Corporate social responsibility: An organizational tool for survival in Nigeria

Abstract

Demonstrating socially responsible behaviour has become increasingly important for corporations. The study identifies the extent of participation of the banking industries in corporate social responsibility, the bankpolicies as it affects CRS and the impact of the bank the on the practice of CRS. The study utilized primary source of data collection procedure through the administration of questionnaire. 120 copies of the questionnaire wereadministered on employees of four major banks in Osogbo Osun State. The respondents of this study are employees of the upper, middle and low cadre across all the department of the banks. They were purposelyselected for this study. All the copies of the questionnaire were retrieved and analyzed using frequency distribution and analysis of variance (ANOVA). The findings of the study revealed that about 90% of the respondents indicated the extent of participation in corporate social responsibilities activities is high, the findings also revealed that a significant Pvalue of 0.417 which shows a non-significant relationship was observed from the relationship between the type of the bank and CRS practices. In addition, the findings of the study revealed that a significant P-value of 0.028 which ascertain a significant relationship was observed between bank profitability and CRS practices. Lastly, a significant relationship was observed from the P-value of 0.0317 between bank policies and CRS practices.It is recommended that Governments shouldminimize the excessive demands they make from corporate organizations, particularly Banks, for financing of projects and events. Usually, expensesincurred on these constitute a huge drain on the scarce financial resources of organizations that would have been spent in other CRS projects that will be more beneficial to the populace and society. And that government at all levels should encourage organizations to implement more of CSR initiatives by granting them tax reliefs, rebates and other concessions,