EXPLORING CORPORATE SOCIAL RESPONSIBILITIES OF FINANCIAL INSTITUTIONS FOR SUSTAINABLE DEVELOPMENT OF EDUCATION IN CALABAR EDUCATION ZONE OF CROSS RIVER STATE, NIGERIA

Abstract

Epileptic funding of education has been a long-standing challenge inhibiting efforts toward achieving sustainable development of education in Nigeria. Thus, this study investigates the influence of corporate social responsibilities of financial institutions on sustainable development of education in Calabar education zone of Cross River State, Nigeria. Two research questions and hypotheses guided the study. Extant literature review was done based on the sub-independent variables of the study. The study adopted a survey research design to study a population of 189 top management staff of 18 commercial banks in Calabar Education Zone by applying the census sampling approach. A validated researcher’s-designed questionnaire titled; “Exploring Corporate Social Responsibilities of Financial Institutions for Sustainable Development of Education Questionnaire” (ECSRFISDEQ) was used for data collection. Using Cronbach Alpha reliability test, a reliability coefficient of .82 was obtained, implying a high consistency level. Descriptive analysis of frequencies, mean and standard deviation was used to answer research questions, while simple linear regression was used to test the null hypotheses at .05 level of significance. The result of the analysis found a significant influence between environmental sustainability initiatives and community involvement of financial institutions on sustainable development of education in Calabar Education Zone of Cross River State. The study concluded that environmental sustainability initiatives and community involvement of financial institutions are key drivers to sustainable development of education in the study area. The study recommended accordingly, that financial institutions should intensify their environmental sustainability intervention programmes by investing more in green infrastructure and renewable energy projects in schools.