OWNERSHIP STRUCTURE AND CORPORATE SOCIAL RESPONSIBILITY DISCLOSURES OF LISTED COMPANIES IN NIGERIA

Efafosa Ogboro and Nosakhare Peter OSAZUWA
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Efafosa Ogboro: Department of Accounting, Postal: University of Benin, Edo state, https://research.icanig.org
Nosakhare Peter OSAZUWA: Department of Accounting, Postal: University of Benin, Edo state, https://research.icanig.org

International Journal of Contemporary Accounting Issues-IJCAI (formerly International Journal of Accounting & Finance IJAF), 2022, vol. 11, issue 1, 111-132

Abstract: This study investigates the relationship between ownership structure and Corporate Social Responsibility Disclosures (CSRD) with focus on the impact of managerial ownership, institutional ownership, foreign ownership, and ownership concentration on CSRD. One hundred and eighteen (118) companies listed on the Nigeria Stock Exchange (NSE) as of 31 st December 2018 was studied from year 2009 to 2018. The data collected was analysed using descriptive statistics, correlation analysis and panel regression analysis. The results indicate that CSRD in Nigeria is low with an average CSRD of 35% for the studied firms. The correlation results revealed that CSRD and foreign ownership have positive correlation, while CSRD and the proxies to the independent variables; institutional ownership, managerial ownership and ownership concentration have negative correlation while institutional ownership and ownership concentration have the highest correlation. The regression results suggested that among firms listed on the NSE, managerial ownership and foreign ownership have a significant negative effect on CSRD, while institutional ownership and ownership concentration have a significant positive effect on CSRD. The study therefore recommends that the voluntary nature of CSRD in Nigeria should be enhanced through compulsory disclosure requirements. The Securities and Exchange Commission should ensure companies management do not own large amounts of equity shares, institutional shareholders should own large amounts of equity. Foreign ownership of equity shares should be reduced. Ownership concentration should be encouraged in Nigeria. Institutional shareholders should be allowed and encouraged to have representatives on the board of directors.

Keywords: Ownership Structure; Managerial Ownership; Institutional Ownership; Foreign Ownership and Ownership Concentration. (search for similar items in EconPapers)
Date: 2022
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