Corporate Social Responsibility and the Financial Performance of Oil and Gas Entrepreneurial Marketing Firms

Abstract

Using an ex-post-facto research design, this study examined how listed Nigerian oil and gas entrepreneurial marketing companies' financial performance is impacted by their commitment to CSR. A sample of 11 listed oil and gas entrepreneurial marketing companies in the Nigerian Exchange Group (NGX) for 2010–2019 was used. The sample companies' annual reports were used as data collection sources. The panel regression and Arrelano and Bond GMM estimation results were used for the study outcomes. The findings indicate that CSR significantly and positively affected the ROA, ROE, and share price of oil and gas entrepreneurial marketing firms in Nigeria. The study recommends that companies increase their CSR activity since it helps boost their financial performance. The state should develop a strong policy and develop an effective and enforceable modern CSR framework with effective state control in Nigeria.