IMPACT OF CORPORATE SOCIAL RESPONSIBILITY ON THE PERFORMANCE OF SELECTED FOOD AND BEVERAGE INDUSTRIES IN NIGERIA

ABSTRACT This study looks at how Nigeria's food and beverage industry's financial performance is affected by CSR (CSR), focusing on community empowerment expenditure (CEE) and societal and environmental expenditure (SEE) as proxies for CSR, with return on assets (ROA) as the measure of financial performance. Using an ex-post facto research design, secondary data were collected from the annual reports of 10 purposively selected listed firms on the Nigerian Exchange Group (NGX) over the period 2015–2024, yielding 100 observations. Descriptive statistics, correlation analysis, and multiple linear regression were employed for data analysis. Findings reveal a strong positive correlation between CEE and ROA (r = 0.742) and SEE and ROA (r = 0.698). Regression results indicate that CEE (β = 0.0042, p = 0.002) and SEE (β = 0.0031, p = 0.005) have significant positive effects on ROA, explaining 75.6% of its variation (R² = 0.756). The study rejects both null hypotheses, concluding that CSR enhances financial performance. Anchored on Stakeholder and Legitimacy Theories, the results underscore CSR as a strategic tool for profitability and sustainability. Recommendations include increased CSR investments and policy enforcement. Limitations include reliance on secondary data and focus on listed firms. Future research could explore non-listed firms or additional CSR dimensions.