CORPORATE SOCIAL RESPONSIBILITY EXPENDITURE, SOCIAL DISCLOSURE AND THE VALUE OF LISTED CONSUMER GOODS FIRMS IN NIGERIA: ROLE OF EXECUTIVE COMPENSATION

Disclosure of information relating to a firm's social commitment has become a critical strategy for the firm's visibility and increased investors' confidence. Similarly, investment in corporate social responsibility (CSR) ventures remain pivotal in improving corporate image, reputation and positive perception of investors and other members of society, which ultimately reflects on the firm's value. This study therefore examined the effect of CSR expenditure (CSRX) alongside social disclosure (SOCD) on the value of listed consumer goods firms in Nigeria from 2006 to 2023; using executive compensation (EXCOM) as moderating variable. The study population consisted of 21 firms and 16 firms were purposively selected as sample. The study was underpinned by legitimacy theory, which advocates legitimising firms' operations by adhering to societal norms and adequate disclosure of CSR undertakings. This study employed multiple regression and moderated regression for analysis and test of study hypotheses. The outcome of this study showed that both CSRX and SOCD had significant effects on firm value; however, while the effect of CSRX was positive, that of SOCD was adverse. In addition, EXCOM enhances the effect of SOCD on firm value positively but does not moderate the effect of CSRX. The study therefore recommends that firms should give due consideration to CSR strategies to legitimise their operations in society which ultimately improves firm value via positive reputation and investors' confidence. Moreover, firms should leverage skills and social aptitude of their executives to optimise value via social disclosures, hence giving adequate attention to their compensation.