Corporate Social Responsibility and Revenue Growth Dynamics in Nigerian Brewery Firms: Policy Perspectives

This study investigates the effect of corporate social responsibility (CSR) expenditures on the revenue growth of Nigerian brewery firms between 2014 and 2024. The specific objectives were to assess how Employee Welfare Cost (EWC), Environmental Protection Expenditure (EPE), Community Development Cost (CDC), Health and Safety Expenditure (HSE), and Corporate Governance Cost (CGC) influence revenue growth. Using panel data obtained from five listed Nigerian brewery firms and employing panel least squares regression analysis, the study found that three of the five CSR components had statistically significant effects on revenue growth. Community Development Cost (β = 0.001574, p = 0.0000) exhibited a significant positive effect, indicating that investments in community initiatives enhance revenue growth. In contrast, Environmental Protection Expenditure (β = −0.000893, p = 0.0000) and Health and Safety Expenditure (β = −0.001199, p = 0.0001) showed significant negative effects, suggesting that cost-intensive CSR activities in these areas may constrain short-term revenue growth. Employee Welfare Cost (β = 6.97×10⁻⁵, p = 0.1024) and Corporate Governance Cost (β = 2.71×10⁻⁵, p = 0.9091) were positive but statistically insignificant, indicating limited direct impact on revenue growth during the study period. Descriptive statistics revealed moderate variability in CSR expenditures and revenue growth across the sampled firms, reflecting differences in strategic focus and operational capacity. The findings imply that while CSR investments can influence revenue growth, their effectiveness depends on the type of initiative and cost management. It is concluded that Nigerian brewery firms should adopt strategically targeted CSR practices, balancing social responsibility with operational efficiency to achieve sustainable revenue growth