Professional Documents
Culture Documents
(AIJMEG) ISSN: 2518-0827 (Online Publication) Vol. 3 (4) 18-33, October 2018
www.oircjournals.org
18 | P a g e
Ojiambo and Kemboi, (2018) www.oircjournals.org
Africa International Journal of Management Education and Governance
(AIJMEG) ISSN: 2518-0827 (Online Publication) Vol. 3 (4) 18-33, October 2018
www.oircjournals.org
19 | P a g e
Ojiambo and Kemboi, (2018) www.oircjournals.org
Africa International Journal of Management Education and Governance
(AIJMEG) ISSN: 2518-0827 (Online Publication) Vol. 3 (4) 18-33, October 2018
www.oircjournals.org
investment in training, career plans and good bonus in this regard has been the capping of single
policies. individual ownership of insurance underwriters at
Social and environmental performance can be 25%) (Insurance Regulatory Authority, 2016).
considered a way to satisfy communities and Eldoret Town is the fifth largest town in Kenya after
governments some activities associated with the Nairobi, Mombasa, Kisumu and Nakuru. It is also
satisfaction of these groups are safe environmental the second largest urban Centre in Midwestern
practices, increased product quality and safety, Kenya after Nakuru. Out of the 56 licensed
ethical advertising, minority employment and insurance companies in Kenya, 33 of them have
development of social projects (Harter, Schmidt, & branches in Eldoret town as of 2016.Majority of
Hayes, 2002). these insurance companies engage in CSR activities.
Studies have been conducted on effect of CSR on Kenya Re Ltd, for example has a campaign called
organizational performance. Simone et al., (2016) “NikoFiti-Ability beyond Disability” Campaign.
conducted a study to investigate the influence of The campaign is geared towards empowering
corporate social responsibility on employee persons with disabilities and Britam Foundation for
satisfaction among 381 Brazilian companies. The nurturing talents in Arts and Music. Other
study established that those employees prefer to companies also support different aspects of CSR
work for organizations whose primary values align including education and environmental
with their own, there is a significant relationship conservation.
between employee concerns, company activities,
and attitudinal and behavioral outcomes and that the Statement of the Problem
perception of aligned values between employees and In a competitive market, customers associate
their organizations can create a more favourable themselves with products and services from
identification with all organization initiatives. The organizations in accordance to their own perceptions
study further indicated that perceptions of justice towards such institution and institutions were
and fairness in the workplace may affect employee becoming socially responsible to have good
well-being. For instance, perceptions of justice and perceptions from their customers (Marcia,
fairness concerning the attitudes of top management, Otgontsetseg and Hassan, 2013). Kitzmuelery and
both in general and in CSR terms, affect employee Shimshack (2012) realized that firms could use CSR
motivation and commitment. Such perceptions will to maximize profits while not for profit firms could
affect employees’ personal identification with the use CSR to satisfy its shareholders. Margolis,
organizational image. Elfenbein and Walsh (2007) found out that CSR has,
According to Annual Insurance Industry Report of indeed, an effect on firm financial performance.
2016 by the Insurance Regulatory Authority, there is According to Olowokudejo and Aduloju (2011),
total of 56 insurance and Re-insurance companies in firms that involve themselves in CSR activities have
Kenya, dominated by; Britam, C.I.C, C.F.C, satisfactory organizational effectiveness. With this
PanAfrica and Kenya Re, that collectively control a kind of effectiveness the financial performance of
market share of 70%. The sector is regulated by the the firm is also enhanced. It is therefore important to
insurance regulatory authority (IRA).The Insurance study the effect that would be there if insurance
Regulatory Authority is a statutory government companies would involve themselves in CSR
agency established under the Insurance Act activities
(Amendment) 2006, CAP 487 of the Laws of Kenya Studies in Kenya have proved that there is a link
to regulate, supervise and develop the insurance between CSR and firm performance. Okoth (2012)
industry, the industry has witnessed improved conducted a study on effect of CSR on financial
regulation, setting minimum premiums chargeable performance of commercial banks in Kenya and
for certain classes of business thereby reducing established that that CSR has an effect on ROA and
undercutting and unfair competition. In addition, the ROE. Gichana (2004) carried out a study on effects
regulator (Insurance Regulatory Authority) has of CSR on performance of firms listed at NSE, and
increased minimum capital requirements thereby established a significant relationship between CSR
improving capitalization and strengthening and performance. Munyoki and Ong’olo, (2013)
solvency. Managerial capacity and use of risk based conducted a study on effect of CSR on performance
models in pricing premiums has been greatly of supermarkets in Kisumu, the study found that
enhanced over the past decade (positive legislation supermarkets that invested significantly in Social
20 | P a g e
Ojiambo and Kemboi, (2018) www.oircjournals.org
Africa International Journal of Management Education and Governance
(AIJMEG) ISSN: 2518-0827 (Online Publication) Vol. 3 (4) 18-33, October 2018
www.oircjournals.org
Responsibility Programmes scored well as per the The stakeholder theory is the central theory to this
marketing index. According to Omoro, Kinyua and research, which seeks to establish if organizations
Okiro, (2014), it indicates that studies on CSR in can be socially responsible and have good
Kenya have been done in Commercial banks, few performance by balancing the diverse needs of its
studies has been conducted in the Non-commercial stakeholders.
sector. Given the unique nature of the insurance
sector and the fight to shed off the negative image Effect of Environmental Responsibility on
associated with the past when proper policies had Performance
not been put in place, most insurance companies are Mobil (2012) examined environmental implications
yet to adopt any distinctive model, or at least have of adopting CSR. The stud discussed the concept of
not done so in any bold, comprehensive, or brand- social responsibility as it can be understood at two
differentiating way, (Khalid Al‐Amri, Said Gattoufi, levels, the internal level that relates to workers and,
Saeed Al‐Muharrami, 2012). Many remain soloed in more generally, with all actors and stakeholders
their business lines and conservative in their service (who are affected by business and, in turn, may
offerings. This study aims to answer the question; influence the results), and the external level which
what is the effect of corporate social responsibility considers the consequences of the actions of an
on business performance of insurance firms in organization on its external environment, including,
Eldoret Town. among other things, its business partners and the
environment. CSR contemplates more than pure
2.0 Theory and Hypothesis Development legal obligations imposed by statute. The
commitment is a holistic approach to business that,
Stakeholders’ theory in light of the state of the environment, attempts to
address more than the financial bottom-line
Stakeholders’ theory was put forward by Edward
(Connelly, 2011). CSR is predicated on the belief
Freeman (Freeman, 1984). According to the theory,
that going about ‘business as usual’ is simply not
all stakeholders are "customers” who have decisions
sustainable.
to make in terms of whether the utility a firm
Corrigan (2014) found that increasingly, the
provides them is greater than what they give up from
awareness of the destructive consequences of
other opportunities. Assumptions of the study argues
unsustainable practices among business enterprises
that identifying and managing ties with key
has drawn a great deal of attention from international
stakeholders may mitigate the likelihood of negative
actors, policymakers, researchers, and governments,
regulatory, legislative or fiscal action (Hillman and
with respect to various aspects of the activities of
Keim, 2001).
business enterprises to mitigate environmental risks,
Critics by Freeman (1984) argues that companies
to overcome the challenges of resources scarcities,
should take multiple CSR. More and more
and to promote sustainable development.
companies take CSR actively and consider the
Since an economic activity may result in a negative
interest of stakeholders from the strategic
impact on the environment, there is a commitment
perspective. These stakeholders may include
to take responsibility for this condition. The
shareholders, managers, employees, creditors,
commitment translates into developing such
suppliers, retailers, consumers, government, and
activities that are socially responsible, that aim at
community. In return, stakeholders are concerned
creating a society responsible for the environment
more about the interest of corporate, which reduces
on a voluntary basis and beyond the legal
the cost of opportunism behaviors, incentives and
expectations. This means that obligatory orientation
supervision. According to Waddock and Graves
is a starting point for actions, but only optional
(1997), corporate social performance is positively
orientation makes these actions more meaningful.
correlated to financial performance. Building better
Optional orientation leads to the situation where
relations with primary stakeholders like employees,
responsibility for the environment is a fundamental
customers, suppliers, and communities could lead to
need and commitment towards the next generations,
increased shareholder wealth by helping firms
and not the consequence of strict respect for the law.
develop intangible, valuable assets which can be
LilianaHawrysz and Joachim Foltys (2016)
sources of competitive advantage.
indicated that a number of research findings indicate
that four elements affect the effectiveness of actions
concerning environmental responsibility:
21 | P a g e
Ojiambo and Kemboi, (2018) www.oircjournals.org
Africa International Journal of Management Education and Governance
(AIJMEG) ISSN: 2518-0827 (Online Publication) Vol. 3 (4) 18-33, October 2018
www.oircjournals.org
implementing the environmental policy into the life cycle (Vance, 2010).This means taking into
organization strategic documents and everyday account not only how to get the product and service
activities, stimulating employees’ awareness, into the consumers’ hands and the related
increasing the amount and scope of responsibility environmental impact, but also how the product will
for the environment, concerns the introduction of be used, and, ultimately, disposed of (Omboto,
environmental responsibility into the core values of 2014). By considering how the product will end its
the organization. Ecological aspect of sustainability life, the business can then implement more
includes being responsible for future generations by sustainable means of production as well as
sustaining a certain level of natural resources, developing a method of minimizing their carbon
thereby providing essential functions to human footprint.
society. According to Ekins and Simon (2003), these DiSegni et al., (2015) found that firms that are
functions are: Source function: delivery of natural proactive in supporting social responsibility and
resources to the economy (energy carriers, environmental sustainability are characterized by
agricultural land, or biological resources), Sink significantly higher profits measures than the
function that refers to the possibility of disposing industry and the sector in which they operate.
waste, Life support function which is a set of Structural equation modeling (SEM) was used to
study the relationship between corporate social
functions performed by land, water and air essential
responsibility, competitive operational capabilities,
to sustaining life and human health and welfare
and overall organizational performance.
function which includes services that maintain
health and contribute to human well-being. Conceptual framework
Leszczynska (2011) mentioned that Business A conceptual framework is a written or visual
activity, in particular production activity, is based on presentation that explains either graphically or in
the use of natural resources. The environment narrative form, the main things to be studied, the key
resources condition the existence and development factors, concepts or variables and the presumed
of an enterprise and the enterprise as a system relationship among them (Miles & Huberman,
interacts with the environment in the form of a 1994). In this study, the independent variables are
feedback. Though governments are increasingly components of social corporate social responsibility
regulating the impacts that businesses have on the which is environmental responsibility. Firm
environment themselves, while simultaneously performance is a relevant construct in strategic
enacting legislation that directly or indirectly management research and frequently used as a
mandates minimum. dependent variable (Bonomi & Artur2012).This
Vance (2010) opined that CSR standards required study focused on market share, employees’
businesses to operate. Instead of waiting for such satisfaction and innovation as the core dimension of
government action, businesses should consider business performance.
adopting CSR by considering their product’s entire
The environmental implication of CSR state of the environment, attempts to address more
contemplates more than pure legal obligations than the financial bottom-line (Connelly, 2011).
imposed by statute (Mobil, 2012). The commitment Every business operates within a society. It uses the
is a holistic approach to business that, in light of the resources of the society and depends on the society
22 | P a g e
Ojiambo and Kemboi, (2018) www.oircjournals.org
Africa International Journal of Management Education and Governance
(AIJMEG) ISSN: 2518-0827 (Online Publication) Vol. 3 (4) 18-33, October 2018
www.oircjournals.org
for its functioning. This creates an obligation on the Kenya. Out of the 56 insurance companies in Kenya,
part of business to look after the welfare of society. 33 companies operate in Eldoret town. The target
So all the activities of the business should be such population was 394 employees. This composed of
that they will not harm, rather they will protect and the regional managers, line managers and sales
contribute to the interests of the society (Dragos representative.
Bigu & Ionut, 2014). The economic dimension of
the sustainability agenda should rather consider the Sample size and sampling procedure
direct and indirect economic impacts that the This study employed a combination of stratified
organization’s operations and processes have on the random sampling technique. Stratified random
surrounding community and on the company’s sampling is a modification of simple random
stakeholders. That is what makes up corporate sampling in which the population is divided into two
economic responsibility (Sharma, 2013). or more relevant and significant strata based on one
or more attributes (Saunders et. al., 2007). From the
3.0 Methods records, the insurance firms in Eldoret town has staff
establishment of 394. The mathematical sampling
Research Design
approach given by Miller and Brewer (2003) was
To develop an understanding of the effects of
used:
corporate social responsibility on business
n= __N_____
performance, this study adopted a descriptive survey
1 + N (α) 2
research design. Descriptive survey allowed the
Where n = sample size
study to describe the relevant aspects of the N = Sample frame
phenomena under consideration and provide α = margin of error
detailed information about each relevant variable, as The sample frame (N) is the total employees in
it allowed the use of quantitative data (Seema, insurance firm in Eldoret town.
2012). The quantitative data enabled the data to be The sample size (n) was then calculated out of the
subjected to statistical analysis and derive the sample frame (N).
existing relationships. Hence the design allowed Using a confidence level of 95%,
collection of in-depth data on the effect of corporate n=394/1+394 (0.05)2
social responsibility on performance of insurance n= 128
firms in Eldoret Town. Stratified random sampling was employed to select
the respondents. The employees are arranged in
Population of the Study three strata; Regional managers, line managers
A population consists of a group that share common (administrative and care managers), and sales
characteristics from which individuals or units of representatives. The sample for the study was 32
analysis are then chosen out of the population for the insurance firms. The sample was composed of 32
study (Fox & Bayat, 2007). In this study, the regional managers, 32 line managers and 64 sales
population was insurance companies regulated representatives. Purposive sampling was used to
under the Insurance Regulatory Authority operating select regional managers and line managers, while
in Eldoret town. According to Annual Insurance simple random sampling was used to select sales
Industry Report for the Year Ended 31 st December representatives. The sample size of the study was
2016 by the Insurance Regulatory Authority, there is 128 respondents. Table 3.1 presents the sample size.
total of 56 insurance and Re-insurance companies in
23 | P a g e
Ojiambo and Kemboi, (2018) www.oircjournals.org
Africa International Journal of Management Education and Governance
(AIJMEG) ISSN: 2518-0827 (Online Publication) Vol. 3 (4) 18-33, October 2018
www.oircjournals.org
24 | P a g e
Ojiambo and Kemboi, (2018) www.oircjournals.org
Africa International Journal of Management Education and Governance
(AIJMEG) ISSN: 2518-0827 (Online Publication) Vol. 3 (4) 18-33, October 2018
www.oircjournals.org
establish the effect of the independent variables on The results are presented using tables with
the dependent variable. A multiple linear regression explanations on all parameters used.
model shows the relationship between the dependent
variable and multiple (two or more) independent 4.0 Data Analysis, Presentation and
variables. In multiple linear regression, there are X Interpretation
explanatory variables, and the relationship between
the dependent variable and the explanatory variables Response Rate
is represented by the following equation: The study targeted 128 respondents but managed to
Y = β0 + β1X1 +ε obtain responses from 94 of them thus representing
Where: a 73.4% response rate. This response rate is
β0 is the constant term and considered sufficient to make conclusions for the
β1 to are the coefficients relating the X explanatory study. Mugenda and Mugenda (2003) observed that
variables to the variables of interest. a 50% response rate is adequate, 60% and above as
ε is an unobserved random variable, known as the good, while 70% and above rated as very good. The
error or disturbance term. results are presented in table 4.1.
25 | P a g e
Ojiambo and Kemboi, (2018) www.oircjournals.org
Africa International Journal of Management Education and Governance
(AIJMEG) ISSN: 2518-0827 (Online Publication) Vol. 3 (4) 18-33, October 2018
www.oircjournals.org
Gender of the Respondents were females as indicated in table 4.3 Gender of the
The study sought to determine the gender of Respondents, page 40. This implies that the
respondents who participated in the study. insurance company employee both male and female.
The study findings indicated that majority of the Also it implies that the study collected data from
respondents 59(62.8%) were males while 35(37.2%) both gender hence avoiding gender biasness in the
study.
Education Level of the Respondents had a master’s degrees, as presented in table 4.5
The study sought to determine the education level of Education Level of the Respondents. This gives an
respondents who participated in the study. The study implication that majority of respondents who
findings show that most of the respondents 47 participated in the study had a diploma in their level
(50.0%) had a diploma, 10 (10.6%) had certificate, of studies. Also the study gets information from all
21 (22.3%) had bachelor’s degree while 16 (17.0%) education level.
Table 4.5 Education Level of the Respondents
Education Level Frequency Percent
Certificate 10 10.6
Diploma 47 50.0
Bachelor’s degree 21 22.3
Master’s degree 16 17.0
Total 94 100.0
Working Experience of the Respondents company. Most of the respondents 37(39.4%) have
The researcher sought information on the number of worked in the company for less than five years,
years in which the respondents have worked in the 34(36.2%) have worked for between 5-10 years,
company. This information was important in 17(18.1%) have worked for 11-15 years and 6(6.4%)
gauging the knowledge of the respondents about the have worked for more than 15 years, as indicated in
26 | P a g e
Ojiambo and Kemboi, (2018) www.oircjournals.org
Africa International Journal of Management Education and Governance
(AIJMEG) ISSN: 2518-0827 (Online Publication) Vol. 3 (4) 18-33, October 2018
www.oircjournals.org
table 4.6 Working experience of the Respondents. corporate social responsibility on business
This implies that majority of respondents had performance of insurance firms in Eldoret town,
worked for the insurance company for between 5-10 Kenya.
years hence have enough information on effect of
Descriptive Statistics of Study Variables 34(36.2%) of the respondents who agreed and
This section describes the descriptive Statistics of 24(25.5%) who strongly agreed with a mean of
effect of environmental responsibility on business (M=3.649). Most respondents 32(34.0%) agreed and
performance, effect of social responsibility on 41(43.6%) strongly agreed that involvement in
business performance of insurance firms in Kenya, environmental conservation has positive effect on
effect of economic responsibility on business business (M=4.000). Majority of the respondents
performance of insurance firms in Kenya and effect 38(40.4%) agreed and 36(38.3%) strongly agreed
of legal responsibility on business performance of that employees fully support environmental
insurance firms in Kenya. The study determined the conservation efforts (M=3.989). On statement that
respondents’ level of agreement on a five point our company considers potential environmental
Likert scale which ranged from strongly disagree (1) impacts when developing new products and
to strongly agree (5). services, 42(44.7%) of the respondents agreed and
30(31.9%) strongly agreed with the statement
Effect of Environmental Responsibility on (M=3.840), as indicated in table 4.8.
Business Performance The study results on environmental responsibility on
business performance revealed that majority of the
The first objective of the study was to examine the respondents strongly agreed that involvement in
effect of environmental responsibility on business environmental conservation has positive effect on
performance of insurance firms in Kenya. The study
business. Environmental conservation ensures that
established that most insurance firms have a
there is sustainability on the production unit and
functioning waste management and pollution
prevention programme in place, as indicated by therefore there is no possibility of limitation on the
supply of resources for the future generation. The
27 | P a g e
Ojiambo and Kemboi, (2018) www.oircjournals.org
Africa International Journal of Management Education and Governance
(AIJMEG) ISSN: 2518-0827 (Online Publication) Vol. 3 (4) 18-33, October 2018
www.oircjournals.org
company will operate for several generations with higher profits measures than the industry and the
adequate supply units of raw materials as well gain sector in which they operate. Structural equation
desirable profits. modeling (SEM) is used to study the relationship
The study findings concur with DiSegni et al., between corporate social responsibility, competitive
(2015) who found that firms that are proactive in operational capabilities, and overall organizational
supporting social responsibility and environmental performance.
sustainability are characterized by significantly
28 | P a g e
Ojiambo and Kemboi, (2018) www.oircjournals.org
Africa International Journal of Management Education and Governance
(AIJMEG) ISSN: 2518-0827 (Online Publication) Vol. 3 (4) 18-33, October 2018
www.oircjournals.org
supporting social responsibility and environmental modeling (SEM) is used to study the relationship
sustainability are characterized by significantly between corporate social responsibility, competitive
higher profits measures than the industry and the operational capabilities, and overall organizational
sector in which they operate. Structural equation performance.
Analysis of Variance (ANOVA) examine whether of significance of the fitted regression model. Table
the multiple regression model was fit for the data. 4.17 show analysis of variance, the table indicated
This helped to find out if firm performance can be the extent in which the data fit into the regression
predicted without relying on environmental model. The F value indicates that all the variables in
responsibility, social responsibility, economic the equation were significant hence the overall
responsibility and legal responsibility. The study regression model is significant (F=45.854, P=
findings provides F test which shows an overall test 0.000).
Table 4. 11 ANOVA
Model Sum of df Mean Square F Sig.
Squares
1 Regression 11.095 4 2.774 45.854 .000b
Residual 5.384 89 .060
Total 16.479 93
Coefficients of independent variables are presented in Table 4.18. The findings indicate
The study conducted t-test of statistical significance that all the t values were significant implying that
of each individual regression coefficient and results
29 | P a g e
Ojiambo and Kemboi, (2018) www.oircjournals.org
Africa International Journal of Management Education and Governance
(AIJMEG) ISSN: 2518-0827 (Online Publication) Vol. 3 (4) 18-33, October 2018
www.oircjournals.org
independent variable is a predictor of the dependent Therefore the multiple regression model equation
variable; environmental responsibility (t=2.139; p< was developed from the coefficient as shown in
0.05). equation 4.1;
Y= 1.101+ 0.159X1 + …………….Equation 4.1
5.0 Summary of Findings, Conclusion attitude towards CSR in terms of investment was
and Recommendations essential for the success of the firm.
31 | P a g e
Ojiambo and Kemboi, (2018) www.oircjournals.org
Africa International Journal of Management Education and Governance
(AIJMEG) ISSN: 2518-0827 (Online Publication) Vol. 3 (4) 18-33, October 2018
www.oircjournals.org
References
Blowfield, M., & Murray, A. (2008).Corporate responsibility: a critical introduction. New York: Oxford
University Press.
Cho, J. and Dansereau, F. (2010).Are transformational leaders fair? A multi-level study of transformational
leadership, justice perceptions, and organizational citizenship behaviors, The Leadership
Quarterly, 21(3) 409-421.
Choi, Y and Yu, Y (2014). The Influence of Perceived Corporate Sustainability Practices on Employees and
Organizational Performance, Sustainability 6 (1) 348-364.
Connelly, P. (2011). An examination of corporate sustainability disclosure level and its impact on financial
performance, The Middlesex University, Multimedia.
Crane, A., & Matten, D. (2016). Business ethics: Managing corporate citizenship and sustainability in the age of
globalization. Oxford University Press.
DiSegni, D. M., Huly, M. and Akron, S. (2015). Corporate social responsibility, environmental leadership, and
financial performance, Social Responsibility Journal, 11(1), 131 - 148.
Dragos and Ionut. (2014), the ethical and discretionary responsibilities of business toward society, proceeding s
of the 8th International management conference, November 6th-7th, 2014, Bucharest Romania.
Ekins and Simon (2003).Methods an illustrative application of the critic framework to the UK. Ecological
Economics 44 (1) 255–275.
Fox & Bayat, (2007), understanding population in research method.
Freeman R.E. (1984). Strategic Management: A Stakeholder Approach. Boston: Pittman-Ballinger.
Gichana, O. B. (2004). A Survey of Corporate Social Responsibility Practice by Kenyan Companies: A Case for
Companies Listed in the Nairobi Stock Exchange. An unpublished MBA Research project,
University of Nairobi.
Harter, J. K., Schmidt, F. L., & Hayes, T. (2002). Business-unit-level relationship between employee satisfactions:
a meta-analysis. Journal of Applied Psychology, 87(2), 268-279.
Hawrysz, L and Foltys, J. (2016), Environmental Aspects of Social Responsibility of Public Sector Organizations,
Sustainability 8, 19.
Hill, S.C., Thomsen, S.R., Page, R.M. and Parrott, N. (2005).Alcohol advertisements in youth-oriented magazines:
persuasive themes and responsibility messages, American Journal of Health Education, 36(5)
258-65.
Hillman, A., &Keim, G. (2001). Shareholder value, stakeholder management, and social issues: What’s the bottom
line? Strategic Management Journal, 22(1) 125-139.
Insurance Regulatory Authority (2016).Annual Insurance Industry Report for the Year Ended 31st December
2016.
Khalid Al‐Amri, Said Gattoufi, Saeed Al‐Muharrami, (2012) "Analyzing the technical efficiency of insurance
companies in GCC", The Journal of Risk Finance, Vol. 13 Issue: 4, pp.362-380, doi:
10.1108/15265941211254471
Kothari C.R. (2004). Research Methodology, Methods and Techniques. (2nd Ed.). New Delhi: New Age
International (P) Limited, Publishers.
Marcia M. C., Otgontsetseg, E. & Hassan T. (2013).Corporate Social Responsibility and its Impact on Financial
Performance: Investigation of U.S. Commercial Banks. Waltham, US: Bentley University.
Margolis, J. D., Elfenbein, H. A. & Walsh, J. P. (2007). Does it pay to be good? A meta-analysis and redirection
of research on the relationship between corporate social and financial performance. Working
paper, Cambridge: Harvard Business School,
Mobil K. (2012), Scoring corporate environmental and sustainability reports using GRI 2000, ISO 14031 and
other criteria. Corporate Social Responsibility and Environmental Management 4 (1) 215-233.
Mugenda M. O. &Mugenda, G. A. (2003). Research Methods Quantitative and Qualitative Approaches. (2nd Ed.).
Nairobi: Acts Press.
Ni, A., & Van Wart, M. (2015). Corporate Social Responsibility: Doing Well and Doing Good. In Building
Business-Government Relations (pp. 175-196). Routledge.
Okiro, K., Omoro, N. &Kinyua, H. (2013).Investment in Corporate Social Responsibility and Sustained Growth
in Commercial Banks in Kenya. Journal of Emerging Issues in Economics, Finance and
Banking. 3(2), 1057-1064.
Okoth, D. O. (2012).The Effect of Corporate Social Responsibility on the Financial Performance of Commercial
Banks in Kenya. An unpublished MBA Research project, University of Nairobi.
32 | P a g e
Ojiambo and Kemboi, (2018) www.oircjournals.org
Africa International Journal of Management Education and Governance
(AIJMEG) ISSN: 2518-0827 (Online Publication) Vol. 3 (4) 18-33, October 2018
www.oircjournals.org
Olowokudejo, F. &Aduloju, S.A. (2011). Corporate social responsibility and organizational effectiveness of
insurance companies in Nigeria.The Journal of Risk Finance, 12(3), 156-167.
Omboto P. (2014). Adoption of Blue Ocean Strategy in CSR by Commercial Bank of Africa (Unpublished MBA
Thesis). University of Nairobi, Kenya.
Omoro, N., Kinyua, H., Kennedy Okiro, K (2014). Journal of Emerging Issues in Economics, Finance and
Banking (JEIEFB) 3(2) 30-42
Ong’olo, P. B. (2012). Relationship between Corporate Social Responsibility Practices and Market Share among
Supermarkets in Kisumu Town. An unpublished MBA Research project, University of Nairobi.
Saunders, M. Lewis, P. &Thornhill, A. (2009).Research Methods for Business Students. (5thEd) Dehli: Pearson
Education.
Sharma, Y (2013). Role of Corporate Social Responsibility in Organization, Journal of Business and
Management, 13(4) 01-08.
Thanoon, Adnan and Saffari (2015), Study of the Relationship between Dependent and Independent Variable
Groups by Using Canonical Correlation Analysis with Application
Tabachnick, B. G., & Fidell, L. S. (2001). Using Multivariate Statistics (4th Ed.). Boston, MA: Allyn and Bacon
TWYcross, A. & Shields, L. (2004). Validity and reliability -What's it all about? Part 2 Reliability in quantitative
studies. Paediatric Nursing, 16 (10) 36.
Van der Stede, W. A., Chow, C. W., & Lin, T. W. (2006).Strategy, Choice of Performance Measures, and
Performance. Behavioral Research in Accounting, 18, 185-205,
Vance S. C. (2010). Are socially responsible corporation’s good investment risks? Management Review, 64 (8),
18-24.
Vida, S. V. (2012). The contribution of corporate social responsibility to internal employee motivation, Baltic
Journal of Management, 7(1) 49 - 67.
Waddock, S. A., & Graves, S. B. (2003).The corporate social performance-financial performance link. Strategic
Management Journal, 18(4), 303-319.
Wood, D. J. & Lodgson, J. M. (2002). Business citizenship: From individuals to organizations. Business Ethics
Quarterly, Ruffin Series, 3, 59-94.
Yin, R. K. (2003).Case study research design and methods (3rd Ed.). Thousand Oaks, CA: Sage Publications.
33 | P a g e
Ojiambo and Kemboi, (2018) www.oircjournals.org