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Corporate Social Responsibility in the Nigerian Banking Sector Cecily Joy Adeleke Walden University

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Corporate Social Responsibility in the Nigerian Banking Sector Cecily Joy Adeleke Walden University Walden University ScholarWorks Walden Dissertations and Doctoral Studies Walden Dissertations and Doctoral Studies Collection 2014 Corporate Social Responsibility in the Nigerian Banking Sector Cecily Joy Adeleke Walden University Follow this and additional works at: https://scholarworks.waldenu.edu/dissertations Part of the Finance and Financial Management Commons, Political Science Commons, and the Public Administration Commons This Dissertation is brought to you for free and open access by the Walden Dissertations and Doctoral Studies Collection at ScholarWorks. It has been accepted for inclusion in Walden Dissertations and Doctoral Studies by an authorized administrator of ScholarWorks. For more information, please contact [email protected]. Walden Universit y College of Social and Behavioral Sciences This is to certify that the doctoral dissertation by Cecily Adeleke has been found to be complete and satisfactory in all respects, and that any and all revisions required by the review committee have been made. Review Committee Dr. Raj Singh, Committee Chairperson, Public Policy and Administration Faculty Dr. Ernesto Escobedo, Committee Member, Public Policy and Administration Faculty Dr. Aman Khan, University Reviewer, Public Policy and Administration Faculty Chief Academic Officer Eric Riedel, Ph.D. Walden University 2014 Abstract Corporate Social Responsibility in the Nigerian Banking Sector by Cecily J. Adeleke MA, Clark Atlanta University 2004 BA, University of South Carolina 2001 Dissertation Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Philosophy Public Policy and Administration Walden University November 2014 Abstract Corporate social responsibility is presently defined by the World Business Council of Sustainable Development as persistent commitment by businesses to behave ethically and contribute to economic development while also increasing the quality of life of employees, their families, and the community. Guided by Freeman’s stakeholder theory, this study examined the relationship between corporate social responsibility and the Nigerian bankers’ reported satisfaction with the Nigerian banking sector. Survey data were collected from a convenience sample of 99 Nigerian bankers, including branch managers, zonal managers, tellers, marketers, and investors. A single-stage sampling procedure was used to elicit their satisfaction with the Nigerian banking sector and their perceptions of corporate social responsibility. Corporate social responsibility was conceptualized as a composite variable, with dependent sub-variables of ethics, human rights, and employee rights. A Pearson’s r correlation test indicated a significant relationship between corporate social responsibility and Nigerian banker satisfaction ( p < .05). These findings suggest that a majority of Nigerian bankers are satisfied with the banking sector which they feel, overall, behaves in a socially responsible way, although they also noted concerns related to insider abuse and a lack of transparency among internal processes. Implications for positive social change include informing policy makers and regulatory agencies in Nigeria about changes to public policy and the regulatory banking environment about risks associated with insider abuse and other internal processes in the banking industry that may damage efforts to improve corporate social responsibility with the goal of enhancing economic development in Nigeria. Corporate Social Responsibility in the Nigerian Banking Sector by Cecily J. Adeleke MA, Clark Atlanta University 2004 BA, University of South Carolina 2001 Dissertation Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Philosophy Public Policy and Administration Walden University November 2014 Dedication I dedicate my dissertation to my late brother, Cecil R. Haltiwanger, Jr., who lives on in my heart and soul. I love you always. Acknowledgments I am very thankful to the members of my committee, Dr. Ernesto Escobedo and Dr. Aman Khan for their time and commitment throughout this journey. To Dr. Raj Singh, the chairman of my committee, I extend a special “thank you” for your encouragement, expertise, and assistance. I offer joyful praise to my Lord and Savior Jesus Christ for directing my path throughout my life and this journey. I am deeply grateful to my dear husband Nicholas Adeleke for his love, support, and for helping me realize my dreams. I must acknowledge my mother, Joyce R. Haltiwanger, whom I have always admired for having a beautiful soul. Thank you for loving and encouraging me and being the best mother I have ever known. A very big “thank you” for working tirelessly reading drafts of my dissertation and editing with exquisite detail. My late father, Dr. Cecil R. Haltiwanger, Sr., thank you so much for being a loving and hard working father, and always stressing the importance of a good education. Special thanks go out to my Aunt Phyllis Randolph and my Uncle Dr. Lonnie Randolph Jr. for their love and for leading by example. A warm and heartfelt thanks goes out to my father in-law Dr. Deji Adeleke, my siblings, my mother in-law Ms. Judy Adeleke, in-laws, and friends for their love and for always being there for me. Table of Contents List of Tables .......................................................................................................................v List of Figures .................................................................................................................... vi Chapter 1: Introduction to the Study ....................................................................................1 Introduction ....................................................................................................................1 Positive Social Change Implications ...................................................................... 3 Background ....................................................................................................................5 Problem Statement .......................................................................................................10 Purpose of the Study ....................................................................................................10 Research Questions and Hypotheses ...........................................................................11 Theoretical Framework ................................................................................................12 Nature of the Study ......................................................................................................13 Definition of Terms......................................................................................................14 Assumptions and Limitations ......................................................................................15 Scope and Limitations..................................................................................................16 Summary ......................................................................................................................17 Chapter 2: Literature Review .............................................................................................18 Introduction ..................................................................................................................18 Literature Search Strategy............................................................................................21 Theoretical Framework ................................................................................................22 Instrumental Stakeholder Theory .......................................................................... 26 Corporate Social Responsibility ..................................................................................27 i Practice of Corporate Social Responsibility ......................................................... 32 Corporate Social Responsibility and Ethical Values ............................................ 38 Empirical Studies of Corporate Social Responsibility.......................................... 39 Nigeria..........................................................................................................................42 Nigerian Banking Sector ..............................................................................................44 History of the Nigerian Banking Sector................................................................ 45 Present Day Nigerian Banking Sector .................................................................. 49 The Western and African Models of Corporate Social Responsibility ........................53 Nigerian Practice of Corporate Social Responsibility .................................................59 Corporate Social Responsibility Research Studies in Nigeria .............................. 66 Corporate Social Responsibility and the Nigerian Banking Sector .............................72 Summary ......................................................................................................................76 Chapter 3: Research Methods ............................................................................................78 Introduction ..................................................................................................................78 Research Design...........................................................................................................78 Rationale of the Study ..........................................................................................
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