Corporate social responsibility strategies in Nigeria: a tinged shareholder model

Emmanuel Adegbite, Kenneth Amaeshi, Franklin Nakpodia*, Laurence Ferry, Kemi C. Yekini

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review


Purpose: This paper aims to examine two important issues in corporate social responsibility (CSR) scholarship. First, the study problematises CSR as a form of self-regulation. Second, the research explores how CSR strategies can enable firms to recognise and internalise their externalities while preserving shareholder value. Design/methodology/approach: This study uses a tinged shareholder model to understand the interactions between an organisation’s CSR approach and the effect of relevant externalities on its CSR outcomes. In doing this, the case study qualitative methodology is adopted, relying on data from one Fidelity Bank, Nigeria. Findings: By articulating a tripodal thematic model – governance of externalities in the economy, governance of externalities in the social system and governance of externalities in the environment, this paper demonstrates how an effective combination of these themes triggers the emergence of a robust CSR culture in an organisation. Research limitations/implications: This research advances the understanding of the implication of internalising externalities in the CSR literature in a relatively under-researched context – Nigeria. Originality/value: The data of this study allows to present a governance model that will enable managers to focus on their overarching objective of shareholder value without the challenges of pursuing multiple and sometimes conflicting goals that typically create negative impacts to non-shareholding stakeholders.

Original languageEnglish
Pages (from-to)797-820
Number of pages24
JournalCorporate Governance (Bingley)
Issue number5
Early online date13 May 2020
Publication statusPublished - 15 Jul 2020


  • Corporate externalities
  • Corporate social responsibility (CSR)
  • Nigeria
  • Shareholder primacy
  • Tinged shareholder theory


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