Unlocking the Power of Responsible Business: Exploring the Synergy Between Corporate Governance and Corporate Social Responsibility Performance in Listed Cement Companies in Nigeria
Abstract
This study explored the synergy between corporate governance and corporate social responsibility performance in listed cement companies in Nigeria. secondary data were collected from annual reports and accounts of the sampled cement companies for the period of eleven years from 2011 to 2021. Data were analysed by means of descriptive, correlation and regression statistics to provide summary statistics for the variables. Ordinary Least Square (OLS) and Random effect regression were used in testing the study hypotheses using STATA software version 13.00. Non-Survey descriptive research design (Panel Data Regression) was employed since the data has both time series and cross-sectional attributes. Data collected were subjected to pre and post estimation tests (Multicollinearity test, Heteroscedasticity test, Hausman Specification test and Breusch-pagan Langragian Multiplier Test) whose conditions were all satisfied. The findings of the study revealed that, while Board Size, Managerial Share Ownership and Audit Committee Composition show no significant synergy with Corporate Social Responsibility Performance, Board composition had a strong positive significant synergy with Corporate Social Responsibility Performance of listed cement companies in Nigeria; and Block-holder Share Ownership had a semi strong negative synergy with Corporate Social Responsibility Performance of listed cement companies in Nigeria. the study concludes that there is synergy between corporate governance and corporate social responsibility performance in Nigerian cement companies. The study suggests that to promote good relationship with host communities through corporate social responsibility, Nigerian
