EFFECT OF CORPORATE SOCIAL RESPONSIBILITY DISCLOSURE ON SHARE PRICES OF LISTED CONSUMER GOODS COMPANIES IN NIGERIA

Abstract

This study examines the effect of Corporate Social Responsibility (CSR) disclosure on the share prices of listed consumer goods companies in Nigeria from 2015 to 2023. Using data from 28 firms, the study employs content analysis to assess CSR disclosure levels based on the Global Reporting Initiative (GRI) and International Integrated Reporting Council (IIRC) frameworks. Panel regression analysis, supported by the Hausman specification test, confirms that the fixed effect model is appropriate. The results reveal a positive and statistically significant relationship between CSR disclosure and share prices, suggesting that socially responsible firms are valued more highly by investors. These findings align with signaling, legitimacy, stakeholder, and agency theories, indicating that CSR reporting serves as a credible signal of firm quality and accountability. The study recommends improved CSR transparency, regulatory support for standardized disclosures, and greater investor consideration of non-financial indicators. This research contributes to understanding CSR's strategic role in firm valuation within emerging markets.