Effect of Corporate Social Responsibility on the Growth of First Bank Plc

Abstract

This paper investigates the effect of social responsibility on firm growth. It uses descriptive research survey design with quantitative approach to analyze First Bank Nigeria Plc commitment to corporate social responsibility. The study used secondary data obtained from the annual financial reports of First Bank between 2008 and 2018. The independent variable, ie, the investment in CSR in areas like education, welfare and entrepreneurship, was regressed against the dependent variable, ie, firm performance, using Ordinary Least Square (OLS). The study found that there is a positive relationship between cCSR and the growth of the Bank's profitability. Furthermore, it was recommended that for firms to optimally reap such expenditures on CSR, a generic allocation of projects should be jettisoned for location specific needs where firms consult the benefitting communities in which they operate rather than generalize their CSR activities.