EFFECTIVENESS OF REGULATIONS OF CORPORATE SOCIAL RESPONSIBILITY
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EFFECTIVENESS OF REGULATIONS OF CORPORATE SOCIAL RESPONSIBILITY
Chapter one
INTRODUCTION
Chapter Overview
This introductory chapter describes the study’s history, problem statement, purpose and objectives, research questions, scope, limitations, and significance.
Background for the Study
Globally, organisations are concerned with value reinvestment into society in recognition of the society’s contributions to their growth, survival, and continuation.
Our focus shifts to potential consumers and non-consumers of corporate offers (products) as marketing concepts and philosophies are integrated into societal marketing, which is explained as a means of achieving the desired level of social responsibility (Oko and Agbonifoh, 2014).
Public relations is the management function that identifies, builds, and maintains mutually beneficial relationships between an organisation and the many publics on whom its success or failure is determined (Broom et al, 1994).
The British Institute of Public Opinion defines public relations as “a deliberate, planned, and sustained effort to establish and maintain mutual understanding between an organisation and its publics.”
Public relations is a distinct management role that aids in the creation of a communication bridge, mutual acceptance and collaboration between an organisation and its external environment, convergence of structure and image, and maintenance of these ties (Harlow, 1976). Corporate social responsibility is an important tool for identifying, establishing, and maintaining mutually beneficial relationships.
Given this as the emphasis of operations, corporations are increasingly focusing on issues such as equal employment opportunity, making it easier for corporations to re-orient to corporate social responsibility ideals.
Consumers in Nigeria are unwilling to sacrifice convenience and pay higher prices for products in order to protect the environment because they lack knowledge or access to information that will allow them to make informed decisions about their purchase, use, and disposal of these products; pollution control; energy and natural resource conservation; and consumer and worker protection.
Businesses thus work under the principle of maximising the good consequences of their operations on society while minimising the negative implications of these actions.
The fundamental notion of corporate social responsibility is regarded as an obligation by corporations in advanced societies worldwide (Oko and Agbonifoh, 2014).
Since the introduction of mobile telecommunications in Nigeria in 2001 as a result of economic deregulation and liberalisation, the Global System for Mobile Communication (GSM) industry has employed millions of Nigerians, either as phone distributors or retailers, recharge card vendors, or phone repairers.
This sector has contributed significantly to the country’s economy and hired a large number of previously unemployed people. As the most active sector in the Nigerian economy, the operators’ corporate social responsibility obligations cannot be overstated.
According to Altschuller and Smith (2011), stakeholders expect businesses to manage the social and environmental consequences of their operations. Given the impact of GSM’s introduction in Nigeria, the widespread acceptance of this means of communication, and the role it plays in the Nigerian economy, mobile communication service providers should take CSR seriously.
These organisations should choose to practise CSR rather than having it imposed on them by the law, governments, civil rights groups, or communities. According to Onwuegbuzie (2009), CSR is the deliberate integration of public interest in corporate decision making, as well as the adherence to a triple bottom line of people, planet, and profit.
In other words, CSR policy includes self-regulation, adherence to rules and regulations, ethical standards, environmental responsibility and sustainability, customer pleasure, employee welfare, community and stakeholder benefits.
Some years ago, the concept of Corporate Social Responsibility (CSR) was a very excellent approach for most commercial organisations to avoid a highly competitive market climate. In an environment where consumers’ preferences vary and are uncertain, Corporate Social Responsibility is the most effective weapon for survival.
When it comes to Corporate Social Responsibility, most companies strive to lower their operating costs in order to be socially and ecologically responsible. Companies that are socially responsible attract more clients and expand their market share.
CSR increases the company’s visibility while also serving as a means for communication with the public (Lawrence and Webber, 2008).To help build the Nigerian economy, the telecommunications industry was deregulated, giving the private sector a significant position in the economy.
Private sector participation is preferred because it provides operational efficiency in product/service delivery and has practical ideas for long-term development (Hassan, 2011). The government saw that it could not grow the economy on its own and hence created an enabling environment for Nigeria’s deregulation programme.
To ensure that the deregulation exercise achieves its policy objectives, the government established a strong legal and regulatory framework to protect and strengthen the Nigerian Business Environment.
Analysts stated that quality regulations are required in the business environment to compel corporations to act responsibly within the scope of existing laws, protect property rights, ensure citizens’ well-being, and create an enabling investment environment consistent with international best practices (Braithwaite and Drahos, 2000).
Several of these laws/regulations specify minimum obligations for corporations as corporate citizens, as well as requirements for social/environmental reporting in order to prevent corporate excesses, executive abuse, and other widely reported corporate misbehaviours in the literature (Campbell, 2007).
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