DETERMINANTS OF CORPORATE SOCIAL RESPONSIBILITY OF LISTED OIL AND GAS FIRMS IN NIGERIA

Abstract

The study examines the determinants, including firm size, leverage, profitability, and board gender diversity, of CSR expenditure. Using an ex-post facto design and panel regression analysis, data from annual reports of nine oil and gas companies from 2013 to 2023 are analyzed. Results indicate that gender diversity on corporate boards positively and significantly affects CSR expenditure, while firm size exhibits a positive relationship with CSR spending. In contrast, leverage and proÿtability do not emerge as signiÿcant determinants. These ÿndings underscore the strategic importance of inclusive governance and integrated CSR strategies for oil and gas ÿrms in Nigeria. Recommendations include enhancing board diversity, integrating CSR into corporate strategy, strengthening regulatory frameworks, and promoting stakeholder engagement to enhance CSR performance and sustainable development in the industry.