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2 J. Mgmt. & Sustainability 160 (2012)
Corporate Socaial Responsibility Disclosures in Nigeria: A Study of Listed Financial and Non-Financial Firms

handle is hein.journals/jms2 and id is 158 raw text is: 






           Corporate Social Responsibility Disclosures in Nigeria:

             A Study of Listed Financial and Non-Financial Firms



                               Uwalomwa Uwuigbe (Corresponding author)
                        Ph), Dept. Of Accounting, College Of Development Studies
                              Covenant University, Ota, Ogun State, Nigeria
                                    E-mail: alaiwu2003 @tyahoo.com


                                           Ben-Caleb Egbide
                          Dept. Of Accounting, College Of Development Studies
                              Covenant University, Ota, Ogun State, Nigeria
                                     E-mail: ben-caleb l tyahoo.com

Received: August 17, 2011    Accepted: October 17, 2011    Published: March 1, 2012
doi: 10.5539/jms.v2nlp160    URL: http://dx.doi.org/10.5539/jms.v2nlp160


Abstract
This study is an empirical investigation of the relationship between firms' corporate financial performance and
the level of corporate social responsibility disclosures among selected firms in Nigeria. It also looked at the
relationship between firms' financial leverage and the level of corporate social responsibility disclosures among
selected firms. While the annual reports for the period 2008 was utilized as the main source of data collection for
the sampled 41 listed firms, the multiple regression analysis was employed as a statistical technique for
analysing the data collected. The paper revealed that firms' corporate financial performance and the size of audit
firm have a significant positive relationship with the level of corporate social responsibility disclosures among
selected firms. Also, the paper as part of its findings- observed that a significant negative relationship existed
between firms' financial leverage and the level of corporate social responsibility disclosures. The paper therefore
recommends that government, as part of their responsibility, should put in place policies that will create a good
business environment for firms operating in the country.
Keywords: Financial performance, Annual reports, Firms, Corporate, Social, Environmental responsibility
1. Introduction
The awareness of the environment and man's ability to cause damage started from the fifties of last Century. In
1972, a world conference was held in Stockholm where heads of States from all over the world came together for
the first time to consider the state of the globe as a whole, which ultimately gave birth to a special UN Agency
titled UN Environmental Program (UNEP) to deal with environmental issues. In the mid-eighties, the World
Commission on Environment and Development (WCED), known as Bruntdland Commission, was established by
the UN. The Commission published a report, called Our Common Future in 1987, with the proposed concept of
'sustainable development'. This concept received worldwide acceptance and led to the convening of the UN
Conference on Environment and Development (UNCED) in Rio de Janerio, Brazil in 1992, known as EARTH
SUMMIT. In this conference, heads of different States signed four agreed document including the Agenda 21.
The Agenda 21 contains a checklist of do's and don'ts to protect the environment through the next Century.
Particularly, the role of corporate entities in respect of overall management of the environment has been duly
recognized in this conference.
Over the past decade, Nigeria has witnessed tremendous economic and social changes. As a result, the business
environment is also becoming more complex and demanding. One of the emerging issues that confront
modem-day businesses is that of corporate social responsibility. However, due to the heightened interest in the
concept of corporate social responsibility and what it entails, much research has been done in this area,
particularly in the developed countries. In contrast, the developing countries are slower in responding to the
increased concern about the issue of corporate social responsibility. Despite some intense research (Guobadia,


ISSN 1925-4725 E-ISSN 1925-4733


www.ccsenet.org/_ims


Journal of Management and Sustainability


Vol. 2, No. 1; March 2012

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