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A Research-Based Model of Corporate Social Responsibility in Nigeria: The Case for Mandatory Disclosure Regulation

Received: 5 October 2022     Accepted: 24 October 2022     Published: 30 October 2022
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Abstract

In the past, most attempts towards mandatory Corporate Social Responsibility (CSR) disclosure did not yield much results. However, there is growing body of evidence in the literature indicating that an increasing CSR disclosure in recent years has been the result of obeying government regulations. While voluntary CSR initiatives have continued to enjoy huge patronage by businesses operating in sub-Saharan Africa, a number of scholars have raised doubts as to the effectiveness of voluntary approach of CSR in meeting the disclosure needs of stakeholders in developing countries where CSR policies and institutional frameworks appears inadequate. This study employed a qualitative research methodology and made use of semi-structured interview design with a population census of 16. Furthermore, an in-depth analysis of participants’ responses was conducted with the aid of NVivo 11 data analysis software. The results revealed participants preference for mandatory CSR disclosure regulation aimed at stimulating companies to raise the level of their ethical conduct. Also, the findings highlighted the desire to protect organizational legitimacy by firms, absence of regulatory framework, weak system of governance and absence of grievance system as some of the contextual factors limiting CSR disclosure in Nigeria. From a public policy perspective, the study developed a framework for the implementation of CSR “comply or explain” model in a developing country context, and recommends that governments in sub-Saharan Africa should pass legislations to promote CSR practice.

Published in International Journal of Economics, Finance and Management Sciences (Volume 10, Issue 5)
DOI 10.11648/j.ijefm.20221005.18
Page(s) 299-306
Creative Commons

This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.

Copyright

Copyright © The Author(s), 2022. Published by Science Publishing Group

Keywords

Corporate Social Responsibility (CSR), Government, Mandatory Disclosure, Nigeria, Regulation, Stakeholder

References
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Cite This Article
  • APA Style

    Itotenaan Henry Ogiri. (2022). A Research-Based Model of Corporate Social Responsibility in Nigeria: The Case for Mandatory Disclosure Regulation. International Journal of Economics, Finance and Management Sciences, 10(5), 299-306. https://doi.org/10.11648/j.ijefm.20221005.18

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    ACS Style

    Itotenaan Henry Ogiri. A Research-Based Model of Corporate Social Responsibility in Nigeria: The Case for Mandatory Disclosure Regulation. Int. J. Econ. Finance Manag. Sci. 2022, 10(5), 299-306. doi: 10.11648/j.ijefm.20221005.18

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    AMA Style

    Itotenaan Henry Ogiri. A Research-Based Model of Corporate Social Responsibility in Nigeria: The Case for Mandatory Disclosure Regulation. Int J Econ Finance Manag Sci. 2022;10(5):299-306. doi: 10.11648/j.ijefm.20221005.18

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  • @article{10.11648/j.ijefm.20221005.18,
      author = {Itotenaan Henry Ogiri},
      title = {A Research-Based Model of Corporate Social Responsibility in Nigeria: The Case for Mandatory Disclosure Regulation},
      journal = {International Journal of Economics, Finance and Management Sciences},
      volume = {10},
      number = {5},
      pages = {299-306},
      doi = {10.11648/j.ijefm.20221005.18},
      url = {https://doi.org/10.11648/j.ijefm.20221005.18},
      eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijefm.20221005.18},
      abstract = {In the past, most attempts towards mandatory Corporate Social Responsibility (CSR) disclosure did not yield much results. However, there is growing body of evidence in the literature indicating that an increasing CSR disclosure in recent years has been the result of obeying government regulations. While voluntary CSR initiatives have continued to enjoy huge patronage by businesses operating in sub-Saharan Africa, a number of scholars have raised doubts as to the effectiveness of voluntary approach of CSR in meeting the disclosure needs of stakeholders in developing countries where CSR policies and institutional frameworks appears inadequate. This study employed a qualitative research methodology and made use of semi-structured interview design with a population census of 16. Furthermore, an in-depth analysis of participants’ responses was conducted with the aid of NVivo 11 data analysis software. The results revealed participants preference for mandatory CSR disclosure regulation aimed at stimulating companies to raise the level of their ethical conduct. Also, the findings highlighted the desire to protect organizational legitimacy by firms, absence of regulatory framework, weak system of governance and absence of grievance system as some of the contextual factors limiting CSR disclosure in Nigeria. From a public policy perspective, the study developed a framework for the implementation of CSR “comply or explain” model in a developing country context, and recommends that governments in sub-Saharan Africa should pass legislations to promote CSR practice.},
     year = {2022}
    }
    

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Author Information
  • Department of Accounting, Gregory University, Uturu, Nigeria

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