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  • Name: EFFECT OF CORPORATE SOCIAL RESPONSIBILITY ON PROFITABILITY OF LISTED DEPOSIT MONEY BANKS IN NIGERIA
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ABSTRACT

Although an enormous body of literature has emerged concerning the nexus between corporate
social responsibility and profitability, actual empirical research designed to test the multitude of
definitions, propositions, concepts and theories that have been advanced has produced mix
results. In addition, much of the research done in the area has been incomplete and simplistic in
methodology and epistemology. Many of the methodological quagmires in studying the nexus
between corporate social responsibility and profitability stem from the fluid nature of the subject.
With the increased concentration on the corporate social responsibility, firms are not only
required to focus narrowly on generating profit returns for shareholders, but also asked to take
responsibility for firms‘ other stakeholders. Hence, both having a decent social responsibility
performance and adding profitability is significant for companies to achieve sustainable success
in the long-term. This study therefore examines the effect of corporate social responsibility on
the profitability of listed deposit money banks in Nigeria. It uses panel data from 14 listed
deposit money banks over a period of 10 years (2006-2015) and tests for statistical significance
using analysis of variance and multiple regression analysis. The results show that corporate
social responsibility has significant and positive effect on net profit margin, return on total assets
and return on equity, which were used to proxy for profitability. The study concludes that
corporate social responsibility has positive and significant influence on profitability. The study
recommends that banks should continue to invest in corporate social activities as much as
practicable because they result into long run increase in profitability. Also, bank managers
should leverage on social responsibility expenditures by ensuring that they are linked to
profitable operations.

TABLE OF CONTENTS

Title page i
Declaration ii
Certification iii
Approval page iv
Dedication v
Acknowledgements vi
Table of Contents vii
List of Tables xi
List of Figures xii
List of Appendices xiii
Abstract xiv

CHAPTER ONE: INTRODUCTION
1.1 Background to the Study 1
1.2 Statement of the Problem 8
1.3 Statement of Research Questions 11
1.4 Objective of the Study 12
1.5 Research Hypotheses 12
1.6 Scope of the Study 13
1.7 Significance of the Study 13

CHAPTER TWO: LITERATURE REVIEW
2.1 Introduction 15
2.2 Conceptual Framework 15
2.2.1 Corporate Social Responsibility 15
2.2.2 Net Profit Margin 22
2.2.3 Return on Total Assets 23
2.2.4 Return on Equity 24
2.2.5 Firm Size 25
2.2.6 Leverage 25
2.2.7 Interest Rate 26
2.3 Theoretical Review 27
2.3.1 The Classical View 27
2.3.2 The Socioeconomic View 27
2.3.3 Theory of Maximized Profits for Shareholders 28
2.3.4 Stakeholders Theory 29
2.3.5 Good Corporate Citizens Theory 29
2.3.6 Minimum Requirement of Morality Theory 29
2.3.7 Theories of Corporate Social Disclosure 30
2.3.8 Social Accounting and General Systems Theory 30
2.3.9 Legitimacy Theory 31
2.3.10 Political Economy Theories 32
2.3.11 Rationality Theory of Corporate Social Responsibility 33
2.4 Empirical Literature Review 34
2.4.1 Corporate Social Responsibility and Net Profit Margin 34
2.4.2 Corporate Social Responsibility and ROA and ROE 36

CHAPTER THREE: METHODOLOGY
3.1 Introduction 39
3.2 Population and Sample Size of the Study 39
3.3 Model Specification 40
3.4 Variables Definition and Measurement 41
3.5 Methods of Data Collection 42
3.6 Data Analysis Techniques 42
3.7 Diagnostic/Post Estimation Tests 43

CHAPTER FOUR: DATA ANALYSIS AND INTERPRETATION
4.1 Introduction 44
4.2 Descriptive Statistics 44
4.3 Diagnostic Tests Results 45
4.3.1 Multicollinearity 45
4.3.2 Serial (Auto) Correlation 47
4.3.3 Heteroskedasticity 47
4.3.4 Stationarity 49
4.3.5 Hausman Specification Test 49
4.3.6 Normality 50
4.3.7 Granger Causality 50
4.4 Regression Results 51
4.4.1 Effect of CSR on NPM 51
4.4.2 Effect of CSR on ROTA 52
4.4.3 Effect of CSR on ROE 53

4.5 Testing of Hypotheses 54
4.6 Summary of Findings 54

CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATIONS
5.1 Summary 56
5.2 Conclusion 57
5.3 Recommendations 57
5.4 Suggestions for Further Research 57
5.5 Contributions to Knowledge 58

REFERENCES 59
APPENDIX A 67
APPENDIX B1 71
APPENDIX B2 72
APPENDIX B3 76
APPENDIX B4 77

CHAPTER ONE

INTRODUCTION
1.1 Background to the Study
The primary objective of a firm is to maximize shareholders‘ value by producing goods and
services that meet the needs of the society. The economic operations of firms have drawn
significant attention of their stakeholders, for example, employees, suppliers, unions, customers,
investors, creditors, regulators and directors. These stakeholders now demand more transparency
and accountability from firms by mounting considerable pressure on them to carry the society
along in their economic decisions. Corporate Social Responsibility (CSR) refers to the practice
whereby corporate entities voluntarily integrate both social and environmental issues into their
business decision making and operations. However, CSR in recent times implies that companies
voluntarily integrate social and environmental concerns in their operations and interaction with
stakeholders. However, some arguments suggest that CSR is just a reminder that the quest for
profit should be considered alongside social and environmental considerations (Manuel & Lúcia,
2007). Branco and Rodrigues (2008) hold the view that CSR is analyzed as a source of
competitive advantage and not an end in itself.
In effect, the concept of CSR has evolved from being regarded as detrimental to a
company‘s profitability, to being considered as somehow benefiting the company as a whole, at
least in the long run. Corporate managers have found a need that the environment in which they
operate should be catered for because their intermediate and macro environments have a direct
impact on the attainment of their corporate goals, objectives and mission statements. Therefore,
the purpose of profit-making organizations is to maximize profit through optimal utilization of
available resources. It is important to note that profitability is an important factor to companies,
because it is one of the major purposes for which companies are established. In the emerging
global economy, where the Internet, the news media and the information revolution shed light on
business practices around the world, companies are now frequently assessed on the basis of their
environmental stewardship in addition to their ability to make profit. Partners in business and
consumers want to know what is inside a company. This transparency of business practices
means that for banks in Nigeria, CSR is no longer a luxury but a necessity.
Mazurkiewicz (2004) recognizes that the concept of CSR has been developing since the
early 1970s. Therefore, there is no single, commonly accepted definition of CSR. There are
different perceptions of the concept among stakeholders. CSR in banking sector is aimed
addressing the peculiarity of the socio-economic development challenges of the country (e.g.
poverty alleviation, health care provision, infrastructure development, education, etc.) and would
be informed by socio-cultural influences (e.g. communalism and charity). They might not
necessarily reflect the popular western standard or expectations of CSR (e.g. consumer
protection, fair practice, green marketing, climate change concerns, and social responsible
investments).
Companies are assumed to be socially responsible because they anticipate a benefit from
their actions. Examples of such benefits might include reputation enhancement, the ability to
charge a premium price for its outputs, or the use of CSR to recruit and retain high quality
workers. These benefits are presumed to offset the costs associated with CSR, since resources
must be allocated to allow the firm to achieve CSR status, while a key indicator to determine the
true worth and value of modern organizations is their ability to give back to the society part of
their income through some mutually beneficial initiatives (Nkanbra & Okorite, 2007).
There is no doubt that CSR is becoming indispensable, though involuntary, in the
contemporary business world as societal needs are making it imperative for the corporate
organizations to be sensitive to happenings in their environment, which ensure more
understanding and good relationship between the organization and the society they exist, since
CSR contributes to the wellbeing of the citizenry (Obaloha, 2008). CSR is one of the most
dynamic, complex and challenging areas that business leaders face (Gwynne, 2009). It is
arguably one of the most critical issues in business-society relationship thus bringing public
interest companies under pressure to take active role in making the society a better place to live
in.
The concept of CSR is also regarded as having emerged from the environmental
perspective which is about how to manage physical resources so that they are conserved for the
future. Therefore, CSR is about the economic performance of the organization itself. CSR calls
for economic growth that can relieve the great poverty of less developed countries, based on
policies that sustain and expand the environmental resource base. Nigerian banks responded to
CSR over the years when they recognized their obligations to the banks‘ stakeholders and to the
society since CSR enhance their reputations. Elkington (2008) asserts that companies should not
only focus on enhancing its value through maximizing profit and outcome but concentrate on
CSR issues equally. In line with Elkington (2008) assertion, Nigerian banks have spent billions
of naira as their contribution towards addressing the peculiarity the social economic development
challenges of the society. The principal beneficiaries of banks‘ CSR policies are in the areas of
healthcare, education, security, housing, agriculture, arts and tourism, sports, charity
organizations, religion, social clubs, government agencies, youth development and public
infrastructure development.
Profitability is the final measure of economic success achieved by a firm in relation to the
capital invested in it. This economic success is determined by the magnitude of the net profit
(Pimentel, Braga & Casa Nova, 2015). To achieve an appropriate return over the amount of risk
accepted by the shareholders, is the main objective of firms operating in capitalist economies.
After all, profit is the propulsive element of any investments in different projects. The
assessment of profitability is usually done through the ROA (Return on Assets = Net
Income/Total Assets) and ROE (Return on Equity = Net Income/Equity), which is the ultimate
measure of economic success. Financial ratios are a class of financial metrics that are used to
assess a business’s ability to generate earnings as compared to its expenses and other relevant
costs incurred during a specific period of time. For most of these ratios, having a higher value
relative to a competitor’s ratio or the same ratio from a previous period is indicative that the
company is doing well.
The profitability of firms is of vital importance for investors, stakeholders and economy
at large. For investors, the return on their investments is highly valuable and a well performing
business can bring high and long-term returns for their investors. Furthermore, profitability of a
firm will boost the income of its employees, bring better quality products for its customers, and
have better environment friendly production units. Also, more profits will mean more future
investments, which will generate employment opportunities and enhance the income of people.
Profitability is the ability of a business to earn a profit. A profit is what is left of the revenue a
business generates after it pays all expenses directly related to the generation of the revenue,
such as producing a product, and other expenses related to the conduct of the business activities.
Profitability is the primary goal of all businesses. Without profitability the business will not
survive in the long run. So measuring current and past profitability and projecting future
profitability is very important. Profitability is measured with income and expenses. Income is
money generated from the activities of the business. Expenses are the cost of resources used up
or consumed by the activities of the business.
Whether you are recording profitability for the past period or projecting profitability for
the coming period, measuring profitability is the most important measure of the success of the
business. A business that is not profitable cannot survive. Conversely, a business that is highly
profitable has the ability to reward its owners with a large return on their investment. Increasing
profitability is one of the most important tasks of the business managers. Managers constantly
look for ways to change the business to improve profitability. A variety of profitability
ratios (decision tool) can be used to assess the financial health of a business. These ratios, created
from the income statement, can be compared with industry benchmarks. Also, income statement
trends (decision tool) can be tracked over a period of years to identify emerging problems.
Profitability is seen as a measure of economic success achieved by a company in relation
to the capital invested in it (Pimentel et al., 2005). To achieve an appropriate return over the
amount of risk accepted by the shareholders, is the main objective of companies operating in
capitalist economies. After all, profit is the propulsive element of any investments in different
projects. The assessment of profitability is usually done through the ROA (Return on Assets =
Net Income / Total Assets) and ROE (Return on Equity = Net Income / Equity), which is the
ultimate measure of economic success.
In order to measure the profitability of a company, the most usual indicator is the return
over equity (ROE), which is obtained by divided the net profit over the total shareholder‘s
equity. However some of the companies in the studied sample had very small values for equity
(sometimes even negative values), so in order to go around this problem the return over assets
(ROA) could be used as a measure of profitability. This indicator is obtained by dividing the net
profit of the period by the total assets of the company. Unlike the ROE the ROA is not a measure
of firm‘s efficiency to generate profit from the invested capital, thus it cannot be used to compare
the company‘s performance against other kinds of investments, such as bonds. Also ROA is not
the best indicator in order to compare the performance of companies in different industries, since
the scale factors and capital requirements may differ, however this ratio is good to compare the
profitability between companies inside the same sector.
The ROA can be used on my research because all the companies of the sample operate in
the same industry. Thus by analyzing the different ROA of the firms I will be able to verify if the
profitability is in some way related to the liquidity levels. The ROE would not provide a good
comparison because the small and the negative equity levels of some companies would generate
distorted indicators of profitability. The ROA is calculated by dividing the net income of each
period over the total assets of the companies. Since both numbers could be easily found on the
financial statements on the annual reports it was hard to make a table with this ratio.
Deposit money banks (DMBs) are resident depository firms which have liabilities in the
form of deposits payable on demand, transferable by cheque or otherwise usable for making
payments (OECD, 2015). DMBs are financial intermediaries, providing funds for deficit sectors
and collecting funds from surplus sectors. A key function of DMBs is to mobilize savings for
investment. The importance of DMBs in influencing economic growth is widely acknowledged.
Blum, Federmair, Fink and Haiss (2002) identify the role of DMBs in facilitating technological
innovation through their intermediary roles. DMBs also ensure efficient allocation of savings
through identification and funding of entrepreneurs with the best chances of successfully
implementing innovative products and services.
Deposit money banks in Nigeria have evolved over the years. Commencing in 1892, the
pioneer banking company in Nigeria namely the Africa Banking Corporation was absorbed by
the British Bank of West Africa (BBWA) in 1894 enjoyed virtual monopoly of banking business.
This period up to 1952 was characterized by the absence of banking legislation in Nigeria and
also said that anybody could set up a banking company provided he/she is registered under the
companies‘ ordinance. The dominant banking institutions were foreign commercial banks
operating mainly to serve the trade financing requirement of their country‘s industrial sector.
Being foreign based, it was believed that indigenes were discriminated against in respect of
banking credit facilities. The belief, coupled with ―free-for-all‖ operation environment and ease
with which bank were incorporated-―cases of easy come– easy go‖ was experienced in Nigerian
Banking Sector. In this era banks failed in social responsibility. This problem faced led to the
agreement between government officials and representative of banks that there was need for
legislations and establishment of control measures for banking operation. The period 1958-1969
witness an era of banking regulations consolidation. It gave birth to the establishment of and
commencement of the Central Bank of Nigeria. Today the Nigerian Banking Industry is made up
of twenty four commercial banks with First Bank of Nigeria Plc recognized by the CBN as one
of the leading banks in the country.
DMBs ensure that there is adequate flow of money in circulation to service the needs of
the economy and facilitate the transfer of money between economic units (Ogege & Shiro,
2013). The system also helps to mobilize the collection and storage of savings (Nzotta, 2014).
The non-provision of finance can retard economic growth and development. Thus, DMBs play a
very significant role in economic growth, development and social mobilization. In Nigeria, the
bank failures of the 1990s and their resultant consequences on other sectors of the economy
brought hardship and business failures which in turn brought to the fore the strategic relevance of
DMBs. It should be noted also that DMBs play very important roles in the transmission of
monetary policies. This is made possible by the fact that the assets and liabilities of DMBs form
a good part of the money supply though the money multiplier process. Nigeria has 21 DMBs of
which 15 are listed on the floor of the Nigerian Stock Exchange. They are Access Bank,
Diamond Bank, Ecobank, First City Monument Bank, Fidelity Bank, First Bank of Nigeria,
Guaranty Trust Bank, Skye Bank, Stanbic IBTC Bank, Sterling Bank, Union Bank of Nigeria,
United Bank for Africa, Unity bank, Wema Bank and Zenith Bank.
1.2 Statement of the Research Problem
In Nigeria, deposit money banks are at the heart of several socially responsible activities, such as
donations to tertiary institutions, health institutions, promoting friendly and clean environment
and developing human capital. Whether these activities contribute to bank profitability, there are
limited interests by scholars and policy makers to examine this question. There is also additional
demand on the part of society for deposit money banks to continue to do more in the areas of
social causes.
It is desirable to state that the nexus between corporate social responsibility (CSR) and
profitability has come a long way (Dodd, 1932; Jarrell & Peltzman, 1985; Hoffer et al., 1988;
Preston & O‘Bannon, 1997; Waddock & Graves, 1997; Griffin & Mahon, 1997; McWilliams &
Siegel, 2000 and Simpson & Kohers, 2002). The empirical studies on CSR and profitability link
have never been in agreement, as some studies find negative correlation, some find positive
correlation, while others find no correlation at all.
The viewpoint for positive correlation between CSP and CP suggests that as a bank‘s
explicit costs are opposite of the hidden costs of stakeholders, therefore, this viewpoint is
proposed from the perspectives of avoiding cost to major stakeholders and considering their
satisfaction (Cornell & Shapiro, 1987). In addition, this theory further infers that commitment to
CSR would result in increased costs to competitiveness and decrease the hidden costs of
stakeholders. This argument is meaningful and reasonable, as good relationships with employees,
suppliers, and customers are necessary for the survival of a bank. Bowman and Haire (2005)
point out that some shareholders regard CSR as a symbolic management skill, namely, CSR is a
symbol of reputation, and the bank reputation will be improved by actions to support the
community, resulting in positive influence on sales. Therefore, when a bank increases its costs
by improving CSR in order to increase competitive advantages, such CSR expenditure can
enhance bank reputation, thus, in the long run, profitability can be improved, though short run
profits are sacrificed.
The viewpoint for negative correlation between CSR and profitability suggests that the
fulfillment of CSR will bring competitive disadvantages to the bank (Aupperle et al., 2005)
methods or need to bear other costs. When carrying out CSR activities, increased costs will result
in little gain if measured in economic interests. When neglecting some stakeholders, such as
employees or the environment, result in a lower CSR for the enterprise, the profitability may be
improved in the short run. Hence, Waddock and Graves (2007) indicate that this theory was
based on the assumption of negative correlation between CSR and profitability. Some other
studies suggest that CSR is not related to profitability at all. Ullmann (2015) points out that there
is no reason to anticipate the existence of any relationship between CSR and profitability, as
there are many variables in between the two. On the other hand, the issue of CSR measurement
may also cover the link between CSR and profitability (Waddock & Graves, 2007). McWilliams
and Siegel (2000) also suggest that the relationship between CSR and profitability would
disappear with introduction of more accurate variables, such as the research and development
strength, into the economic models.
Also, scholarly works on the association between corporate social responsibility and
profitability have produced mixed results. Some studies conclude that a positive nexus exists
(Bolanle, Olanrewaju & Muyideen, 2012; Graves & Waddock, 1994; McGuire, Sundgren &
Schneeweis, 1988; Moskowitz, 1972; Muhammad, Saleh & Zulkifli, 2011; Roberts, 2002;
Roman, Hayibor & Agle, 1999; Simpson & Kohers, 2002; Uadiale & Fagbemi, 2012). Some
other studies conclude a negative link (Mwangi, 2013; Palmer, 2012). Yet, others query the
existence of such a relationship completely (McWilliams & Siegel, 2001; Margoslis, Elfenbein
& Walsh, 2007; Tsoutsoura, 2004). The empirical studies conducted in developed countries on
the relationship between CSR and profitability is essentially of two distinct categories (Margolis
& Walsh, 2007). The first category considers the short-run financial impact if the company is
involved in either socially or irresponsible actions. The results are mixed. For instance, Wright
and Ferris (1997) find negative relationships, while other researchers find positive relationships
(Hall & Rieck, 1998; Posnikoff, 1997; Wright & Ferris, 1997 and Teoh et al., 1999).
The second category, examines the relationship of CSR and profitability in the long-run,
using accounting and market based measurements. The findings are also mixed. Various studies
report a negative relationship between CSR and profitability (Moore, 2001; Vance, 1975), while
other studies reveal a neutral or no relationship (Mahoney & Roberts, 2007; McWilliams and
Seigel, 2000; Patten, 1991; Alexander & Buchholz, 1978). Most of the prior studies found a
positive relationship between CSR and CP. Again, stakeholder theory suggests that Corporate
Social Performance (CSP) is positively associated with CP (Freeman, 1984 and Donaldson &
Preston 1995). Moskowitz (1972) finds a positive relationship between socially responsible
business practices and corporate equity returns.
Muhammad, Saleh and Zulkifli (2011) conclude that there is a positive and significant
link between CSR and Profitability. Two of the CSR dimensions, namely employee relations and
community involvement were found to be positively related to financial performance. The results
also reveal that there is limited evidence of the relationship between CSR and CP in the long
term. Bolanle, Olanrewaju and Muyideen (2012) examine the relationship between corporate
social responsibility and profitability in the Nigerian banking industry using First Bank of
Nigeria (FBN) Plc as the case study. They conclude that there is positive relationship between
banks CSR activities and profitability. This study is different from current study because it is a
case study while current study is a longitudinal study. Uadiale and Fagbemi (2012) examine the
impact of CSR activities on financial performance measured with Return on Equity (ROE) and
Return on Assets (ROA). The results show that CSR has a positive and significant relationship
with the financial performance measures. This study uses non-financial services firms and is
therefore different from current study which uses deposit money banks.
Mahbuba and Farzana (2013) examine the relationship between CSR and profitability in
Bangladesh and conclude that 90.7% of the variation in profit after tax is explained by the
benefit accrued from corporate social responsibility. Mahbuba and Farzana (2013) study is also
different from current study for three reasons. First, the study was done in Bangladesh while
current study is a Nigerian study. Second, their study was done for 10 years (2002-2011), while
the current study covers 15 years (2001-2015). Third, Mahbuba and Farzana (2013) study used
profit after tax as proxy for profitability, this study uses net profit margin, return on assets and
return on equity as proxies for profitability.
Arising from the lack of consensus on the findings of the previous empirical studies on
the impact of CSR on the profitability of corporate enterprises and the fact that none of these
studies comprehensively modeled all the listed deposit money banks in Nigeria; there is a gap in
the academic literature that needed to be filled. It is within this context that this study examines
the impact of CSR on the profitability of listed deposit money banks in Nigeria. Consistent with
literature, this study expects that in the long run CSR will have positive impact on the
profitability of the firm.

1.3 Statement of Research Questions
In the light of the foregoing, the research questions of this study are articulated as follows:
(i) What effect does corporate social responsibility has on the net profit margin of listed
deposit money banks in Nigeria?
(iv) How does corporate social responsibility affects the return on assets of listed deposit
money banks in Nigeria?
(v) Does corporate social responsibility affects the return on equity of listed deposit money
banks in Nigeria?

1.4 Objective of the Study
The main objective of the study is to examine the effect of corporate social responsibility on the
profitability of listed deposit money banks in Nigeria. The specific objectives of the study are to:
(i) Examine the effect of corporate social responsibility on the net profit margin of listed
deposit money banks in Nigeria.
(ii) Examine the effect of corporate social responsibility on the return on total assets of
listed deposit money banks in Nigeria.
(iii) Assess the effect of corporate social responsibility on the return on equity of listed
deposit money banks in Nigeria.

1.5 Research Hypotheses
In order to achieve the specific objectives of this research, the following research hypotheses
have been formulated to be tested in the study:
H1: Corporate social responsibility has no significant effect on the net profit margin of listed
deposit money banks in Nigeria.
H2: Corporate social responsibility has no significant effect on the return on total assets of listed
deposit money banks in Nigeria.
H3: Corporate social responsibility has no significant effect on the return on equity of listed
deposit money banks in Nigeria.

1.6 Scope of the Study
The study focuses on the nexus between corporate social responsibility and profitability of listed
deposit money banks in Nigeria. It covers a period of ten years (2006-2015) for the 15 listed
deposit money banks in Nigeria. The period of investigation is significant in many respects: first,
the period witnesses the global financial crisis of 2007/2008 and therefore it will be interesting to
investigate whether the crisis affected corporate social responsibility activities of listed deposit
money banks in Nigeria; second, since the 2015 financial data of the banks are published, 2006
2015 represent the most recent data in respect of the financial performance of listed deposit
money banks in Nigeria.

1.7 Significance of the Study
The study is expected to make contributions to knowledge in a number of ways. The outcome of
this research will provide information about CSR in relation to corporate institutions especially
the listed deposit money banks in Nigeria. It is also expected that the results of this study would
produce relevant material for scholarly discourse in management science relating to corporate
social responsibility and profitability. Another benefit is that in a truly global economy, deposit
money banks in Nigeria would be more responsible and become citizens. Banks would more
easily and willingly respond to the social needs of the societies where they operate.
The findings generated in this study are useful in testing the existing theories under
extreme conditions not present in developed economies where most of the prior studies were
carried out. Current and potential investors are supplied with information to help them make
good investment decisions. The findings and conclusion may enable the regulators to know the
nature of demand placed on deposit money banks in Nigeria and ways banks have responded to
them.
The work is important to the government, host communities and non-governmental
organizations involved in development programmes. This study fills literature gap by
investigating the effects of CSR on profitability of deposit money banks. The results provide
useful evidence to other emerging sectors such as insurance, which is closely related to deposit
money banking sector.

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