Abstract
On the basis that it is unclear whether Corporate Social Responsibility (CSR) initiatives should be seen as investments that generate long-term financial returns or whether they represent trade-offs with immediate profitability, this study examines the effect of CSR on the financial performance of manufacturing companies in Nigeria. The study adopted a quantitative and ex-post facto research design, using data sourced from the published annual reports and accounts of the respective companies for ten years, spanning 2013–2022, as listed on the floor of the Nigerian Exchange Group (NGX) as of 1st July 2023. This study used secondary data and employed parametric statistical techniques through multiple regression analysis using STATA version 13. The study found that CSR does not have a statistically significant influence on the dependent variables of return on capital employed (ROCE), earnings per share (EPS), or net profit margin (NPM). Hence, it recommends the exploration of additional financial metrics, such as return on investment (ROI) or total shareholder return (TSR), industry-specific analysis, and the evaluation of
a wider range of factors, including operational efficiency and cost reduction, alongside CSR, to understand its broader impact.