Effect of Corporate Social Responsibility Disclosure on Firm Value Among Listed Industrial Goods Companies in Nigeria

Agyemang-Mintah, P., & Gyapong, E. (2021). Corporate social responsibility and firm performance: The moderating role of firm reputation and stakeholder engagement. Corporate Governance: The International Journal of Business in Society, 21(4), 651– 668. Aifuwa, H. O., & Embele, K. (2022). Corporate social responsibility disclosure and firm value of listed companies in Nigeria. Journal of Accounting and Taxation, 14(2), 72–83. Akal, M., Türker, D., & Öztürk, M. B. (2023). Sustainability disclosure and firm value: Evidence from emerging markets. Sustainability, 15(3), 2458. Aliyu, A., & Adamu, M. (2021). Corporate social responsibility disclosure and financial performance of listed companies in Nigeria. International Journal of Accounting Research, 9(1), 1–10. Al-Sayed Al-Hanawi, M. K. (2024). Corporate social responsibility disclosure and firm value: Evidence from emerging market firms. Journal of Risk and Financial Management, 17(2), 85. Amorelli, M. F., & García-Sánchez, I. M. (2021). Trends in the dynamic evolution of board gender diversity and corporate social responsibility. Corporate Social Responsibility and Environmental Management, 28(2), 537–554. Aras, G., & Crowther, D. (2021). Corporate social responsibility and corporate governance: A global perspective. London: Routledge. Awan, U., Kraslawski, A., & Huiskonen, J. (2018). The impact of corporate social responsibility on sustainable innovation: Evidence from manufacturing firms. Journal of Cleaner Production, 186, 877–889. Beal, D. (2014). Corporate social responsibility and firm performance: Evidence from Australian firms. Australian Journal of Management, 39(2), 293–311. Buallay, A., Kukreja, G., Aldhaen, E., Al Mubarak, M., & Hamdan, A. (2020). Corporate social responsibility disclosure and firms’ performance in Mediterranean countries. Journal of Cleaner Production, 248, 119236. Carroll, A. B., & Shabana, K. M. (2010). The business case for corporate social responsibility: A review of concepts, research and practice. International Journal of Management Reviews, 12(1), 85–105. Clarkson, M. B. E. (1995). A stakeholder framework for analyzing and evaluating corporate social performance. Academy of Management Review, 20(1), 92–117. Dahlsrud, A. (2008). How corporate social responsibility is defined: An analysis of 37 definitions. Corporate Social Responsibility and Environmental Management, 15(1), 1–13. Dahlsrud, A. (2008). How corporate social responsibility is defined: An analysis of 37 definitions. Corporate Social Responsibility and Environmental Management, 15(1), 1–13. De Klerk, M., De Villiers, C., & Van Staden, C. (2015). The influence of corporate social responsibility disclosure on firm value. South African Journal of Economic and Management Sciences, 18(2), 184–201. Deegan, C. (2014). Financial accounting theory (4th ed.). Sydney: McGraw-Hill Education. Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review, 86(1), 59–100. Dissanayake, D., Tilt, C., & Xydias-Lobo, M. (2016). Sustainability reporting by public listed companies in Sri Lanka. Journal of Cleaner Production, 129, 169–182. Donaldson, T., & Preston, L. E. (1995). The stakeholder theory of the corporation: Concepts, evidence, and implications. Academy of Management Review, 20(1), 65–91. JAFM Edem, D. B., Okon, E. O., & Eyo, E. E. (2024). Corporate social responsibility disclosure and firm value: Evidence from listed firms in Nigeria. International Journal of Accounting and Financial Reporting, 14(1), 45–60. Endri, E. (2019). Corporate social responsibility and financial performance: Evidence from Indonesian companies. International Journal of Financial Research, 10(5), 177–188. Enekwe, C. I., Agu, C. I., & Eziedo, K. N. (2020). Corporate social responsibility disclosure and financial performance of listed firms in Nigeria. International Journal of Academic Research in Accounting, Finance and Management Sciences, 10(2), 215–225. Ezeagba, C. E., John-Akhigbe, O. K., & Uwuigbe, U. (2021). Corporate social responsibility disclosure and firm performance: Evidence from listed firms in Nigeria. Journal of Accounting and Financial Management, 7(2), 45–56. Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45–64. Freeman, R. E. (1984). Strategic management: A stakeholder approach. Boston, MA: Pitman. Freeman, R. E., & Hasnaoui, A. (2011). The meaning of corporate social responsibility: The vision of four nations. Journal of Business Ethics, 100(3), 419–443. Gatimbu, K. K., & Wabwire Mukaria, M. (2016). Effect of corporate environmental disclosure on financial performance of firms listed at the Nairobi Securities Exchange. International Journal of Sustainability Management and Information Technologies, 2(1), 1–6. Gerged, A. M., Albitar, K., & Al-Haddad, L. (2021). Corporate environmental disclosure and firm value: Evidence from emerging markets. Journal of Cleaner Production, 298, 126780. Global Reporting Initiative . (2021). GRI sustainability reporting standards. Amsterdam: Global Reporting Initiative. Global Reporting Initiative . (2023). GRI universal standards 2023. Amsterdam: Global Reporting Initiative. Gutsche, R., Schulz, J. F., & Gratwohl, M. (2017). Firm value effects of CSR disclosure: Empirical evidence from Europe. Journal of Business Economics, 87(8), 1103–1132. Hassanein, A., & Hussainey, K. (2015). Is corporate governance associated with corporate social responsibility disclosure? Evidence from Egypt. Corporate Ownership & Control, 12(3), 94–106. Iredele, O. O., & Akinlo, O. O. (2021). Corporate social responsibility disclosure and financial performance of listed manufacturing firms in Nigeria. Journal of Accounting and Taxation, 13(3), 142–152. Itan, I., Olayinka, E., & Okoye, E. (2023). Corporate social responsibility disclosure and firm value: Evidence from listed firms in Nigeria. International Journal of Accounting Research, 11(1), 25–39. Izevbekhai, M. O., & Mansur, K. (2024). Corporate social responsibility disclosure and firm value of listed companies in Nigeria. Journal of Sustainable Finance and Accounting, 4(1), 15–29. Jensen, M. C. (2002). Value maximization, stakeholder theory, and the corporate objective function. Business Ethics Quarterly, 12(2), 235–256. Jihadi, M., Vilantika, E., Hashemi, S. M., Arifin, Z., & Bachtiar, Y. (2021). The effect of liquidity, leverage, and profitability on firm value with CSR disclosure as a moderating variable. Accounting, 7(6), 1275–1284. Kabir, R., & Thai, H. M. (2017). Does corporate governance shape the relationship between corporate social responsibility and financial performance? Pacific Accounting Review, 29(2), 227–258. JAFM Khan, M., Serafeim, G., & Yoon, A. (2022). Corporate sustainability: First evidence on materiality. The Accounting Review, 97(2), 169–199. King Committee on Corporate Governance. (2002). King Report on Corporate Governance for South Africa (King II). Johannesburg: Institute of Directors in Southern Africa. Kurniasari, W., & Warastuti, Y. (2015). The relationship between CSR disclosure and firm value: Evidence from Indonesian companies. International Journal of Business and Management Invention, 4(11), 34–41. Laan, G. V. D., Van Ees, H., & Van Witteloostuijn, A. (2009). Corporate social and financial performance: An extended stakeholder theory, and empirical test with accounting measures. Journal of Business Ethics, 79(3), 299–310. Lins, K. V., Servaes, H., & Tamayo, A. (2017). Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis. The Journal of Finance, 72(4), 1785–1824. Linthicum, C., Reitenga, A. L., & Sanchez, J. M. (2010). Social responsibility and corporate reputation: The case of the Arthur Andersen Enron audit failure. Journal of Accounting and Public Policy, 29(2), 160–176. McWilliams, A., Siegel, D. S., & Wright, P. M. (2006). Corporate social responsibility: Strategic implications. Journal of Management Studies, 43(1), 1–18. Mugambi, M. M., & Fatoki, O. (2019). Corporate social responsibility and firm performance: Evidence from listed companies in South Africa. Sustainability, 11(16), 4494. Ndukwe, O. D., & Nkwagu, L. C. (2022). Corporate social responsibility disclosure and firm value of listed companies in Nigeria. International Journal of Accounting and Finance Research, 11(2), 45–58. Ogar, G. A., & Mgbame, C. O. (2020). Corporate social responsibility disclosure and financial performance of listed firms in Nigeria. International Journal of Accounting and Finance, 9(1), 68–82. Okeye, A. I. (2009). Corporate social responsibility disclosure in Nigerian companies: A review of practices and prospects. African Journal of Accounting, Economics, Finance and Banking Research, 5(5), 12–23. Okoye, E. I. (2017). Corporate social responsibility disclosure and firm performance in Nigeria. International Journal of Accounting Research, 5(2), 1–12. Okoye, E. I., & Ezejiofor, R. A. (2022). Corporate social responsibility disclosure and financial performance of listed firms in Nigeria. Journal of Accounting and Financial Management, 8(1), 15–27. Olayemi, O. S., & Adebayo, O. T. (2023). Corporate social responsibility disclosure and firm value: Evidence from Nigerian listed companies. International Journal of Finance and Accounting Studies, 11(1), 33–46. Omran, M., & Ramdhony, D. (2015). Theoretical perspectives on corporate social responsibility disclosure: A critical review. International Journal of Accounting and Financial Reporting, 5(2), 38–55. Onyekwelu, U. L., & Uche, C. (2022). Corporate social responsibility disclosure and firm performance: Evidence from Nigerian listed firms. Asian Journal of Economics, Business and Accounting, 22(7), 1–12. Onyekwelu, U. L., & Ugwuanyi, U. B. (2020). Corporate social responsibility disclosure and firm value of manufacturing firms in Nigeria. International Journal of Academic Research in Accounting, Finance and Management Sciences, 10(4), 275–285. Perez, A. (2015). Corporate reputation and CSR reporting to stakeholders: Gaps in the literature and future lines of research. Corporate Communications: An International Journal, 20(1), 11–29. Perrow, C. (1970). Organizational analysis: A sociological view. Belmont, CA: Wadsworth. JAFM Pramesworo, I. S., & Evi, T. (2021). Corporate social responsibility disclosure and firm value: Evidence from Indonesian manufacturing companies. International Journal of Business and Management Invention, 10(6), 18–25. Rahimi, G. (2025). Corporate social responsibility disclosure and firm value: Evidence from emerging markets. Journal of Sustainable Finance and Investment, 15(1), 1–18. Remora, H., & Hasnawati, S. (2023). The influence of corporate social responsibility disclosure on firm value with profitability as a moderating variable. International Journal of Financial Research, 14(2), 122–134. Reverte, C. (2009). Determinants of corporate social responsibility disclosure ratings by Spanish listed firms. Journal of Business Ethics, 88(2), 351–366. Reverte, C. (2012). The impact of better corporate social responsibility disclosure on the cost of equity capital. Corporate Social Responsibility and Environmental Management, 19(5), 253–272. Sari, R. P., Rahayu, S., & Kurniawan, A. (2021). Corporate social responsibility disclosure and firm value: Evidence from Indonesian companies. Journal of Asian Finance, Economics and Business, 8(3), 1021–1029. Simanjuntak, M., Subroto, B., & Saraswati, E. (2020). Corporate social responsibility disclosure and firm value: Evidence from emerging markets. International Journal of Financial Research, 11(4), 45–56. Su, W., Peng, M. W., Tan, W., & Cheung, Y. L. (2016). The signaling effect of corporate social responsibility in emerging economies. Journal of Business Ethics, 134(3), 479–491. Sun, N., Salama, A., Hussainey, K., & Habbash, M. (2010). Corporate environmental disclosure, corporate governance and earnings management. Managerial Auditing Journal, 25(7), 679–700. Uwegbei, U., Egbide, B., & Ayodele, T. (2015). Corporate social responsibility disclosure and firm performance: Evidence from Nigeria. International Journal of Economics and Financial Issues, 5(1), 250–255. Uwuigbe, U., Teddy, O., Uwuigbe, O. R., & Emmanuel, O. (2020). Corporate social responsibility disclosure and firm performance: Evidence from Nigerian listed firms. Cogent Business & Management, 7(1), 1–15. Watts, R. L., Zimmerman, J. L., & Smith, C. W. (2019). Positive accounting theory (Updated ed.). Cambridge: Cambridge University Press. Wulandari, R., & Rasmini, N. K. (2024). Corporate social responsibility disclosure and firm value: Evidence from emerging market firms. Asian Journal of Accounting Research, 9(1), 45–58. Yoon, B., & Cho, S. (2023). Corporate social responsibility disclosure and firm value: Evidence from global firms. Sustainability, 15(4), 3125.