Model of Creating Shared Values for Corporate and Social Drive of Companies in the Stock Exchange of Thailand

Abstract

The purpose of this research was to study the readiness for creating shared value (CSV) of companies in the Stock Exchange of Thailand and to develop a model of CSV for corporate and social drive. The research used a mixed method approach to collect quantitative data via questionnaires and qualitative data via in depth interviews. The sample consisted of 108 companies in the Stock Exchange of Thailand that had previously received Corporate Social Responsibility Awards. Collection of qualitative data from in-depth interviews was conducted at six companies. Readiness for creating shared value programs was found to be at a high-level. The CSV model for corporate and social drive had important components including (1) Setting goals of the CSV for both the corporation and society; (2) Processing CSV to drive the corporation and society. CSV programs included studying the problems of the community in the local area, creating knowledge through exchange relationships with stakeholders, prioritizing and evaluating stakeholders' expectations, and linking the problems or expectations of stakeholders to ongoing business, moreover, creating CSV for each section according to the planned project, and evaluating the difference in value before and after the process. Further components included identifying the stakeholders involved, and synthesis of relevant factors and conditions both inside and outside the organization. Therefore, the corporation should encourage the community and other stakeholders to participate in driving value creation for corporate and social drive.