The Impact of IFRS on Corporate Social Responsibility Initiatives in Nigeria
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Background of the Study
Corporate social responsibility (CSR) refers to the ethical responsibility of companies to contribute to societal well-being beyond profit generation, through initiatives such as environmental sustainability, community development, and employee welfare. In Nigeria, CSR has become increasingly important as companies recognize the need to align their operations with societal values. The introduction of International Financial Reporting Standards (IFRS) has brought more transparency and accountability to financial reporting, potentially influencing CSR practices.
Under IFRS, firms are required to disclose a wide range of information, including their social and environmental impacts, which enhances the visibility of their CSR initiatives. As a result, companies may be more motivated to engage in genuine CSR activities to align with the growing expectations from shareholders, regulators, and the public. The relationship between IFRS adoption and CSR is crucial for understanding how transparent reporting can lead to greater social responsibility among companies.
This study examines the impact of IFRS on CSR initiatives in Nigeria, focusing on how the adoption of IFRS has influenced the extent and nature of CSR activities in Nigerian firms.
Statement of the Problem
Despite the importance of CSR, there is limited understanding of how IFRS adoption impacts CSR practices in Nigerian companies. While IFRS enhances financial transparency, the relationship between these standards and CSR initiatives remains underexplored. This study aims to assess the role of IFRS in shaping CSR strategies and reporting in Nigerian firms.
Aim and Objectives of the Study
The aim of this study is to evaluate the impact of IFRS on corporate social responsibility initiatives in Nigeria. Specifically, the objectives are:
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To analyze the influence of IFRS adoption on the scope and nature of CSR activities in Nigerian firms.
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To evaluate the relationship between financial transparency under IFRS and CSR reporting in Nigerian firms.
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To assess how IFRS adoption has affected the effectiveness of CSR initiatives in Nigerian companies.
Research Questions
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How has IFRS adoption influenced the scope and nature of CSR activities in Nigerian firms?
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What is the relationship between IFRS adoption and CSR reporting in Nigeria?
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How has IFRS adoption impacted the effectiveness of CSR initiatives in Nigerian firms?
Research Hypotheses
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IFRS adoption significantly influences the scope and nature of CSR activities in Nigerian firms.
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There is a positive relationship between IFRS adoption and CSR reporting in Nigerian firms.
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IFRS adoption has a significant impact on the effectiveness of CSR initiatives in Nigeria.
Significance of the Study
This study will shed light on the connection between IFRS adoption and CSR practices in Nigeria, providing insights into how transparency in financial reporting can drive responsible corporate behavior. The findings will be useful for policymakers, regulators, and corporate leaders seeking to enhance CSR efforts and align them with global standards.
Scope and Limitation of the Study
The study focuses on Nigerian firms that adopted IFRS from 2012 to 2025 and assesses their CSR activities. Limitations include challenges in measuring CSR outcomes and variations in CSR practices across industries.
Definition of Terms
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Corporate Social Responsibility (CSR): A company's commitment to contributing to societal and environmental well-being through ethical practices.
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IFRS Adoption: The transition to International Financial Reporting Standards for financial reporting.
CSR Reporting: The disclosure of a company’s CSR activities and their impacts on stakeholders and society
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