Volume 12 Issue 14 Version 1.

0 Year 2012
Type: Double Blind Peer Reviewed International Research Journal
Publisher: Global Journals Inc. (USA)
Online ISSN: & Print ISSN:

Abstract - This study looks into the association between corporate characteristics and corporate
social responsibility disclosure (CSRD) in annual reports of listed companies in Bangladesh.
Seventy annual reports of nonfinancial companies for the year 2010 have been taken as sample
to find the empirical result of this study. The study reports that the mean score of CSRD is five
and 75 percent companies disclose 7 items voluntarily which is 20 percent of total disclose-able
items. So, companies in general have not responded enough to disclose CSR items in the
annual reports. The explanatory variables total assets, profitability, MNC affiliation and listing age
are insignificant factors for CSRD while market capitalization has statistically significant effect on
CSRD. It is expected that the usefulness of this research work will be acknowledged by potential
and present investors, stakeholders, policy makers, and regulatory bodies of the country.

Keywords : Corporate Characteristics, Corporate Social Responsibility Disclosure, Voluntary,

Explanatory Variables and Stakeholders.

GJMBR-B Classification : FOR Code:150303 JEL Code: M14

Corporate Social Responsibility Disclosure in Bangladesh

Strictly as per the compliance and regulations of:

© 2012. Mohammad Abu Sufian. This is a research/review paper, distributed under the terms of the Creative Commons
Attribution-Noncommercial 3.0 Unported License http://creativecommons.org/licenses/by-nc/3.0/), permitting all non-commercial
use, distribution, and reproduction in any medium, provided the original work is properly cited.
 Corporate Social Responsibility Disclosure in
Bangladesh
Mohammad Abu Sufian

Abstract - This study looks into the association between attention of the businesses, political persons,
corporate characteristics and corporate social responsibility academicians and researchers. Prior studies of Chiong
disclosure (CSRD) in annual reports of listed companies in et al. (1993), Garry et al. (1995), Carroll, (1999),
Bangladesh. Seventy annual reports of nonfinancial Cetindamar and Husoy, (2007), Webb et al. (2009),

Year 2012
companies for the year 2010 have been taken as sample to
Kamal et al. (2012) etc. have reported that the initiatives
find the empirical result of this study. The study reports that the
mean score of CSRD is five and 75 percent companies of CSR by the firms are generated from the economic
disclose 7 items voluntarily which is 20 percent of total theory, political theory, agency theory, stakeholder
disclose-able items. So, companies in general have not theory, legitimacy theory and ethical theory. Private
responded enough to disclose CSR items in the annual pressure group and government regulatory bodies 149
reports. The explanatory variables total assets, profitability, which enforce the laws and guidelines of corporate

Global Journal of Management and Business Research Volume XII Issue XIV Version I
MNC affiliation and listing age are insignificant factors for social responsibility can intensify the CSR for firms. In
CSRD while market capitalization has statistically significant Bangladesh there is no private and government
effect on CSRD. It is expected that the usefulness of this
pressure group either to enforce or to monitor the CSR
research work will be acknowledged by potential and present
activities of listed firms. Here, firms are practicing CSR
investors, stakeholders, policy makers, and regulatory bodies
of the country. voluntarily from the social point of view. The central bank
Keywords : Corporate Characteristics, Corporate Social of Bangladesh, Bangladesh Bank has issued mainly
Responsibility Disclosure, Voluntary, Explanatory three circulars from the Department of Off-site
Variables and Stakeholders. Supervision due to maintain a separate CSR desk, a
separate statement on CSR initiatives and to give an
outline of social activities for banks only. On the other

B
hand, the Department of Environment of the People’s
angladesh got her independence in 1971 from
Republic of Bangladesh has issued an Effluent
West Pakistan with small area of 147570 square
Treatment Plants (ETPs) guideline for industrial
kilometer and heavy population of 70 million. Now
establishment to protect the environment as a part of
she has a large population of 140 million with high
CSR. As there is no mandatory requirement for firms to
growth rate of 1.34 per cent (2011 census). Besides,
disclose CSR in their annual report or elsewhere, they
about 25.1% of total population lies under poverty line
do this with an intension that the doing good is always
(Economic Review 2011, GOB). Bangladesh is trying to
lead to doing better. Firms also seek a recognition and
develop economically through industrialization since her
profile of its own from the perspective of international
inception. A number of industries have been established
and local investors. Furthermore, by practicing better
at an accelerated rate to meet the increasing demand of
CSR they want to involve with the overall national
population. Accordingly, the demand for performing
agenda of our country like Vision 2021 and Millennium
social activities termed Corporate Social Responsibility
Development Goals (MDG). Corporation can practice
(CSR) by the firms is increasing rapidly. In general, CSR
CSR from different dimensions. These include CSR on
embraces all organizational activities relating to the
employees support ( health safety, job security, profit
organization and society. So, it is the contribution of
sharing, employee participation, treating employees
firms to the social being in the all sphere of society.
fairly and equitably etc.), community support (activity
Once firms would recognize the expenditures for CSR
involved in education, health and housing related
as expenses, now these are considered as social
supportive activities, philanthropic activities),
assets. It is also called strategic social investment of
product/services support (product/service quality,
firms. It is seen that firms are doing CSR in order to have
product safety, delivery, research and development
good impression of regulatory bodies, potential
etc.), and environmental support such as; sustaining the
investors and stakeholders in the capital market. So,
eco-friendly environment, producing environmentally
Corporate Social Responsibility (CSR) has become an
friendly products, waste management, recycling etc.
eye-catching issue that has increasingly attracted the
(Sen and Bhattacharya, 2001). Although some firms
Author : Lecturer, Department of Business Administration, Pabna have been practicing Corporate Social Responsibility
Science and Technology University, Pabna, Bangladesh. Disclosure (CSRD) pro-actively in this green field, it is
E- mail : [email protected] considered infant in Bangladesh. To be good corporate

© 2012 Global Journals Inc. (US)

 Corporate Social Responsibility Disclosure in Bangladesh

citizens and to have some competitive advantages such was to focus on corporate social reporting by
reduction of tax and VAT etc. corporations are practicing pharmaceutical companies operating in a least
CSR sporadically. From the prior studies it is seen that developed country, Bangladesh. Analysis of annual
most of the research works on this field have been reports published in 2007-2008 revealed that 33.33% of
conducted in the developed countries like UK, USA, listed pharmaceutical companies made some kind of
Australia and Canada and the rate of disclosure is also CSR disclosures.
high. A study by Guthrie and Parker (1990) showed a A longitudinal study undertaken by Saleh (2009)
disclosure rate 98% for UK companies, 85% for US on Corporate Social Responsibility Disclosure (CSRD)
companies, and 56% for Australian companies in the practices in Malaysia revealed that companies generally
year 1983. On the contrary, a few studies are prevailed disclosed the four categories of CSRD such as
at Bangladesh and reported low and poor disclosure employee relations, product, community involvement
rate. The study of Belal (1999) and Islam et al. (2005) and environmental disclosures in their annual reports on
Year 2012

revealed that only 6% and 16% companies disclosed the Bursa Malaysia. The study also reported that
environmental information in their annual reports. The employee relations were the highest disclosed, followed
studies carried on CSR by Rahman and Azim (2009) by product, community involvement. Furthermore, it
and Karim et al. (2012) are conceptual, and conducted stated that only 22 out of 200 Malaysian companies
with a view to analyzing the CSR items of listed reported consistently about their CSR activities in their
2 companies. The proposed study will be carried to
150 annual reports.
examine the present scenario of CSR disclosures made From the past researches it is seen that some
Global Journal of Management and Business Research Volume XII Issue XIV Version I

by listed companies in their annual reports, and also to studies are carried on disclosure of Human Resource
see whether there is an association between CSR and Environment as a part of CSRD. The considerable
disclosure and various corporate characteristics. This researches of these field are the research of Hossain et
study would be of immense value for the primary and al. (2004); Islam et al. (2005); Hossain et al. (2006) and
secondary stakeholders, financial analysts, Alam and Deb (2010).
academicians and researchers. As the most of the Hossain et al. (2004) investigated 40 annual
studies on corporate social responsibility disclosure reports of sample companies for financial year 2002 with
belong to developed countries and no extensive aiming to identifying the nature of voluntary human
research work in this field has been done in an resource disclosure by Bangladeshi Companies have
emerging economy of Bangladesh. In this context the concluded that Bangladeshi Companies are making
proposed study is very justified. some human resource disclosures voluntarily as these
The rest of the paper is organized as follows. kinds of disclosures are not mandatory from any
Section 2 states a review of the literature and hypothesis regularity authority.
development of this study. The research method is A study of 48 companies done by Islam et al.
outlined in section 3. Section 4 reports results and (2005) on Corporate Environmental Disclosure in
discussion and finally, the conclusion is presented in Bangladeshi Public Limited Companies revealed that
section 5. only 40% of companies surveyed have made
environmental information, more general and descriptive
in nature in their annual reports for the year 2003. Only
16% companies have disclosed environment disclosure
under a separate heading in the annual reports.
This section provides some insights and
Hossain et al. (2006) have conducted a study
understanding of prior studies done by different authors
on Corporate Social and Environmental Disclosure in
in the same field. This helps us to develop hypothesis in Developing Countries; Evidence from Bangladesh with
one hand and to compare the findings of proposed a view to achieving two objectives are (a) to see the
research. The research of Ismail and Koh (1999) on nature of the voluntary environmental disclosure in
Corporate Social Responsibility Disclosure (CSRD) in Bangladesh; (b) to measure the association between
Singapore have done to examine the relationship firms’ attributes and extent of disclosure. They have
between corporate characteristics and the extent of taken 82 listed companies from Bangladesh and they
CSRD, and trend of CSRD of listed corporations on the have used regression and correlation analysis to
Stock Exchange in Singapore. The major findings are: investigate the results. Findings of the study are (i)
first, their study has failed to show any relationship Environment reporting is found in Bangladesh but it is
between CSRD and corporate characteristics i.e., size done voluntarily; (ii) seven explanatory variables i.e. total
and industry type while there is positive relationship sales , total assets, industry type , rate of return on total
between profitability and CSRD. Second, they have assets, net profit margin, international link of auditing
found a significant increasing trend of CSRD from the firms and subsidiary of a multinational companies have
earlier period (1980-1984) and later period (1990-1994). been considered for determining the extent of
The purpose of the study of Rahman and Azim (2009) environmental disclosure. The study revealed that only

© 2012 Global Journals Inc. (US)

 Corporate Social Responsibility Disclosure in Bangladesh

one variable is significant in determining disclosure disclosure. Therefore hypotheses can be drawn in
levels is subsidiary of a multinational company. alternative form as follows:
The objectives of study done by Alam and Deb
H1a there is a positive relationship between asset size
(2010) were to identify, quantify and report investment
and CSRD.
made in human resources of an organization as well as
H1b there is a positive relationship between market
to investigate some corporate attitudes such as
capitalization and CSRD
corporation size and profitability that influence human
resource accounting disclosure in Bangladesh. A Profitability: Profitability may affect the firm’s
regression model has been used to analyze the data of CSRD. The various variables regarding profitability such
58 sample companies listed either with Dhaka Stock as net profit to sales, earnings growth, dividend growth
Exchange or Chittagong Stock Exchange in 2009. Their and dividend stability, rate of return and earning margin,
paper revealed that none of the companies disclose all return on assets, return on capital employed and profit

Year 2012
the human resource accounting information items. From margin have been used in previous researches. The
the study it has also been found that the level of human empirical results from these researches are mixed.
resource reporting of listed companies of Bangladesh is Ismail et al. (1999) and Alam and Deb (2010) have found
very poor. positive association between profitability and the level of
Dependent Variable is affected by the disclosure. On the other hand, the finding of akhtaruddin
151
manipulation of independent (predictor) variables. The (2005) was a low association between corporate
dependent variable used in this study is Corporate disclosure and profitability In this study profitability will

Global Journal of Management and Business Research Volume XII Issue XIV Version I
Social Responsibility Disclosure (CSRD) and a number be measured by net earnings of firm. It is said that
of firm characteristics have been considered as profitable firm spends more on CSR activities. So, it is
explanatory variables to explain the variation of CSRD. In expected that there is a positive association between
this study five corporate attributes market capitalization, profitability and CSRD. Now, a hypothesis can be
asset size, profitability, multinational affiliation and listing drawn in alternative form as follows:
age are considered as explanatory variables to examine
H2 there is a positive association between firm’s net
the relationship between firm characteristics and the
earnings and CSRD.
level of CSRD. All of them are taken from the previous
studies undertaken by researchers Ahmed and Nicholls MNC Affiliation: Multinational Corporation’s
(1994), Ismail and Koh (1999) Hossain et al. (2004), (MNC) affiliation is considered an important determinant
Akhtaruddin (2005), Islam et al. (2005), Hossain et al. of disclosure level, i.e., firms, which have MNC affiliation,
2006 and Alam and Deb (2010). These variables are are likely to disclose more information for two reasons.
explained here to develop hypotheses and to fit Firstly MNC influenced companies are likely to disclose
regression model. more information because they have to comply with the
Size of the firm: The size of the reporting firm more stringent requirements of parent company as well
has either a positive or a negative impact on the as the host country requirements. Secondly, Companies
variability of disclosure. Several measures of size have which have MNC affiliation are therefore likely to have
been used by different researchers such as turnover, sophisticated CSR reporting systems that facilitate
total assets, fixed assets, paid up capital, shareholders greater disclosure in their corporate annual reports. So,
equity, capital employed, number of employees and the it is argued that the subsidiaries of MNCs operating in
market value of the firm as proxies of size. In the present Bangladesh are expected to disclose more information
study total assets and market capitalization value have than the domestic companies and it can be
been taken as explanatory variables. Company size hypothesized in alternative form as follows:
(market capitalization) is computed by multiplying the
H3 Firms listed on DSE that have MNC affiliation tend to
market value per share with the number of outstanding
disclose more financial information than firms that do
ordinary share represents the capitalization position in
not have MNC affiliation.
the market. So, it is expected that a large firm want to
disclose more in its annual report because it wants to Listing Age: Company age is an important
have increased external funds from stock markets and factor for affecting the level of disclosure. Age of
the costs of preparing and disseminating highly-detailed company is the length of listing in capital market as a
corporate annual reports is less burdensome for large public limited company. It also represents the years of
firm. Ismail and Koh (1999) have found a negative operation in the market as a listed public limited
significant relationship between the firm size and the company. The study of Alam and Deb (2010) has
extent of disclosure but most of the researchers such as revealed a positive association between the level of
Ahmed and Nicholls (1994), Akhtaruddin (2005), Alam disclosure and company age while the counter result
and Deb (2010), have found a significant positive has been got by Akhtaruddin (2005). It is expected that
relationship between the firm size and the extent of company which is operating for many years is likely to

© 2012 Global Journals Inc. (US)

 Corporate Social Responsibility Disclosure in Bangladesh

disclose more CSR information. Now, a hypothesis in dichotomous procedure is adopted in which an item
alternative form is made as follows: scores one if it disclosed and zero if it is not disclosed.
In this way, we can add up all the items disclosed by the
H4 there is a positive relationship between company age
company. The following formula is used to measure the
and CSRD.
total CSRD score for a company:
From the above discussion it is clear that the
dependent variable CSRD depends on the above
independent variables such as corporate size,
profitability, MNC affiliation and age. By considering
these variables the following regression model can be Where d = 1 if a disclose able item is disclosed, 0 if that
constructed to test the above hypotheses: item is not disclosed
CSRD=α +β1ASSET+β2MCAPITA+β3PROFIT+ n = number of disclose able items
Year 2012

β4MNC + β5 AGE + ε
Expected sign (+) (+) (+) (+) (+)
Where a) Descriptive statistics
CSRD = Total score for each company each year under The descriptive results and the result of
2 CSR index
152 regression analysis have been obtained by using the
α = The constant Statistical Package for the Social Sciences, SPSS.
Global Journal of Management and Business Research Volume XII Issue XIV Version I

ε = The error term As a starting point of analysis, different

descriptive statistics i.e. mean, median, standard
MNC = Dummy variable, taking a value of 1 for firms
deviation and quartiles have been obtained for
with MNC affiliation, and 0 otherwise.
dependent and independent variables are reported in
table 1. The average value of total assets is Tk. 7898.3
million while that for net profit is Tk. 730.36 million. The
A total of 254 Companies were listed on the data also reveals that the average market capitalization
Dhaka Stock Exchange up to December, 2010. Among of sample firms is Tk. 18391 million. The mean scores of
them companies under Bank, Financial Institutions, operating year (Age) as listing company, CSRD and
Insurance, Services and Real Estate, Mutual Fund and multinational affiliation for sample firms are 16 years, 5
Travel & Leisure categories are initially excluded from items and 11.43% respectively. The table indicates that
the study as sample. As the study is limited to non on average, the sample firms disclose only 5 CSR items
financial companies, thus the number of companies is in their annual reports. First quartile indicates that only
reduced to 130. From this sample frame, annual reports 25% sample firms have 2 disclosure items while third
of seventy companies have been selected purposively. quartile implies that 75% sample firms have 7 disclosure
Companies usually disclose CSR information in a items in their annual reports. From the critical
number of ways, such as through annual reports, examination of annual reports it is seen that only two
advertisements or articles published detailing a companies (Bata & Grameenphone) have maximum
company’s activities, corporate websites, interim and disclosure sore of 16 while seven companies have
quarterly reports, booklets or leaflets to address the minimum disclosure score of 1. The most of the
social activities of the company, employee reports, disclosure items are seen in the section of Directors’
environmental reports, special announcement and press Report, statement of the Chairman, company profile and
releases. As the study is mainly based on data notes to the financial statements. It is also seen that
collected from secondary published sources, annual these disclosure items are related with employees’
reports audited by the professional auditors have been welfare and development. In general, more than 50%
selected for the validity of data. The study of Islam et al. companies disclose less than five items of CSR
(2005), Hossain et al. (2006), Rahman and Azim (2009)
and a circular vide DFIM Circular No. 02 dated 9 b) Regression analysis
January 2012 issued by Bangladesh Bank has been Ordinary Least Square (OLS) regression
analysis has been used to examine the association
considered to select the items of CSRD index. A list of
among corporate characteristics and corporate social
overall disclosure information can be found as
responsibility disclosure.
Appendix- A. There are two widely used approaches to
Table 2 provides the estimated coefficient of
developing disclosure scoring scheme to determine the regression analysis in column 1 and the t-statistics of
disclosure level of a corporate annual report i.e., null hypotheses that is reported in parentheses. The
weighted and unweighted approach. Unweighted column 1 in table 2 shows the results have been
approach has been used in the study to score items obtained by regressing CSRD for the five corporate
included in index by considering the equal important for characteristics i.e. assets, market capitalization,
all items of information. Under this approach, a profitability, MNC affiliation and age. The coefficients of

© 2012 Global Journals Inc. (US)

 Corporate Social Responsibility Disclosure in Bangladesh

assets, profitability and age are negative while the more CSR items in their annual reports. Alam and Deb
coefficients of market capitalization and MNC affiliation (2010) and Ismail and Koh (1999) have found the same
are positive. The P values of four variables i.e., assets, result in their studies on disclosure. The explanatory
profitability, MNC affiliation and age are showed in power of the OLS model as indicated by the adjusted
column 2 indicate no significant association with CSRD. R2, is 17.5% which reveals that the model is capable of
But the variable, market capitalization has statistically explaining of variability of dependent variable i.e., CSRD.
significant effect on the CSRD at .05 level. So, it rejects The F statistics indicates that the model employed to
the null hypothesis and strongly supports the H1b i.e., explain the variation of internal fund is significant at .01
companies with large capital in the market disclose level (p<.01).
Table 1
Variables Minimum Maximum Mean Std. Deviation Q1 Q3

Year 2012
Net Earnings After Tax -9570887.00 1.07E10 7.3036E8 1.74555E9 2.1083E7 6.2071E8
Total Assets of
72250645.00 1.10E11 7.8983E9 1.64784E10 6.7702E8 6.3560E9
Corporation
Total Market Capitalization 3548800.00 3.32E11 1.8391E10 4.32336E10 1.2088E9 1.9607E10 153
Company Age 1.00 35.00 15.7714 10.55170 5.0000 24.2500

Global Journal of Management and Business Research Volume XII Issue XIV Version I
Multinational Affiliation .00 1.00 .1143 n/a n/a n/a
Corporate Social
Responsibility Disclosure 1 16 5.00 3.526 2.00 7.00
Items
Note : N/A means not applicable
Table 2
CSRD Significance
Adjusted R2 .176
F Statistics 3.947 .004*
Intercept 6.096 .000*
Independent Variables:
Total Market Capitalization 2.549
.013**
(.613)
Total Assets of Corporation -.949
.346
(-.235)
Net Earnings After Tax -.201
.842
(-.049)
Company Age -.876
.384
(-.103)
Multinational Affiliation
= 1 If firm has MNC 1.335
.187
(.155)
Note : Statistically significant at 1% (*) and 5% (**)
disclose 7 items voluntarily which is 20 percent of total
disclose-able items listed in Appendix-A. This result is
This research work has been conducted based very poor comparing to other developed and developing
on two main research objectives. First, the examination countries. A study on disclosure in the developed
of the present scenario of CSR disclosures made by country reported 98% disclosure rate for UK companies,
listed companies in their annual reports, second, 85% for US companies, and 56% for Australian
whether there is an association between CSR disclosure companies in the year 1983. A developing country
and various corporate characteristics. To outline 35 perspective study of Saleh (2009) reported that only 22
disclosure items the annual reports of 70 listed non out of 200 Malaysian companies reported consistently
financial companies for the financial year 2010 are about their CSR activities in their annual reports. The
studied critically. The descriptive result shows that the study of Belal (1999) and Islam et al. (2005) in
mean score of CSRD is five and 75 percent companies Bangladesh perspective revealed that only 6% and 16%

© 2012 Global Journals Inc. (US)

 Corporate Social Responsibility Disclosure in Bangladesh

companies disclosed environmental information in their Institutions. Department of Financial Institutions and
annual reports. Hence, the result of this research is Markets, Bangladesh Bank.
consistent with prior studies. The multivariate analysis 9. Gray, R., Kouhy, R. & Lavers, S. (1995). Corporate
shows that the market capitalization of firm has a social and environmental reporting: a review of the
positive association with CSRD. This study does not find literature and a longitudinal study of UK disclosure.
any association of other corporate characteristics such Accounting, Auditing and Accountability Journal 8
as total assets, net profit, multinational affiliation and (2), 47-77.
listing age on CSRD. The major limitation of this study is 10. Guthrie, J. & Parker, L.D. (1990). Corporate social
that it is one year study of 70 non-financial companies disclosure practice: a comparative international
listed with DSE. Moreover, it only examines annual analysis. Advance in Public Interest Accounting 3,
reports of firms to make disclosure index although it is 159-175.
known that firms use other mass communication 11. Hossain, M., Islam, K. & Andrew, J. (2006).
Year 2012

mechanisms such as advertisements or articles Corporate social and environmental disclosure in

published detailing a company’s activities corporate developing countries: Evidence from Bangladesh.
websites, interim and quarterly reports, booklets or Working paper, Faculty of Commerce, University of
leaflets to address the social activities of the company, Wollongong
employee reports, environmental reports, special 12. Hossain D. M., Khan A. R. & Yesman I (2004). The
154
2 announcement and press releases. So, a longitudinal Nature of Voluntary Disclosures on Human
study can be done by examining more corporate Resource in the Annual Reports of Bangladeshi
Global Journal of Management and Business Research Volume XII Issue XIV Version I

characteristics of large number of sample firms in the Companies. Dhaka University Journal of Business
avenue of further research in this area. Studies, Vol 25 (1), 221-228, June 2004.
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Corporate Social Responsibility (CSR) in Financial

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 Corporate Social Responsibility Disclosure in Bangladesh

Disclosure Index
1. Pollution control or voice for the prevention or repair
of environmental damage
2. Tree Plantation
3. Conservation of natural resources
4. Energy Conservation
5. Energy efficiency of products
6. Water discharge information
7. Solid waste disposal information
8. Recycling plant of waste products
9. Installation of biomass processing plants

Year 2012
10. Installation of Effluent Treatment Plants (ETPs)
11. Employment of minorities
12. Equality to all races, gender and religions.
13. Creation of on-farm /off-farm employment for the
Manga afflicted Northern districts 155
14. Socially responsible practices abroad

Global Journal of Management and Business Research Volume XII Issue XIV Version I
15. Employee health and safety
16. Employee training and education
17. Employee benefits / welfare / recreation
18. Share option for employee
19. Award program for employee or scholarship for
child of workers
20. Profiles of employees
21. Employee and management relation
22. Charity program
23. Scholarship program
24. Supporting national pride
25. Public Health related activities
26. Education facilities for general people
27. Support to organization working with autistic and
physically challenged children
28. Sponsor for Sport, Art & Cultural program
29. Cash donation program for disaster people
30. Beautification activities
31. Transferring technology and information related to
social awareness
32. Product Safety
33. Reducing pollution from product use
34. Product quality disclosure
35. Product development or research and development

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