Effect of Corporate Social Responsibility Strategies on Firm Performance: A Sub-Saharan experience.
Abstract
Purpose: The dynamic and complex nature of today’s business environment has made achieving and sustaining a high level of corporate performance a very important issue. The study examined the effect of Corporate Social Responsibility (CSR) strategies on firm performance. The dimensions of CSR explored were corporate Volunteering, employee welfare schemes, and service quality.
Methodology: A cross-sectional research design that employed the use of a self-structured questionnaire to gather data from 361 employees of Flour Mills of Nigeria PLC Golden Penny House, Apapa, Lagos State. The statistical tool employed was partial least squares-structural equation model (PLS-SEM) which was in two stages namely measurement and structural models.
Results: With p < 0.05 achieved during hypotheses testing showed there are significant relationships of the variables tested. This concludes that CSR strategies have a substantial and positive influence on all performance indicators used in the literature review which are: market shares, employee satisfaction, and customer satisfaction.
Research limitations: It was difficult accessing and administering questionnaire to the employees at the Corporate Headquarters of Flour Mills of Nigeria PLC Golden Penny House, Apapa, Lagos State. The policy for access to the retrieval of the expected number of questionnaires.
Practical implications: A framework developed will add to the pool of knowledge on CSR research and development. The study recommends that companies should identify their stakeholders’ needs before taking CSR initiatives; also, top management must understand the strategic benefits of CSR activities and include them in their strategic plans.
Originality: The conceptual framework helps to understand the interactions between the sub-variables and Corporate Social Responsibility of firms.
Keywords: CSR; Volunteering; Service quality; Firm performance; Welfare schemes
DOI: https://doi.org/10.58869/EJABM10(3)/02
Full Text:
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European Journal of Applied Business and Management
ISSN: 2183-5594
DOI: https://doi.org/10.58869/EJABM
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