Hybrid corporate social responsibility disclosure assessment and measurement framework: evidence from Zimbabwe

Abstract

The study proposes a hybrid corporate social responsibility disclosure assessment and measurement framework from the perspective of developing economies in Southern Africa, particularly in the context of Zimbabwe, being guided through the lenses of the stakeholder and legitimacy theory. The study was guided by seven research objectives. The first objective established the current CSR disclosure frameworks being used in financial reporting, the second objective identified the themes and constructs best applicable for assessing and measuring CSR disclosure, the third objective explored the CSR disclosure information required for inclusion in corporate reports, the fourth objective ascertained whether CSR reporting should be made mandatory in Zimbabwe, the fifth objective determined the level and extent of CSR disclosure by ZSE firms during the 2022 reporting period, the sixth objective tested the applicability of the hybrid CSR disclosure assessment and measurement framework and objective seven presented the final proposed CSR disclosure assessment and measurement framework. To achieve these research objectives, the study followed the pragmatism research philosophy and adopted an exploratory sequential mixed method research design. A Delphi Inquiry consisting of 20 CSR experts was used to gather qualitative data, and quantitative data to test the applicability of the developed CSR framework was derived through content analysis of annual reports of Zimbabwe Stock Exchange listed firms. The final proposed CSR disclosure assessment and measurement framework emerged with nine CSR themes consisting of 57 CSR constructs that should be disclosed for CSR disclosures to be regarded as adequate in annual reports. The study concludes that CSR disclosures by firms listed on the Zimbabwe Stock Exchange are still inadequate although there is significant improvement. The study therefore recommends the adoption of the current proposed hybrid CSR disclosure assessment and measurement framework to ensure adequate, consistent, standardised and comparable CSR disclosures by firms listed on Zimbabwe Stock Exchanges rather than referring to various CSR frameworks. The study further recommends that CSR disclosure in Zimbabwe should be mandatory as there is still evidence of inadequate variability in the disclosure of CSR information in annual reports.

Die studie stel ’n hibriede openbaarmakingsassessering en -metingsraamwerk vir korporatiewe sosiale verantwoordelikheid (KSV) voor vanuit die perspektief van ontwikkelende ekonomieë in Suider-Afrika, veral in die konteks van Zimbabwe, deur die lens van die belanghebber- en legitimiteitsteorie. Die studie word gelei deur sewe navorsingsdoelwitte. Die eerste doelwit het die huidige KSV-openbaarmakingsraamwerke bepaal wat in finansiële verslagdoening gebruik word, die tweede doelwit het die mees toepaslike temas en konstrukte geïdentifiseer vir die assessering en meting van KSV-openbaarmaking, die derde doelwit het die KSV-openbaarmakingsinligting ondersoek wat vereis word vir insluiting in korporatiewe verslae, die vierde doelwit het vasgestel of KSV-verslagdoening verpligting gemaak moet word in Zimbabwe, die vyfde doelwit het die vlak en omvang van KSV-openbaarmaking deur firmas op die Zimbabwe-aandelebeurs gedurende die 2022-verslagdoeningstydperk bepaal, die sesde doelwit het die toepaslikheid van die hibriede KSV-openbaarmakingsassessering en -metingsraamwerk getoets, en doelwit sewe het die finale voorgestelde KSV-openbaarmakingsassessering en -metingsraamwerk aangebied. Om hierdie navorsingsdoelwitte te bereik, het die studie die pragmatisme-navorsingsfilosofie gevolg en ’n verkennende opeenvolgende gemengde metode-navorsingsontwerp aangeneem. ’n Delphi-ondersoek wat uit 20 KSV-kundiges bestaan het, is gebruik om kwalitatiewe data in te samel, en kwantitatiewe data om die toepaslikheid van die ontwikkelde KSV-raamwerk te toets, is verkry deur inhoudsontleding van jaarverslae van genoteerde firmas op die Zimbabwe-aandelebeurs. Die finale voorgestelde KSV-openbaarmakingsassessering en -metingsraamwerk het na vore gekom met nege KSV-temas wat bestaan het uit 57 KSV-konstrukte wat openbaar gemaak moet word sodat KSV-openbaarmakings as voldoende in jaarverslae beskou kan word. Die studie kom tot die gevolgtrekking dat KSV-openbaarmakings deur firmas wat op die Zimbabwe-aandelebeurs genoteer is, steeds onvoldoende is, hoewel daar aansienlike verbetering is. Die studie beveel dus die aanvaarding van die huidige voorgestelde hibriede KSV-openbaarmakingsassessering en -metingsraamwerk aan om voldoende, konsekwente, gestandaardiseerde en vergelykbare KSV-openbaarmaking te verseker deur firmas wat op die Zimbabwe-aandelebeurs genoteer is eerder as om na verskeie KSV-raamwerke te verwys. Die studie beveel verder aan dat KSV-openbaarmaking in Zimbabwe verpligtend moet wees aangesien daar steeds bewyse is van onvoldoende wisselvalligheid in die openbaarmaking van KSV-inligting in jaarverslae.

Ucwaningo luhlongoza ukuhlolwa kokudalulwa kwesibophezelo sebhizinisi emphakathini okuxubile kanye nohlaka lokulinganisa ngokombono wezomnotho ezisathuthuka eNingizimu Afrika, ikakhulukazi endabeni yeZimbabwe, eqondiswa ngemibono yababambe iqhaza kanye nombono osemthethweni.Ucwaningo beluholwa yizinjongo zocwaningo eziyisikhombisa. Injongo yokuqala yasungula izinhlaka zamanje zokudalulwa kwe-CSR ezisetshenziswa ekubikeni kwezimali, injongo yesibili ihlonze izingqikithi futhi yakha okusebenza kangcono kakhulu ekuhloleni nasekulinganiseni ukudalulwa kwe-CSR, injongo yesithathu yahlola ulwazi lokudalulwa kwe-CSR oludingekayo ukuze lufakwe emibikweni yebhizinisi, injongo yesine yathola ukuthi ukubika kwe-CSR kufanele yini kwenziwe kube yimpoqo eZimbabwe, injongo yesihlanu yanquma izinga kanye nokwandisa kokudalulwa kwe-CSR yizinkampani ze-ZSE ngesikhathi sokubika sika-2022, injongo yesithupha yahlola ukusebenza kokuhlolwa kokudalulwa kwe-CSR okuxubile kanye nohlaka lokulinganisa kanye nenjongo yesikhombisa yethula uhlolo lokugcina oluhlongozwayo lokudalulwa kwe-CSR kanye nohlaka lokulinganisa. Ukufeza lezi zinjongo zocwaningo, ucwaningo lulandele umqondo wocwaningo ogcizelela okungokoqobo futhi lwamukela umklamo wocwaningo lwendlela exubile elandelanayo yokuhlola. Ucwaningo lweDelphi oluhlanganisa ochwepheshe be-CSR abangama-20 lwasetshenziswa ukuqoqa imininingwane ngokuchazwayo, futhi imininingwane yezinombolo ukuhlola ukusebenza kohlaka oluthuthukisiwe lwe-CSR lwatholakala ngokuhlaziya okuqukethwe kwemibiko yonyaka yezinkampani ezisohlwini lweZimbabwe Stock Exchange. Uhlolo lokugcina oluhlongozwayo lokudalulwa kwe-CSR kanye nohlaka lokulinganisa lwavela nezindikimba eziyisishiyagalolunye ze-CSR ezihlanganisa ukwakhiwa kwe-CSR okungama-57 okufanele kudalulwe ukuze ukudalulwa kwe-CSR kuthathwe njengokwanele emibikweni yonyaka. Ucwaningo luphetha ngokuthi ukudalulwa kwe-CSR yizinkampani ezisohlwini lweZimbabwe Stock Exchange akukalungi nakuba kunokuthuthuka okukhulu. Ngakho-ke lolu cwaningo luphakamisa ukuthi kwamukelwe uhlelo oluhlongozwayo lwamanje lokuhlola ukudalulwa kwe-CSR kanye nohlaka lokulinganisa ukuze kuqinisekiswe ukudalulwa kwe-CSR okwanele, okungaguquki, okulinganiselwe nokuqhathanisekayo yizinkampani ezisohlwini lweZimbabwe Stock Exchange kunokuba kubhekiselwe ezinhlakeni ze-CSR ezihlukahlukene. Ucwaningo luphinde luphakamise ukuthi ukudalulwa kwe-CSR eZimbabwe kufanele kube yimpoqo njengoba kusenobufakazi bokuhlukahluka okwanele ekudalulweni kolwazi lwe-CSR emibikweni yonyaka.