Social Responsibility Expenditures Disclosure and Minority Shareholder Protection in Nigeria

This study examines the relationship between social responsibility expenditures disclosure, biodiversity reporting, minority shareholder protection, and firm financial performance of Nigerian listed companies from 2010 to 2024. Using panel data regression analysis on a sample of 148 firms, the study finds that biodiversity reporting has a statistically significant positive effect on firm financial performance, while social responsibility expenditures disclosure demonstrates a mixed relationship depending on the performance measure employed. Minority shareholder protection mechanisms are found to moderate the relationship between corporate social disclosures and financial performance. The study contributes to the extant literature by providing empirical evidence from an emerging market context and highlights the importance of integrated reporting practices for sustainable value creation. The findings have significant implications for corporate managers, policymakers, and investors seeking to understand the financial implications of environmental and social disclosures in developing economies.