CORPORATE SOCIAL RESPONSIBILITY AND BUSINESS SUSTAINABILITY (A CASE STUDY OF NEWCROWN PETROLEUM LIMITED, LAGOS, NIGERIA.)

ABSTRACT

The purpose of this study is to examine the effect of corporate social responsibility on business sustainability of Newcrown Petroleum Limited in Lagos, Nigeria. The specific objective of the study is to ascertain the effect of economic responsibility on business sustainability, to determine the effect of legal responsibility on business sustainability, to investigate the impact of ethical responsibility on business sustainability, and to explain the effect of philanthropic responsibility on business sustainability of Newcrown Petroleum Limited in Lagos, Nigeria. The population size of this study includes all employees of Newcrown Petroleum Limited in Lagos, Nigeria and a sample size of 75 respondents were chosen during the duration of the fieldwork. The method adopted in this research is descriptive in nature. The data used in this study were obtained from primary sources and the data collected were analyzed with frequency distribution, mean and so on From the findings, it was revealed that economic and philanthropic responsibility variables are positive and non-significantly related to business sustainability while legal and ethical responsibilities was found to be positive and significantly related to business sustainability. In the light of the findings, it is important to note corporate social responsibility should be considered when businesses intend to thrive and succeed in their environment as good relationship with the environment will increase business sustainability and competitive advantage. Based on the findings of this study, the following recommendations were made: • Nigerian corporate firms need to build social responsibility unit. This unit duty should comprise notifying the management of organization, government and other stakeholders about social responsibility of organization. • The government must establish an agency to oversee business organizations' social responsibility in order to oversee compliance with CSR regulations and penalize companies that lack social responsibility. The unit must also ensure that the organization's response to social responsibility aligns with global best practices. • Law should be enacted that would define minimal percentage out of profit that firms should spend on corporate social responsibility. More so, Nigeria tax regulations may be altered in order to make spending on CSR as deductible (allowable) expenditures. This will minimize tax burden of company and also encourage corporations to spend substantial amount for CSR.