Corporate Social Responsibility and Financial Performance of Listed Fast Moving Consumer Goods Firms in Nigeria
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2022-12
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Lead City University
Abstract
Corporate Social Responsibility has greatly contributed to the success of various corporate institutions in the western world while the concept is widely recognized as being of significant strategic value to organizations. This study therefore seeks to address the corporate social responsibility and financial performance of listed fast moving consumer goods firms in Nigeria. The research adopted the ex-post facto research design. Secondary data were captured through the use of financial statement of listed fast moving consumer goods firms in Nigeria. Target population of the study was made up of listed fast moving consumer goods firms in Nigeria. A total of nine companies were randomly selected through purposive sampling technique and ten years financial of their financial statement were put under observation. The study revealed that the summary statistics of all the variables under study were described. Specifically, the mean values of the CEE, SEE, HSE and the ESE stood at N19, 450, 000, N751,000,000, N83,720,000 and N9,720,000 respectively, also that the company engages in CSR programmes because it wants to create an image of a good corporate citizen. The study concludes that CSR has a substantial and positive impact on all performance indicators used in the literature review which are: finance, organizational performance overtime, reputation, employee commitment and brand differentiation. It was therefore recommended that companies should identify their stakeholders’ needs before taking CSR initiatives; also top management must understand the strategic financial benefits of CSR activities and include CSR initiates in their strategic plans.
Keywords: Corporate Social Responsibility, Financial Performance, Nigerian Listed Firms, Community Empowerment, Environmental Management
Word Count: 242
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Kate Turabian