This study investigates the relationship between profit-making corporations and the not-for-profit sector within Australia. The broad field of corporate social responsibility, or CSR, is discussed, narrowing to the activity of corporate philanthropy and corporate social investment. The latter is defined as being philanthropy with strategic intent, in order to build capacity within the recipient organisation which in most cases will produce beneficial outcomes for the donor as well (Tracey, 2003). The title of this study has used the term ‘philanthropic contract’ (Broadbent, 2001; Kouzmin, 2007) to describe the relationship between commercial organisations and charitable ones and the unwritten societal expectation, that the corporate sector will support the work of members of the not-for-profit sector. This study also uses the term ‘social capital’ (Putnam, 1995) to describe one of the principle areas of benefit for companies who participate.The aspect of the relationship between the two sectors that formed the focus of this study is defined as being the interaction between the two that involves financial contributions and those of goods and services as well as expertise, information and influence flowing from profit-making companies to not-for-profit organisations.The direction of the research is to advance toward an understanding of why corporations engage in this practice and toward a conclusion as to whether corporate social investing is a mutually beneficial exchange. Finally, the study highlights examples of engagement processes, and advice from those participating. The inclusion of these in the study is designed to provide valuable learning for other corporations, and not-for-profit organisations, contemplating entering into their own philanthropic partnerships.Through ten qualitative interviews this inquiry investigated the attitudes toward this relationship of various stakeholders including the management of not-for-profit organisations, representatives of relevant associations and social commentators. It became apparent that the previously well-publicised opposition to publicly listed companies supporting the not-for-profit sector, proffered by organisations such as the Australian Shareholders’ Association, had largely evaporated.Case studies involving five profit-making corporations, operating within Australia, were then undertaken and the views of their senior management sought as regards their motivations, aims, and outcomes. Overwhelmingly their experiences were positive for the corporation, the organisations they were funding, and the members of the community that the recipients were in turn supporting.Corporate benefits reported included increased ability to attract quality staff, enhanced ability to retain staff, significant development for staff that actively participated, improved corporate culture and the building of social capital leading to enhanced reputation which supported the corporations licence to operate, future objectives and long term sustainability.It is hoped that these insights along with the advice offered up by those individuals and organisations that participated in the study will benefit others and promote greater participation in corporate philanthropy and social investment within Australia. vii

Originating from Silicon Valley in the early 1990s, high-technology-oriented entrepreneurs-turned-philanthropists have applied venture capital principles to philanthropy in order to address intractable social problems, coining the term venture philanthropy (VP). Evolving from an emergent to a pervasive model in Europe in the last two decades, the VP approach has been considered as an innovative alternative to the traditional philanthropy (TP) type of benevolence and cheque-writing (Anheier and Leat 2006). With increasing expectations, in the context of governmental hollowing-out of social services, debate seems to have become polarised. VP is criticised for not being a solution to changes in the social landscape and for its business approaches failing to address fundamental social issues (Sievers 2001; Anheier and Leat 2006; Shiller 2012) and so remaining simply a myth. This research explores the nature of VP based on the organisational perspectives of four funders in Scotland, with a focus on the engagement process. The new empirical data regarding the funding distribution process are gathered with the aim of answering the core questions: 'why give', 'what to give' and 'how to give'. A new operational framework for analysing funders is developed and is used to analyse processual trajectories mapping the convergence and divergence amongst the four funders, citing new evidence from Scotland. Case studies from the years 2011 to 2014 present four grant-giving modes respectively: 1) pure grant-giving but emerging to a business approach applied to funding distribution; 2) grant-giving but applying venture capital approaches (VP); 3) mixed grants and repayable business loans; and 4) repayable business loans. To map the feature of emergent trajectory, a new operational framework is proposed and utilised for analysis. Research findings suggest that a pattern of resource heterogeneity is emerging in the four funding models in response to isomorphic forces. While dealing with inward (governance) and outward (market and political) legitimacy forces, hero-entrepreneurs are shown in the four cases as the key driver to identify the need for change and drive change forward. Meanwhile, hero-entrepreneurship behaviour is associated with the setting of goals, shaping the rationale of the funding scheme, marshalling resources and aligning with partners to demonstrate value adding through the engagement process. The contribution of this research to the philanthropic field is threefold. Firstly, with regard to its theoretical contribution, the findings support conventional isomorphic change theory by arguing: a) that the agent-conduit-roles of funders are not determined by structure, but rather individual agents (hero-entrepreneurs) play a cementing role in the change process of initiating, leading, diffusing influence and levering power for social change; and b) that in their agent-conduit-roles funders act as an active but reflective intermediary, change taking place in the process of legitimacy and resource distribution through the cycle of change-model shaping; convening and conducting; reflecting, dismantling and reshaping. This contribution enhances and complements the discovery by Mair and Hehenberger (2014), which suggests TP and VP create shared space for negotiation, shared objectives and a reflective isomorphic process (Nicholls 2010a). Arguably, funders should strategically consider complex and plural elements of funding and integrating a competitive market and a cooperative rationale with emotional motives into a decision-making. Realisation of social objectives will ultimately be achieved through reflective isomorphic processes, adjusting the funding structure to fit social contexts with convergent resources alignment. Secondly, with regard to its empirical contribution, this research proposes a new typology of funders. Different from the typology proposed by Ostrower (2006), the new typology proposal is based on what the funding is for. The elements of the new typology are synthesised from why, how and what in action, i.e. grant-giving mode, engagement approach and level of risks. Thirdly, practical contributions emerging from the implications of the proposed framework, which are discussed in the concluding chapter, may improve the quality of decision-making in funding behaviour and may also help to shape modes of governance for social problem-solving.

No cenário de crescente envolvimento do setor privado em questões sociais públicas, em que a distinção entre o público e o privado torna-se cada vez mais tênue e empresas são conclamadas para a solução de demandas sociais, disseminam-se práticas de Responsabilidade Social Corporativa (RSC), e organizações multinacionais passam, gradativamente, a desenvolver iniciativas sociais além de suas fronteiras, enfrentando desafios inusitados. O Investimento Social Privado (ISP), que é definido na literatura brasileira como o repasse de recursos voluntários a projetos sociais e que representa a dimensão da RSC focada na comunidade e nas ações sociais voltadas ao interesse público (GIFE, 2013), vem se tornando objeto constante de pesquisas no Brasil. Dentre os desafios relacionados ao ISP, aponta-se a lacuna de estudos que analisem a internacionalização do Investimento Social Privado, fato este particularmente significativo visto que multinacionais brasileiras vêm expandindo suas práticas sociais para além das fronteiras do país (NOGUEIRA; SCHOMMER, 2009). Neste contexto, a presente pesquisa qualitativa e exploratória, realizada através de estudos de casos múltiplos em quatro representativas multinacionais brasileiras que investem socialmente em países estrangeiros nos quais mantêm atividades, se propõe a investigar como ocorre a internacionalização do Investimento Social de multinacionais brasileiras, analisando seus principais desafios e limitações. Os resultados apontam como principal desafio à internacionalização do ISP brasileiro o seu processo de governança, caracterizado pela baixa participação de seus stakeholders ao longo do processo, especialmente das comunidades locais, fato potencializado pela falta de articulação de atores locais em determinados países. Assim, o estudo propõe uma reflexão sobre o Investimento Social realizado na atualidade por multinacionais brasileiras no exterior, visto, de um lado, as preocupações do setor empresarial em relação ao respeito aos povos locais e, de outro, o baixo envolvimento das empresas com as demais partes interessadas. / In increasing private sector involvement in social public issues, where the distinction between public and private becomes tenuous and companies are invited for the solution of social demands, Corporate Social Responsibility (CSR) practices are spreading, and multinational companies are gradually developing social initiatives beyond its borders, facing numerous issues. The Private Social Investment (PSI), which is defined in Brazilian literature as the voluntary transfer of resources to social projects and that is the dimension of CSR focused on the community and on the public interest (GIFE, 2012), becomes a constant subject of study in Brazil in recent years. Among the challenges related to PSI, it is pointed the gap in the investigation of the internationalization of Brazilian Private Social Investment, as the phenomenon of expansion of Brazilian multinationals, often accompanied by the promotion of social practices by these global companies in the countries in which they operate (NOGUEIRA; SCHOMMER, 2009). In this context, this qualitative and exploratory study conducted through case studies in four representative Brazilian multinationals that invest socially in foreign countries in which they hold activities , proposes to investigate how the internationalization of Social Investment of Brazilian multinationals occurs, analyzing its main challenges and limitations. The results indicate that the main challenge to the internationalization of Brazilian PSI is related to its governance process, characterized by low participation of its stakeholders, particularly local communities, throughout the process, a situation aggravated by the lack of coordination of local actors in certain countries. Thus, the study proposes a reflection on the current phenomenon of social investment led by Brazilian multinationals abroad, since on the one hand, the concerns of the business sector in relation to respect for local people, and on the other, the low involvement of companies with other stakeholders.

O objeto deste estudo são instituições com projetos dirigidos a jovens, compreendidas como aquelas que concretizam em forma e conteúdo a política, por sua vez tomada como resposta ao conflito entre necessidades de grupos sociais e entre diferentes projetos de hegemonia. Tomou-se juventude como categoria social, que não se encerra no âmbito individual, construída a partir das contradições inerentes à organização e ao funcionamento do modo de produção. Para delineamento do estudo, foi considerado jovem aquele entre 15 e 24 anos. Partiu-se do pressuposto, pautado em revisão bibliográfica, de que as experiências institucionais estariam focalizadas em jovens considerados problemáticos pelas condições de reprodução social ou por seu comportamento desviante e as ações pulverizadas em diferentes entidades de atendimento, para responder a situações/grupos de risco, distante da finalidade de responder necessidades das juventudes. Os objetivos foram descrever as instituições com projetos e ações voltados a jovens do município de Santo André; analisar as características dos projetos e ações desenvolvidas por essas instituições; analisar como os projetos e as ações desenvolvidos por elas se articulam entre si, e com o projeto público municipal. O estudo foi realizado no município paulista de Santo André, onde ressalta-se o acúmulo de atuação resultante de três gestões petistas consecutivas. Onze instituições aceitaram participar da entrevista, instrumento usado para a coleta de dados. Os projetos destinam-se a jovens com precárias condições de reprodução social, selecionados por agrupamento de riscos, com ações que respondem a critérios pré-estabelecidos para se adequarem a algum repasse direto ou indireto de verbas. A juventude como etapa problemática é a abordagem em que se pautavam projetos e ações de dez instituições e apenas em uma a concepção adotada era a do jovem como ator estratégico do desenvolvimento. Paradoxalmente, os projetos oferecem espaços de socialização e acesso a renda que possibilita ao jovem uma certa realização pessoal. Entretanto, a finalidade institucional primordial é afastar jovens do ócio e do desemprego, entendidos como causas de desvios comportamentais, violência e pobreza. As ações mais relatadas são aulas e palestras, para transmissão de técnicas operacionais básicas e de comportamentos para concorrer a colocações no mercado de trabalho. Os resultados evidenciaram ainda que as instituições têm caráter privado. Os projetos institucionais não se articulam e não são monitorados pelo poder público local. A precariedade e a constante ameaça de cortes no orçamento são as marcas profundas desses projetos, que refletem os encaminhamentos das políticas públicas. / The focus of this study is institutions that have projects aimed towards young people, and specifically those that put public policies into operation. Such policies are implemented as responses to the conflict between the needs of social groups and between different civilizing projects. Youth was taken to be a social category that was not closed at individual level, and this was constructed from the contradictions inherent to the organization and functioning of the means of production. To delineate the study, young people were taken to be between 15 and 24 years of age. The initial presupposition, backed by a review of the literature, was that institutional experiences would be focused on young people who were considered problematic (because of the conditions of social reproduction or because of their deviant behavior) and that the disseminated actions at different care-providing entities, for responding to situations and groups at risk, would be far from the purpose of responding to the needs of such young people. The objectives were to describe the institutions that had projects and actions aimed towards young people in the municipality of Santo André; to analyze the characteristics of the projects and the actions developed by these institutions; and to analyze how the projects and actions thus developed interlinked with each other and with the municipal public project. The study was conducted in the municipality of Santo André, state of São Paulo, where it is highlighted that the cumulative actions are the result from three consecutive administrations in the hands of the Workers Party. Eleven institutions agreed to participate in interviews, which were the data gathering instrument. The projects were aimed towards young people with precarious conditions of social reproduction, who were selected through risk grouping, with actions that responded to preestablished eligibility criteria for direct or indirect fund allocation. Youth as a problematic stage was the approach governing the projects and actions of ten institutions, while only one institution took the concept of young people as strategic players for development. The projects provided spaces for socialization and access to income that enabled the young people to achieve a certain degree of self-fulfillment. However, the basic institutional objective was to lead young people away from idleness and unemployment, which were understood to be the causes of behavioral deviation, violence and poverty. The actions most often reported were classes and talks, in order to pass over basic operational and behavioral techniques for competing for placements within the job market. The results also showed that the institutions have private nature. The institutional projects did not interlink and were not monitored by the local public authorities. Precariousness and the constant threat of budgetary cuts deeply marked these projects, which reflected the directions of public policies.

No cenário de crescente envolvimento do setor privado em questões sociais públicas, em que a distinção entre o público e o privado torna-se cada vez mais tênue e empresas são conclamadas para a solução de demandas sociais, disseminam-se práticas de Responsabilidade Social Corporativa (RSC), e organizações multinacionais passam, gradativamente, a desenvolver iniciativas sociais além de suas fronteiras, enfrentando desafios inusitados. O Investimento Social Privado (ISP), que é definido na literatura brasileira como o repasse de recursos voluntários a projetos sociais e que representa a dimensão da RSC focada na comunidade e nas ações sociais voltadas ao interesse público (GIFE, 2013), vem se tornando objeto constante de pesquisas no Brasil. Dentre os desafios relacionados ao ISP, aponta-se a lacuna de estudos que analisem a internacionalização do Investimento Social Privado, fato este particularmente significativo visto que multinacionais brasileiras vêm expandindo suas práticas sociais para além das fronteiras do país (NOGUEIRA; SCHOMMER, 2009). Neste contexto, a presente pesquisa qualitativa e exploratória, realizada através de estudos de casos múltiplos em quatro representativas multinacionais brasileiras que investem socialmente em países estrangeiros nos quais mantêm atividades, se propõe a investigar como ocorre a internacionalização do Investimento Social de multinacionais brasileiras, analisando seus principais desafios e limitações. Os resultados apontam como principal desafio à internacionalização do ISP brasileiro o seu processo de governança, caracterizado pela baixa participação de seus stakeholders ao longo do processo, especialmente das comunidades locais, fato potencializado pela falta de articulação de atores locais em determinados países. Assim, o estudo propõe uma reflexão sobre o Investimento Social realizado na atualidade por multinacionais brasileiras no exterior, visto, de um lado, as preocupações do setor empresarial em relação ao respeito aos povos locais e, de outro, o baixo envolvimento das empresas com as demais partes interessadas. / In increasing private sector involvement in social public issues, where the distinction between public and private becomes tenuous and companies are invited for the solution of social demands, Corporate Social Responsibility (CSR) practices are spreading, and multinational companies are gradually developing social initiatives beyond its borders, facing numerous issues. The Private Social Investment (PSI), which is defined in Brazilian literature as the voluntary transfer of resources to social projects and that is the dimension of CSR focused on the community and on the public interest (GIFE, 2012), becomes a constant subject of study in Brazil in recent years. Among the challenges related to PSI, it is pointed the gap in the investigation of the internationalization of Brazilian Private Social Investment, as the phenomenon of expansion of Brazilian multinationals, often accompanied by the promotion of social practices by these global companies in the countries in which they operate (NOGUEIRA; SCHOMMER, 2009). In this context, this qualitative and exploratory study conducted through case studies in four representative Brazilian multinationals that invest socially in foreign countries in which they hold activities , proposes to investigate how the internationalization of Social Investment of Brazilian multinationals occurs, analyzing its main challenges and limitations. The results indicate that the main challenge to the internationalization of Brazilian PSI is related to its governance process, characterized by low participation of its stakeholders, particularly local communities, throughout the process, a situation aggravated by the lack of coordination of local actors in certain countries. Thus, the study proposes a reflection on the current phenomenon of social investment led by Brazilian multinationals abroad, since on the one hand, the concerns of the business sector in relation to respect for local people, and on the other, the low involvement of companies with other stakeholders.

Magister Commercii - MCom / Although South Africa has made progress in the last decade with regard to political transition, the economic landscape still carries the element of social stratification. This is evident from the continued widening of income distribution. There still remains a continued backlog that can only be addressed through social investment in education.

South Africa as a country faces stark socio-economic development challenges, such as extreme levels of inequality and unemployment, and specifically youth unemployment. To assist with addressing some of these challenges associated with the history of apartheid, the South African government instituted Broad-Based Black Economic Empowerment (B-BBEE). One of the instruments to implement B-BBEE is Corporate Social Investment (CSI). CSI refers to projects that companies undertake that goes beyond their primary profit motive, to assist and empower disadvantaged individuals and communities. A number of CSI projects in South Africa has an Information and Communications Technology (ICT) focus, where companies spend their CSI budget to contribute to, among other things, ICT skills development. Research has revealed that these types of projects are often short-lived, and at times unsustainable. As a result, communities are not necessarily benefiting from such projects. The objective of this research is to analyse the impact of South African CSI projects with an ICT focus on poor urban communities. The study is further limited in scope to CSI ICT initiatives aimed at supporting disadvantaged youth. The study followed a qualitative research approach. Four case studies were performed in poor urban communities in Soweto, all four of them CSI initiatives that were aimed at providing ICT support to disadvantaged youth. A systems framework was developed using literature as a foundation from which to analyse the cases. The systems framework is primarily based on Checkland’s soft systems methodology, which facilitates an inquiry into the problem situation and context. The Ubuntu philosophy, which emphasises the belief systems in which people and communities reflect their experiences in a day-to-day life, further supports the framework. Lastly, autopoiesis was employed as part of the framework, as it describes the self-production and sustainability of the system of interest. The study sought to gather qualitative data to understand the problem situation and use as a basis for analysis. Through an iterative process, data was collected from interviews, focus groups, documentation, and observations at four learning centres in Soweto. The collected data pertained to the implementation of CSI ICT projects by learning centres between 2002 – 2016. The case studies were analysed by applying the social systems framework, which was based on SSM, Ubuntu philosophy, and autopoiesis concepts. The findings of the study indicate that companies derived some form of benefit for contributing to CSI in poor communities. These benefits included having a local presence, achieving a better B-BBEE rating that enables them to do business with the government, and to retain or attract new business. In addition, the communities and their members benefited from the CSI ICT projects; this demonstrated an essential element of Ubuntu, namely, that collectively everyone could benefit. The CSI ICT projects had a positive impact on the socio-economic situation of the communities. It contributed to the employability of the unemployed youth, as they were trained in ICT skills. The school children used ICT to do their schoolwork and for ICT training. In addition, the learning centres proved to be self-reproducing and selfmaintaining, and therefore sustainable. The contributions of the study include a systems framework and guiding principles that companies, systems thinkers, and ICT4D practitioners could use to assess the sustainability and the impact of similar projects that are geared towards achieving socio-economic development in poor urban communities. Further, the research findings were used to refine the theoretical framework to analyse the impact of CSI ICT projects in poor urban communities in South Africa. / Thesis (PhD (Information Technology))--University of Pretoria, 2021. / Informatics / PhD (Information Technology) / Unrestricted

The Swedish welfare system is in transformation: while previously, a vast public sector has taken responsibility for welfare provision, non-governmental organizations (NGOs) are increasingly invited to participate as service providers in the past years. In a qualitative case study, this paper analyses in which ways three NGOs in Malmö perceive their role in the welfare system and by identifying challenges and prospects in the cooperation with the local government. Semi-structured interviews with representatives of the NGOs are analysed through the lens of the social investment discourse by using qualitative content analysis (QCA). Findings show that the perception of all respondents exceeds a substitutionary role of civil society in welfare provision, while two respondents emphasize the social responsibility of the state. The view of one respondent demonstrates a significant change in conventional civil society engagement towards the provision of professionally managed service work. Finally, the paper anticipates that the negotiation of social responsibility could change the understanding of socio-economic human rights as such.

Mining companies seek to legitimize their operations by meeting societal and jurisdictional expectations. Failure to address social risks can harm local communities and disrupt mine-site operations, resulting in costs for the companies. Corporate Social Investment (CSI) refers to the voluntary contributions by companies to assist local communities address development expectations through private investments that legitimize corporate objectives. This study examines reported CSI values from a sample of 57 mining companies between 2011 and 2021. Panel data regression and difference tests are conducted using financial and categorical variables. Over the study period, CSI reporting witnessed a 30% increase and improved specificity of funding allocation. The regression results suggest empirical associations rather than causation between financial performance, particularly profit moving averages, and CSI. The membership of mining companies in the International Council on Mining & Metals, an industry association, was not found to have a significant effect on CSI when calculated as a percentage of profit but requires further research due to data limitations. The findings confirm a positive trend in CSI, however, inconsistencies in reporting within and across mining companies remain a primary constraint. Given the limitations, this study should serve as a starting point for future empirical research on mining industry corporate social investment.

Investimentos em responsabilidade social corporativa (RSC) crescem nos ambientes empresariais, visto que prÃticas em cidadania corporativa podem levar as organizaÃÃes a serem reconhecidas como sustentÃveis. Essa nova tendÃncia observada no mercado contribui para que investimentos de recursos destinados a projetos sociais junto Ãs comunidades carentes venham a ser foco analÃtico da gestÃo em RSC no Brasil. Diante desta realidade, este trabalho investiga se a inserÃÃo de investimentos sociais amplia adequadamente a capacidade de descriÃÃes dos estÃgios do modelo de Mirvis e Googins (2006). EstÃgios empresariais caracterizados em elementar, restringindo-se ao cumprimento da lei; engajado, comeÃando adotar aÃÃes mais responsÃveis; inovador, assumindo o seu compromisso de cidadania corporativa; responsÃvel alinhando a RSC em seus negÃcios, e transformador, produzindo mudanÃas sociais sustentÃveis. Objetivando anÃlise dos resultados, foram pesquisadas, no perÃodo de maio a julho de 2009, cinco organizaÃÃes na cidade de Fortaleza, mediante os critÃrios da pesquisa estabelecida: empresas com Ãndice de faturamento acima de R$ 60 milhÃes, reconhecidas no mercado pela sua marca, credibilidade e investimentos em RSC no estado do CearÃ. Como metodologia, elaborou-se pesquisa de campo, utilizando-se os mÃtodos observacional, descritivo e analÃtico. Finalmente, nesta pesquisa foram evidenciados os estÃgios de investimentos sociais em RSC das empresas analisadas na seguinte sequÃncia: ViaÃÃo Urbana - estÃgio elementar; Unimed Fortaleza - estÃgio engajado; Grupo PÃo de AÃÃcar â estÃgio inovador; Coelce â estÃgio responsÃvel; Petrobras/Lubnor â estÃgio transformador. Os resultados sinalizam que hà necessidade de as empresas desenvolverem maturidade organizacional ao assumirem compromissos em investimentos sociais, pois a melhor estratÃgia de RSC, que uma organizaÃÃo deve adotar, à aquela suportÃvel financeira e culturalmente. Assim, o trabalho conclui ser possÃvel inserir e ampliar os investimentos sociais nos estÃgios de RSC em cada uma das dimensÃes de Mirvis e Googins (2006). Esta inserÃÃo contribui para melhor diagnosticar e administrar investimentos sociais em RSC que possuem maior atuaÃÃo neste segmento. / The investments in corporative social responsibility (CSR) are increasing in business environment since such practices can lead organizations to be recognized as sustainable. This new trend in the market contributes to make the investment on social projects for the poor become an analytical focus of CSR management in Brazil. This study investigates whether the inclusion of social investments extends the CSR stages according to the Mirvis and Googins model (2006). They number five entrepreneurial stages: Elementary â restricted to law enforcement; Engaged â beginning to use more responsible actions; Innovative â taking on its commitment with corporative citizenship; Responsible â aligning CSR to its businesses, and Transformer â actually performing sustainable social changes. This research was carried out from May to July 2009 in five companies in Fortaleza, Cearà according to the following criteria: companies that make over R$ 60,000, known by their brand, credibility and investments on CSR in the State of CearÃ. The methodology used was a field research with analytical and descriptive methods as well as observation. The results showed ViaÃÃo Urbana in the elementary phase; Unimed Fortaleza in the engaged phase; PÃo de AÃucar Group in the innovative phase; Coelce â Responsible and Petrobras/Lubnor â Transformer. The results indicate that businesses will need to develop some organizational maturity to commit themselves in social investments, as the best strategy a company should adopt is that of financial and culturally sustainable. The work finds it is possible to insert and expand investments in social work with CSR in each of the dimensions of Mirvis and Googins (2006). This insertion helps to better diagnose and manage social investments in CSR activities which have increased in this segment.