Browsing by Author "Bihu Beauty AYON"

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    Social Disclosure and Financial Performance of Listed Food and Beverage Companies in Nigeria
    (Lead City University, 2022-12) Bihu Beauty AYON
    This study examined social disclosures and financial performance of food and beverage companies in Nigeria between 2011-2020. The study used secondary data acquired from the selected food and beverage companies' yearly reports and records for 10 years and other relevant academic publications. The population of the study comprises all the 17 food and beverage companies quoted on the trading floor of the Nigerian Stock Exchange (NSE). A sample size of 15 companies were then purposively selected. Content analysis was deployed to determine the extent of disclosures in their annual reports, panel data regression models was deployed in exploring facts and in examining the research objectives of investigating the relationship between social disclosures and financial performance. Social disclosure was captured by CMI, EMC, PDR and HRP while financial performance was proxied by ROE, ROA, LEV, and EPS. The result showed that EMC has a positive relationship and insignificant with ROA at 0.0871 while CMI, PDR, & HRD have negative but insignificant relationship with ROA at -0.771, - 1.762, & -0.471. Further finding shows that CMI has a significant negative relationship with ROE at -8.204 with the result indicating 1% level of significance, while EMC, PDR & HRP have positive but insignificant relationship with ROE at 2.350, 2.516 & 0.599 respectively. The study observed that an increase in the social disclosures may not necessarily lead to increase in financial performance of the company. Therefore, the research concluded that voluntary corporate social disclosure alone would not lead to higher financial performance of food and beverage companies in Nigeria. The study however recommended that managers and Chief Executives of companies in Nigeria should endeavor to encourage the preparation of standalone reports, as against the current practice, and policymakers should strengthen social disclosure responsibilities.