IMPACT OF CORPORATE SOCIAL RESPONSIBILITY ON SHAREHOLDERS WEALTH.
EVIDENCE FROM NIGERIA

Chidinma Ezeigbo 1 , J.U.B. Azubike 2 , M.C.Okafor 3
Department of Accounting, College of Management Sciences,
Michael Okpara University of Agriculture, Umudike,
Abia State, Nigeria.
1 chidinmaezeigbo@yahoo.com
2 jubelazubike@yahoo.com
3michassociates@yahoo.com

Abstract
The study examined the impact of corporate social responsibility on shareholders wealth, using selected firms listed on the Nigeria Stock Exchange. Secondary data were collected from the 2018 annual report of the 8 selected firms. Simple regression analysis was explored in testing the hypothesis, Shareholders wealth was represented as the earnings per share, whereas, corporate social responsibility was represented with corporate social responsibility expenditure. The study revealed that there is a negative impact of corporate social responsibility on the shareholders wealth in the short run which may at the long run turn positive over time. The researcher recommends that corporate firms shouldcontinue to perform their corporate social responsibility towards all stakeholders to ensure smooth and continues operations.
Keywords: Corporate Social Responsibility, Shareholders Wealth, earnings per share, Nigeria .

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