Abstract
The study re-examines the relationship between firm share price performance and Corporate Social Environmental Reporting (CSER) initiatives in the wake of a global health pandemic. A comparative analysis was done between the contributions made by listed and non-listed firms in Nigeria towards the pandemic. A comparative analysis of the share price (SP) of listed companies was carried out before the announcement of the pandemic, after the announcement of the pandemic and COVID -19 contributions. A panel regression analysis was conducted. It involved a sample of 70 listed firms in the Nigerian Stock Exchange over a five-year period (2013-2017). The comparative analysis of contributions revealed that listed firms though fewer in number made significantly more contributions than unlisted firms. The study found significant drop in SP after the announcement of a pandemic by the World Health Organisation (WHO). The study also found that SP performance and firm size has a positive and significant relationship with CSER initiatives. The analysis of contributors from listed and non- listed firms in Nigeria towards COVID-19 reveal that only corporate organizations with adequate resource slack can make significant contributions to curtail the spread of the epidemic. The study recommends that corporate organizations should pursue financial capacity in other to make significant CSER investments and expect a change in societal demands and stakeholder expectations in the no distant future.
Highlights
The events of the last few months wherein the world witnessed an unprecedented outbreak of a major health pandemic (COVID-19) reveals that Corporate Social Environmental Reporting (CSER) is of a major concern
The events of the last few months wherein the world witnessed an unprecedented outbreak of a major health pandemic (COVID-19) reveals that CSER is of a major concern
The Lagrangian Multiplier test rejects the null hypothesis of non-existence of effects in the cross-section units over time with p-values of 0.00. this implies that the pooled OLS estimator is not appropriate in the estimation of the CSED model
Summary
The events of the last few months wherein the world witnessed an unprecedented outbreak of a major health pandemic (COVID-19) reveals that CSER is of a major concern. The globalised nature of businesses by major corporations calls for a concerted or joint effort beyond geographical boundaries. Environmental and social investments are no longer restricted to geographical areas. This is especially true given that some multi-national corporations have subsidiaries in other countries. Environmental health hazards or pandemic in regions where subsidiaries of multinational corporations exist, could adversely affect the bottom line of the entire entity. The recent pandemic raises questions on the type of environmental impact assessment been conducted by businesses
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