Corporate Social Responsibility has increasingly become an important and integral part of the decision making of management and operations of corporations especially in the more developed economies in the world (Follows and Jobber, 1999).This owes largely to corporate scandals that continuously surfaced in various multinational companies. A few examples are the 2008 chinese milk scandal in the consumer food industry where 6 children died and 300,000 others fell ill, the Nike sweatshop scandal where human and working conditions were well below acceptable standards.
These scandals have led to higher governmental and public scrutiny of the activities of companies. The media in many cases has become a major advocate for Corporate Social Responsibility with the movie industry producing hit films such as blood diamond, the constant gardener among others (Crane et al., 2013). These influences have brought about what Webster (Cited in Follows and Jobber, 1999) describes as ‘socially responsible consumers’ who take into consideration the public consequences of their private consumption or who attempt to use their purchasing power to bring about social change. The level of ethical spending in the UK for example grew by 9 percent between 2012 and 2013 and as at 2014 the value of this expenditure stood at £32.2 billion (Ethical Consumer, 2014). It can be argued that in the more developed economies, only companies that present themselves to have high consideration for ethical standards can expect to truly succeed in a modern market of a growing number of socially responsible consumers (Juščius and Snieška, 2008). Companies, especially multinationals with several stakeholders have responded to this by willfully...
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...panies in line with public perception.
1.3 RESEARCH QUESTIONS
1. What is Corporate Social Responsibility and what are the most relevant components to Nigeria?
2. What are the challenges to the effective practice of CSR in Nigeria?
3. Can CSR be a unique selling point for Nigerian consumers in their choice of purchases?
4. Is there a market for CSR In Nigeria?
1.4 VALUE OF THIS RESEARCH
Several studies have shown there is a positive relationship between CSR and profitability of firms, however this is inconclusive as there are also studies that show a negative correlation and some that show no relationship at all. It takes money to undertake CSR activities and furthermore communicating it, this research will be valuable for management of companies in Nigeria in knowing if undertaking strategic CSR can be a point of differentiation for their products and/or services..
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