Human Right and Stable Economic Growth: Implications for Corporate Social Responsibility

Abstract

Stable economic growth is usually a factor of several indices. Modern economists generally believe that economic growth is principally and primarily influenced by factors around it thus, the paper studied the relationship between human rights and stable economic growth observing that these variables could affect directly on corporate social responsibility initiatives. The study examined the nexus between human rights, stable economic growth and corporate social responsibilities. Explorative research design was adopted. The study adopted secondary sources of data. The study sample size was the 19 countries in the population of G-20. The study explanatory variable is human right, measured by Best Countries Index, while the dependent variable is stable economic growth, measured by Gross Domestic Product per capital and Human Development Index. Ordinary least square regression analysis was adopted. The findings of the study exposed that measuring a country’s human rights does not immediately translate to an improved economy. There is a need to improve the measurement criteria of human rights and make it more economical and quantitative to aid scientific testing. The study concludes that a country that monitors and improves its human rights indicators and encourages formal and informal businesses to embark on corporate social responsibilities would improve its ratings. The study recommends that countries should make a conscious effort to improve the defense of human rights to reflect the country’s perception and its image. The study would assist policymakers in measuring human rights and formulate policies that would assist the government in pursuing these factors deliberately to improve economic growth.