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THE IMPACT
OF CORPORATE SOCIAL RESPONSIBILITY ON FIRMS PERFORMANCE
CHAPTER ONE
INTRODUCTION
1.1
BACKGROUND OF THE STUDY
Within the world of business, the main
“responsibility” for corporation has historically been to make money and
increase shareholders value. In other worlds, corporate financial
responsibility has been the sole bottom line driving force. However, in the
last decade, a movement definining broader corporate responsibilities for the
environment for local communities, for working conditions, and for ethical
practises has gathered momentum and
taken hold. This new driving force is known as CORPORATE SOCIAL RESPONSIBILITY
(CSR).
It is often times described as the
corporate “triple bottom line” the totality of the corporations financial,
social and environmental performance in conducting business.
As the commercial sector increases its
investments in corporate social responsibility in its three usual ventures (the
work place, the market place and the community), USAID is presented with the
unique opportunity to create corporate partnership that can help expand,
enhance and sustain its health efforts in developing countries.
Reality shows that firms have
recently been able to adapt to a changing world not only by developing
economically but also socially and ethically. A firms aim remains based on a
development strategy that non only favours its shareholders but also responds
to all stake – holders to involved either directly or indirectly in the
production process.
A firm is an open system and to carry
out its main aim must be able to combine two large categories of interest.
Profitability and its stakeholders interest. Given that a system of exchange
and mutual influences is created between stakeholders and the firm, management
must be able to analyse objectives, resources and the strategy of common groups
of stakeholders that need to be considered as well as its own ability to
mobilize other stakeholders.
Given their overriding priority
compared with other stakeholders, the consumer has assumed a focal role, which
has led firms to meet ethical value. A clear sign of this has been growing
number of firms that have decided to take ‘Socially responsible’ action (see
Masimo and Podd; 2008;Podd; and vegalli; 2008)
This is when the concept of corporate
social responsibility (CSR) has developed and is beginning to enter into common
lexical knowledge and is increasingly being used by academics and economist for
the sustain ability of economic development. As often happens when new terms
are coined, they tend to lose their conceptual precision leaving their
evocative value which is however watered down by the multitude of different
meanings and context in which it is used.
The concept of corporate Social
responsibility (CSR) indeed, taken on different meanings depending on the
organisation or group that uses it. Some tend to emphasize individual aspects
that they believe to be more important than other especially ethnics, the
environment, safety education or human right.
Definitions
often vary as they represent historical and social difference between
countries. Indeed, certain definitions underlying a particular theme because it
is more relevant in that particular state, at other time the concept of
corporate social responsibility reflects the level of economics and therefore
social development of a country.
Du to the different weight given to
the term by different countries, the world business council for sustainable
development (WBCSD) has given the following definitions:
“Corporate
Social Responsibility is the task of a business to contribute to sustainable
economic development working together with workers, their families, the local
communities and the society in general to improve quality of life.”
Lewis (2002)
describes corporate Social Responsibility as the interaction between business
and the social environment in which it exists.
Corporate Social Responsibility is
also describes as a way of considering, managing and balancing the economic,
social and environmental impacts of its activities (PJC 2006). The notion of
Corporate Social Responsibility as a part of the core business operations of a
company, rather than a separate “add on”, distinguishes it from corporate
philanthropy which may be funded out of operations that are damaging to the
communities in which company or business is conducted. The extent to which
company directors and managers should consider social and environmental factors
in waking decisions, rather than focusing exclusively on maximising short term
accounting profits, has been the subject of such discussion in recent years.
1.2 STATEMENT OF THE PROBLEM
The practical of Corporate Social
Responsibility (CSR) is subject to much debate and criticism. Proponents argue
that there is a strong business case for Corporate Social Responsibility (CSR)
in that corporation benefits in multiple ways by operating with a perspective
broader and longer than their own immediate short term profit.
Critics argue that Corporate Social
Responsibility (CSR) distracts from the fundamental economic role of a
business, others argue that it is nothing more than superficial widow dressing,
others yet argue that it is attempt to pre-empt the role of government as a
watchdog over powerful multinational corporations.
Attaining Sustainable development
should not be the duty of the government in carry out activities that leads to
the improvement in the quality of life in the society at large. This concept is
however not yet fully embraced in Nigeria, some companies sees Social
Responsibility as unnecessary burden. They are of the view that economic
climate prevailing burden in the guise of social responsibility is unfair to
their business.
Some companies are not even aware of
the concept of social responsibility. They think that as long as they are
operating within the confines of their legal status and are fulfilling their
entire legal obligations, they are in order.
The concept of Social responsibility
is so in precise that it may not be easy to determine what social
responsibility a company should embark upon. Many companies maintain that
employing and training staff for better performance, contributing to the public
revenue through payment of taxes,
boosting the countries Gross Domestic Product (GDP) by being productive and
maintaining cordial relationship with its close stakeholders, suppliers,
consumers and employee are enough social responsibilities to contend with.
1.3 OBJECTIVES OF THE STUDY
The light of this research is to
evaluate the impact of corporate social responsibility on firms performance
most especially First Bank Nigeria PLC, Ijebu Ode Brach.
The specific
objectives are as follows
1. To find out the limitations posed by
governmental fiscal polices such as taxes and other levies on social
responsibility
2. To determine an appropriate level of
social responsibility for organization
3. To establish relationship between
profitability and social responsibility in the Banking sector
4. To determine the level of awareness for
socially responsibility accounting and the degree of responsiveness of business
to their immediate environment.
1.4 SCOPE OF THE STUDY
With the
increase in the activities in the field of banking new areas has seen added to
the transitional list of services rendered by banks which has led to increase
to their operation, and enactment of new rules and regulations.
The scope of
the study is to enhance the effect of Corporate Social Responsibility (CSR) on
the performance on Nigerian banks most especially First Bank of Nigeria PLC,
Ijebu Ode branch.
1.5 RESEARCH QUESTIONS
The
following are the research questions that emanate in the course of this study
1. Is there any relationship between
maximization of shareholders wealth and corporate Social Responsibility?
2. Is there any relationship between
corporate social responsibility and customer patronage?
3. Do government fiscal policies encourage or
discourage companies from being responsible?
4. Would the introduction of legislation and
professional standard and social responsibility and reporting improve the level
and quantity of corporate social responsibility?
1.6 RESEARCH HYPOTHESIS
The research
hypothesis is been tested for this research
Ho: (null
hypothesis)
Hi:
(alternative hypothesis)
This test
will highlight the relationship between corporate social responsibility and
firms performance.
Ho: There is
no significant relationship between social responsibility and firms performance
Hi: There is
a significant relationship between social responsibility and firms performance
1.7 SIGNIFICANCE AND JUSTIFICATION OF THE STUDY
Corporate Social Responsibility (CSR) has
been identified and acknowledge as a powerful tool to generate trust and
confidence in an institution. In this context, good corporate social
responsibility is essentially important for bank because such institutions deals
with funds raised from the general public.
Findings would serves as a guide for the
establishment of statutory laws and standard to regulate social responsibility
accounting and reporting and also educate the corporate firm in the promotion
of corporation rate Social responsibility (CSR)
To show the commitment of Social
responsibility to Profitability, it would also embrace the knowledge of
students to social responsibility accounting.
1.8 DEFINITION OF TERMS
CORPORATE
SOCIAL RESPONSIBILITY (CSR)
According to
Business for Social Responsibility (BSR), Corporate Social Responsibility (CSR)
has achieving commercial success in ways that honours ethical values and
respect people, communities and the neutral enhancement.
ORGANIZATIONAL
PERFORMANCE
This refers
to the effectiveness of an organization or a firm in fulfilling its purpose for
a particular target audience.
STAKEHOLDER
The term
stakeholder means those that are affected by firms or organisations performance
or activities.
BENCH
MARKING
This
involves reviewing competitors corporate social responsibility (CSR)
initiatives as well as measuring and evaluating the impact that those policies
have on society and the environment and how customers perceive competitors
corporate social responsibility.
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