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

Author

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  • Adesanmi Timothy Adegbayibi

    (University of Johannesburg)

Abstract

The rising business disruptions and employee hostility incidents have prompted stakeholders and policymakers to advocate for socially responsible policies. Thus, this study investigated the effect of corporate social responsibility on the financial performance of listed manufacturing firms in Nigeria. The study employed a longitudinal research design, with data from secondary sources such as the annual reports of sampled firms and the Factbooks of the Nigerian Exchange Group from 2019 to 2023. The study population comprised 65 sampled manufacturing firms listed on the Nigerian Exchange Group as of December 31, 2023. The purposive sampling technique was employed to select 50 manufacturing firms that were fully operational as the study’s sample size. The data were analyzed using descriptive statistics and feasible general least squares regression analysis techniques. The study’s findings revealed that host community relations and donations to social causes positively and significantly affect earnings per share. Customer relations have a negative and insignificant effect on earnings per share of listed manufacturing firms in Nigeria. It is concluded that corporate social responsibility significantly influences these manufacturing firms’ financial performance. The study recommends that management adopt a policy to improve relations with the host community to ensure stable economic activities that enhance financial performance. Also, management should enhance financial commitments to social causes through strategic donations that drive business value and improve financial performance. Customer relations should be enhanced to foster responsibility, resulting in significant positive results for the company. This study has practical policy implications for managers to champion socially responsible policies to enhance asset value and increase revenue, thereby improving overall performance for manufacturing firms in Nigeria.

Suggested Citation

  • Adesanmi Timothy Adegbayibi, 2026. "Corporate Social Responsibility and Financial Performance of Listed Manufacturing Firms in Nigeria," Springer Proceedings in Business and Economics,, Springer.
    • Handle: RePEc:spr:prbchp:978-3-032-13384-7_23
    DOI: 10.1007/978-3-032-13384-7_23
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