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CSR in the construction industry: a critical review of conceptual and methodological frameworks
(Національний технічний університет "Харківський політехнічний інститут", 2024-02-14) Nashchekina, O. M.; Tymoshenkov, Ihor Vladyslavovych; Ovsepіan, Ruzana
The construction industry plays a vital role in the socio-economic development of any society. At the same time, the industry produces adverse social and environmental effects, which makes the adoption ofcorporate social responsibility (CSR) by construction companies especially relevant. For CSR management and research purposes, the abstract concept of CSR should be described in a structured and specific way, using certain conceptual and methodological frameworks. The goal of this article is to provide a critical review of the CSR frameworks used in academic literature on CSR in the construction industry and in CSR-related standards. We discuss CSR in terms of the industry-specific material topics proposedin the SASB standards. In particular, we show the importance of life cycle analysis for the construction industry,taking into account the nature of its products. We also show that the CSR of construction companies extends to the environmental impact not only of their own production activities but also of their construction products(buildings, infrastructure objects). We demonstrate that the LEED rating and certification system provides a comprehensive framework for such an important aspect of CSR as green building. In the academic and business literature, broad dimensions of CSR are often defined using the corporate sustainability and ESG concepts, and then narrower, specific topics are identified within each for those dimensions. We summarize such specific topics along economic, social, environmental, and governance dimensions. An alternative approach to defining the dimensions of CSR is through identifying the interests of stakeholders. The most common groups of stakeholders of construction companies referred to in the literature are shareholders, employees, customers, local communities, suppliers and partners, government, competitors, environment. CSR in the construction industry is shaped by external factors, which we categorize into mandatory rules, social pressures, the CSR infrastructure, market pressures, and technological factors. We introduce the CSR infrastructure as a separate external factor because of its scope and role in promoting CSR and removing barriers to its adoption. We stress the role of technological innovations and green building practices in the CSR implementation in the construction industry. The internal factors that stimulate or impede the adoption CSR by a construction company include the company’s values, vision, culture, strategies and the leadership. We emphasize the importance for the construction industry to use a holistic approach to CSR, considering the impacts within the entire value chain
The impact of csr on financial performance: controversial empirical evidence and reasons behind it
(Національний технічний університет "Харківський політехнічний інститут", 2023) Nashchekina, O. M.; Koptieva, Hanna Mykolayivna; Tymoshenkov, Ihor Vladyslavovych
Business case for corporate social responsibility (CSR) is becoming increasingly relevant today because it allows companies to align interests of different groups of stakeholders through creating a shared value. To integrate CSR in a company's business model effectively, it is important to understand the relationship between CSR and financial performance. However, a large number of studies on the impact of CSR on a company's bottom line have yielded controversial results. The goal of this article is to provide an overview of discrepancies in the results of empirical studies on the relationship between CSR and financial performance reported in the literature and summarize the reasons and methodological issues underlying the lack of consensus regarding this relationship. We show that most authors observed a positive impact of CSR on financial performance, however some authors reported a negative, U-shaped, inverted U-shaped, and S-shaped relationships, as well as the absence of any impact of CSR on financial performance. The discrepancy in the results can be related to a multidimensional and heterogeneous nature of CSR, and hence, to the lack of uniformity in measuring it. Similarly, financial performance can also be measured through a variety of indicators, both accounting- and market-based. The differences in the measurement methodology make the results of different studies less comparable. The relationship between CSR and financial performance can also depend on the approach to CSR used by companies. If CSR serves as an instrument for wealth creation, its impact on financial performance should be positive by definition. If CSR is based on purely ethical considerations, it may be merely a cost-center with no economic benefits. The relationship between CSR and financial performance can be weakened or strengthened by a large number of external and internal situational factors, such as the institutional environment, industry dynamism, company size, form of ownership and many others that can have a moderating effect on the relationship. The causality within this relationship can be bidirectional and result in a virtuous cycle, but it can also be reversed and asymmetrical. The ambiguity of the results reported in the literature can be connected with a delayed effect of CSR on financial performance, when it takes some time for investments in CSR to pay off in terms of financial benefits.

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