INSTITUTE OF PROFESSIONAL STUDIES

PROPOSAL FOR DISSERTATION

TOPIC: EXAMINING THE RELATIONSHIP BETWEEN ETHICS AND CORPORATE SOCIAL RESPONSIBILITY PRACTICES IN GHANAS FINANCIAL SERVICES SECTOR: PERSPECTIVE OF MANAGEMENT. A CASE STUDY OF UNITED BANK FOR AFRICA (UBA). PRESENTED BY PETER KWASI KODJIE DANIEL ACQUAYE ISAAC BOAKYE 08BMR030 08BMR028 08BMR022

A RESEARCH PROPOSAL PRESENTED TO THE DEPARTMENT OF MARKETING OF THE FACULTY OF MANAGEMENT, INSTITUTE OF PROFESSIONAL STUDIES (IPS) IN PARTIAL FULFILMENT OF THE REQUIREMENTS FOR THE AWARD OF BSC. (HONS.) MARKETING DEGREE

OCTOBER 2011

SUPERVISOR: PROF. HINSON

SIGNATURE

TABLE OF CONTENTS
1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 Background 1-2 Problem Statement .... 2-3 Purpose/Aim of the study . 3 Objectives of the Study 3 Significance of the Study . 4 Research Question 4 Scope and Limitations of the Study . 4-5 Research Methodology . 5 Research Design ... 5 9.1 Data Sources 5 10.0 Population and Sampling . 5

10.1 Population of the Study ... 5 10.2 Sampling Plan .. 6 10.2.1 Sample Size .. 6 10.2.2 Sample Unit .. 6 10.2.3 Sampling Technique . 6 11.0 Instrumentation 6

11.1 Contact Method ... 6 12.0 Procedure and Time Frame . 7

12.1 Procedure 7 12.2 Time Frame 7 13.0 14.0 15.0 Data Analysis .. 7 Organization of the Study .. 8 Literature Review ... 8

15.1 Theoretical Literature . 8-12 15.1.2 Background & Evolution of CSR ... 8-9 15.1.3 Theories Underpinning CSR 9-12 15.2 Empirical Literature 12 15.2.1 Where do they meet (Ethics & CSR) .. 12-15 15.2.2 An Ethical Dilemma 15-16 15.2.3 Framework for Analysis .. 16-19 16.0 17.0 Budget 19 Ethical Issues/Consideration .. 20

References Bibliography

1.0 BACKGROUND TO THE STUDY Corporate Social Responsibility (CSR) is an evolving concept thereby making it difficult for it to be defined in a universal context. Generally, CSR is understood to be the way organizations integrate social and environmental concerns into their values, culture and decision making in a transparent and accountable manner so as to establish better practices within the firm and consequently to create wealth and improve society. The concept of social responsibility then, is essentially an ethical concept.

The benefits that will accrue to a company for being socially responsible are many. They include increasing customer loyalty, enhanced brand image and reputation, increased ability to attract and retain employees, potentially reduced regulatory oversight, building strong partnerships with local government, community organizations and other businesses.

In Ghana, the Corporate Social Responsibility Movement (CSRM) has argued that profit maximization should not be the companys single objective. The Ghana Chamber of Mines defines CSR as the broader responsibilities that results from the relationship that a company develops with both the environment and society in an effort to jointly achieve an integrated environmental management system and satisfy social objectives.

The Ghana Club 100 (GC 100), in ranking the nations best performing companies consider social responsibility in areas such as: concern for health, education, poverty alleviation, environmental concerns, issues relating to the socially vulnerable, and contribution to sports development.

Adam Smith notes that self-interest alone should not be the guiding force that rules business. "Man ought to regard himself, not as something separated and detached, but as a citizen of the world, a member of the vast commonwealth of nature and to the interest of this great community, he ought at all times to be willing that his own little interest should be sacrificed." --Adam Smith (Theory of Moral Sentiments, 1790, p.140)

In his Nicomachean Ethics, Aristotle posits that "though it is worthwhile to attain the end merely for one man, it is finer and more godlike to attain it for a nation or for city-states"

2.0 PROBLEM STATEMENT An increasing occurrence of natural disasters has drawn attention of Governments and civil society groups all over the world to environmental issues. According to Jim Hansen, NASAs chief climate scientist, we have at most 10 years to fundamentally alter the trajectory of global greenhouse gas emissions and take significant actions to reduce them in order to avoid disastrous effects. Haiti provides a glimmer of what such disastrous effects might look like, particularly in the developing world. Consequently, business organizations are called upon to demonstrate clear commitment not only to shareholders but to environmental issues of concern to society as an approach of gaining legitimacy.

There is generally held notion that, the one way by which organizations can be responsible towards society is through social responsibility practices. However, from the cursory observations of the researchers, it appears that the key motives and influences of adoption and implementation of CSR in Ghanaian context remains unexplored.

In Ghana, the focus of previous scholars have been on comparison of perspectives of management of international and indigenous firms on CSR engagements (Ofori and Hinson, 2007) and CSR reportage on bank website (Hinson et al, 2010) This study seeks to fill this gap by examining the relationship between ethics and corporate social responsibility

3.0 PURPOSE/AIM OF THE STUDY The purpose of the study will be to examine the relationship between ethics and corporate social responsibility undertaken by the Ghanaian financial services sector; and situate it within a management perspective.

4.0 OBJECTIVE(S) OF THE STUDY The general objective of this study is to find practical ways of enhancing corporate social responsibility engagements of organizations in Ghana. To achieve this general objective, the study seeks to achieve the following specific objectives: 1. To investigate the key stakeholder issues addressed by United Bank for Africa (UBA) 2. Identify key factors that influence management ethical choices as they seek to fulfill UBA social responsibilities. 3. To identify key challenges facing management of UBA as they attempt to engage in CSR programmes. 4. Identify practical ways of improving on social responsibility practices of UBA.

5.0 SIGNIFICANCE OF THE STUDY The research is significant because the findings and recommendations will undoubtedly: 1. Contribute to existing literature on corporate social responsibility and ethics in Ghana and thus provide a basis for further research in the area of management perspective on ethics and CSR practices 2. Assist policy makers and legislators in their bid to pass CSR laws and regulations to regulate conduct and behaviour of firms towards environmental sustainability

6.0 RESEARCH QUESTION(S) To achieve the above stated objectives, the study seeks to find answers to the following questions: Typically, the research questions of the study will be as follows: 1. What are the key stakeholder issues addressed by United Bank for Africa (UBA)? 2. What are key factors that influence managements ethical choices as they seek to fulfill UBA social responsibilities? 3. Which challenges are faced by the management of UBA as they attempt to engage in CSR programmes? 4. What are the practical ways by which the social responsibility practices of UBA can be improved?

7.0 SCOPE AND LIMITATIONS OF THE STUDY This research will be limited to the financial services sector, using UBA as a case. The researchers have chosen five (5) branches out of UBAs 25 in the country for the research work. Specifically, the following branches will be the used for the research work; Dzorwulu West Airport, East Legon (American House), East Legon (Lagos

Avenue), Madina and Spintex Road, all in the Greater Accra Region of Ghana. Although the inclusion of other sectors such as production, advertising, public relations etc, would be significant to the research; the costs and the time allocation for submission however makes this desire impossible. Another significant concern is about the definition of what constitute CSR and the subjective nature of ethics. The researchers will therefore limit the scope of the definitions of CSR and treat ethics in a more objective sense. The unavailability of adequate Ghanaian theoretical literature and data are anticipated.

8.0 RESEARCH METHODOLOGY The Methodology of the study will cover five (5) main areas namely; Population of the Study, Sampling Plan, Data Sources, Data Instruments and Contact Method.

9.0 RESEARCH DESIGN A case study will be used to conduct this study. The study would take qualitative approach of enquiry.

9.1 Data Sources The data sources will both be primary and secondary. Primary data will be collected via interviews, whereas; Secondary data sources will include company records, newspapers and magazines, internet sources, among others.

10.0 POPULATION AND SAMPLING 10.1 Population of the Study The population of the study will be the management of the 5 branches of UBA.

10.2 Sampling Plan 10.2.1 Sample Size The Sampling size will consist of 10 management members of UBA from each of the five (5) branches.

10.2.2 Sample Unit The Study will focus on the management of UBA, since it is they who are responsible for making key strategic decisions such as CSR engagements for the firm

10.2.3 Sampling Technique A non-probability sampling methods will be used; specifically purposive/judgmental technique. Purposive sampling because, the researchers will consciously select a sample deemed fit for the study

11.0 INSTRUMENTATION Questionnaires consisting of both open-ended and closed-ended questions will be used. A semi-structured interview will be employed in order to obtain relevant information, more open-ended questions will also be asked in order for the interviewee to emphasize the point of interest (Easterby-Smith et al., 2002). The questionnaires will be piloted to identify and correct shortcomings before they are finally administered to the respondents.

11.1 Contact Method Contacting of clients will be personal via face to face interactions.

12.0 PROCEDURE AND TIME FRAME 12.1 Procedure The data collected will be transcribed and analyzed with the inductive data analysis of data.

12.2 Time Frame It is anticipated that the study takes place within the time frame disclosed below;
2011-2012 Oct Nov Dec Jan Feb Mar Apr May

Identification of research area and topic Formulation of research questions Gathering of relevant literature, formulation of research strategy, research design and selection methods Writing of the research proposal Submission of research proposal Defence of Proposal Literature review & validation of instruments Data collection Data analysis Writing the first draft Writing the second draft Writing the final draft Submission of Dissertation Defence of Dissertation

4th 6th

9th 19th 24th 28th 29th 5th 8th 27th 24th 28th 19th 2nd 15th 20th 2nd 8th 15th 21st

13.0 DATA ANALYSIS Data collected will be analyzed and presented with the use of statistical tools like charts, tables and graphs.

14.0 ORGANISATION OF THE STUDY The study will cover five (5) chapters. Chapter One (1) will cover the background to the study, problem statement, purpose of the study, research objectives and questions, scope of the study and its significance. Chapter Two (2) will look at both the theoretical and empirical literature. This section will among other things, cover the theories that underpin business ethics and CSR. Chapter Three (3) will focus on the methodology of the study. This will cover five main areas, namely; population of the study, data sources, sampling plan, data instruments and contact methods. Chapter Four (4) will consist of the presentation and analysis of data. Chapter Five (5) which will be the last chapter; will consist of the summary of findings, recommendations and conclusions of the study.

15.0 LITERATURE REVIEW

This chapter seeks to review existing literature related to the study and bring out its significance to the research questions and the study as a whole. The chapter deals with both theoretical and empirical literature.

15.1 Theoretical Literature The theoretical literature describes the theories behind the study such as evolution of corporate social responsibility and ethics.

15.1.2 Background & Evolution of CSR Frederick (1994) identifies the development in the understanding of CSR up to 1970 as an examination of corporations obligation to work for social betterment and refers to this as CSR1. However, around 1970 he notes a move to corporate social 8

responsiveness, which he calls CSR2. He identifies corporate social responsiveness as the capacity of a corporation to respond to social pressures. In effect the move from CSR1 to CSR2 reflects a move from a philosophical approach to one that focuses on managerial action. Latterly, Frederick (1986) developed this analysis to include a more ethical base to managerial decision taking in the form of corporate social rectitude and terms this CSR3. In this development, Frederick claims that the study of business and society needs an ethical anchor to permit a systematic critique of businesss impact upon human consciousness, human community and human continuity. He asserts that whilst CSR was normative, it was hesitant and that led to a non-normative enquiry. Thus the requirement for a moral basis provides a normative foundation for managers to take decisions in the area of CSR. As part of a normative manifesto, he proposes that the claims of humanizing are equal to the claims of economizing.

15.1.3 Theories Underpinning CSR 15.1.3.1 Stakeholder Theory The Stakeholder Theory of the firm is used as a basis to analyze those groups to whom the firm should be responsible. As described by Freeman (1984), the firm can be described as a series of connections of stakeholders that the managers of the firm attempt to manage. Freemans classic definition of a stakeholder is any group or individual who can affect or is affected by the achievement of the organizations objectives (Freeman, 1984:46). Stakeholders are typically analyzed into primary and secondary stakeholders. Clarkson (1995: 106) defines a primary stakeholder group as one without whose continuing participation the corporation cannot survive as a going concern with the primary group including shareholders and investors, employees, customers and 9

suppliers, together with what is defined as the public stakeholder group: the governments and communities that provide infrastructures and markets, whose laws and regulations must be obeyed, and to whom taxes and obligations may be due (p.106). The secondary groups are defined as those who influence or affect, or are influenced or affected by the corporation, but they are not engaged in transactions with the corporation and are not essential for its survival.

15.1.3.2 Social Contracts Theory Gray, Owen and Adams (1996) describe society as a series of social contracts between members of society and society itself. In the context of CSR, an alternative possibility is not that business might act in a responsible manner because it is in its commercial interest, but because it is part of how society implicitly expects business to operate. Donaldson and Dunfee (1999) develop Integrated Social Contracts Theory as a way for managers to take decisions in an ethical context.

15.1.3.3 Legitimacy Theory Suchman (1995) defines legitimacy as a generalized perception or assumption that the actions of an entity are desirable, proper, or appropriate within some socially constructed system of norms, values, beliefs and definitions.

15.1.4 Business Ethics Theories 15.1.4.1 Machiavellian Ethics These are pragmatic, weighing probable consequences and the likelihood of achieving given outcomes, often regardless of how the ends have been achieved. People practising

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this type of ethics will argue that the ends justify the means. The problem with this approach is that, it does not recognize that organizations need codes of conduct and rules to help people to make predictable and consistent decisions.

15.1.4.2 Utilitarian Ethics Here, the outcomes of decisions are weighed up by calculating how to achieve the greatest good for the greatest number for both the company and its customers. The problem with this type of approach is that it encourages the tyranny of the majority and can lead to ignoring the needs of minorities and so be used to justify persecuting minority shareholders, which is poor governance.

15.1.4.3 Kantian Rules-Based Ethics Rules-based ethics consider the effect actions have on the rules of the organisation and whether they adhere to given principles. This approach tends to be bureaucratic and perhaps overly legalistic. The problem with this approach is that if there are too many exceptions or waivers, the rules themselves and the system they represent are discredited; outcomes become unpredictable; and corruption and free riding are encouraged.

15.1.4.4 Rousseaus Social Contract Ethics Social contract ethics recognize the need for mutuality and reciprocity if companies are to flourish. They also recognize that no company is an island and it must therefore behave responsibly towards the community. This approach could however breed loyalists who will support bad practices and justify them in the name of loyalty to the group.

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15.1.4.5 Personalistic Ethics Personalistic ethics reflect what an individual feels about the decisions being taken. As such they often share the following three characteristics: First, they are driven by the individuals personal sense of virtue and how the decision will reflect on the persons character and sense of self-worth; second, they may be based on empathy; and third, they may be based on intuition driven by conscience.

15.2 Empirical Literature Empirical literature describes what has been practically observed and validated objectively on the study and how it relates to the study.

Peter Drucker was one of the first to explicitly address CSR, as one of the eight key areas for business objectives developed in his 1954 book, The Practice of Management. While Drucker believed that managements first responsibility to society involved making a profit, he felt it was also most important that management consider the impact of every business policy and action upon society (Joyner & Payne 2002, p. 302).

15.2.1 Where do they meet (Ethics & CSR)? Perhaps the most practical approach is to view ethics as a catalyst that causes managers to take socially responsible actions. The movement toward including ethics as a critical part of management education began in the 1970s, grew significantly in the 1980s, and is expected to continue growing. Hence, business ethics is a critical component of business leadership. PriceWaterhouseCoopers survey of the views of 750 Chief Executive Officers on the most important business challenges for companies in 2001. Companies, especially

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those operating in global markets, are increasingly required to balance the social, economic and environmental components of their business, while building shareholder value.

The notion of CSR is one of ethical and moral issues surrounding corporate decision making and behaviour. Knowing if a company should undertake certain activities or refrain from doing so because they are beneficial or harmful to society is a central question. Social issues deserve moral consideration of their own and should lead managers to consider the social impacts of corporate activities in decision making. Regardless of any stake-holders pressures, actions which lead to things such as the conservation of the Earths natural resources or bio-diversity preservation, are morally praiseworthy. However, some argue that the contribution of concepts such as CSR is just a reminder that the search for profit should be constrained by social considerations (Valor, 2005, p. 199). Increasingly CSR is analyzed as a source of competitive advantage and not as an end in itself (Bran-co and Rodrigues, 2006). In effect, the concept of CSR has evolved from being regarded as detrimental to a companys profitability, to being considered as some-how benefiting the company as a whole, at least in the long run (Hess et al., 2002; Porter and Kramer, 2002; Smith, 2003).

CSR has been conceptualized in a number of different ways which are related clearly to differing views regarding the role of business in society (Clarke, 1998; Lantos, 2001). These views are often presented within the stakeholder-shareholder debate. The idea which underlies the shareholder perspective is that the only responsibility of managers is to serve the interests of shareholders in the best possible way, using corporate

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resources to increase the wealth of the latter by seeking profits (Friedman, 1998; Jensen, 2001). In contrast, the stakeholder perspective suggests that besides shareholders, other groups or constituents are affected by a companys activities (such as employees or the local community), and have to be considered in managers decisions, possibly equally with shareholders (Freeman, 1998; Werhane and Freeman, 1999).

Even Carr (1968, p. 149), in spite of defending the pure profit-making view recognized that if a company wishes to take a long-term view of its profits, it will need to preserve amicable relations with whom it deals. A wise businessman will not seek advantage to the point where he generates dangerous hostility among employees, competitors, customers, government, or the public at large. However, he thought that decisions in this area are, in the final test, decisions of strategy, not of ethics. It is widely acknowledged that modern corporations have some social responsibility towards society; even the most adamant opponents of CSR agree with this assertion.

There is, however, a different perception of what this responsibility entails, which in effect suggests that there are different paradigms of CSR who believe and argue fervently that the entitys social responsibility is a single one, which is that the entity must increase its profits whilst staying within the rules of the game. To argue otherwise they say is preaching pure and unadulterated socialism; after all businesses are not established for eleemosynary purposes (Friedman 1962, 1970).

On the other hand, Elkington (1997) in his triple bottom line reporting argues that the social responsibility of a business entity is three-fold: to create Economic value by being

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profitable; to create Ecological value, which is to engage in activities that are beneficial to the natural environment; and to create Social value, which is to engage in activities that are beneficial to life and the community. Carroll and Buchholtz (2003) have extended this idea and argue that the responsibility of a business is fourfold. This responsibility, they argue, can be expressed either as a pyramid or in terms of an equation.

When expressed as an equation, it is the sum total of four different responsibilities: Economic responsibilities (ECR) (which is to make profit) plus Legal responsibilities (LGR) (to obey the law) plus Ethical responsibilities (ETR) (to do what is right, fair, and just at all times) plus Philanthropic responsibilities (PHR) (to be a good corporate citizen). When the arguments of these researchers are expressed mathematically, three equations emanate: Friedman (1962, 1970): Elkington (1997): Carroll and Buchholtz (2003): CSR=Profit CSR=ECV+ECLV+SOCV CSR=ECR+LGR+ETR+PHR

15.2.2 An Ethical Dilemma Managers face some morally difficult situation in which they must make ethical decisions. Such a situation could be: The marketing manager of a Research and Development department has modernized one of the companys products. The product isn't really "new and improved", but the marketer knows that putting that slogan on the package and advertising it would increase sale. What should the marketer do?

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This is one type of situation that many marketers may face in their careers. If the marketer should decide in favour of such a decision his or her behavior would be considered immoral. But, if he or she doesn't decide in favor of the act then he she may be considered an inefficient manager.

15.2.3 Framework for Analysis The primary goal of Business Ethics is to prevent harm while the objective of CSR initiatives is to do good. Ethics can be defined as a process of evaluating actions according to moral principal of values (A. Alhemoud). Throughout the centuries people have been trying to choose between profit and moral. Perhaps, some of them obtain both, but every time it could have roused ethical issues. Those issues concern fairness, justice, rightness or wrongness; as a result it can only be resolved according to ethical standards. Setting the ethical standards for the way of doing business in corporation is primarily the task of management.

It has been argued that a business must keep it's original purpose of functioning - making profit; however, balancing the traditional standards of profitability and burden of social responsibilities is not an easy task. On the other hand, being ethical can be clever marketing strategy. Increasingly, consumers are swayed by "non-commercial" factors, such as whether the product harms the environment.

"Firms such as Ben & Jerry's, an ice cream maker and Body Shop international, a cosmetics retailer, have enforced their brands by publicizing their ethical standards. Calmins Engine, a maker of diesel engines, made the product greener while lobbing for

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stricter pollution laws. Dp Pont, a leading producer of ozone damaging CFCs, became an early member of anti-CFCs lobby partly because it knew it was well ahead of its rivals in developing alternative." (The Economist December 23 1996).

The following four points establish the relationship between ethics and CSR and consequently the perspective of management; 1) Relation to regulation, 2) Reactive versus proactive strategy, 3) Identification of stakeholders, and 4) Extent of responsibility to stakeholders.

Relation to Regulation Business Ethics (BE) programs were originally implemented to help companies comply with the increased regulation following a series of scandals. Hence, the motivation for many BE programs was compliance with regulatory guidance and company standards of conduct. BE programs also provide a method of managing risk by developing early warning mechanisms to identify and address potential problems. These methods of managing ethical issues prevent harm, first by defining boundaries of acceptable behavior. The general publics expectations of corporations have risen: corporations are no longer expected only to obey laws, but also to be accountable to higher principles and values like economic justice, human rights and environmental stewardship.

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Reactive or Proactive Strategy Another distinction between BE and CSR can be drawn from the strategies that each approach deploys. For example, ethics officers focus on responding to hotline calls: employee questions and concerns. While this reactive strategy does little to prevent a problem, it can succeed in minimizing the risk of more serious problems.

CSRs approach involves the use of proactive strategies, like creating new business practices to initiate change. Ironically, by sticking its neck out in the support of certain causes or values, a CSR company may actually increase rather than minimize its risk, depending upon which causes or values it elects to support.

Many companies, like the Body Shop for example, has used CSR as an effective marketing tool to enhance their reputations. Several critics have reported that companies, including the example cited above, have used CSR programs as a means to effectively deflect criticism or public outcry when they do err.

Identification of Stakeholders Most business ethics programs are focused internally by making employees responsible for their behavior with regard to other employees, as well as with respect to the companys other primary stakeholders. Codes, therefore, often identify areas of potential harm in the immediate relationship a company has with shareholders, suppliers and customers. For example, a code might espouse the principles of honesty and fairness in contract negotiations because their absence would increase the possibility of harm to the

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relationship. The CSR approach typically defines stakeholders more broadly and is more concerned with the companys responsibility to the community. Such an approach

recognizes a contractual bond between business and society, whereby society provides essential resources to businesses in exchange for social benefits.

Extent of Responsibility Once a company has identified its stakeholders, the extent of responsibility it assumes for these stakeholders varies according to whether a BE or CSR strategy is employed. A company might implement a BE program to prevent such employee problems as abuse by managers, sexual harassment and discrimination. Few companies develop ethics

programs with elements that take responsibility for doing good on behalf of their employees, like reviewing family benefits or addressing unfair pay scales.

16.0 BUDGET ITEM DESCRIPTION Transportation Stationery (pens, pencils, note pads, A4 paper) Photocopy and printing of instruments Printing- draft and final work Miscellaneous TOTAL The project will be sponsored by the researchers. AMOUNT (GH) 450.00 20.00 150.00 200.00 48.50

1,018.50

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17.0 ETHICAL ISSUES/CONSIDERATION Ethical issues do occur when undertaking research, for this reason it is important that the researcher(s) exercise utmost professionalism. The goal of ethics in research is to ensure that no one is harmed or suffers adverse consequences from research activities (Cooper and Schindler, 2003). Information is only valuable to the extent that it cannot be easily reproduced by competitors. The researchers are aware that when it comes to releasing management information, particularly that which gives them a competitive edge over competitors, management will be reluctant in doing so for fear that the information might land in the hands of their arch rivals. Hence the researchers will consider the anonymity and privacy of respondents and accordingly get a cover letter from the Institute for the respondents, informing them of the purpose of the research and also providing assurance of the confidentiality of information given. This should assure the respondents of some level of protection.

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