Corporate Social Responsibility Disclosure and Financial Performance of Listed Manufacturing Firms in Nigeria

Mohammed, Nma Ahmed, Saheed Zakaree, Oladele, Olugbenga Kolawole


This paper evaluates the impact of corporate social responsibility disclosure (CSRD) on the financial performance of listed manufacturing firms in Nigeria. In specific terms, the paper examined the influence of four CSRD dimensions (human resources, environment, community and product) on the Earnings per Share (EPS) of the sampled firms. The study utilized a sample size of ten (10) manufacturing firms drawn randomly from seven (7) subsectors of the Nigerian manufacturing industry. Secondary data for the study were collected from the financial statements of the sampled firms and analyzed with the aid of multiple regression analysis. The study finds an overall significant positive association between CSRD and EPS. Furthermore, the study reveals that all the four CSRD dimensions (employee, environment, community and product) have significant positive effect on the EPS. This means that the higher the level of CSRD, the higher the EPS. The study therefore, recommends that management of listed manufacturing firms in Nigeria should increasingly approach CSR and CSRD issues with positive mindset thereby recognizing it as investment rather than liability. Finally, the study recommends that the Financial Reporting Council of Nigeria (FRCN) should make social and environment reporting in the companies’ financial statements mandatory since CSRD is beneficial to the government, the listed manufacturing companies and their stakeholders.  

Keywords: Corporate Social Responsibility Disclosure (CSRD), Earnings Per share (EPS), Financial Performance, Manufacturing Firms, Stakeholders.

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