Chibueze Charles Mbaeri, Kevin Okoh Ugwu (PhD), Uchechukwu Daniel Abada (PhD)


This study aimed to assess the responsiveness of firms’ market value to corporate social responsibility of consumer goods firms in Nigeria. Specifically it sought to evaluate the effect of corporate social responsibility on the price to sales ratio of consumer goods firms. The theoretical frameworks adopted for the study was stakeholders theory and employed simple linear regression using panel data analysis to assess the responsiveness of firms’ market value to CSR of consumer good firms for the period 2008-2017. The findings showed that corporate social responsibility has significant and positive effect on price to sales ratio of the sampled consumer goods firms in Nigeria. Based on the findings among others, it was recommended that Government should establish standard CSR policies and also enforce laws on firms that fail to adhere to its implementation.


Corporate Social Responsibility, price to sales ratio, consumer goods firms.

Full Text:



Acar Erdur. D. & Kara, E. (2014). Analyzing the effects of corporate social responsibility level on the financial performance of companies: an application of best corporate governance index included companies: Int. Journal of Management Economics and Business, 10, 23, 2014.

Awan, A.G.; & Saeed, S. (2015). Impact of corporate social responsibility firms’ financial performance: a case study of Ghee and fertilizer industry in southern Punjab-Pakistan. European Journal of Business and Management 7. 7, 2015.

Bidhari, S.C., Salim, U. & Aisjah, S. (2013). Effect of corporate social responsibility information disclosure on financial performance and firm value in banking industry listed on Indonesia Stock Exchange: European Journal of Business and Management 5, 18, 2013.

Deegan, C., Rankin, M., & Voght, P. (2000). Firms’ disclosure reactions to major social incidents: Australian evidence: Accounting forum, 24, 1, 101-130.

Fox, T., Ward, H. & Howard, B. (2002). Public sector roles in corporate social responsibility. A baseline assessment, World Bank Group, 2002.

Freeman, R.E. (1984). Strategic management: a stakeholder approach, 46, Boston, M.A. Pitman. Latest Edition.

Freeman, R.E (2010). Strategic management: a stakeholder approach, Cambridge University Press.

Hillman, A.J. & Keim, G.D. (2001). Shareholder value, stakeholder management and social issues: what’s the bottom line? Strategic Management Journal, 22, 2, 125 – 139.

Msua, M.L. (2016). Relationship between corporate social responsibility and financial performance of the firm: a case study of Safaricom Ltd. A research project submitted to Chadaria School of Business for award of MBA, United States International University; Nairobi.

Mule, R.K, Mukras, M.S. & Nzioka, O.M. (2016). Corporate size, profitability and market value: an econometric panel analysis of listed firms in Kenya. European Scientific Journal May 2015. 11 NO. 13. ISSN: 1857-7881.

Murya .H. (2016). Corporate governance and CSRD: evidence from Saudi Arabia. Journal of Economic and social Development 3, 1, 2016.

Musah. S (2008) “Why organizations engage in corporate social responsibility. http://wwwstockmusah. Blogspot.com/2008/04.

Mwangi, C.I. & Oyenje, J.J. (2013). The relationship between corporate social responsibility practices and financial performance of firms in the manufacturing, construction and allied sector of the Nairobi Securities Exchange. International and Technology 3. 2; February 2013.

Palmer, H.J. (2012). Corporate social responsibility and financial performance: does it pay to be good? CMC senior Theses paper 529. http://scholarship.claremont.edu/cmc_theses/529.

Park, J., Lee, H. & Kim, C. (2014). Corporate social responsibilities, consumer trust, and corporate reputation: South Korean consumers’ perspectives. Journal of Business Research, 67, 3, 295 – 302.

Poddi, L. & Vergalli, S. (2009) ‘Does corporate social responsibility affect performance of firms? Conference Paper, 10th bi-annual EACES conference, university of Perugia, June 25-27, 2009. www.eco.unibs.it.

Popa, M. & Salanta, I. (2014). Corporate social responsibility versus corporate social irresponsibility. Management and Marketing Challenges for The Knowledge Society.9, 2, 137 – 146.

Simionescu, L.N. & Gherghina, S.C. (2014). Corporate social responsibility and corporate performance: empirical evidence from a panel of the Bucharest Stock Exchange listed companies. Management and Marketing Challenges for the knowledge society, 9. 4. 439-458.

Tsoutsoura, M. (2004). Corporate social responsibility and financial performance. Working Paper series, Paper 7, University of California, and Berkeley.

Ward H. (2004). Public sector roles in corporate social responsibility: taking stock. World Bank group 2004.

Wissink, R.B.A. (2012) A test of the virtuous cycle of corporate social responsibility: testing the relation between corporate performance and corporate financial performance. A master’s thesis, University of Twente, Business Administration.


  • There are currently no refbacks.


ISSN PRINT: 2705-2494

ISSN ONLINE: 2705-2486





Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.