ABSTRACT
Corporate social responsibility (CSR) has emerged as a significant term in current economic jargon, piqueing the interest of both academics and practitioners. Despite the widespread acknowledgment of the importance of corporate social responsibility, some corporations remain resistant to recognizing or practicing the concept. This work aims to achieved the following; investigate the link between CSR and the satisfaction of stakeholders of a selected financial institution, investigate the link between Corporate social responsibility and business advancement, investigate the link between CSR and financial institution reputation. The methodology employed in the study focused on Corporate Social Responsibility (CSR) and its impact on firm performance. Utilizing a survey research design, the study examines a sample of Deposit Money Banks in Nigeria, consisting of Access Bank Plc., Citibank, Ecobank Nigeria Plc., Fidelity Bank Plc., First Bank of Nigeria Limited, Guaranty Trust Bank Plc., Heritage Bank Plc, Keystone Bank Limited, Polaris Bank Limited, Stanbic IBTC Bank Plc, Sterling Bank Plc, Union Bank of Nigeria Plc, and United Bank for Africa Plc. The study randomly selects 181 respondents from these 13 banks and employs a 4-point Likert scale to collect data. A questionnaire, divided into sections A and B, is used to capture demographic data and address the research questions. The research instrument's validity is confirmed by experts, and its reliability is assessed using the Crombach Alpha statistics method. Data analysis involves descriptive and inferential techniques, with a focus on multiple regression analysis to explore the relationships between dependent and independent variables. The study uncovered a strong correlation between CSR and financial institution reputation. Businesses that prioritize CSR activities tend to enjoy a more favorable reputation. Additionally, a significant link was observed between CSR and business advancement, where CSR was seen as contributing to long-term sustainability and profitability. Importantly, CSR was also found to influence stakeholder satisfaction positively, underlining its value in enhancing the perception of financial institutions. In light of these findings, recommendations are provided for financial institutions to maximize the benefits of CSR. These include emphasizing CSR practices aligned with core values, effective communication, and the integration of CSR into business strategy. Continual monitoring and investment in crisis preparedness are essential to ensure that CSR efforts remain robust even in challenging times. This study underscores the importance of responsible and sustainable business practices in the financial sector.
