This study examines the effect of Corporate Social Responsibility (CSR) disclosure components environmental disclosure, social disclosure, and economic disclosure on investor confidence among listed consumer goods firms in Nigeria. Investor confidence is proxied by Tobin's Q, while CSR disclosure components are measured using a binary disclosure index based on Global Reporting Initiative (GRI) standards. A longitudinal research design was employed, utilizing secondary panel data from 12 listed consumer goods companies over a 10-year period (2015–2024), yielding 120 firmyear observations. Data were analyzed using a Random-Effects panel regression model, selected after diagnostic tests confirmed homoscedasticity, absence of multicollinearity, and the appropriateness of the random-effects estimator via the Hausman test. The findings reveal that environmental disclosure, social disclosure, and economic disclosure all have significant positive effects on investor confidence. Among the three components, economic disclosure exhibited the strongest impact, followed by environmental disclosure and social disclosure. The study concludes that CSR disclosure is a vital strategic tool for enhancing investor confidence in the Nigerian consumer goods sector, with investors placing significant premiums on firms that demonstrate transparency regarding their environmental stewardship, social engagement, and economic governance. It is recommended that firms prioritize high-quality sustainability reporting to enhance market valuation, while regulators should transition toward mandatory integrated reporting frameworks.
Yusuf et al. (Mon,) studied this question.