期刊名称：International Journal of Finance and Accounting
印刷版ISSN：2168-4812
电子版ISSN：2168-4820
出版年度：2013
卷号：2
期号：7
页码：331-340
DOI：10.5923/j.ijfa.20130207.01
语种：English
出版社：Scientific & Academic Publishing Co.
摘要：Corporate Social Responsibility (CSR) is a burning issue in Nigeria. Companies are under pressure to operate in a socially and environmentally sustainable way. However, do these socially responsible activities generate benefits to keep the venture sustainable? This study uses parsimonious regression models to examine the impact of CSR on market value of financial services in Nigeria for the period 2004 – 2008. We perform our empirical analyses with a set of control variables – firm size, leverage, growth and dividend payment. Consistent with past studies, we find a robust positive significant impact of CSR proxies (Human Resource Management and Community Development) on market value. However, using the hold-out and combinatorial methods of treating control variables, we document mixed results. The reverse causality concern usually associated with the CSR-financial performance relationship was also addressed. Results show that sector classification and positive earnings in previous year are significant instruments in estimating CSR. We conclude that socially responsible efforts of firms trigger improved market value and that such value is influenced by observable moderating factors.
