A Survey of Corporate Social Responsbility Practice by Kenyan Companies: a Case for Companies Listed in the Nairobi Stock Exchange

Abstract

The fluctuating fortunes of the global economy have necessitated that all and sundry come forward to help stabilise the situation. This calls for responsible action among st nil stakeholders. Corporations have ironically Flourished amid this turbulence of our times. The question then is 'what are they doing to ameliorate the crisis?' The study sought to identify: a) the social responsibility practices of firms listed in the Nairobi Stock exchange (NSF) and: (b) 10 determine (he factors that explain the kind of . corporate social responsibility practices adopted by a Population of the study included all companies listed in the Nairobi Stock Exchange, which were 4X at the time or this survey. !\ total of]O responses were collected in time for data analysis. The study found out that all the companies practiced long term planning. A big proportion of companies studied had strategies for social responsibility in place; it: was observed (hat a majority of these firms focused on health and Education in their practice. Other areas or involvement include; children's homes, self-help groups, sports, awareness and others. The firms were also found 'to be responsible to their employees, with most offering medical. housing and pension schemes. In Environmental issues, it was observed that water conservation and management was poorly addressed with most of the respondents focusing on internal implications or their activities rather than the water situation as a whole On factors that drive companies to adopt corporate social responsibility, recognition of CSR as a core value was the most cited explanation. other factors include: Need to plough hack profit to community. as away of meeting government requirement on degradation and is a medium or advertisement. Finally. some corporations Celt that the cost of social responsibility should be allowed for tax purposes.