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IMPACT OF CORPORATE SOCIAL RESPONSIBILITY ON FINANCIAL PERFORMANCE OF SELECTED LISTED OIL AND GAS FIRMS IN NIGERIA

K.F.A. Ibrahim (Ph.D.); ADEMU, Sylvester Onyekachi (M.Sc.)

This study investigated the impact of corporate social responsibility (CSR) on financial performance of selected listed oil and gas firms in Nigeria. Ex post facto research design was adopted. The sample size of seven (7) oil and gas firms was derived from the population of the listed twelve (12) oil and gas companies in Nigeria. Judgmental approach was employed during the sampling process. The study used secondary data sourced from the annual reports of the listed oil and gas firms in Nigeria Stock Exchange fact books of official lists covering a ten-year period (2010-2019). The study employed Multiple Regression Model as the technique of data analysis with the aid of STATA 13.0 statistical software. Analysis of findings revealed that CSR charitable donation expenditure significantly affects financial performance of oil and gas firms in Nigeria. It was discovered that CSR expenditure on education has significant impact on financial performance of oil and gas firms in Nigeria. The study also revealed that there is significant relationship between CSR societal expenditure and financial performance of oil and gas firms in Nigeria. However, CSR health expenditure does not significantly affect the financial performance of oil and gas firms. CSR environmental expenditure shows significant impact on financial performance of oil and gas firms in Nigeria. The study also reveals that there is significant relationship between CSR sports expenditure and financial performance of oil and gas firms in Nigeria. In line with the findings, the study recommends that the oil and gas firms should boost their CSR charitable donation and CSR on health expenditures and monitor them closely since they reveal negative impact. The study also recommends that CSR expenditure on education, CSR societal expenditure, CSR environmental and CSR sport expenditures should be upheld and sustained since they reveal significant positive impact on financial performance of oil and gas firms in Nigeria.