Title: Corporate Social Responsibility Disclosure And Financial Performance Of Listed Manufacturing Firms In Nigeria (2015-2024)
Authors: Nelson Oke EGWARE, Onajite Alexandra AKPOVETA-OLOLOBOU, Samuel Ejiro UWHEJEVWE-TOGBOLO
Volume: 10
Issue: 2
Pages: 1-11
Publication Date: 2026/02/28
Abstract:
;:The investigated the relationship between Corporate Social Responsibility (CSR) disclosure and financial performance of manufacturing firms in Nigeria from 2015-2024. To achieve the intended purpose, the study use of both accounting measurement Return on Assets (ROA) and Return on Equity (ROE) as well as the market measurement Tobin Q. The study anchored on the theory of the stakeholder and legitimacy theory. Fixed effects regression models were used to analyze a panel dataset of 50 listed manufacturing firms, and cluster-robust standard errors were used to that effect to measure heteroskedasticity and within-firm correlation. The appropriateness of the fixed effects specification was established by the use of diagnostic tests such as the Hausman test. The findings reveal that the disclosure of CSR has a huge and positive impact on the three measures of financial performance. In particular, firms with more detailed CSR communication are more profitable and highly valued in the Nigerian Exchange Group (NGX). The control variables, firm size has a positive effect on performance, whereas leverage has a negative effect on profitability and market-based value. The study concluded that the effect of corporate social responsibility (CSR) disclosure on the financial performance from 2015-2024 period of listed manufacturing firms in Nigeria exhibited a considerable and positive impact. The study recommended that Firms that engage in manufacturing must intensify the practice of disclosure of CSR in order to improve investor confidence and financial outcomes. Thus, policymakers and managers in firms are advised to focus on CSR disclosure in order to enhance trust among the stakeholders and thereby enhance the performance of the firm.