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Over the decades, the concept of corporate social responsibility (CSR) has continued to grow in Importance and significance. The idea is to make business enterprises have some responsibilities to society beyond that of making profits for the shareholders. it connotes conducting businesses on a reliable, sustainable, and desirable basis that respect ethical values, people, communities, and the environment. Although, corporate social responsibility practices apply to all firms, the social and environmental challenges however are to a large extent associated with manufacturing firms because of the significant impact of their activities on the environment. This paper examined how markets respond to the corporate social responsibility activities of listed manufacturing firms in Nigeria. It employed correlation research design using panel data from a sample of 19 firms for a period of 6 years (2008-2013). Ordinary Least Squares (OLS) regression technique was employed in the data analysis. The study found that corporate social responsibility of manufacturing firms in Nigeria is relevant and informative to investors. Especially, the study found that corporate social responsibility on society; environmental sustainability and owners’ wealth maximization have significantly impacted on the market values of listed manufacturing firms at 99% confidence level during the period covered by the study. The study however did not find evidence that corporate social responsibility on employees and regulatory compliances have any significant relationship with market values during the period under review. The paper recommends that manufacturing companies in Nigeria should double their efforts towards corporate social responsibility aimed at addressing the peculiarity of the social economic development challenges of the country (poverty alleviation, health care provision, infrastructural development, structure and education). This could send positive message to the market and enhance their value in return; it will also help create conducive atmosphere for conducting businesses.

Market Reaction to Socially Responsible Businesses in Nigeria: Evidence from Listed Manufacturing Firms