bangladesh Bank Order, 1972
and Bank Company Act, 1991.

Scheduled Banks in Bangladesh are classified into following types:
State Owned Commercial Banks (SOCBs): There are 4 SOCBs which are fully or majorly
owned by the Government of Bangladesh.
Specialized Banks (SDBs): 4 specialized banks are now operating which were established
for specific objectives like agricultural or industrial development. These banks are also
fully or majorly owned by the Government of Bangladesh.
Private Commercial Banks (PCBs): There are 35 private commercial banks which are
majorly owned by the private entities. PCBs can be categorized into two groups:
Foreign Commercial Banks (FCBs): 9 FCBs are operating in Bangladesh as the branches
of the banks which are incorporated in abroad.
There are now 4 non-scheduled banks in Bangladesh which are:
Ansar VDP Unnayan Bank,
Karmashangosthan Bank,
Probashi Kollyan Bank,
Jubilee Bank
Corporate Social Responsibility
Corporate Social Responsibility also called corporate conscience, citizenship, social
performance, or sustainable responsible business, is a form of corporate self regulation integrated
into a business model (Wood, 1991). Corporate social responsibility (hereafter CSR) has become
an important center of concentration among companies. A recent global survey shows that 76%
of managers believe that corporate social responsibility contributes positively to long-term
shareholder value, and 55% of them agree that sustainability helps their companies build a strong
reputation (McKinsey 2010). Nowadays most of the multinational companies also have a senior
manager explicitly charged with developing and coordinating the CSR function (Dusuki, 2008).
A successful CSR program cannot be achieved individually. CSR includes the participation of
the society, nature and ethics in making strategy that can improve the competitive position of a
company. CSR takes care of the interest of all stakeholders rather than that of the stockholders
only. By incurring CSR expenditure, a firm can strengthen its competitiveness, counter the risk of
losing the existing market shares and establish its presence in emerging ones. Instead of thinking
CSR as a regulatory or discretionary cost, business executives across the globe are starting to see
it as an investment that brings long-term benefits for the company. The impacts of CSR are
pervasive. CSR significantly improves business house reputation and confidence of customers
and business partners, and motivates the employees to work for a company they could feel proud
of.
In developed countries it has been observed that the financial institutions and other business
sectors are encouraged to contribute in various forms of CSR activities. There are also lots of
legal bindings which indirectly forces the company to contribute to CSR activities. The
government also offers many types of incentives to those who take part in CSR activities and thus
a good number of financial institutions are responding positively towards the society through
philanthropy, community investment, employee empowerment, equitable social practice,
safeguarding environment and doing social and environmental reporting. However, the status of
CSR has not been satisfactory in many developing and least developed countries, largely due to
lack of awareness, poor enforcement of existing laws and inadequate pressure from civil society
and interest groups.

Benefits of CSR
In the corporate world, there is a growing acceptance that profits, broader values, and
principles can go shoulder to shoulder. Socially responsible organizations aim to make a profit in
a way that does not cause harm to the environment, or to the local or global community. They
will also consider the human factor: a socially responsible organization will treat its employees
and suppliers fairly, it will source goods ethically, and it will deal only with companies who also
do business in a socially responsible way. CSR can go even further than this: it can sometimes
involve a 'giving' strategy. Some organizations will make substantial financial contributions to a
community or charity, or encourage their employees to participate in voluntary community work,
or even donate products to a particular cause.
So it is easy to see how companies benefit communities and employees. It is also easy to see
that it can have a positive impact on environmental issues. But what about the benefits to the
company itself? Is CSR only an expensive, altruistic, 'feel good' phenomenon, or are there actual
business benefits for companies who act in a socially responsible way? Actually, there are quite a
few. A positive approach to CSR can lead to lower operating costs, building reputation, brand
value, customer loyalty, employee motivation and retention, mitigating risks in own operations
and in assessing suppliers and clients, cutting down wastes (of energy, raw materials etc.), driving
up efficiency, gaining new markets for products and services, in the communities/ social groups
benefited by the CSR actions , greater productivity, increased customer loyalty, better access to
capital and ultimately to improved financial performance.
It may seem like a contradiction to state that CSR can lead to lower operating costs, but, in the
long run, there are many reasons why this can actually be the case. On environmental issues, a
company who is striving to minimize its carbon footprint will be looking at ways of minimizing
fuel consumption (McKee, n.d., pp.1-2). While this may involve initial investment in more
energy efficient vehicles and appliances, it will ultimately lead to cost saving: if a company is
using less energy, then its energy bills will be lower. If a company is minimizing water usage,
then its water bills will be lower. The same is true for maximizing the use of recycled materials.

CSR in the banking sector of Bangladesh
In 2008, Bangladesh Bank (BB) took initiatives for formalizing CSR in the banking sector of
Bangladesh and issued a detailed directive titled "Mainstreaming Corporate Social Responsibility
(CSR) in banks and financial institutions in Bangladesh". The directive stated the strategic
objective for CSR engagement, priority areas to promote CSR in client businesses, and the first-
ever CSR program indicating some likely action plans. The June 2008 BB Guidance circular also
suggested that banks could begin reporting their (CSR) initiatives in a modest way as
supplements to usual annual financial reports, eventually to develop into full blown
comprehensive reports in GRI format. All the commercial banks were asked to formulate their
own CSR policy with the annual outlay for (CSR) programs and include them in their mainstream
banking activities instead of short-term social works like providing grants, aids and donations.
Banks which will follow CSR practices will enjoy some incentives in the form of preferential
treatments like giving points to compliant banks on management component while deciding on its
CAMELS (capital, asset, management, earning, liquidity and sensitivity) rating; naming top ten
banks for their overall performances in (CSR); and taking (CSR) activities into account in giving
permission to open new branches. The incentives offered by the Government of Bangladesh to
stimulate CSR activities include: 10 per cent tax exemption for business firms on their actual
CSR expenditure in 22 sectors; tax exemption for poor farmers on income from deposit balance
up to Tk 100 thousand (one lakh) on their '10 Taka Farmer Account'; providing 6 per cent interest
subsidy for banks against their concessional lending to pulse/spice growers, corn/ oil seed
harvesters, salt cultivators, etc through BB. All these initiatives will hopefully create conducive
environment and the banking sector of Bangladesh will come forward to do more CSR activities
(Financial Express, 2012).
In 2012, banking sector witnessed a healthy growth that has encouraged more (CSR) practices
by banks and helped them become an important part of their business. CSR basically focuses on
the idea of trade-off between economic and social goals of the efficient utilization of scarce
resources. The banking sector in our country which is the heart of our economy can play a
significant role in this sector. CSR practices by banks not only improve their own standards but
also enable other business sectors to be motivated from them. But one thing is for sure that the
Banking sector in our country can have a positive impact on its client if they get indulged into
CSR activities, and thus it helps to portrait a positive image of the Banking Sector as a whole and
individually.
The banking sector in Bangladesh has been contributing in various (CSR) activities from the
beginning. They have been a part of (CSR) activities which includes like donations to different
charitable organizations, to poor people and religious institutions, city beautification and
patronizing art & culture, etc. It has been observed that our Banking sector never hesitated in
taking part and donating money whenever our country faced any form of humanitarian aid or
faced any natural disaster. Recent trends of these engagement indicates that banks are gradually
organizing these involvements in more structured (CSR) initiative format, in line with BB
Guidance in DOS circular no. 01 of 2008.
Now that the banking sector has realized the importance of the CSR activities, a good number
of banks have created separate Foundation/Trusts as non-profitable, nongovernmental
organization, solely devoted to the cause of charity, social welfare and other benevolent activities
towards the promotion CSR objectives. These banks are providing a certain percentage of the pre-
tax profit/net profit each year towards its CSR activities. 16 PCBs, 3 SCBs and 1 FCB have
formed separate Foundations or Trusts as non-profitable institutions solely devoted to the cause
of charity, social welfare and other benevolent activities towards the promotion CSR objectives.
These banks have committed specified percentages of their pre-tax profit/net profit each year
towards CSR activities. CSR is thus seen to have been institutionalized at corporate level in banks
operating in Bangladesh.

Table 1

The total annual direct CSR expenditure of banks

Year 2008 2009 2010 2011
CSR expenditure
(Million Taka)
410.70 553.80 2329.80 2188.33

In 2011 the total annual direct CSR expenditure of banks has stabilized following sharp increases
in three years up to 2010, apparently due to incompleteness of reporting in the earlier years. The
modest decline in direct CSR expenditure in 2011 compared to the preceding year is mainly on
count of humanitarian and disaster relief, because of fewer distress episodes calling for such
relief.

Table 2

Trends of sectoral pattern of CSR expenditure reported by banks

Taka in million
2008 2009 2010 2011
Amount % Amount % Amount % Amount %
Humanitarian &
disaster relief
58.60 14.27 125.10 22.59 460.41 19.76 188.03 8.59
Education 30.50 7.43 94.80 17.12 400.79 17.20 612.48 27.99
Health 112.10 27.29 245.50 44.33 689.07 29.58 520.42 23.78
Sports 49.80 12.13 1.20 0.22 265.23 11.38 359.07 16.41
Art & culture 0.80 0.19 0.30 0.05 328.91 14.12 171.52 7.81
Environment - - - - 59.78 2.57 138.07 6.31
Others 158.90 38.69 86.90 15.69 125.58 5.39 198.73 9.08
Total 410.70 100 553.80 100 2329.8 100 2188.33 100

It may be seen from the table 2 that even though CSR expenditure in health sector has
shrinked from the previous year, education sector got the highest weight age (27.99%), health
(23.78%) and sport (16.41%) persistently getting major shares (68.18%) of CSR expenditure,
alongside humanitarian and disaster relief (8.59%) continued getting significant share.
Expenditure on Art and culture (7.84%) decreased and expenditure on environment doubled in
2011 from 2010. Notable specific features of expenditure in CSR programs of banks in 2011 are
summarized below:

CSR Applications and Realities in Bangladesh
CSR concepts and practices in Bangladesh have a long history of philanthropic activities from
the time immemorial. These philanthropic activities included donations to different charitable
organizations, poor people and religious institutions. Till now, most of the businesses in
Bangladesh is family owned and first generation businesses. They are involved in the community
development work in the form of charity without having any definite policy regarding the
expenses or any concrete motive regarding financial gains in many instances (Alimullah, 2006,
pp. 7-12). Moreover, most of the SMEs fall under the informal sector having low management
structure and resources to address the social and environmental issues. These limitations drive the
top management of local companies to think only about the profit maximization rather than doing
business. The discussions on CSR practices in Bangladesh in its modern global terms, are
relatively new, but not so for the concept itself. Globally, as CSR practices are gradually being
integrated into international business practices and hence is becoming one of the determining
factors for market accesses, it is becoming equally instrumental for local acceptability. A focus
on CSR in Bangladesh would be useful, not only for improving corporate governance, labor
rights, work place safety, fair treatment of workers, community development and environment
management, but also for industrialization and ensuring global market access. Since, CSR entails
working with stakeholders it is important to work from within and diagnose the stakeholders;
concerns so that CSR is truly embedded in the companies.

CSR Prospects and Future in Bangladesh
Bangladesh is a developing country. Because of global competitiveness and demand, the CSR
practices and standards are being implemented in Bangladesh. But we are yet go a long way.
There are challenges to implement CSR properly in Bangladesh. Ultimately CSR practices should
be better practiced in Bangladesh for better and enhanced performance. In a publication
discussing the good governance indicators of regulatory quality, rule of law and control of
corruption in the context of Bangladesh, it analyses how lack of good governance indicators
affects the success and sustainability of reforms and contributes to the lack of business ethics and
CSR in Bangladesh (Azmat, 2005).

Citibank, N.A. (Global)
Citibank, N.A. is the first financial service company to bring together banking, insurance and
investments under the same name. Citi is the renowned global financial service company with
over 200 million customer accounts in 160 countries across six continents. This makes Citi one of
the leading Financial Institution in the world. Citi provides consumers, corporate, governments
and institutions with a broad range financial products and services, including consumer banking
and credit, corporate and investment banking, insurance, securities brokerage and asset
management.
Citi is ranked one if the worlds 10 most respected companies, has the most diverse array of
products and the greatest distribution capacity of any financial firm in the world.
The major brand names under Citis trademark are Citi Cards, CitiFinancial,
CitiMortgage, CitiInsurance, Primerica, Diners Club, Citi Asset Management, The
Citi Private Bank and CitiCapital, Citi Microfinance, Women & Co. etc. (Citigroup, 2013)
Citibank, N.A., Bangladesh
In 1987 Citibank N.A. started its operations in Bangladesh, with the opening of a
representative office. On 26
th
January 1995, Citibank, N.A. Bangladesh obtained license from
Bangladesh Bank and opened its first full-service branch in Dhaka. The first branch of Citibank,
N.A. Bangladesh started its operation in Dhaka, Bangladesh on 24
th
June 1995. Citigroup Inc.
(formed from the merger of Citicorp Inc. and Travelers Group Inc. on 8 October 1998) a holding
company under the law of the United States of America, is the sole shareholder of Citibank, N.A.,
Bangladesh. The Bank has total number four branches in Bangladesh. They are located in
Motijheel, Gulshan, Dhanmondi and Chittagong. The Offshore Banking Unit (OBU) started its
operation on 26
th
April 2006.
The Bank now has four branches and three offshore banking units with 198 employees serving
both corporate and some individual customers.
Since 1987, Citis operations encompass primarily on corporate and commercial banking
services under the Institutional Clients Group (lCG). In Bangladesh, Citi provides a
comprehensive range of financial services including treasury management, transaction services,
foreign exchange and structured finance to corporate clients, governments and financial
institutions. The Bank also provides remittance services to the expatriate community all across
the world and largely in the Middle East. In 2008 the Bank started to after Domestic Custody and
Clearing services to its offshore clients.
Citi has a well-developed Financial Institutions business supporting the cross-border
transactions of nationalized and private sector banks in the country. Global
Transaction Services (GTS) supports Bangladesh corporate, financial customers and public sector
clients with its award winning cash management, trade services, agency
& trust, and direct custody & clearing solutions. Citi is also the leading bookrunner of the
Capital market solutions for its clients in Bangladesh (Citibank, N.A.,Bangladesh, 2013).

Importance of CSR to Citibank, N.A., Bangladesh
At Citi, Corporate Citizenship is defined as the positive impact that Citi has on the society
and on the environment through its core business activities, philanthropy, diversity efforts,
volunteerism and public policy engagement as well as the philanthropic initiatives taken by Citi
Foundation. Citi emphasize on issues that directly have an impact on their clients and those
avenues where they naturally have influence and expertise as a financial services company. Citi
accepts their social responsibility and thus want to maximize the benefit to the community in
which they operate (Citi Foundation, 2013).
At Citi Bangladesh, Corporate Citizenship is not only about taking care of the community in
which they operate. As a leading financial institution of the country, they have a responsibility
towards their clients/stakeholders, community, and colleagues and to the franchise. With this
vision, Citi Bangladesh exercises corporate citizenship in the following fields:
Microfinance: Reducing poverty by stimulating the development of micro enterprises.
Financial Education: Founded on the belief that knowledge is your greatest asset,
commitment to financial education is one of Citis highest priorities.
Community Development: Heritage restoration and cultural development.
Disaster Management and Response: Helping communities prone to natural disasters and also
affected by them. Provide relief agencies with grants and donations for immediate recovery
efforts, as well as long term rebuilding and reconstruction activities.

CSR activities of Citibank, N.A., Bangladesh in 2012
Citi Financial IT Case Competition
Citi Financial IT Case Competition is supported by Citi Foundation and organized by
Citibank, N.A., Bangladesh and D.Net (Development Research Network) for the 4
th
consecutive
year. It started with the aim to provide an opportunity for young and talented minds from
different universities to compete in the development of unique software and information system
solutions for the financial sector in Bangladesh. Prize money of USD 6,000 was distributed
among the top three teams.

Citi UCEP Pre Technical Education Program
In 2012, Citibank, N.A., Bangladesh in partnership with Underprivileged Childrens
Education Program (UCEP) launched a new community program titled Citi UCEP Pre Technical
Education Program. Citi Foundation donated a grant of USD 30,000 to provide pre-technical
education to 346 underprivileged children. These children in the age group of 14 to 16 years were
enrolled in the pre-tech course for 6months.

Citi Scholarship for Underprivileged Young Women
Citi Scholarship for Underprivileged Young Women program helps 35 poor meritorious
female students, who are in need of financial assistance to carry on their studies to develop their
knowledge and talent. This is a unique of helping meritorious female students to accomplish their
goals and reach a platform for establishing their career. For this program Citi Foundation donated
USD 30,000 to Grameen Shikkha for the continuation of the studies of 35 students who were
enrolled into this scholarship program in 2010.
Citi Solar Project for Rural Microenterprises
For the first time in Bangladesh, Citi Foundation launched a renewable energy project titled
Citi Solar Project for Rural Microenterprises. This project is being managed by Citibank, N.A.
Bangladesh in collaboration with the Association of Underprivileged People (AUP). The solar
panels were distributed by Green Housing Energy Limited (GHEL) who are also providing
training and product maintenance visits. Citi Foundation as a pilot project donated USD 40,000 to
subsidize interest-free, zero down-payment microloans to 510 rural microenterprises.

Citi Microentrepreneurship Award
The Microentrepreneurship Award program which Citi implemented in partnership with U.N.
in 30 countries in 2005 coinciding with global Year of Microcredit has been steered for last
three years by Citi itself. Credit and Development Forum (CDF) partnered with Citibank, N.A.
Bangadesh to organize the 7
th
Citi Microentrepreneurship. Awards were given in 4 categories.
They were Best Microentrepreneur of the Year, Best Woman Microentrepreneur of the Year, Best
Microentrepreneur of the Year in Agriculture and Best Microfinance Institution of the Year. Each
of the winner received BDT 350,000 each. A grant of USD 60,000 from Citi Foundation will be
used towards the implementation of the 8
th
Citi Microentrepreneurship Award which will be
presented in five categories.

Statement of the Problem
This study has tried to investigate whether Corporate Social Responsibility, Bank Size, Bank
Risk, and Advertising Intensity has any affect on Corporate Financial Performance in context of
Citbank, N.A., Bangladesh. Previous study by Sulaiman R. Weshah, et. al., (2012) has already
shown that Corporate Social Responsibility, Bank Size, Bank Risk, and Advertising Intensity
affect Corporate Financial Performance. But as results cannot be generalized for all the
organization or industry that is why this research has been conducted.

Purpose of the Study
The main purpose of the study is to identify the possible impact of adopting Corporate Social
Responsibility on Corporate Financial Performance at Citibank, N.A., Bangladesh. At the same
time this research will also try to find out the existence of any relationship between Bank Size,
Bank Risk, Advertising Intensity and Corporate Financial Peformance at Citibank, N.A.,
Bangladesh.

Literature Review
Theories supporting CSR
The discussion so far has described the emergence of CSR as a framework for the role of
business in society, setting standards of behavior to which companies must subscribe to impact
society and environment in a positive and a productive manner. The following represent the
major theories that support the practice of CSR. (Dusuki, 2008).

The classical view of CSR
In this view the Social Responsibility of Business is to Increase Its Profits, Friedman argues
that having corporate officials extend their social responsibilities beyond serving the interests of
their stockholders is fundamentally a mistaken belief of the character and nature of business in a
free economy. In such an economy: "there is one and only one social responsibility of business -
to use its resources and to engage in activities designed to increase its profit.

Social contract theory
The central idea of the social contract theory is how to relate a corporation to society.
According to this theory, business must act in a responsible manner not only because it is in its
commercial interest to do so, but because it is part of how society implicitly expects business to
operate. Furthermore, according to the social contract paradigm, a business is regarded as a social
institution and should join with other social structures like the family, educational system and
religious institutions, to help enhance life and meet needs.

Agency theory
Agency theory proposes that during a transaction, one transactor, (the principal) designates
another person (the agent) to act on his or her behalf. This requires the principal to trust the agent
under imperfect information and uncertain outcomes. Friedman (1970) draws on agency theory in
his criticism of CSR, explaining that managers, as agents for the owners of the firm, have a
responsibility to maximize the corporations profits; to spend money doing anything else is an
abuse of the relationship.
However, Carroll (1979) points out that the economic and societal interests of the firm are
often intertwined; for example, product safety is of concern both at the economic and societal
levels. Therefore, practicing CSR may be in the best economic interests of the firm. (Foote, et., al.
2010).

Stakeholder theory
While previously only the effects of corporate actions on actual shareholders were considered,
Freeman and Reed developed the theory that there are other groups whose needs should be
considered as well, adding employees, customers, and society at large, among others, to the list of
a firms constituents: There are other groups to whom the corporation is responsible in addition
to stockholders: those groups who have a stake in the actions of the corporation (Foote, et., al.,
2010).

The resource-based view of the firm
Barney and Zajac (1994) countered the popular assumptions that resources are equally
distributed to all firms and developed the theory that not only is resource distribution unequal
throughout an industry, but firms can capitalize on their strengths and use them as a competitive
advantage. McWilliams and Siegel, 2000) point out that for profit-maximizing firms, CSR can be
utilized for purposes of creating strategic advantages.

The CSP-CFP relationship
A review of the different theoretical proposals on the relationship between corporate social
performance (CSP) and Corporate Financial Performance (hereafter CFP) offers arguments for
all the possibilities, negative, neutral or positive, among which the most relevant are: (Jose et al,
2007)
Negative: Justified by the fact that companies that behave responsibly are at a competitive
disadvantage as they incur costs that they would otherwise avoid, or could pass on to other agents
(for example, customers or government). According to this reasoning, there are few economic
benefits for socially responsible behavior, at the same time as there are many costs, thus leading
to the expectation of a fall in the FP of the company (Friedman, 1970).
Neutral: A denial of the existence of any kind of relationship, either positive or negative,
between social and financial performance. The authors who hold this view (Ullman, 1985) argue
that there are so many factors or variables that intervene between social and FP that there is no
reason for the existence of any relationship between the two variables, except possibly by chance,
which, together with the measurement problems that have plagued CSP research, may have
masked any such relationship.
Positive: This third perspective proposes that there is a tension between the explicit costs of
the company (for example, payments to bondholders) and their costs implicit to other agents (for
example, product quality costs or environmental costs). So, a company that tries to reduce its
implicit costs by means of socially irresponsible acts will incur greater explicit costs, the result of
a competitive disadvantage.
The lack of consensus on the impact of CSR on firm performance can be attributed to many
different causes such as a lack of a clear and precise definition of CSR, a lack of a clear CSR
metric, and the impact of contextual factors

Measuring CSR or corporate social performance
Corporate Social Performance (CSP) can be defined as a business organizations
configuration of principles of social responsibility, processes of social responsiveness, and
policies, programs, and observable outcomes as they relate to the firms societal relationships.
How to measure a companys CSP has been a topic of much debate. Having a valid measure is
important for researchers, investigating the relationship between different organizational
measures and CSP and for stakeholders employing social performance information in their
decision making models. Past measurements have been based on various information sources
such as government pollution indices, financial reports, reputational surveys, and CSR orientation
studies. While all of these have virtues, none accurately measure the outcomes of CSR initiatives.

Previous studies
The quantity of research produced has increased enormously over the last decade, and touches
nearly every facet of business theory and some of these researchs are:
Moses L. Pava, Joshua Krausz, 1996, aimed to explain the relationship between (CSR) and
traditional financial performance, through examining long-term financial performance. they used
the literature review in the first section to show that the paradox of social cost could be explained
by five explanations and used The CEP ratings, based on an assessment of 12 specific CSR
components as a measurement of (CSR), and then put the criteria for measurement of the
Financial Performance depend on market base, accounting base, measure of Risk, Other firm
specific characteristic They took 53 company listed in Council on Economic Priorities (CEP) and
compared the financial performance of this group with another group as a control sample, which
is similar in both size and industry, and they found a little evidence to suggest a positive
association between SR and traditional financial performance.
Lee E. Preston, Douglas P. OBannon, 1997, analyze the relationship between indicators of
Social Responsibilities and Financial Performance, through examining data from 67 large U.S
Corporation for 1982-1992, by using a typology and analysis; they used four trends in discussing
this relation 1) social impact hypothesis 2) Trade-off hypothesis 3) available Fund and 4) Finally
managerial opportunism hypothesis, and they found a strong positive correlation either by
positive synergies or by available funding.
Curtis C. Verschoor, 1998, here The researcher examine the 500 largest public U.S companies
that make a commitment to their stakeholders to deal with their interest with a code of ethics.
Upon the researcher its the first time that takes this scale of companies in the studies and the
result showed that the financial performance of the companies stated commitment in their reports
is higher than those not report or didnt make any reference to ethics.
A. McWilliams and D. Siegel, 2000, studies the impact of (CSP) on financial performance,
they used two models to study this equation; the first is the relationship between (CSP) and CFP
and they used the statistical regression to emphasize the correlation between corporate social
responsibilities and corporate financial performance through including R&D and advertising
intensity to the second model they found that there is a high correlation between (CSP) and R&D.
when they use the R&D the (CSP) shows a natural effect on CFP. So the researchers encourage
readers to be aware of models that claim to explain firms performance and not to include
important strategic variables such as R&D intensity.
Marc Orlitzky, 2001, This study investigate wither the relationship between (CSP) and CFP
regarding to level of the corporate size and the researcher use for this purpose integrating three
variables meta- analysis first: (CSP) and CFP , second: firm size and (CSP), third: firm size and
CFP. The individual-link and fit analysis suggest that organizational size has no significant path
to (CSP) or CFP, and the only path that cannot be dropped in these three variables model, is from
(CSP) to CFP.
Mackey, et. al. 2007, In this paper the researchers built a theory on a sample observation that
equity holders may sometimes have interest besides simply maximizing their wealth when they
make their investment decisions, they developed a model adapting a market definition of firms
performance by focusing on how socially responsible corporate activities affect firms market
value, this model used to describe the impact that beginning or ending socially responsible
activities that reduce the present value of firms cash flow will have on the firms market value.
The model suggests that there will be a positive correlation between firms choices about
investing in socially responsible activities and firms value. The paper provides an explanation of,
when investment in these kinds of socially responsible activities will occur.
Chung-Hua Shen and Yuan Chang, 2009, The purpose of this study is to investigate the
financial performance with regarding to (CSR)) and (NON-CSR), they used a sample of Taiwans
data from 2005-2006, and used matching theory and propensity score matching methodology to
emphasize the effect of adapting (CSR) on financial performance and distinguish between two a
broach, first: the social impact hypothesis and the second: the shift of focus hypothesis
They found a positive relation with the CFP regarding to (CSP) companies.
Surroca, et. al., 2010, examined the relationship between (CSP) and CFP with regarding to
intangible recourses, they advanced the understanding of the relationship between CRP and CFP
in three ways: theoretically, empirically, and methodologically. The main proposition of this
paper is that intangibles mediate the relationship between CRP and CFP which operates in both
directions, they used an international database provided by sustainalytic responsible investment
services, and their sample was 599 firms from 28 nations. The result of this study shows positive
associations between firms intangibles and both measures of performance (CSP) and CFP).
R. G. Castro, et. al. , 2010, This article deals with the specific issue of the endogeity of
strategic decisions through studying the relationship between SP and FP. They used a panel based
on the 658 firms included in KLD database and covered 15 years (1991-2005), and used standard
OLS regression analysis. The result suggest that KLD doesnt impact performance, the positive
impact found is due mainly to the fact that firms that adopted high standards of KLD self selected
themselves, that positive effect dilutes when Endogeneity is properly taken into account.
Jong-Seo Choi, et. al., studied the empirical relation between (CSP) and CFP in Korea, they
used a sample of 1222 firm during the years 2002-2008, and they measure (CSP) by both equal
weighted (CSR) index and stakeholders weighted (CSR). And they measure CFP by (ROA),
(ROE) and (TopinQ). They used cross- sectional regression model using four factors model, they
analyzed wither investors can obtain abnormal returns by employing socially responsible screens.
They founded a positive and significant relationship between CFP and stakeholders weighted
(CSR) index but not the Equal weighted (CSR) index.
Maria-Gaia Soana, 2011, This article studies the relationship between the (CSP) which is
measured by an ethical rating and CFP which is measured by market and accounting ratios, to
overcome the limitations of previous studies, she took a sample of banks working in Italy, she
carried out a quantitative analysis of 21 international banks rated by ethical on 31-12-2005 and 16
Italian bank rated by AXIA on 31-12-2005, and used a correlation methodology and the result
was that there is no statistically significant link between (CSP) and CFP.
A. M. Esteves, and M.-A. Barclay, 2011, the focus of this article is on the minerals industry,
where companies currently face the challenge of matching corporate drivers for strategic
partnership with community needs for programs that contribute to local and regional
sustainability. While many global mining companies advocate a strategic approach to
partnerships, there is no evidence currently available that suggests companies are monitoring
these partnerships to see if they do, in fact, represent strategic investments. This article argues
that applying the management concept of investment performance to corporatecommunity
partnerships requires questioning traditional evaluation methods that focus on the results of
programs or activities. they adopt a case study approach to introduce an evaluation framework
that considers performance from both corporate and community perspectives and that
conceptualizes partnership performance as comprising four aspects: (1) the contribution of the
partnership to the overall portfolio of a companys community investment programs, (2) the
appropriateness of the partnership model, (3) the effectiveness of the partnering relationship and
(4) the ability of the partners to achieve program goals. The application of this evaluation
framework to an established corporatecommunity partnership program provided some useful
insights as to how partnership performance can be improved. And the approach applied to the
LCF evaluation involved a combination of method qualitative and quantitative.
M. L. Andersen and L. Olsen, 2011, A major stream of research has resulted from efforts to
understand the relationship between social performance and financial performance that exists for
corporations. Can a company do well by doing well? Using canonical correlation, the results of
this study indicate a strong relationship between a companys social performance and its financial
performance. Further, this association differs across industries. In examining social performance,
both strengths and concerns are important and should be considered separately.
Finally, this study points to the importance of operating income as a key financial performance
measure. They used canonical correlation analysis which examines the simultaneous relationship
between two set of variables.
Z. TANG, et. al. , 2011, hypothesize that (CSR) engagement involving a slow pace, a
consistent approach, a focus on related (CSR) dimensions, and an internal-to-external path will
enhance the positive contribution of (CSR) to financial performance. Panel analysis on
longitudinal data collected from 130 firms from 1995 to 2007 verified most of their hypotheses.
They collected sample from environment social and governance (ESG) database provided by
Morgan Stanley capital international (MSCI), and match these data with company financial data
from the computerized data.
D.J. Wood, 2010, This paper reviews the literature on corporate social performance (CSP)
measurement and sets that literature into a theoretical context. Following a review of (CSP)
theory development and the literature on relationships between (CSP) and corporate financial
performance, Woods (CSP) model (Wood, D.J. (1991). Corporate social performance revisited.
Academy of Management Review, 16, pp. 691718) is used as an organizing device to present and
discuss studies that use particular measures of (CSP). Conclusions emphasize the need for (CSP)
scholars to refocus on stakeholders and society, and to incorporate relevant literatures from other
scholarly domains.
Rahmawati and Putrid Septia Danita, 2011, examined the relationship between the (CSR)
and earning management in the impact of this relationship on corporate performance in the future,
the study was about 27 company in Indonesia stock exchange during 2006-2008, They developed
model depending on secondary data taken from annual reports for companies listed on Indonesian
stock exchange and they used ordinary least square regression and they give an evidence that the
earnings management have no influence on (CSR) and the practice of earning management
negatively affect the financial performance.

Conceptual framework

Research hypothesis:
H01: There is no significant relationship between the levels of bank (CSR) and the banks (CFP).
H02: There is no significant relationship between bank size and (CFP).
H03: There is no significant relationship between the level of risk in the bank and (CFP).
H04: There is no significant relationship between the level of advertising intensity and (CFP).

Methodology
Research design:
This research is trying to find out the impact of (CSR) on financial performance in context of
Citibank, N.A., Bangladesh. At the same time this research paper will also try to find out if Bank
size, Bank risk and Advertising intensity has any affect on CFP. This research is a descriptive
study because it will try to find out the association between variables. The time dimension for
collecting research data is longitudinal. This means data has been collected over a period of time
unlike cross-sectional which collects data at one specific point of time.

This research will examine the dependent and independent variables as follows:
CFP: Dependent variable measured by the ratio of net income before tax to total asset value.
CSR: Independent variable measured by the ratio of the amount of donation disclosed to interest
revenue.
Bank size: Independent variable measured by total assets.
Bank risk: Independent variable measured by the ratio of total liabilities to total assets.
Advertising Intensity: Independent variable measured by the ratio of advertising expense to
interest revenue.
Data Collection:
The research has been mainly based of quantitative data. Five years of annual report data of
Citibank, N.A., Bangladesh were used to conduct this research. Information incorporated in this
report has been collected from both primary sources as well as secondary sources. Secondary data
were mostly used in this research. The main secondary sources of collecting data were annual
reports, bank website and bank records. This research also used literature review from different
research papers. Information from Farah Rahman, Manager, Corporate Affairs, Citibank, N.A.,
Bangladesh also helped to get better understanding about the CSR work of the bank.

Data Analysis:
SPSS Version 17 has been used as the statistical data analysis tool. This software helped to
carry on different types of analysis for this research. Regression model has been used to know
how well the independent variables are explaining the dependent variable and whether the null
hypothesis can be rejected or not.

Hypothesis Test
Depending on regressions, the study found the following results:
H01 Test: There is no significant relationship between the levels of bank (CSR) and the
banks (CFP).
Regression shows that (CSR) explains 84.4% of (CFP). ANOVA shows that the calculated
significant value of these two variables is 0.027, less than 0.05. Therefore, we reject the null
hypothesis that said there is no significant relationship between the levels of bank (CSR) and the
banks (CFP), and we accept the alternative hypothesis that said there is a significant relationship
between the levels of bank (CSR) and the banks (CFP).

H02 Test: There is no significant relationship between bank size and (CFP).
Regression shows that Bank Size explains only 16% of (CFP). ANOVA shows that the
calculated significant value of these two variables is 0.504, greater than 0.05. Therefore, we
accept the null hypothesis that said there is no significant relationship between bank size and
(CFP).

H03 Test: There is no significant relationship between the level of risk in the bank and
(CFP).
Regression shows that Bank Risk explains only 21% of (CFP). ANOVA shows that the
accept the null hypothesis that said there is no significant relationship between the level of risk in
the bank and (CFP).

H04 Test: There is no significant relationship between advertising intensity and (CFP).
Regression shows that Advertising Intensity explains 52.5% of (CFP). ANOVA shows that the
accept the null hypothesis that said there is no significant relationship between advertising
intensity and (CFP).

Results
There is a significant relationship between the levels of banks (CSR) and the banks (CFP).
There is no significant relationship between banks size and (CFP).
There is no significant relationship between the level of risk in the bank and (CFP).
There is no significant relationship between advertising intensity and (CFP).

Recommendations
Citibank, N.A., Bangladesh should take into their consideration the positive effect of (CSR) on
their (CFP). The employees should also support the management to use (CSR) because of its
great impact on the surrounded society. The bank also needs to think beyond whats affecting
them in this time to whats going to happen in the future. This is not just about addressing
changes to technology or the needs of customers, but also taking into consideration changes in
social, governance and environmental aspects. Citibank should also put more effort to increase
awareness about their (CSR) work among its stakeholders.

Limitation
The data analysis of the research was based on only 5 years. This was mainly due to
unavailability of (CSR) expenditure data. This has worked as one the main drawbacks of this
research paper. Few years back it was not compulsory for banks to make (CSR) related data
available to public; so many banks avoided releasing them. The research could have been more
accurate if data of those missing years or quarterly data of last five years were available. Lack of
experience in the research field can also be considered as one of the limitations of this research
paper.
Significance of the Study
The research process and its outcome will have significant effect on both the bank and
stakeholder. The outcome of the research will help to understand the important role of (CSR)
activities of Citibank, N.A., Bangladesh and how it is contributing to the financial performance
and society. This research paper might also encourage Citi Foundation to allocate more money at
Citibank, N.A., Bangladesh for (CSR) activities.
This research paper can also be used by other researchers to carry further studies on (CSR)
activities in the future. This will help the researchers to save precious time during their research.
This research paper will also contribute to the limited amount of research done on CSR in
Bangladesh.

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Appendices













Taxonomy of Studies

Regression (CSR-CFP)

Variables Entered/Removed
b

Model
Variables
Entered
Variables
Removed Method
1 Corporate Social
Responsibility
a

. Enter
a. All requested variables entered.
b. Dependent Variable: Financial Performance

Model Summary
Model R R Square
Adjusted R
Square
Std. Error of the
Estimate
1 .919
a
.844 .792 .0027125
a. Predictors: (Constant), Corporate Social Responsibility

ANOVA
b

Model Sum of Squares df Mean Square F Sig.
1 Regression .000 1 .000 16.259 .027
a

Residual .000 3 .000

Total .000 4

a. Predictors: (Constant), Corporate Social Responsibility


Regression (Bank Size-CFP)

b

Model
Variables
Entered
Variables
Removed Method
1 Bank Size
a
. Enter

Model Summary
Model R R Square
Adjusted R
Square
Std. Error of the
Estimate
1 .400
a
.160 -.119 .0062974
a. Predictors: (Constant), Bank Size

ANOVA
b

1 Regression .000 1 .000 .573 .504
a


Total .000 4

a. Predictors: (Constant), Bank Size


Regression (Bank Risk-CFP)

b

Model
Variables
Entered
Variables
Removed Method
1 Bank Risk
a
. Enter

Model Summary
Model R R Square
Adjusted R
Square
Std. Error of the
Estimate
1 .458
a
.210 -.054 .0061097
a. Predictors: (Constant), Bank Risk

ANOVA
b

1 Regression .000 1 .000 .796 .438
a


Total .000 4

a. Predictors: (Constant), Bank Risk


Regression (Advertising Intensity-CFP)

b

Model
Variables
Entered
Variables
Removed Method
1 Adertising
Intensity
a

. Enter

Model Summary
Model R R Square
Adjusted R
Square
Std. Error of the
Estimate
1 .725
a
.525 .367 .0047364
a. Predictors: (Constant), Adertising Intensity

ANOVA
b

1 Regression .000 1 .000 3.317 .166
a


Total .000 4

a. Predictors: (Constant), Adertising Intensity

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