CORPORATE SOCIAL RESPONSIBILITY DISCLOSURE AND FINANCIAL PERFORMANCE OF SELECTED QUOTED FIRMS IN NIGERIA
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ABSTRACT
This research examined the effect of corporate social responsibility disclosure on financial performance using selected listed firms in Nigeria. The focus is on the quoted nonfinancial firms. That is, those firms not covered by Banks and other financial institutions Act of 1991 as amended. The lack of attention to corporate social responsibility disclosure has been called into question due to the recognition that corporate social responsibility is an increasingly important part of an organisation’s total value. The choice of looking at the non-financial firms is because experience has shown that they fall under the most socially sensitive firms, especially in environmental dimensions. The research’s specific objectives examined whether corporate social responsibility disclosure (proxied by Gifts and Donations, Employment of indigenous staff, and Environmental Activities) has an effect on Financial Performance (proxied by Earnings Per-Share, Return on Equity, Return on Asset, and Share Price). Using data from 86 non-financial companies listed on the Nigerian Stock Exchange, within a time period of 22 years (1997 – 2018), hypotheses were developed and were subsequently analysed and tested using the Panel Least Square regression technique. Consequently, findings showed that Gifts and Donations has a positive significant effect on Financial Performance considering Share Price, Return on Assets, and Return on Equity, but showing no significant effect on Earnings per Share. Furthermore, Employment of Indigeneous Staff was seen to have a positive significant effect on Finacnial Performance considering Return on Assets, Return on Equity, and Eanings per Share, however, showing a negative significant effect on Share Price. Also, Environmental Activities was seen to have a positive significant effect on Financial Performance considering Share Price and Return on Equity, on the other hand showing a negative significant effect on Return on Assets and Earnings per Share. The study concludes that corporate social responsibility disclosure has significant impact on financial performance of quoted non-financial firms in Nigeria. This implies that increase in corporate social responsibility disclosure increases the financial performance of the firms. Based on these findings and conclusion, the study recommended among other things that; corporate social responsibility disclosure should be encouraged in order to improve the brand and image reputation of the companies. Consequently, there is a need for effective regulation of corporate social responsibility disclosure practices of companies in Nigeria. Hence, the need for external verification of corporate social responsibility claims as well as ascertaining the reliability and authenticity of corporate social responsibility disclosures representation in the accounting record. The study contributed to the existing body of knowledge as the study analysed components of the dependent and independent variables in arriving at more conclusive findings. The time period employed in the study (22 years) which is relatively long as against previous studies is a contribution to the existing body of knowledge.
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