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CORPORATE SOCIAL RESPONSIBILITY AND FIRM PERFORMANCE: A REVIEW OF LITERATURES
Abstract: The importance of Corporate Social Responsibility cannot be overemphasized, and good Corporate Social Responsibility will constitute good relationship for both the implementing business and its stakeholders- such as customers, community, suppliers, government etc., of such business. The idea behind Corporate Social Responsibility is largely misunderstood by many to deal with only large organizations and multinational. However, even small businesses can in their own little ways be socially responsible. For instance, both large and small businesses do employ workers, operate in a community, impact on the environment on which they operate and are expected to pay taxes to the government of their nation. Consequently, by employing worker, the business is expected to maintain and services such workers in other to retain them and by operating in a community, the business owe such community among other things healthy goods and contributions to societal activities. Therefore, it doesn’t necessarily mean that a business must be large before Corporate Social Responsibility can be implemented. All the aforementioned activities are all inclusive in the Corporate Social Responsibility list. This study considered the meaning of Corporate Social Responsibility from varying authorities, reviewed literatures on previous studies- specifically those with positive relationship, negative relationship, mixed relationship and modest relationship. Following the robust literature review, gaps in studies were identified and consequently, need for further studies. Finally, conclusion was made and recommendations suggested.
Keywords: Corporate Social Responsibility, Firm Performance, Community, Customers and Suppliers