Corporate Organizations and Corporate Social Responsibilities: Does the CSR practice boost the financial performance of Oil and Gas Corporations in the Niger Delta region of Nigeria? (Published)
Corporate social responsibility is a global practice by companies which stipulates a way such companies contribute to the development of host community or forming partnership with constituted authorities for community development. The study investigated the CSR activities of oil and gas multinational companies in Nigeria to find out the extent it positively affects their financial performance. The study is anchored on stakeholder theory. The major source of data collection was through primary source and questionnaire method was the main technique for data collection. However, sample size of 350 staff was purposively drawn from the over 550 populations of five selected oil and gas multinationals in the Niger Delta region of Nigeria. Copies of open ended structured questionnaire were distributed to the members of staff of the selected oil and gas multinationals in the Delta region of Nigeria. Descriptive statistics using cross tabulation and chi-square distribution were deployed for data analysis. The study revealed that corporate social responsibility activities of oil and gas multinational companies do not directly robustly positively affect their financial performance because the activity usually involves spending money and resources to meet the development needs of the host communities. The study, however, recommends improved CSR activities of the companies to their host communities because it is more likely to result in peaceful atmosphere for effective and efficient operations which in turn could positively affect their finances.
Keywords: CSR, Community development, Financial Performance, corporate organization, stakeholder