The Impact of Corporate Social Responsibility Practices On Growth of Commercial Banks in D.R.Congo (A Study of Commercial Banks in Goma Town)

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1 The Impact of Corporate Social Responsibility Practices On Growth of Commercial Banks in D.R.Congo (A Study of Commercial Banks in Goma Town) Cathy Furaha Sanane 1, Susan Wasike 2, and Thomas Katua Ngui 3 1,2,3 (The Catholic University of Eastern Africa, P.O. Box , Nairobi, Kenya) Abstract: Corporate social responsibility (CSR) is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large. In the banking sector, however, the concept not only refers to firms' responsibility for the impact their actions have on their different stakeholders, but also to their function as financial intermediaries. Banks can report on what they are doing to ensure that their lending and investment policies do not facilitate industrial activities, which are harmful for the environment. The Democratic Republic of the Congo is one of the few states that have laws very concrete in terms of corporate social responsibility but the judicial system has not the capacity, at all, to ensure its compliance. Despite the ability of the judicial system to ensure compliance, some commercial banks in DRC engage in corporate social responsibility and many collapses in less than 10 years of existence. The study therefore investigated the relationship between CSR practices and commercial banks growth. The study adopted a correlational research design. Quantitative data was analysed with the aid of computer software Statistical Package for Social Sciences (SPSS) and for advanced analysis the researcher used the inferential statistical tool of multiple regression analysis. The study concluded that CSR activities such as philanthropic, ethical, legaland economic responsibilities had a direct relationship with the growth of commercial banks. The study concluded that profitability has direct relationship with the overall growth of commercial banks in Goma, DRC. The study recommended that the banks should enhance philanthropic responsibilities by promoting community relations, giving back to the community, being involved or engaged in community affairs. The study recommended that banks should put in place mechanisms such as adhering to financial accountability, sufficient financial leverage and optimal liquidity in order to satisfy shareholders demands. The study recommended that all the commercial banks should adhere to rules and policies as stipulated in the government regulatory frameworks. The study recommended that the commercial banks should be able to serve shareholders with information relating to banks performance especially financial reporting disclosures that enhances quality reporting. With respect to boosting shareholder confidence, the banks should transact business honestly and in a transparent manner; this therefore could build customer loyalty. The study recommend that the banks should enhance asset accumulation, improve market share and increase in product diversification in order to enhance profitability and consequently attains optimal growth. Keywords: Corporate social responsibility (CSR);; growth, assets accumulation, profitability. I. INTRODUCTION Corporate social responsibility is a duty of every corporate body to protect the interest of the society at large. Even though the main motive of business is to give service and earn profit, corporate should take initiative for welfare of the society and should perform its activities within the framework of environmental norms (Holme and Watts, 2009). Corporate social responsibility is also a specific conception of that responsibility to profit while playing a role in broader questions of community welfare (Scilly, 2017). As a specific theory of the way corporations interact with the surrounding community and larger world, corporate social responsibility (CSR) is composed of four obligations namely the economic responsibility to make money, the legal responsibility to adhere to rules and regulations, the ethical responsibility to do what s right even when not required by the letter or spirit of the law and the philanthropic responsibility to contribute to society s projects even when they re independent of the particular business. The activities of a corporation impact upon the external environment and that therefore such an organization should be accountable to a wider audience than simply its shareholders (Bhaduri and Selarka, 2016). In the financial sector, however, the concept of CSR not only refers to firms responsibility for the impact their actions have on their different stakeholders, but also to their function as financial intermediaries. In this sense, the corporate social responsibility concept affects the financial sector in the following ways: In its Page 116

2 internal dimension, corporate social responsibility means shifting social and environmental responsibility to the entity s internal management. This implies the implementation of environmental initiatives such as recycling and energy efficiency programs or improvements, and socially responsible initiatives such as sponsoring cultural and educational activities, charitable contributions, etc. The vast majority of the actions of social works of commercial banks would correspond to this dimension. In its external dimension, corporate social responsibility implies integrating these same principles into the entity s business of financial intermediation and investment in financial markets. On one hand, it implies incorporating environmental and social considerations into product design, credit policy, and investment in sum, into its business strategy and its acceptance of risks. On the other, it implies providing financial services of a universal character, bringing them closer to citizens through different distribution channels (Barroso et al., 2012). The banking sector has played an outstanding part in the dissemination of concept of CSR, mainly due to the pioneering nature of the activities of its component firms and to the range of experiences and actions that they have built up in this area. In this sector, however, the concept not only refers to firms' responsibility for the impact their actions have on their different stakeholders, but also to their function as financial intermediaries (Prior and Argandoña, 2009). Although banks have smaller direct impact on the environment, their indirect environmental and social responsibility may increase if they grant credit to companies which pollute the environment, produce unsafe products or violate human rights (Idowu and Filho, 2009). This way banks act as mediators of sorts, which may cause significant damages (Thompson and Cowton, 2004). In DRC, awareness about Corporate Social Responsibility (CSR) is growing, though largely among the large multinational investors in the DRC, many of whom have formal CSR programs. The Democratic Republic of the Congo is one of the few states that have laws very concrete in terms of corporate social responsibility but the judicial system has not the capacity, at all, to ensure its compliance. Despite the disability of the judicial system to ensure compliance, some commercial banks in DRC engage in corporate social responsibility (IMF Country Report No. 14/315, 2015). Significance of the study The study will help commercial banks in DRC to know the relationship between CSR activities and growth, and see whether they can grow or expand their businesses through CSR practices. The study will help the society understand the responsibility of companies to engage in CSR activities. In addition, when companies engage in CSR practices not only the company benefit but also the members of society benefit from it This research will allow for further research to be conducted by other researchers using a more diverse population structure and using a different dimension in relation to CSR or organizational growth. The study will contribute on strategic management literature into bringing in more knowledge in the field. Statement of the problem The 2008 financial crisis drew attention to the necessity of CSR in the banking sector also, increasing the need for trust, as well as accountability and transparency that lead to it.since the banking sector differs from other economic sectors, its CSR practices are also different. Here there is more emphasis on responsibility in the areas of bank lending, investment and asset management operations, where combating bribery and money laundering are particularly important issues, being the key elements of anticorruption efforts, which is a crucial part of the banks CSR activities (Viganò and Nicolai, 2009). Most Congolese commercial banks do not expand and collapse in less than 10 years of existence due to unethical dealings and unlawful lendings and many of them do not have a proper formal CSR program (IMF Country Report No. 14/315, 2015). Many Banks like Banque congolaise, Banque congolaise du commerce extérieur, Banque de Kinshasa, banque continentale africaine and many others have collapsed. Others like Banque Internationale pour l afrique au Congo (BIAC) are in receivership ( It is from the foregoing that it has become increasingly important to study the relationship that exists between social responsibility, profitability and growth.the DRC is one of the few states that have very concrete laws in terms of CSR but the judicial system does not have the capacity to fully ensure its compliance and this negatively affect the banks stakeholders. The study therefore established whether there is a relationship between CSR practices and commercial banks growth; whether the collapse of the banks is related to the CSR activities and find out whether all commercial banks in Goma engage in CSR activities. General objective of the study To investigate the relationship between corporate social responsibility practices and the growth of commercial banks in DRC. Specific objectives i. To determine whether philanthropic responsibilities have a relationship with commercial banks growth. ii. To examine the relationship between economic responsibilities and commercial banks growth. Page 117

3 iii. iv. To evaluate the relationship between the legal responsibilities and the growth of commercial banks. To find out whether there is a relationship between the ethical responsibilities and the growth of commercial banks. Conceptual framework The study adopted the following conceptual framework: Figure 3.1: Conceptual framework Source: Adopted from literature review. Corporate social responsibility CSR constitutes four kinds of social responsibility: economic (to make profit); legal (to obey the law); ethical (to be ethical); andphilanthropic (to be a good corporate citizen).the model categorizes the different responsibilities hierarchically in order of decreasing importance. The most fundamental and highest priority responsibility is economic on which all the other responsibilities are predicated. The expectation at this point is for the organization to operate a successful business. Legal responsibilities require the organization to recognize that law is society s codification of right and wrong; hence, to obey the law of the country is essential. Ethical responsibilities are those activities not codified by law but are expected by a society. The top is philanthropic responsibility which is discretionary in nature. This responsibility requires the organization to be a good corporate citizen by contributing resources to the community and improving quality of life (Deigh et al. 2016). Cost of CSR While the gains from ethical corporate behavior have been recognized, there are certain costs that firms must bear. Friedman (1962, 1970) consider firms ethical activities to be costly events that reduce profits and go against the true social responsibilities of corporations, namely, maximizing shareholders value. Three types of costs usually occur with CSR: sunk, recurrent and opportunity costs. Sunk costs are often startup costs related to equipment setup or initial investment. Recurrent costs will continuously accrue when firms renew policies or update systems. Opportunity costs refer to what firms could have achieved had they not invested in CSR. Implementing CSR is not cheap. Deciding to engage in CSR activities depend with the company s abilities to afford the cost (Karim et al., 2016). According to DiSegni et al., (2015), firms with an image of high CSR may find that they have more low-cost implicit claims than less socially responsible firms, and thus achieve higher financial performance. Growth CSR is viewed as an investment; it provides fruitful outcomes for business as well as for the communities surrounding firms. CSR is addressed as a strategically co-created proactive plan that prompts sustained social and business growth and development (Lopez-Fernandez, 2015). By engaging in CSR activities, not only the organization market itself by attracting more customers, but also it creates investors and customers confidence who want to do business with the bank because they feel safe. Engaging in CSR builds the company s reputation, gives the company a brand name and attracts more customers, leading to more profits and for instance, growth. Acting ethically from a sense of social responsibility is a competitive advantage that Page 118

4 improves economically an organization s financial performance in the long term (Vargas, 2016).Increase in assets accumulation; market share and increase in product diversification are all as a result of an increase in profits. Also, the more the profit, the more the ability of the bank to open new branches and hence expands its business. II. LITERATURE REVIEW Theoretical review The Stakeholder theory The idea of stakeholders' theory was first hinted by Johnson (1971) in his definition of CSR, where he conceives a socially responsible firm as being one who balances a multiplicity of interests, such that while striving for larger profits for its stockholders, it also takes into account, employees, suppliers, dealers, local communities and the nation. The theory was later developed by Freeman (1984) and thereafter refined by various authors (e.g. Freeman, 1994; Bowie, 1991;; Freeman and Evan, 1990; Freeman and Phillips, 2002 etc.). Contrary to the proponents of the agency theory, Freeman (1984) posits that managers bear a fiduciary relationship to stakeholders, whom he defines as groups or individuals who can affect or are affected by the achievement of the organisation's objectives, such as stockholders, supplier, employees, customers and the local community (Obalola, 2008). As a central facet of organizational culture, stakeholder culture is focused on how the organization s managers manage relationships between the organization and various stakeholders whose interests are often divergent and how managers handle tradeoffs among competing stakeholder claims (Boesso and Kumar, 2016). Stakeholder theory, which has been described by Edward Freeman and others, is the mirror image of CSR. Instead of starting with a business and looking out into the world to see what ethical obligations are there, stakeholder theory starts in the world. It lists and describes those individuals and groups who will be affected by (or affect) the company s actions and asks and what are their legitimate claims on the business. E.g. The Company s owners, creditors, customers and potential customers, suppliers, government (Brusseau, 2014). If the firm wants to go beyond its profit amplification goal by increasing its shareholders wealth and achieve sustainability in the long run, it should meet the needs of its stakeholders (Jamali, 2008). When commercial banks engage in CSR, different company s stakeholders are affected and hence the organization needs to consider them before engaging in CSR activities. The agency theory Agency theory analyses situations in which one individual (the agent) acts on behalf of another (the principal) and is supposed to advance the principal s goals. The principal-agent relationship arises when one party (the principal) hires another party (the agent) to perform some service and then delegate decision-making authority to the agents. Managers are assumed to make the same decisions that owners would make irrespective of the effect on their personal interests. However, managers may not share the same interests as owners and that is likely to impact upon real-world decision-making (Strandberg, 2013). Disagreements between management and shareholders with regards to CSR may cause the company not engaging in CSR and hence not expand their business and make more profits. Agency theory attempts to address this problem by providing a more realistic representation of decision making (Germanova, 2014). CSR and the banking sector The banking sector has played an outstanding part in the dissemination of concept of CSR, mainly due to the pioneering nature of the activities of its component firms and to the range of experiences and actions that they have built up in this area. In this sector, however, the concept not only refers to firms' responsibility for the impact their actions have on their different stakeholders, but also to their function as financial intermediaries (Prior and Argandoña, 2009). Therefore, commercial banks, in their management model, develop the concept of CSR widely. This concept encompasses four fundamental and interrelated areas in these entities (Quintas, 2006): the set of rules and practices that allow for their good governance, the social and environmental dimension of their internal and external relationships with the various stakeholder groups; the social focus of their financial activity; and an important area which is unique to this type of financial institution, social works. The first two cover the content of CSR in firms in general, while the last two are characteristic of commercial banks in particular, indeed, they are frequently designated as being the social dividend of these entities. As shown in the work of several authors (Balado, 2006; Quintas, 2006; etc.), their achievements in these four aspects, above all, in the long history of their social works, allow one to state that savings and commercial banks are a model of responsible business to be followed by other companies. It is interesting to note, that the social works actions that they carry out indicate a commitment that they freely enter into to contribute to the progress of society. This leads to the emergence of a process of close collaboration between them and various groups of citizens to achieve higher levels of wellbeing in terms of culture, environment, education, research, heritage protection, welfare, and health, among others (Barrosso et al., 2012). Page 119

5 By comparison with other sectors such as chemicals, paper and pulp, etc. the financial services sector has significantly lower direct environmental impact. This is used by some authors as an argument to exclude banks and finance companies even in studies, which analyse all of the various components of social responsibility disclosure (Domench, 2003). However, there are valid arguments for their inclusion (Thompson and Cowton, 2004) argue that banks can be seen as facilitators of industrial activity which causes environmental damage. Thus, the activities of banking and finance companies, such as their lending and investment policies, can be considered as equally environmentally sensitive when compared with the direct impacts of companies in polluting industries. Banks can report on what they are doing to ensure that their lending and investment policies do not facilitate industrial activities, which are harmful for the environment. On the other hand, financial institutions consume vast amounts of resources, such as paper and energy, and create wastes. Therefore, its policies regarding how they contribute to the conservation of energy and natural resources and recycling activities are important aspects of their social responsibility activities (Branco and Rodrigues, 2006). CSR and growth As wealth and education increase, customers are becoming increasingly aware that their own wellbeing is tied to the environment s sustainability and societal harmony. After a research undertaken by Business for Social responsibility (2012), it was found that socially responsible companies have experienced a range of bottom-line benefits including increased sales and market share, strengthened brand positioning, enhanced corporate image and clout, increased ability to attract, motivate, and retain employees, decreased operating costs, increased appeal to investors and financial analysts ( Daye, 2013). Companies must voluntarily do business in an economically, socially and environmentally responsible manner to be sustainable over the long term. It's no longer enough for businesses to simply buy and sell their products and services without considering the world in which they operate (Lekushoff, 2015). A growing body of evidence asserts that corporations can do well by doing well. Well-known companies have already proven that they can differentiate their brands and reputations as well as their products and services if they take responsibility for the well-being of the societies and environments in which they operate. These companies are practicing Corporate Social Responsibility (CSR) in a manner that generates significant returns to their businesses (Pohle, 2007). CSR is addressed as a strategically co-created proactive plan that prompts sustained social and business growth and development (Lopez-Fernandez, 2015). Through globalization, businesses are gaining more power, since stakeholder demands to behave ethically and socially responsible (CSR) are increasing dramatically. Acting ethically from a sense of social responsibility is a competitive advantage that improves economically an organization s financial performance in the long term (Vargas, 2016). Chen and Wang (2011) found that companies social responsibility activity can improve their financial performances of the current year and have significant effects on their financial performances in the years ahead and hence leading to company s growth. Ilona and Kazlauskaitė (2012) found a significant positive relationship between CSR and overall firm performance which in turn leads to growth of the company. Empirical review After a study undertaken by Eyad et al. in 2015 on the effect of CSR on nonfinancial performance: evidence from Yemeni for-profit public and private enterprises done in Yemen, using CSR as independent variable and nonfinancial measures of performance, using a multiple regression analysis, it was found that the four components of CSR (i.e. economic, legal, ethical and philanthropic) had positive significant relationships with Nonfinancial organizational performance (NFOP when measured separately in both SOEs and private enterprises as a whole entity. Conversely, there was insignificant influence of CSR on NFOP when examined separately in only SOEs. Furthermore, there was no statistically significant difference between SOEs and private enterprises concerning the level of adopting periodically CSR activities. Venere Di Bella et al. (2016) on a study on Perception of stakeholders on corporate social responsibility of Islamic Banks in Jordan, written in Jordan, used Islamic banks stakeholders as independent variable and the Islamic ethical system as the dependent variable, using a descriptive analysis and analysis of variance, discovered that stakeholders have expressed a positive attitude toward the concept of CSR and the issue of CSR was an important factor in Islamic banking according to the perception of various stakeholders groups. After a study undertaken by Wen-min lu et al. in 2013 on the relationship between CSR and corporate performance: evidence from the US semiconductor industry done in Yemen, using CSR as independent variable and the semiconductor companies performance during as dependent variable, using the dynamic data envelopment analysis, it was found that CSR investment by US semiconductor firms had a positive effect on their performance. The study thus suggested that the US semiconductor companies should pay more attention to the CSR quantitative indicators, including human rights, employee relationships, and environment issues in order to enhance their corporate efficiency. Page 120

6 III. RESEARCH METHODOLOGY Research design A research design provides a framework for the collection and analysis of data. A choice of research design reflects decisions about priority being given to a range of dimensions of the research process (Bryman and Bell, 2015). The study adopted correlational research design which is a type of non-experimental research in which the researcher measures two or more variables and assess the statistical relationship. For the sake of this study, the researcher was able to assess the relationship between growth and CSR activities in the commercial banks for the past ten years. This research design was chosen because it recognizes trends and patterns in data, and is helpful in identifying the relationship of one variable to another (Bryman and Bell, 2015). Target population The study population was 10 commercial banks out of 14 that have their branches in GOMA. This study used a Census since it studied all the 10 banks in the target population. Sample and sampling procedures The study used a purposive sampling because they are the custodians the information needed. The study therefore targeted the chief accountant and the communication manager/ public relations in all the 10 banks which made a sample size of 20. Data collection instruments Secondary data was collected from the banks so that the researcher compared the CSR activities engaged in and their trends on growth for a period of 10 years. Additional secondary data was collected through review of journals, articles and literature already done by other scholars on CSR and firm s growth. Data analysis procedures Quantitative data was analysed by use of descriptive statistics such as minimum, maximum, means and standard deviation with the aid of computer software, Statistical Package for Social Sciences (SPSS).The study also utilized cross tabulation which is a quantitative research method to analyse the relationship between two variables that are organized in table formats. The method was used because it enables the researcher to examine relationships within the data that might not be readily apparent when analysing total survey responses. The study used Chi Square tests as well which was preferred because it helped in determining whether there was a significant difference between the expected frequencies and the observed frequencies in one or more categories. For advanced analysis, the researcher used the inferential statistical tool of multiple regression analysis which was used to predict the value of a variable based on the value of two or more variables. IV. RESULTS AND DICUSSION OF FINDINGS Descriptive Statistics Table 7.1 Descriptive Statistics N Minimum Maximum Mean Std. Deviation Expenditure in CSR Profits Asset accumulation Growth Valid N (listwise) 100 As presented in descriptive statistics in Table 7.1, the average expenditure in CSR activities for the 100 observation made from 10banks in GOMA from the year 2007 to 2016 is with a standard deviation of varying from a minimum range of 7.11 to a maximum expenditure in CSR of The results also show that the average profits for the 100 observation made from 10banks in GOMA from the year 2007 to 2016 is with a standard deviation of varying from a minimum profit range of 0.00 to a maximum of The descriptive results also show that the average asset accumulation for the 100 observation made from 10banks in GOMA from the year 2007 to 2016 is with a standard deviation of varying from a minimum asset accumulation range of to a maximum of The data found that the average growth for the 100 observation made from 10banks in GOMA from the year 2007 to 2016 is with a standard deviation of varying from a minimum growth range of 0.18 to a maximum range of Multiple Regression Regressions were to determine the relationship between expenditure in CSR, asset accumulation, profits and Commercial banks growth. The results are presented in the following subsections. Table 7.2: Multiple Regression Model R R Square Adjusted R Square Std. Error of the Estimate Page 121

7 1.842 a Predictors: (Constant), Asset accumulation, Profits, Expenditure in CSR The model summary in table 7.2 shows that coefficient of determination is which implied that 84.2% of the variation in growth of commercial banks in Goma was explained by expenditure in philanthropic responsibilities, ethical responsibilities, legal responsibilities and economic responsibilities as CSR activities and asset accumulation as well as profitability as measures of growth. This implied that there existed a very strong positive relationship between the independent and dependent variables. The findings concur with the position of Eyad et al. (2015) who established that CSR activities embraced by nonfinancial organization and private enterprises had strong relationship with growth of the selected institutions. The remaining 15.8% can be explained by other variables not included in the study. R square and adjusted R square is high; therefore this implies that there is a high variation that can be explained by the model hence a good fit model. Table 6.3: ANOVA a Model Sum of Squares df Mean Square F Sig. Regression b 1 Residual Total a. Dependent Variable: Growth of commercial banks b. Predictors: (Constant), Asset accumulation, Profits, Expenditure in CSR The ANOVA results for regression coefficients in table 6.3. Showed that the significance of the F statistics is 0.047b which is less than This implied that there was a significant relationship between CSR activities, profitability and asset accumulation and growth of commercial banks as dependent variable. In support, a study undertaken by Lynette et al. (2012) on the impact of corporate social responsibility initiatives on Taiwanese bank performance found that philanthropic initiatives, asset accumulation and profitability are indicators to bank growth. Table 7.4.: Coefficients a Model Unstandardized Standardized t Sig. Coefficients Coefficients B Std. Error Beta (Constant) CSR activities Profitability Asset accumulation Dependent Variable: Growth of commercial banks From table of 7.4., the Unstandardized Beta Coefficients in the regression show that all the tested variables had positive association with growth of commercial banks though at different representation. The findings show that all the variables tested were statistically significant with p-values less than As illustrated, CSR activities such as in philanthropic responsibilities, ethical responsibilities, legal responsibilities and economic responsibilities has p-value of 0.004, profitability has a p-value of and asset accumulation has a p-value of The regression model results obtained shows that there exists a direct positive relationship between all the variables. In Venere Di Bella et al. (2016), the authors found that adoption corporate social responsibility of Islamic Banks in Jordan enhanced financial stability of the banks while financial performance as was measured by asset accumulation, ROCE and ROA depicted rise in the profitability. The standardized coefficients beta results are clearly interpreted hereafter. X1 = which implied that an increase in CSR activities could result into a increase in growth of commercial banks in Goma, DRC.X2 = 1.000, this implied that an increase in the profitability could result into a 1.000increase in the growth of commercial banks in Goma, DRC.X3 =0.755; implied that an increase in asset accumulation could result into a 0.755increase in the growth of commercial banks in Goma, DRC. Summary of the findings Based on the data results in chapter four, the study found that cross tabulations of the CSR activities and growth had a significant value of 96.9% with a Monte Carlo significant lower and upper bounds levels of 96.5%and 97.3% respectively with a 99% level of confidence. From the findings, it can be said that there is Page 122

8 strong direct relationship between philanthropic responsibilities, ethical responsibilities, legal responsibilities, economic responsibilities and growth of commercial banks. Based on the data in the previous chapter, the cross tabulations of profitability and growth of commercial banks established that the variable had a significant value of 51% with a Monte Carlo significant lower and upper bounds levels of 46% and 57% respectively at a 99% level of confidence. From the findings, it can be said that there is a direct positive relationship between profitability and growth of commercial banks. Based on the cross tabulated data presented in chapter four, the study found that asset accumulation had a significant value of 33.7% on the growth with a Monte Carlo significant lower and upper bound levels of 32.5% and 34.9% respectively at a 99% level of confidence. It can therefore be said that asset accumulation has a weak direct relationship with growth of commercial banks in Goma, DRC. Regarding the regression analysis presented in chapter four, the study found that coefficient of determination of 84.2% of the variation in growth of commercial banks in Goma was explained by expenditure in philanthropic responsibilities, ethical responsibilities, legal responsibilities and economic responsibilities as CSR activities and asset accumulation as well as profitability. This implied that there existed a very strong positive relationship between the independent and dependent variables. The regression data also found that the high R square and adjusted R square was as a result of the high variation that was explained by the regression model. The study also found that all the tested variables had positive association with growth of commercial banks and statistically significant as all the variables tested had p-values less than V. CONCLUSION The study concludes that CSR activities such as philanthropic responsibilities, ethical responsibilities, legal responsibilities, economic responsibilities had a direct relationship with the growth of commercial banks. This therefore implies that an increase in any of the CSR activities leads to an improvement in the growth of the commercial banks in Goma, DRC. This was supported by the fact that all the variables had positive effect on growth of the selected banks. The study concludes that profitability which was used to measure growth has direct relationship with the overall growth of commercial banks in Goma, DRC. The witnessed increase in the profitability of the commercial banks therefore indicated that there was growth in commercial banks while existence of decrease in the profitability could indicate decrease in the growth of commercial banks in Goma, DRC. However, in the case of commercial banks in Goma, DRC, an improvement in the growth of commercial banks was as a result of increase in the profitability in the selected firms. The study also concludes that asset accumulation had weak but positive relationship with growth of commercial banks; nevertheless the study established that there was a unit increase in accumulated asset which resulted to an improvement in the growth of commercial banks in Goma, DRC. The increase in asset accumulation was as a result of presence of machinery, land and buildings. Recommendations Based on the findings, the following recommendations were drawn; Regarding philanthropic responsibility, the study recommends that the banks should enhance philanthropic responsibilities by promoting community relations, giving back to the community, being involved or engaged in community affairs. Philanthropic responsibilities can be enhanced through strategic profit maximization, altruistic motivation, political motivation and managerial utility motivation. Regarding economic responsibility, the study recommends that the banks should embrace growth through expansion of the business in terms of both earnings and increase in market share. If both market share and earnings are held constant then the business will be appealing to both owners and managers consequently enhancing growth. The study further recommends that banks should put in place mechanisms such as adhering financial accountability, sufficient financial leverage and optimal liquidity in order to satisfy shareholders demands. Enhancing accountable practices and embracing optimal liquidity could therefore lead to profit maximization consequently many shareholders may be willing to invest with the bank as a result of financial stability which could translate to growth. Concerning legal responsibility, the study recommends that the banks adopts legal responsibilities that can range from securities regulations to labour law, environmental law and even criminal law. A company that adheres to laws and regulations of the environment in which it regulates can easily expand its business in order to attain optimum growth. Adhering to laws and legislation of the land permits can also allow banks to expand their business through expansion and diversifications which could impact positively the growth of commercial banks. The study also recommends that rather than merely reacting to existing regulations, the banks should be more forward looking and proactive organizations that has a tendency to extend their environmental impact reporting in anticipation of future regulation. Concerning ethical responsibility, the study recommends that the banks should embrace CSR s theory keystone obligation that depends on a coherent corporate culture that views the business itself as a citizen in society. Embracing ethical could therefore help in gaining customers loyalty and trust which could have a Page 123

9 positive effect on the market share of the banks. The study also recommends that the commercial banks should be able to serve shareholders with information relating to banks performance especially financial reporting disclosures that enhances quality reporting. The study also suggests that banks should also enhance ethical responsibility through cost reduction, proper strategic planning as well as improving employee satisfaction through motivation by employers. With respect to boosting shareholder confidence, the banks should transact business honestly and in a transparent manner; this therefore could build customer loyalty. The study recommends that the banks should increase in asset accumulation, improve market share and increase in product diversification in order to enhance profitability. The more the profits the more the ability of the banks to open new branches consequently realizing an upward growth. If a company is able to produce goods and services needed by customers and make profit, it can expand its operations through further asset accumulation. The study suggests that these assets could comprise partly of tangible assets such as plant and machinery or land and buildings and partly to intangible assets such as brand names. The growth of banks will therefore depend partly upon the profits it generates and partly upon the value of the assets it possesses thus the banks should make sure that there is presence of profit maximization and asset accumulation in order to improve growth Limitations and areas for Further Research The aim of the study was to investigate the relationship between corporate social responsibility practices and the growth of commercial banks in DRC. The study investigated the commercial banks growth in Goma for a period of 10 years. A research should be undertaken using a broader timeframe. This investigated the impact of CSR activities in Goma, DRC and findings cannot be generalised to other regions outside this geographic delimitation. Therefore, research should be undertaken in different regions and countries to find out the similarities and disparities. The study therefore recommends that a future research study should be carried out with the aim of establishing the effect of strategic planning on the growth of commercial banks in DRC. The study also suggests that further research could be conducted to analyze the factors that hinder the adoption of corporate social responsibility among selected commercial banks in DRC. The study also suggests that a research could be conducted with emphasis on how the specific elements of CSR affect the growth of commercial banks i.e. philanthropic, ethical, legal and economic. The researcher recommends further research to be conducted by using a sample comprising a more diverse population structure. The study investigated the impact of CSR activities on growth of commercial banks in DRC and the results cannot be generalized to other countries; the study therefore recommends that a research should be undertaken in other countries commercial banks to see the trend. The study also recommends that research be undertaken on the impact of CSR activities on growth of savings banks. VI. REFERENCES [1] Balado, C. (2006), La Obra Social de las Cajas, un Paso Siempre por Delante en RSC, Papeles de Economía Española, No. 108, pp [Google Scholar] [2] Barroso, M.J., Galera, C.,& Valero, V. & Galán, M.M. (2012). Corporate social responsibility: a study of savings banks. International Journal of Bank Marketing, Vol. 30 Issue: 6, pp [3] Bhaduri, M., &Selarka, E. (2016). Corporate Governance and Corporate Social Responsibility of Indian Companies, CSR, Sustainability, Ethics & Governance. Springer Science Business Media Singapore 2016 S.N, Singapore. [4] Boesso, G., & Kumar, K. (2016). 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