Social and Environmental Reporting and the Performance of Quoted Conglomerates Firms in Nigeria



We examine the relationship between corporate governance and the extent of corporate social reporting (CSR) in the annual reports of Nigerian conglomerates. This study investigates the relationship between corporate social reporting (CSR) and firm value of listed conglomerates firms in Nigeria, with the use of secondary data. The secondary data was sourced from sampled firms’ annual account and reports between 2008-2017.The data generated were analyzed using descriptive, multivariate regression, Correlation and disclosure index. The major finding from the analysis reveals that there was a positive relationship between CSR and performance and the average level of disclosure is low and falls within the weak level. In the light of the major findings it was concluded that, CSR brings about improvement in the firm value of the sampled conglomerates in Nigeria since they maintain a positive relationship.


Corporate Social Reporting, Firm Value, Conglomerates, Nigeria

Full Text:



Achua, J. K., & Terungwa, A. (2011). Corporate social responsibility in Nigerian banking sector: A case for financing SMEs. Bayero University Kano, Accounting Department Journal, Edited by Prof. Kabiru Dandago & Bashir Tijjani. Joji Publishers, Kano Nigeria.

Alnabsha, A., Abdou, H. A., Ntim, C. G., & Elamer, A. A. (2018). Corporate boards, ownership structures and corporate disclosures: Evidence from a developing country. Journal of Applied Accounting Research, 19(1), 20-41.

Bolanle, A.B. Olanrewaju, A. S. and Muyideen, A. A. (2012):”corporate social responsibility and profitability of Nigeria Banks- causal Relationship” Research Journal of Finance and Accounting ISSN 2222-1697 (paper) Vol. 3, No 1

Borck, J., Coglianese, C., & Nash, J. (2008). Evaluating the social effects of performance- based environmental programs. Corporate Social Responsibility Initiative, 52.

Brine, M., Brown, R. and Hackett, G., 2007. “Corporate Social Responsibility and Financial Performance in the Australian Context’, Economic Round-up”, pp. 47-58

Cahan, S. F., De Villiers, C., Jeter, D. C., Naiker, V., & Van Staden, C. J. (2016). Are CSR disclosures value relevant? Cross-country evidence. The European Accounting Review, 25(3), 579–611.

Freeman, R.E. and Liedtka, J. (1991), “Corporate social responsibility: A critical approach- Corporate social responsibility no longer a useful concept”. Business Horizons, July-August, 1991.

Friedman, M. (1962), Capitalism and freedom, Chicago: University of Chicago Press.

Hossain, M. (2008). The extent of disclosure in annual reports of banking companies: The case of India.

Hossain, M., & Hammami, H. (2009). Voluntary disclosure in the annual reports of an emerging country: The case of Qatar. Advances in Accounting, 25(2), 255-265.

Hull, C. E. and Rothenberg, S., (2008), “Firm performance, the interactions of corporate social performance with innovation and industry differentiation”, Strategic Management Journal 29(7), 781-789.

Jamali, D. (2008). A stakeholder approach to corporate social responsibility: A fresh perspective into theory and practice. Journal of Business Ethics, 82(1), 213–231.

Li, Q., Luo, W., Wang, Y., & Wu, L. (2013). Firm performance, corporate ownership, and corporate social responsibility disclosure in China. Business Ethics: A European Review, 22(2), 159-173.

Cornett, M. M., Erhemjamts, O., & Tehranian, H. (2016). Greed or good deeds: An examination of the relation between corporate social responsibility and the financial performance of US commercial banks around the financial crisis. Journal of Banking & Finance, 70, 137-159.

McMurtrie, T (2005), ‘’Factors Influencing the Publication of Social Performance Information: An Australian Case Study’’ Corporate Social Responsibility and Environmental Performance 12(3): 129-143.

McWilliams, A. and D. Siegel, (2001), Corporate Social Responsibility: A Theory of the Firm

Moskowitz, M., (1972), “Choosing socially responsible stocks”, Journal of Business and Society 1, 71-75.

Nekhili, M., Nagati, H., Chtioui, T., & Rebolledo, C. (2017). Corporate social responsibility disclosure and market value: Family versus nonfamily firms. Journal of Business Research, 77, 41-52.

Peter, A. H.; Jenne D. O. (2008), Understanding and Developing Strategic Corporate Social Responsibility (CSR) pp. 125-144.

Reverte, C. 2009. ‘Determinants of corporate social responsibility disclosure ratings by Spanish listed firms’. Journal of Business Ethics, 88:2, 351–366.

Rouf, M. A. (2016). Smith, J.L., Adhikari, A. and Tondkar, R.H. 2005. ‘Exploring differences in social disclosures internationally: a stakeholder perspective’. Journal of Accounting and Public Policy, 24:2,123–151.

Tijjani, B. (2011),”Corporate Social Disclosure and Accounting Theories” Corporate Governance and Social Responsibility” Journal Publication of Department of Accounting Bayero University Kano Nigeria.

Tijjani B. (2004), Social Responsibility by Nigerian Manufacturing Companies: A Survey of 2002 Annual Reports, Proceedings of the Second Annual National Conference on Ethical Issues in Accounting. B.U.K. 2(1), 157-168.

Tsoutsoura, M. (2004): “Corporate social responsibility and financial performance” Applied financial project Haas school of Business University of California, Barkley.

Uadiale, O. M. and Fagbemi, T. O.(2011) “Corporate Social Responsibility and Financial Performance in Developing Economies: The Nigerian Experience”. The 2011 New Orleans international Academic Conference.

Ullmann, A., (1985), “Data in Search of a Theory: A Critical Examination of the Relationships among Social Performance, Social Disclosure, and Economic Performance of U. S. Firms”, the Academy of Management Review 10(3), 540- 557.

Waddock, S. A., & S. B. Graves (1997) “The corporate Social Performance and Financial Performance link.” Strategic Management Journal, 18(4): 303-319.

Wang, H., Tong, L., Takeuchi, R., & George, G. (2016). Corporate social responsibility: An overview and new research directions: Thematic issue on corporate social responsibility.

Wiseman, J. (1982), “An evaluation of environmental disclosures made in corporate annual reports”, Accounting, Organizations and Society, Vol. 7 No. 1, pp. 53‐63.

Zhong, M., & Gao, L. (2017). Does corporate social responsibility disclosure improve firm investment efficiency? Evidence from China. Review of Accounting and Finance, 16(3), 348-365.


  • There are currently no refbacks.

Creative Commons License
This work is licensed under a Creative Commons Attribution 3.0 License.