CSR is harmful to corporate value creation since companies investing in CSR activities incur unnecessary expenses and possibly weaken competitive advantage (e.g., Crisostomo et al., 2011; Tandry et al

to maintain customer base of newspaper and magazines, expand content distribution on online platforms, including controlling and reducing unnecessary operating costs and expenses continuously. Please

maintain the newspaper customer base, expand content distribution on online channels, including controlling and reducing unnecessary operating costs and expenses continuously. Please kindly be informed

deduct unnecessary expenses. However, some administrative expenses are unavoidable and much incurred to support the Group’s business operation and require to support the business expansion into related

Black and Scholes model. • Due to simplicity and familiarity of the model to the investors, the study recommends those investors, who use the Black-and-Scholes model at present, to continue using the

which the interest rate is approximately 9%-10% per year. Moreover, the management structure is not appropriate; therefore, the joint venture company has high unnecessary human resource management expense

interest expense which the interest rate is approximately 9-10 percent per year. Moreover, the management structure is not appropriate; therefore, the joint venture company has high unnecessary human

which are fixed cost still exist and not variable to the income such as animal feed, utilities, water-electricity bill. Therefore, the company has managed to reduce some unnecessary expenses during the

/2019 (3.43%). • The selling expenses of Q1/2020 is much lower due to cutting of unnecessary expenses. However, the administration expenses are almost unchanged because of fixed expenses such as salaries

reduce mainly on selling and administrative cost, utilities expenses and animal care expenses for instance. Furthermore, the group has assessed and cut down any unnecessary cost across the group as well as