Building Brand Equity through the Influence of Corporate Social Responsibility (CSR): A Case Study of Hollard Insurance- Kumasi

Abstract

Corporate Social Responsibility (CSR) is an important part of every business entity and as such has been described as a tool to build the brand equity of a business. Thus, understanding its implications help firms to build their brand equity. Therefore, this study investigates into building brand equity through the influence of CSR in Hollard Insurance Company, Kumasi. Questionnaires were designed and administered to a sample of 373 employees and customers of the Hollard Insurance Company. The data collected were analysed using descriptive statistics, cronbach alpha and multiple regression. The study shows that all CSR variables influence Brand Equity. However, Legal, Ethical, Voluntary and aggregated Corporate Social Responsibility significantly influence Brand Equity, with positive relationships. Ethical Responsibility was found not to be significant, but had a positive influence on Brand equity. The findings suggest that with Hollard Insurance commitments to legal, ethical and voluntary responsibility; they can present better view of their services by considering the CSR and include a positive brand association of their name in people's minds. It was further suggested that Hollard Insurance Company should review its CSR to assess the quality of legal, ethical and voluntary responsibilities to determine whether they are effectively carried out.