CSR and SD activities concern both the public and private sectors in developed and developing nations. Research on the relationship or correlation between CSR and SD theories is pivotal to achieving the SDG’s because if companies can understand the relationship between both theories, it will improve their strategies concerning the implementation of CSR and SD.
6.1 Reliability of the study
There is a possibility that the approach and sampling method used in this research could be biased, which might lead to an error in the research study. However, because data was gathered from few case companies, this could also hinder or affect the overview of the phenomenon that has been studied.
The data that was used in this research study was gathered from the case companies’
annual report. Hence, this is a reliable source since corporations hardly provide inadequate or false information in their published annual report. Nevertheless, provision of inadequate or misleading information provided by companies in their published annual report could affect the image of companies and it could make them lose relevance and trust from their customers. Another appealing fact about company's published annual report is that whistle-blowers have access to such information. Hence, if there is any possibility of inadequacy or false information, they will not hesitate to publicize such corporation or organization’s wrong information.
6.2 Theoretical contributions
The literature on CSR and SD revealed that a partnership between public sectors, private sectors, and corporate organizations facilitate a successful CSR and SD activities. The successful partnership between the company and host (surrounding) communities gives the member of the community a sense of ownership and inclusion, which relatively promotes company’s CSR project sustainability.
This study contributes to the research of the relationship and correlation between CSR and SD in developing countries. More so, this study also contributes to the research pool of corporations’ CSR and SD participation in developing county. This research shows in details the involvement of business organizations in the oil and gas and banking sectors in CSR
activities that lead to SD activities. The theoretical part of this research presents a framework of the relationship between CSR and SD.
The result of this study can be used as secondary data for scholars that are working on CSR and SD research in developing nations. Besides that, the result of this study can be used to direct public and private sectors’ development programs in developing countries.
The triple bottom line approach by Elkington shows that it is vital for corporations to implement the triple bottom line approach in their operating activities because it helps them to pay attention to their social, environmental and economic impact. The triple bottom line approach also provides details of corporations’ economic, environmental and social values created. Companies’ that pay attention to the triple bottom line theory are considered social and environmentally responsible companies, and they have a more competitive advantage over their competitors.
6.3 Practical implications
Achieving SD could seem difficult, but it is possible. Firms in Nigeria do not have structured legislation that guides them on environmental, social and economic management (Adedayo 2012). There is a need for the government at various levels in Nigeria to collaborate with NGOs and other private sectors to establish a legal CSR and SD legislation that all corporations and business organizations must abide by, and the government should adequately monitor the laws in case of firms that do not comply with the standard.
This study creates a framework that shows that there is a correlation between CSR and SD.
Meanwhile, since there is evidence of a relationship between CSR and SD, firms should do more to integrate SD into their organizational CSR strategy.
6.4 Suggestion for future study
As companies attain more understanding of the social, economic and environmental implications of their operations, the need to implement an in-depth methodology to understand the impact of their business activities becomes clearer. However, it is very vital to know how to incorporate social, economic and environmental sustainability issues to corporate policy.
Some limitations were identified in this research that creates directions for further studies.
First, this study is a case study research that was conducted based on data that was gathered from selected case company’s annual report. Due to the nature of this
investigation and other factors like firm sector, corporate organization’s culture and so on, it appears that it is not possible to generalize the results of this study. Hence, future research could focus on firms in other sectors with a different research approach.
Future research may also include more case companies, and interview should be conducted with companies CSR or SD managers. Furthermore, further research on this study could also include the investigation of the contribution of SME's towards CSR and SD.
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APPENDICES
Appendix 1. Sustainable development goals, targets and indicators.
Goals (17) Targets (169) Indicators (230)
1. End poverty in all its forms everywhere
1.1. By 2030, eradicate extreme poverty for all people everywhere, currently measured as people living on less than $1.25 a day
1.1.1 Proportion of population below the international poverty line, by sex, age, employment status and geographical location (urban/rural)
1.2. By 2030, reduce at least by half the proportion of men, women and children of all ages living in poverty in all its dimensions according to national definitions
1.2.1 Proportion of population living below the national poverty line, by sex and age
1.2.2 Proportion of men, women and children of all ages living in poverty in all its dimensions according to
national definitions 1.3. Implement nationally appropriate social
protection systems and measures for all,
including floors, and by 2030 achieve substantial coverage of the poor and the vulnerable
1.3.1 Proportion of population covered by social
protection floors/systems, by sex, distinguishing children, unemployed persons, older persons, persons with
disabilities, pregnant women, newborns, work-injury victims and the poor and the vulnerable
1.4. By 2030, ensure that all men and women, in particular the poor and the vulnerable, have equal rights to economic resources, as well as access to basic services, ownership and control over land and other forms of property,
inheritance, natural resources, appropriate new technology and financial services, including microfinance
1.4.1 Proportion of population living in households with access to basic services
1.4.2 Proportion of total adult population with secure tenure rights to land, with legally recognized
documentation and who perceive their rights to land as secure, by sex and by type of tenure
1.5. By 2030, build the resilience of the poor and those in vulnerable situations and reduce their exposure and vulnerability to climate-related extreme events and other economic, social and environmental shocks and disasters
1.5.1 Number of deaths, missing persons and persons
affected by disaster per 100,000 people 1.5.2 Direct disaster economic loss in relation to global
gross domestic product (GDP)a
1.5.3 Number of countries with national and local disaster risk reduction strategies a
Appendix 1 continued 1.a. Ensure significant mobilization of resources
from a variety of sources, including through enhanced development cooperation, in order to provide adequate and predictable means for developing countries, in particular least
developed countries, to implement programmes and policies to end poverty in all its dimensions
1.a.1 Proportion of resources allocated by the
government directly to poverty reduction programmes 1.a.2 Proportion of total government spending on essential services (education, health and social protection)
1.b. Create sound policy frameworks at the national, regional and international levels, based on pro-poor and gender-sensitive development strategies, to support accelerated investment in poverty eradication actions
1.b.1 Proportion of government recurrent and capital spending to sectors that disproportionately benefit women, the poor and vulnerable groups
2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture
2.1. By 2030, end hunger and ensure access by all people, in particular the poor and people in vulnerable situations, including infants, to safe, nutritious and sufficient food all year round
2.1.1 Prevalence of undernourishment
2.1.2 Prevalence of moderate or severe food insecurity in the population, based on the Food Insecurity
Experience Scale (FIES) 2.2. By 2030, end all forms of malnutrition,
including achieving, by 2025, the internationally agreed targets on stunting and wasting in children under 5 years of age, and address the nutritional needs of adolescent girls, pregnant and lactating women and older persons
2.2.1 Prevalence of stunting (height for age <-2 standard deviation from the median of the World Health
Organization (WHO) Child Growth Standards) among children under 5 years of age
2.2.2 Prevalence of malnutrition (weight for height >+2 or
<-2 standard deviation from the median of the WHO Child Growth Standards) among children under 5 years
<-2 standard deviation from the median of the WHO Child Growth Standards) among children under 5 years