CORPORATE PHILANTHROPY AND FIRM VALUE OF LISTED MANUFACTURING COMPANIES IN NIGERIA

Author(s): Ebirien, G.I; Chukwu, G.J
Page: 35 - 46
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Publisher: The Creek Journals
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Keywords: Corporate philanthropy, firm size, firm value, manufacturing companies

Abstract:

This study sought to evaluate the effect of corporate philanthropy on firm value of a sample of 17 listed manufacturing companies in Nigeria in the period 2020 to 2023. It also aimed at determining the moderating effect of firm size in the relationship between corporate philanthropy and firm value. It analyzed a dataset built from the annual reports of the sample and Daily Official List of Nigerian Exchange Group. The analysis was performed by estimating ordinary least square regression model. The results revealed that corporate philanthropy has a positive and significant effect on firm value proxied by share price. Further analysis showed that firm size positively and significant moderated the nexus between corporate philanthropy and firm value. The study therefore recommends that listed manufacturing firms should sustain their corporate philanthropic activities, paying close attention to firm size. It is suggested that future studies should consider more proxies of firm value, corporate philanthropy use other moderators.

Citations:

Ebirien, G.I; Chukwu, G.J "CORPORATE PHILANTHROPY AND FIRM VALUE OF LISTED MANUFACTURING COMPANIES IN NIGERIA" Volume 1 Issue 1 Oct, 2025