Global Journal of Management and Business Research, A: Administration and Management, Volume 23 Issue 5

d) Empirical Review Doutimiareye (2022) studied “Corporate Social Responsibility and Financial Performance of Listed Consumer Goods Firms in Nigeria.” The researcher adopted an ex post facto research design, and the CSR dimensions surveyed were community development cost and employee training cost. The researcher found adverse and significant effects of these CSR costs on FP as measured by ROE. Here, CSR to employees was restricted to employee training cost, but CSR to employees is more encompassing than only looking at the monetary value of it. Gugong and Ayuba (2018) examined “Corporate Social Responsibility and Financial Performance of Listed Consumer Goods Firms in Nigeria.” The researchers applied the correlational research design and CSR was measured using expenditures of the CSR dimensions (community and employees) studied while FP was measured using ROE. The findings, are negative and significant effects of expenditures on CSR dimensions (community and employees) on FP. CSR to employees was only limited to spending on CSR to employees. Pan, Sha, Zhang, and Ke (2014) conducted a study on, the “Relationship between Corporate Social Responsibility and Financial Performance in the Mineral Industry: Evidence from Chinese Mineral Firms’ using panel data for 228 listed Chinese mineral listed firms from 2010 to 2013 with Pooled Least Squares regression analysis. They found different effects of each sublevel CSR issue on FP. Overall, shareholders, employees’ responsibilities, environmental response- bilities, suppliers, customers, and consumers’ obligations have significant impacts on FP, which are the stakeholders who have the closest linkage with firm operations. In contrast, public accountability outside the firm does not show significant interaction with FP. This study was on listed firms in China. Albahussain (2015) applied Correlation and the T-Test on, “A suggested conceptual agenda for market orientation and corporate social responsibility towards the business performance of Saudi Industrial organizations,” and among other findings, he found a statistically significant positive relationship among all the CSR (customers, employees, community, shareholders, suppliers, and environment) initiatives and financial performance. Usman and Amran (2015) studied corporate social responsibility practice and corporate financial performance: evidence from Nigerian companies with a focus on the nature and trend of corporate social responsibility (CSR) practices and the relationship between the dimensions of CSR disclosures and corporate financial performance (CFP) among Nigerian listed companies. Content and regression analysis were used respectively to extract CSR and financial data from annual reports of 68 companies listed on the Nigeria Stock Exchange and to examine the association between corporate social responsibility and corporate financial performance. The results show that the listed companies used CSR initiatives to communicate social performance to their stakeholders and that community involvement disclosure, product and customer disclosures, and human resource disclosures were found to enhance CFP. The results also revealed a negative relationship between environmental disclosure and CFP, which indicates that disclosure of ecological impact information could be value-destroying in Nigeria. This study was on all listed companies in Nigeria. Aggarwal (2013) applied Multiple Regression analysis to research “Impact of Sustainability Performance of Company on its financial performance: A Study of Listed Indian Companies’’. The researcher used secondary sources of data collection, i.e., corporate annual reports for the accounting-based performance measures of ROA, ROE, ROCE, PBT, and GTA and CSR hub database for corporate sustainability measures of governance, communities, employees, and environment rating data and among other findings, the research found that Overall Sustainability Ratings (OSR) has positive but insignificant impact on the financial performance of a company; community- related performance has positive and insignificant effect on the company’s financial performance; employee-related performance has negative and significant effect on financial performance; environment-related performance has negative and significant effect on the company’s financial performance; and governance-related performance has positive and significant effect on the company’s financial performance. Kaskeen (2017) examined Corporate Social Responsibility and Corporate Financial Performance: Case Study of Pakistan, and among other findings, the researcher found that employee relations had a positive effect on ROA. Among researchers that found no link between CSR and FP are: Iqbal et al., (2012) in Enahoro, Akinyomi, and Olutoye (2013). They used secondary data, Correlation, and Regression Analysis to examine the impact of corporate social responsibility on the financial performance of corporations in Pakistan. As proxies, they used return on assets and return on equity for financial performance on the one hand and CSR; they used business ethical principles, corporate governance, environmental compliance, social compliance, disclosure of environmental and social report, product integrity, and corporate giving and community investment. They found that CSR does not affect financial performance. III. R esearch M ethod The descriptive and causal research designs were found appropriate. The population comprised Effect of Employee Dimension of Corporate Social Responsibility on Financial Performance of Listed Consumer Goods Companies in Nigeria 5 Global Journal of Management and Business Research Volume XXIII Issue V Version I Year 2023 ( ) A © 2023 Global Journals